Brown & Brown announced its unaudited financial results for the fourth quarter and full year of 2023.
Revenues for the fourth quarter of 2023 under U.S. generally accepted accounting principles (GAAP) were $1,026.2 million, increasing $124.8 million or 13.8% compared to the fourth quarter of the prior year, with commissions and fees increasing by 12.4% and Organic Revenue increasing by 7.7%.
Powell Brown, president and CEO of the company, said, “We are extremely pleased with our performance in the fourth quarter and for the full year, in which we grew our revenues 10.2% organically and crossed our intermediate revenue goal of $4 billion. We now embark on our next goal of $8 billion.”
Income before income taxes was $355.1 million, increasing 82.9% from the fourth quarter of the prior year with Income Before Income Taxes Margin increasing to 34.6% from 21.5%.
Net income was $268.6 million, increasing $123.4 million, or 85%, and diluted net income per share increased to $0.94, or 84.3%, with Diluted Net Income Per Share.
Revenues for the twelve months ended Dec. 31, 2023, under GAAP were $4,257.1 million, increasing $683.7 million, or 19.1%, as compared to 2022, with commissions and fees increasing by 17.9%, and Organic Revenue increasing by 10.2%. Income before income taxes was $1,146.1 million, increasing 30.8% with Income Before Income Taxes Margin increasing to 26.9% from 24.5% as compared to 2022.
The company also announced a new alignment of its businesses in conjunction with the divestiture of certain businesses within its services segment in the fourth quarter of 2023, moving from four to three segments beginning in 2024: Retail, Programs and Wholesale Brokerage.
