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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Goodwill

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Long-Term Debt Less Unamortized Discount and Debt Issuance Costs

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Assets	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Cash and Cash Equivalents	8,893	675	1,107	700	627.9	650
Cash and Cash Equivalents
Short-Term Investments	—	—	9	11	10.1	12
Short-Term Investments
Total Cash and Cash Equivalents	8,893	675	1,116	711	638	662
Accounts Receivable	1,055	895	930	790	751.3	642.9
Premiums, Commissions and Fees Receivable
Commission, Fees and Other Receivables
Total Trade Receivables	1,055	895	930	790	751.3	642.9
Other Current Assets	4,495	5,354	4,043	3,629	3,505.6	3,691.1
Restricted Cash
Fiduciary Cash
Fiduciary Receivables
Reinsurance Recoverable
Prepaid Reinsurance Premiums
Deferred Income Taxes
Other Current Assets
Total Current Assets	14,443	6,924	6,089	5,130	4,894.9	4,996
Total Current Assets
Net Property, Plant & Equipment	532	519	482	469	449.6	454.8
Fixed Assets, Net
Operating Lease Assets
Net Intangible Assets	1,866	1,814	1,565	1,621	1,562.5	1,595.2
Amortizable Intangible Assets, Net
Goodwill	8,365	7,970	7,431	7,341	6,865.1	6,674.2
Goodwill
Long-Term Investments	—	—	22	21	27.5	22.4
Investments
Other Long-Term Assets	430	385	355	301	271.9	230.9
Other Assets
Total Assets	25,636	17,612	15,944	14,883	14,071.5	13,973.5
Total Assets

Liabilities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Accounts Payable	382	373	313	459	329.1	286.5
Accounts Payable
Accrued Expenses	530	653	500	608	448.6	541.5
Accrued Expenses and Other Liabilities
Current Portion of Long-Term Debt	75	225	725	569	53.1	250.6
Current Portion of Long-Term Debt
Unearned Revenue	632	577	603	462	487.5	412.3
Unearned Premiums
Other Current Liabilities	3,638	4,486	3,250	2,858	2,839.3	3,105.7
Fiduciary Liabilities
Losses and Loss Adjustment Reserve
Premium Deposits and Credits Due Customers
Premiums Payable
Total Current Liabilities	5,257	6,314	5,391	4,956	4,157.6	4,596.6
Total Current Liabilities
Long-Term Debt	7,470	3,599	3,391	3,227	3,762.4	3,691.5
Long-Term Debt Less Unamortized Discount and Debt Issuance Costs
Leases	186	189	180	179	186	195.9
Operating Lease Liabilities
Other Long-Term Liabilities	1,106	1,073	945	942	893	882.9
Deferred Income Taxes, Net
Other Liabilities
Total Long-Term Liabilities	8,762	4,861	4,516	4,348	4,841.4	4,770.3
Total Liabilities	14,019	11,175	9,907	9,304	8,999	9,366.9

Equity	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Common Stock	35	31	30	30	30.3	30.3
Common Stock
Treasury Stock	-748	-748	-748	-748	-748.1	-748
Treasury Stock, at Cost
Additional Paid-in Capital	5,441	1,118	1,027	1,027	927.1	919.7
Additional Paid-in Capital
Accumulated Other Comprehensive Income	262	-109	-47	-19	-50.5	-148.4
Accumulated Other Comprehensive Income/(Loss)
Retained Earnings	6,604	6,128	5,764	5,289	4,913.7	4,553
Retained Earnings
Total Common Shareholders' Equity	11,594	6,420	6,026	5,579	5,072.5	4,606.6
Minority Interests and Other	23	17	11	—	—	—
Non-Controlling Interests
Total Shareholders' Equity	11,617	6,437	6,037	5,579	5,072.5	4,606.6
Total Equity
Total Liabilities and Shareholders' Equity	25,636	17,612	15,944	14,883	14,071.5	13,973.5
Total Liabilities and Equity