Brown & Brown Reports 11.6% Revenue Growth to $1.404 Billion in Q1 2025

Brown & Brown, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $1.404 billion, a rise of 11.6% compared to $1.258 billion in the same period of 2024. The company's net income attributable to shareholders also saw a notable increase, rising to $331 million from $293 million, marking a 13% growth year-over-year. This resulted in a diluted earnings per share of $1.15, up from $1.02 in the prior year. The growth in revenue was primarily driven by a 12% increase in commissions and fees, which totaled $1.385 billion, reflecting strong performance across all segments.

In terms of operational developments, Brown & Brown completed 13 acquisitions during the first quarter, including the notable purchase of NBS Insurance Agency for $54 million. The company’s strategic focus on acquisitions has contributed to its revenue growth, with approximately $79 million of the increase in core commissions and fees attributed to new acquisitions. Additionally, the company reported an organic revenue growth rate of 6.5%, driven by net new business and renewal activity, although this was slightly lower than the 8.6% growth rate recorded in the previous year.

The company also experienced changes in its expense structure, with total expenses increasing by 9.3% to $977 million, primarily due to higher employee compensation and benefits, which rose by 8.2% to $683 million. Other operating expenses increased by 15.5% to $186 million, reflecting investments in technology and operational enhancements. Despite these increases, the company managed to improve its income before income taxes, which rose by 17.3% to $427 million, indicating effective cost management alongside revenue growth.

Geographically, Brown & Brown's revenues from U.S. operations increased to $1.174 billion, up from $1.099 billion in the prior year, while international revenues also grew, particularly in the U.K. and other regions. The company’s total assets as of March 31, 2025, were reported at $16.76 billion, a decrease from $17.61 billion at the end of 2024, largely due to changes in cash and fiduciary receivables. The company maintained a strong liquidity position with cash and cash equivalents totaling $669 million.

Looking ahead, Brown & Brown expressed optimism about its growth trajectory, supported by its ongoing acquisition strategy and strong operational performance. The company anticipates continued organic growth and is focused on leveraging its decentralized sales culture to adapt to market conditions. The board of directors has also approved a quarterly cash dividend of $0.15 per share, reflecting the company's commitment to returning value to shareholders while pursuing growth opportunities.