Brown & Brown, one of the leading insurance brokerages, experienced remarkable financial growth during the third quarter of 2024, citing a significant increase in both net income and revenues. The company reported a net income of $234 million for Q3, which is a substantial 33% rise from the $176 million recorded during the same period last year. Impressively, revenues soared to $1.2 billion, an 11% enhancement compared to the previous year’s third quarter. This uptick was fueled notably by a 10.1% rise in commissions and fees and a 9.5% increase in organic revenue. Reflecting on these numbers, income before income taxes stood at $317 million, representing a 31% improvement, accompanied by an expanded margin of 26.7%, up from 22.7%.
J. Powell Brown, President and CEO of Brown & Brown, extolled the efforts of his team and underscored the company’s ongoing momentum as key factors driving these extraordinary financial results. The broker’s EBITDAC – Adjusted rose to $414 million, up 11.9%, with the EBITDAC Margin – Adjusted improving slightly to 34.9% from 34.6%. These figures indicate robust operational efficiency and a positive trajectory for future growth. The firm’s performance during the first nine months of 2024 also painted a similarly promising picture, with total revenue hitting $3.6 billion—a 12.1% increase from the previous year’s $3.2 billion. During this period, commissions and fees along with organic revenue witnessed impressive gains of 11% and 9.4%, respectively.
Detailed Financial Performance
Brown & Brown, a leading insurance brokerage, saw impressive financial growth in Q3 2024, marked by a notable rise in net income and revenues. The company reported a net income of $234 million, a 33% increase from the $176 million logged in the same quarter last year. Revenues surged to $1.2 billion, up 11% compared to Q3 2023. This growth was driven by a 10.1% boost in commissions and fees and a 9.5% increase in organic revenue. Additionally, income before income taxes grew to $317 million, a 31% jump, with margins expanding to 26.7%, up from 22.7%.
J. Powell Brown, President and CEO, praised his team’s efforts and emphasized the firm’s ongoing momentum as crucial for these financial achievements. The company’s EBITDAC – Adjusted climbed to $414 million, an 11.9% rise, with its EBITDAC Margin – Adjusted slightly improving to 34.9% from 34.6%. These figures point to strong operational efficiency and a positive growth outlook. For the first nine months of 2024, Brown & Brown’s total revenue reached $3.6 billion, a 12.1% increase from $3.2 billion last year, with commissions and fees and organic revenue both showing solid gains of 11% and 9.4%, respectively.