Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.

Brown & Brown, Inc.

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Assets	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Cash and Cash Equivalents	1,190	8,893	669	675	957	1,107
Cash and Cash Equivalents
Short-Term Investments	—	—	—	—	11	9
Short-Term Investments
Total Cash and Cash Equivalents	1,190	8,893	669	675	968	1,116
Accounts Receivable	1,457	1,055	1,083	895	917	930
Premiums, Commissions and Fees Receivable
Commission, Fees and Other Receivables
Total Trade Receivables	1,457	1,055	1,083	895	917	930
Other Current Assets	5,496	4,495	4,165	5,354	5,594	4,043
Restricted Cash
Fiduciary Cash
Fiduciary Receivables
Reinsurance Recoverable
Prepaid Reinsurance Premiums
Deferred Income Taxes
Other Current Assets
Total Current Assets	8,143	14,443	5,917	6,924	7,479	6,089
Total Current Assets
Net Property, Plant & Equipment	635	532	524	519	501	482
Fixed Assets, Net
Operating Lease Assets
Net Intangible Assets	4,952	1,866	1,821	1,814	1,582	1,565
Amortizable Intangible Assets, Net
Goodwill	14,891	8,365	8,111	7,970	7,577	7,431
Goodwill
Long-Term Investments	—	—	—	—	21	22
Investments
Other Long-Term Assets	733	430	387	385	365	355
Other Assets
Total Assets	29,354	25,636	16,760	17,612	17,525	15,944
Total Assets

Liabilities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Accounts Payable	849	382	481	373	329	313
Accounts Payable
Accrued Expenses	840	530	463	653	597	500
Accrued Expenses and Other Liabilities
Current Portion of Long-Term Debt	75	75	75	225	225	725
Current Portion of Long-Term Debt
Unearned Revenue	887	632	542	577	625	603
Unearned Premiums
Other Current Liabilities	4,239	3,638	3,369	4,486	4,749	3,250
Fiduciary Liabilities
Losses and Loss Adjustment Reserve
Premium Deposits and Credits Due Customers
Premiums Payable
Total Current Liabilities	6,890	5,257	4,930	6,314	6,525	5,391
Total Current Liabilities
Long-Term Debt	7,653	7,470	3,731	3,599	3,367	3,391
Long-Term Debt Less Unamortized Discount and Debt Issuance Costs
Leases	243	186	186	189	181	180
Operating Lease Liabilities
Other Long-Term Liabilities	2,161	1,106	1,072	1,073	972	945
Deferred Income Taxes, Net
Other Liabilities
Total Long-Term Liabilities	10,057	8,762	4,989	4,861	4,520	4,516
Total Liabilities	16,947	14,019	9,919	11,175	11,045	9,907

Equity	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Common Stock	36	35	31	31	31	30
Common Stock
Treasury Stock	-748	-748	-748	-748	-748	-748
Treasury Stock, at Cost
Additional Paid-in Capital	6,117	5,441	1,107	1,118	1,095	1,027
Additional Paid-in Capital
Accumulated Other Comprehensive Income	200	262	15	-109	125	-47
Accumulated Other Comprehensive Income/(Loss)
Retained Earnings	6,781	6,604	6,416	6,128	5,961	5,764
Retained Earnings
Total Common Shareholders' Equity	12,386	11,594	6,821	6,420	6,464	6,026
Minority Interests and Other	21	23	20	17	16	11
Non-Controlling Interests
Total Shareholders' Equity	12,407	11,617	6,841	6,437	6,480	6,037
Total Equity
Total Liabilities and Shareholders' Equity	29,354	25,636	16,760	17,612	17,525	15,944
Total Liabilities and Equity