Florida-Based Brown & Brown Posts Strong Profit for Q2

DAYTONA BEACH, Fla. (AP) — Florida-based Brown & Brown Inc. (BRO), one of the largest U.S. insurance brokerages, this week reported second-quarter net income of $257 million, up from $190 million for the second quarter of last year.

On a per-share basis, the company said it had net income of 90 cents. Earnings, adjusted for one-time gains and costs, were 93 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The insurance company posted revenue of $1.18 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.14 billion.

Brown & Brown shares have increased 31% since the beginning of the year. In the final minutes of trading on Monday, shares hit $93.16, an increase of 31% in the last 12 months.

B&B, known for its continued growth through mergers and acquisitions, has been in operation since 1939 and said it has 16,000 associates around the globe.