Brown & Brown announced its unaudited financial results for the first quarter of 2024.
Revenues for the first quarter of 2024 under U.S. generally accepted accounting principles (GAAP) were $1,258 million, increasing $142 million, or 12.7%, compared to the first quarter of the prior year, with commissions and fees increasing by 11.6% and Organic Revenue increasing by 8.6%.
Income before income taxes was $364 million, increasing 23.8% from the first quarter of the prior year with Income Before Income Taxes Margin increasing to 28.9% from 26.3%.
Net income was $293 million, increasing $57 million, or 24.2%, and diluted net income per share increased to $1.02, or by 22.9%, with Diluted Net Income Per Share.
J. Powell Brown, president and CEO of the company, said, “Our teammates delivered strong organic revenue growth and margin expansion in the first quarter of 2024. We are very pleased with the start of the year.”
In addition, the company announced that the board of directors has declared a regular quarterly cash dividend of $0.13 per share. The dividend is payable on May 15 to shareholders of record on May 6.
