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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Interest

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Net Income Attributable to the Company

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Basic

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Operating Profit

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Consolidated Net Income

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Net Income Attributable to Minority Interests and Other

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Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	2,634	2,315	2,390	2,055	2,144	1,819.9
Total Revenues %Chg	10.2%	12.7%	11.5%	12.9%	23%	20.7%
Commissions and Fees
Cost of Sales	1,323	1,190	1,216	1,086	1,101	946
Employee Compensation and Benefits
Gross Profit	1,311	1,125	1,174	969	1,043	873.9
Gross Profit Margin	49.8%	48.6%	49.1%	47.2%	48.6%	48%
Depreciation & Amortization Expenses	126	115	107	103	103	104.2
Amortization
Depreciation
Other Operating Expenses	398	376	334	328	322	316.2
Other Operating Expenses
Operating Profit	787	634	733	538	618	453.5
Operating Margin	29.9%	27.4%	30.7%	26.2%	28.8%	24.9%
Interest and Investment Income	55	48	45	35	17	6.4
Investment Income
Investment and Other Income
Interest Expense	-96	-96	-97	-95	-95	-86.7
Interest
Non-Operating Income	-8	5	31	120	8	38.9
Other Income, Net
Loss on Disposal
Change in Estimated Acquisition Earn-Out Payables
Total Non-Operating Income	-49	-43	-21	60	-70	-41.4
Income Before Provision for Income Taxes	738	591	712	598	548	412.1
Income Before Income Taxes
Provision for Income Taxes	169	142	159	153	122	105.6
Income Taxes
Consolidated Net Income	569	449	553	445	426	306.5
Net Income Before Non-Controlling Interests
Net Income Attributable to Minority Interests and Other	6	6	3	—	—	—
Less: Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Common Shareholders	563	443	550	445	426	672
Net Income Attributable to the Company
Basic EPS	1.9	1.6	1.9	1.6	1.5	1.1
Diluted EPS	1.9	1.5	1.9	1.5	1.5	1.1
Basic Weighted Average Shares Outstanding	287	283	281	281	279	278.9
Total Shares Outstanding	330	286	285	284.6	283.6	283.2
Diluted Weighted Average Shares Outstanding	289	285	283	282	280	279.6
EBITDA	913	749	840	639	723	555.9
Effective Tax Rate	22.9%	24%	22.3%	25.6%	22.3%	25.6%