Brown & Brown posts solid growth in 2019

Brown & Brown posted solid growth and a big increase in its profits in 2019 driven largely by increases in commissions and fees. Organic revenue growth was low in contrast.

The broker posted revenues of $2.4 billion for the 12 months ended December 31, 2019 under GAAP, an increase of $378 million, or 18.8 percent compared with 2018. Commissions and fees increased by 18.6 percent and organic revenue increased by 3.6 percent.

It made a net profit of $398.5 million, increasing $54.2 million, or 15.7 percent on the same period the year before.

For the fourth quarter alone, it posted revenues of $579 million, increasing by $70.3 million, or 13.8 percent, compared to the fourth quarter of the prior year, with commissions and fees increasing by 13.6 percent. Net income in Q4 was $76.5 million, increasing $3 million, or 4.1 percent.

J. Powell Brown, president and chief executive officer of the company, said: “We had a great fourth quarter and a great 2019 delivering strong results while expanding our capabilities and adding new teammates. Our focus continues to be adding value for our customers.”