US insurance brokerage firm Brown & Brown reported revenues of $1.12 billion for the first quarter of 2023, representing an increase of $211.3 million, or 23.4%, when compared to the same period in 2022.
Organic revenue totalled $967.3 million for Q1, compared to $859.4 a year earlier. Commissions and fees increasing by 22.5% to $1.11 billion.
Before Income Taxes Margin decreased to 26.4% from 29.3% in the first quarter of the prior year.
Net income for the quarter was $235.5 million, up from $220.3 million a year ago.
Diluted net income per share increased to $0.83, or 7.8%, with diluted net income per share – adjusted increasing to $0.84, or 7.7%, as compared to the first quarter of the prior year.
Additionally Brown & Brown’s income before taxes was $294.2 million for Q1 23, representing a 11.0% increase from last years $265.0 million.
EBITDAC – Adjusted was $398.2 million, increasing 23.2% from the first quarter of the prior year with EBITDAC Margin – Adjusted of 35.7% for both periods.
Powell Brown, president and CEO of the company, commented, “The first quarter was an outstanding start to the year, and we delivered good profitable growth. We continue to leverage the collective capabilities of Brown & Brown to deliver innovative solutions for our customers. I want to thank all of our teammates for their great efforts in delivering these results.”
In addition, the firm announced that the board declared a regular quarterly cash dividend of $0.1150 per share. The dividend is payable on May 17, 2023, to shareholders of record on May 8, 2023.