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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Employee Compensation and Benefits

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Interest

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Net Income Before Non-Controlling Interests

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Net Income Attributable to the Company

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Basic

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Dividends Declared per Share

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Cost of Sales

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Gross Profit

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Interest and Investment Income

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Non-Operating Income

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Consolidated Net Income

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Net Income Attributable to Minority Interests and Other

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Revenue

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	5,344	4,705	4,199	3,563	3,047.5	2,606.1	2,384.7	2,009.9	1,857.3	1,762.8	1,657
Total Revenues %Chg	17.4%	12.1%	17.9%	16.9%	16.9%	9.3%	18.7%	8.2%	5.4%	6.4%	5.7%
Commissions and Fees
Cost of Sales	2,699	2,406	2,187	1,817	1,636.9	1,436.4	1,308.2	1,068.9	994.7	925.2	857
Employee Compensation and Benefits
Gross Profit	2,645	2,299	2,012	1,746	1,410.6	1,169.7	1,076.6	940.9	862.6	837.6	800
Gross Profit Margin	49.5%	48.9%	47.9%	49%	46.3%	44.9%	45.1%	46.8%	46.4%	47.5%	48.3%
Selling, General & Administrative Expenses	—	—	—	—	—	—	—	—	—	—	—
Non-Cash Stock-Based Compensation
Depreciation & Amortization Expenses	290	222	206	186	152.9	134.8	128.7	109.4	108.1	107.7	108.3
Amortization
Depreciation
Other Operating Expenses	884	710	650	597	403	366	377.1	332.1	283.5	262.9	251.1
Other Operating Expenses
Operating Profit	1,471	1,367	1,156	963	854.7	668.9	570.8	499.4	471	467	440.6
Operating Margin	27.5%	29.1%	27.5%	27%	28%	25.7%	23.9%	24.8%	25.4%	26.5%	26.6%
Interest and Investment Income	—	93	52	7	1.1	2.8	5.8	2.7	1.6	1.5	1
Investment Income
Interest Expense	-243	-193	-190	-141	-65	-59	-63.7	-40.6	-38.3	-39.5	-39.2
Interest
Non-Operating Income	-30	36	128	47	-28	11.4	13	0.8	15.4	-5.5	0.2
Other Income, Net
Loss on Disposal
Change in Estimated Acquisition Earn-Out Payables
Total Non-Operating Income	-273	-64	-10	-87	-91.9	-44.8	-44.8	-37	-21.3	-43.5	-38.1
Income Before Provision for Income Taxes	1,324	1,303	1,146	876	762.8	624.1	525.9	462.5	449.7	423.5	402.6
Income Before Income Taxes
Provision for Income Taxes	316	301	275	204	175.7	143.6	127.4	118.2	50.1	166	159.2
Income Taxes
Consolidated Net Income	1,008	1,002	871	672	587.1	480.5	398.5	344.3	399.6	257.5	243.3
Net Income Before Non-Controlling Interests
Net Income Attributable to Minority Interests and Other	9	9	—	—	—	—	—	—	—	—	—
Less: Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Common Shareholders	999	993	871	672	587.1	480.5	398.5	344.3	399.6	257.5	243.3
Net Income Attributable to the Company
Basic EPS	3.4	3.5	3.1	2.4	2.1	1.7	1.4	1.2	1.4	0.9	0.9
Diluted EPS	3.3	3.5	3.1	2.4	2.1	1.7	1.4	1.2	1.4	0.9	0.9
Basic Weighted Average Shares Outstanding	297.3	282	280	278	276	274.3	272.5	271	272.6	272.3	275.6
Total Shares Outstanding	341.4	286	284.6	283.2	282.5	283	281.7	279.6	276.2	280.2	278
Diluted Weighted Average Shares Outstanding	298.5	284	281	279	277.4	275.8	274.6	275.5	277.6	275.6	280.2
EBITDA	1,762	1,589	1,362	1,149	1,010.4	806	701.5	610.5	581	576.5	549.1
Effective Tax Rate	23.9%	23.1%	24%	23.3%	23%	23%	24.2%	25.6%	11.1%	39.2%	39.6%