Brown & Brown, Inc has released its unaudited financial results for the fourth quarter and full year of 2024, reporting revenue growth and increases in key financial metrics.
For the fourth quarter, the company recorded $1.2 billion in revenue under US generally accepted accounting principles (GAAP), reflecting a 15.4% increase from the same period in 2023. Commissions and fees also grew by 15.4%, while organic revenue increased by 13.8%.
Income before income taxes totaled $275 million, a 22.8% decline from the prior-year quarter, which had included a gain from the sale of certain third-party claims administration and adjusting services businesses. The income before income taxes margin decreased to 23.2% from 34.7%.
Adjusted EBITDAC reached $390 million, marking a 22.6% increase from the fourth quarter of 2023, with an adjusted EBITDAC margin of 32.9%, up from 31.0%.
Net income attributable to the company was $210 million, a decrease of 21.9%, while diluted net income per share fell to $0.73, down 22.3%. Adjusted diluted net income per share, however, increased by 24.6% to $0.86.
For the full year ending December 31, 2024, Brown & Brown reported GAAP revenues of $4.8 billion, representing a 12.9% increase from 2023. Commissions and fees rose by 12.1%, and organic revenue increased by 10.4%.
Income before income taxes rose by 13.7% to $1.3 billion, with the income before income taxes margin increasing slightly to 27.1% from 26.9% in 2023. Adjusted EBITDAC increased by 17.0% to $1.7 billion, while the adjusted EBITDAC margin improved to 35.2% from 33.9%.
Net income attributable to the company rose by 14.0% to $1.0 billion. Diluted net income per share increased by 13.4% to $3.46, while adjusted diluted net income per share rose by 18.2% to $3.84.
President and chief executive officer J Powell Brown (pictured above) said the fourth quarter results were strong, highlighting the company’s 10.4% organic revenue growth for 2024.
“The fourth quarter was outstanding. We are extremely pleased with our 10.4% Organic Revenue growth for 2024. These results were only possible through the incredible efforts of our 17,000+ teammates,” he said.
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