Brown & Brown, Inc. (NYSE:BRO) announced its unaudited financial results for the first quarter of 2022.
According to its website, Brown & Brown, Inc. is an independent insurance brokerage providing risk management solutions. The company’s four business segments, Retail, National Programs, Wholesale Brokerage, and Services, offer insurance products and services to businesses, corporations, governmental institutions, professional organizations, trade associations, families, and individuals.
As per a press release, revenues for the first quarter of 2022 under the U.S. generally accepted accounting principles (“GAAP”) were $904.7 million, an increase of $89.4 million, which is 11.0%, compared to the first quarter of the prior year, with commissions and fees increasing by 11.1% and Organic Revenue rising by 7.8%.
The income before taxes was $265.0 million, an increase of 10.8% over the year before, with the Income Before Income Taxes Margin remaining consistent with the prior year at 29.3%. EBITDAC – Adjusted was $323.3 million, increasing 11.1% from the previous year, with EBITDAC Margin – Adjusted remaining consistent with the prior year at 35.7%.
Net income was $220.3 million, which was an increase of $20.6 million or 10.3%, and diluted net income per share increased to $0.77, or 10.0%, compared to the first quarter of the year before.
Diluted Net Income per Share – Adjusted rose to $0.78, which is 11.4%, compared to the previous year’s first quarter.
“We are very pleased with the strong results achieved for the first quarter of 2022. Our teammates continue to perform at a high level, delivering innovative solutions to our customers,” said J. Powell Brown, chief executive officer, and president.
Additionally, the company has announced that its Board of Directors has declared a regular quarterly cash dividend of $0.1025 per share. The dividend will be paid on May 18, 2022, to shareholders of record on May 9, 2022.