Brown & Brown, Inc. reported a significant increase in financial performance for the fiscal year ended December 31, 2024, with total revenues reaching $4.8 billion, a 12.9% increase from $4.3 billion in 2023. The company's core commissions and fees rose by 11.6% to $4.5 billion, driven by strong organic growth and contributions from recent acquisitions. Net income attributable to the company also saw a notable rise, increasing 14% to $993 million, compared to $871 million in the previous year. This growth reflects a compound annual growth rate of 16.8% in net income over the past three decades.
The company underwent a strategic realignment in 2024, consolidating its operations into three reportable segments: Retail, Programs, and Wholesale Brokerage, following the divestiture of certain businesses within its former Services segment. This restructuring is expected to enhance operational efficiency and focus on core competencies. In 2024, Brown & Brown completed 32 acquisitions, contributing to a total of $890 million in cash paid for these transactions, which included significant purchases like Quintes Holding B.V. and The Canopy Group.
Operationally, Brown & Brown expanded its geographic footprint, with revenues from international operations increasing to $665 million in 2024, up from $527 million in 2023. The company employed 17,403 individuals globally as of December 31, 2024, reflecting a commitment to growth and talent acquisition. The Retail segment generated $2.7 billion in revenue, while the Programs segment reported $1.4 billion, marking increases of 8.8% and 19.4%, respectively. The Wholesale Brokerage segment also experienced growth, with revenues rising 13.9% to $616 million.
The filing indicated that the company’s financial outlook remains positive, with expectations for continued revenue growth driven by new business production, customer retention, and strategic acquisitions. However, management acknowledged potential risks, including market fluctuations, regulatory changes, and the impact of economic conditions on insurance demand. The company’s proactive approach to managing these risks, alongside its strong financial position, positions it well for future growth.
In summary, Brown & Brown, Inc. demonstrated robust financial performance in 2024, marked by significant revenue and net income growth, strategic acquisitions, and a streamlined operational structure. The company remains focused on leveraging its strengths to navigate potential challenges in the insurance market while pursuing further growth opportunities.
About BROWN & BROWN, INC.
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