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Brown & Brown Inc. (BRO-0.12%) has released its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported total revenues of $4.8 billion for the year, reflecting a 12.9% increase from $4.3 billion in 2023. This growth was driven by an increase in core commissions and fees, which rose by 11.6% to $4.5 billion.
Net income attributable to the company was $993 million, an increase of 14.0% from $871 million in the previous year. The effective tax rate for the year was 23.1%, compared to 24.1% in 2023.
Brown & Brown completed 32 acquisitions during the year, with a total purchase price of $1.0 billion. These acquisitions contributed to the company's organic revenue growth rate of 10.4%.
The retail segment generated $2.7 billion in revenues, a growth of 8.8% over 2023, while the programs segment reported $1.4 billion in revenues, marking a 19.4% increase. The wholesale brokerage segment's revenues increased by 13.9% to $616 million.
Employee compensation and benefits expenses rose by 10.0% to $2.4 billion, representing 50.1% of total revenues, down from 51.4% in 2023.
The company declared and paid dividends totaling $154 million during the year, an increase from $135 million in 2023. A quarterly cash dividend of $0.15 per share was approved for payment on February 12, 2025.
Brown & Brown's total assets increased to $17.6 billion as of December 31, 2024, up from $14.9 billion at the end of 2023. The company's long-term debt stood at $3.8 billion, with a current portion of $225 million due in 2025.
The company continues to focus on expanding its operations both domestically and internationally, with revenues from international operations growing to $665 million in 2024.
Brown & Brown emphasizes its commitment to maintaining a strong balance sheet and liquidity profile, supported by cash and cash equivalents of $675 million and access to additional funds through its revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brown & Brown Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.