Organic growth drives growing revenues at Brown & Brown
US insurance broker Brown & Brown has reported a 3 percent growth in its revenues for the fourth quarter of 2015, compared with the same period a year earlier. Its revenues for the full year 2015 also increased by 5.6 percent.
Revenues for the fourth quarter of last year under US generally accepted accounting principles (GAAP) were $404.7 million, increasing $11.6 million. Organic revenue between the two time periods increase by 2.5 percent.
Diluted earnings per share under GAAP were $0.41and $0.38 on an adjusted basis, an increase of 5.6 percent as detailed in the schedules below.
Revenues for the 12 months ending December 31, 2015 also fared well, at $1.6 billion, increasing $84.8 million, or 5.4 percent, as compared with the same period of 2014, with organic revenue increasing by 2.6 percent.
In the fourth quarter of 2015, the company initiated a $75 million accelerated share repurchase programme (ASR), which was completed in January 2016. The ASR completed the remainder of the $200 million board-approved repurchase plan announced in July 2014 and was part of the $400 million board-approved repurchase plan announced in July 2015. Following completion of the ASR, the company had remaining authorisation to repurchase up to an additional $375 million of the company's common stock.
"We are pleased with the continued improved performance we delivered in the fourth quarter and the outlook for our business moving forward,” said J Powell Brown, president and chief executive officer of the company.
