Brown & Brown, Inc. today announced its unaudited financial results for the third quarter of 2023.
Revenues for the third quarter of 2023 under U.S. generally accepted accounting principles (GAAP) were $1,067.7 million, increasing $140.1 million, or 15.1%, compared to the third quarter of the prior year. Commissions and fees increasing by 13.4% and organic revenue increasing by 9.6%.
Income before income taxes was $242.3 million, increasing 11.1% from the third quarter of the prior year, with Income Before Income Taxes Margin decreasing to 22.7% from 23.5%.
Revenues for the nine months ended Sept. 30 under GAAP were $3,230.9 million, increasing $558.9 million, or 20.9%, as compared to the same period in 2022, with commissions and fees increasing by 19.7%, and Organic Revenue increasing by 11.1%.
J. Powell Brown, president and CEO of the company, said, “We had another outstanding quarter and are winning a substantial amount of net new business that drove organic revenue growth of 9.6% for the quarter and over 11% year-to-date.”
