Brown & Brown reported total revenue of $1.03 billion in the fourth quarter of 2023, reflecting a 13.8% increase from $901.4 million in the prior-year quarter. On an organic basis, its revenue grew 7.7%.
The firm’s net income also surged 85% in Q4 2023, reaching $268.8 million compared to $123.4 million in the same period last year.
Brown & Brown also announced that during the last quarter of 2023, it divested certain businesses within its services segment. As a result, the company is now focusing on three segments: retail, programs, and wholesale brokerage.
For the full year 2023, the firm saw its revenue grow 19.1% to $4.26 billion from $3.57 million in 2022. It ended the year with net income of $870.5 million, up 29.6% from $671.8 million.
“We are extremely pleased with our performance in the fourth quarter and for the full year, in which we grew our revenues 10.2% organically and crossed our intermediate revenue goal of $4 billion. We now embark on our next goal of $8 billion,” said J. Powell Brown, president and CEO.