Brown & Brown, the world’s seventh-biggest brokerage by revenue, has reported an increase in its net income attributable to the company.
The firm’s interim earnings report shows the following results for the second quarter and first half of 2024:
|
Metric |
Q2 2024 |
Q2 2023 |
H1 2024 |
H1 2023 |
|---|---|---|---|---|
|
Total revenues |
US$1.18 billion |
US$1.05 billion |
US$2.44 billion |
US$2.16 billion |
|
Income before income taxes |
US$346 million |
US$254 million |
US$712 million |
US$548 million |
|
Net income before non-controlling interests |
US$259 million |
US$190 million |
US$553 million |
US$426 million |
|
Net income attributable to company |
US$257 million |
US$190 million |
US$550 million |
US$426 million |
“Each of our three segments delivered an exceptional quarter,” Brown & Brown president and chief executive J. Powell Brown (pictured) stated. “These results are a testament to all of our 16,000-plus teammates delivering for our customers every day.”
The financial results announcement comes on the heels of multiple acquisitions by Brown & Brown.
Earlier this month, the group completed its swoop for Advo Group. Based in Maidstone, Kent, the advisory firm was acquired by Brown & Brown Europe’s specialist healthcare intermediary Premier Choice Group (PCG), adding a new location to PCG’s existing offices in London, Towcester, Bournemouth, and Darwen.
Read more: Brown & Brown swoops for Rollins Insurance
In June, Brown & Brown also snapped up the assets of Minnesota-based McNamara Company, with the latter’s team joining the operations in Phoenix. In the same month, Brown & Brown’s European unit moved to own 100% of the equity capital of Rollins Insurance Brokers.
“Brown & Brown has an instinct for businesses like ours, and their understanding of our culture and ethos made the decision to put our future in their hands easy,” said managing director Dermot Rollins, whose camp will be integrated into Brown & Brown’s Northern Ireland business ABL Group.
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