Brown & Brown Insurance announced its unaudited financial results for the first quarter of 2023.
Revenues for the quarter, under U.S. generally accepted accounting principles (GAAP), increased by 23.4% to $1.116 billion – an increase of $211.3 million compared to the prior year.
The company’s net income was $235.5 million, increasing $15.2 million, or 6.9%.
J. Powell Brown, president and CEO of Brown & Brown, noted, “The first quarter was an outstanding start to the year, and we delivered good profitable growth. We continue to leverage the collective capabilities of Brown & Brown to deliver innovative solutions for our customers. I want to thank all of our teammates for their great efforts in delivering these results.”
In addition, the company announced that its board of directors has declared a regular quarterly cash dividend of $0.1150 per share. The dividend is payable on May 17 to shareholders of record on May 8.