Brown & Brown posts solid Q1 growth; warns on challenges
Brown & Brown, the US independent insurance broker, posted solid growth in its results for the first quarter of 2014 although its chief executive warned that market conditions remain challenging.
The company’s revenues for the quarter hit $363.6 million, an increase of $28.6 million or 8.5 percent increase compared with the same period the year before. Some 3.9 percent of this growth was achieved organically.
The broker made a pre-tax profit of $86.8 million, a decrease on the $99.5 million it made the year before. Its adjusted earnings per share pro forma were $0.40 for the quarter compared with $0.36 in the first quarter of the prior year. Its diluted earnings per share under GAAP were $0.36 compared with $0.41 in the first quarter of the prior year.
“We have started the year with good organic revenue growth and adjusted margin expansion in each of our four divisions, while still operating in a challenging market. We believe our proven strategy is sound and our focus on growing the top line profitably is demonstrated in our results,” said J. Powell Brown, the president and chief executive of Brown & Brown.
