Brown & Brown enjoys strong growth but profits dip in 2018 results

Broker Brown & Brown enjoyed strong growth in 2018 though its profits dipped because of the effect of a one-off tax boost it enjoyed in 2017 triggered by US tax reforms.

Its revenues for 2018 reached $2 billion, an increase of $132.9 million or 7.1 percent compared with the year before with commissions and fees increasing by 8.2 percent. Organic growth was 2.4 percent in this period.

It made a net profit in the year of $344.3 million a decrease of $55.3 million or 13.8 percent. This was mainly because 2017 included a one-time benefit of $120.9 million due to the one-time impact of the Tax Reform Act.

J. Powell Brown, president and chief executive of the company, said: “We are pleased with our continued growth and profitability in 2018. We continue to expand our capabilities to better serve our customers. I want to thank our 10,000 teammates for everything they do for our customers, and we look forward to another exciting year in 2019.”

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