Brown & Brown Reports Record 4Q Net Income of $47.2M
Florida-based broker Brown & Brown Inc. recently announced results for fourth quarter of 2013, including a 10.8 percent increase in net income to a record $47.2 million, compared with $42.6 million for the same quarter of 2012. Total revenue for the fourth quarter was up 13.3 percent to $343.1 million compared with 2012 fourth-quarter revenue of $302.million.
Total revenue for the 12 months ended Dec. 31, 2013 was $1.4 billion, compared with total revenue for the same period of 2012 of $1.2 billion, an increase of 13.6 percent. Net income for the 12-month period was $217.1 million, compared with $184 million for the same period of 2012, an increase of 18 percent.
J. Powell Brown, president and CEO, said the company is “very pleased” with the 18 percent growth in net income.
Core organic commissions and fees in the fourth quarter of 2013 grew by 4.5 percent, excluding the $1.3 million from its Colonial Claims subsidiary.
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