Brown & Brown said income before income taxes for 2024 increased $157 million, or 13.7%, over 2023. The company cited Organic Revenue growth and increased profit-sharing contingent commissions as factors, adding that a decrease in the gain on disposal primarily associated with the divestiture of certain businesses in Q4 2023 partially offset this.

1. 01

   Brown & Brown said income before income taxes for 2024 increased $157 million, or 13.7%, over 2023. The company cited Organic Revenue growth and increased profit-sharing contingent commissions as factors, adding that a decrease in the gain on disposal primarily associated with the divestiture of certain businesses in Q4 2023 partially offset this.

2. 02

   The company said Wholesale Brokerage segment total revenues for 2024 increased 13.9%, or $75 million, over 2023, to $616 million. Income before income taxes for the segment increased 38.9%, or $49 million, to $175 million, and the Organic Revenue growth rate was 9.1%.

3. 03

   The company said operating cash flows for 2024 totaled $1,174 million, an increase of $164 million, or 16.2%, over 2023 of $1,010 million. Cash flows used for investing activities were $898 million, and the company paid $890 million, net of cash, for 32 acquisitions.

4. 04

   The company said total debt as of December 31, 2024, net of unamortized discount and issuance costs, was $3,824 million, an increase of $28 million from December 31, 2023. In June 2024, the company issued $600 million of 2034 Senior Notes at 5.650%, with net proceeds of approximately $593 million.

Key figures

Fiscal year ended December 31, 2024

Revenue

$4.8B

Net income

$993M

EPS

$3.46

Operating cash flow

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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