Brown & Brown announced its unaudited financial results for the second quarter of 2024.
Revenues for the second quarter of 2024 under U.S. generally accepted accounting principles (GAAP) were $1.2 billion, increasing $131 million, or 12.5%, compared to the second quarter of the prior year, with commissions and fees increasing by 11.4% and Organic Revenue increasing by 10%.
J. Powell Brown, president and CEO of the company, said, “Each of our three segments delivered an exceptional quarter. These results are a testament to all of our 16,000-plus teammates delivering for our customers everyday.”
Income before income taxes was $346 million, increasing 36.2% from the second quarter of the prior year with Income Before Income Taxes Margin increasing to 29.4% from 24.3%. EBITDAC – Adjusted was $420 million, increasing 17.3% from the second quarter of the prior year with EBITDAC Margin – Adjusted increasing to 35.7% from 34.2%. Net income attributable to the company was $257 million, increasing $67 million, or 35.3%, and diluted net income per share increased to $0.90, or 34.3%, with Diluted Net Income Per Share – Adjusted increasing to $0.93, or 17.7%, each as compared to the second quarter of the prior year.
Revenues for the six months ended June 30 under GAAP were $2.4 billion, increasing $272 million, or 12.6%, as compared to the same period in 2023, with commissions and fees increasing by 11.5%, and Organic Revenue increasing by 9.3%. Income before income taxes was $712 million, increasing 29.9% with Income Before Income Taxes Margin increasing to 29.2% from 25.3% as compared to the same period in 2023. EBITDAC – Adjusted was $885 million, which was an increase of 16.9% and EBITDAC Margin – Adjusted increased to 36.3% from 35.0% as compared to the same period in 2023. Net income attributable to the Company was $550 million, increasing $124 million, or 29.1%, with diluted net income per share increasing to $1.92, or 28.0%, and Diluted Net Income Per Share – Adjusted increasing to $2.07, or 18.3%, each as compared to the same period in 2023.
