Brown & Brown, Inc. Announces 5.2 percent Increase in Total Revenues
Oct 17, 2011
The following article was published in a news release issued by Reuters on October 17, 2011:
Brown & Brown announced 5.2 percent increase in total revenues
Brown & Brown, Inc. today announced its financial results for the third quarter of 2011. Net income for the third quarter of 2011 was $44,173,000, or $0.30 per share, compared with $44,293,000, or $0.31 per share for the same quarter of 2010, a decrease of 0.3%.
Total revenue for the third quarter ended September 30, 2011 was $260,401,000, compared with 2010 third-quarter revenue of $247,616,000, an increase of 5.2%. Total revenue for the nine months ended September 30, 2011 was $769,445,000, compared with total revenue for the same period of 2010 of $743,554,000.
Net income for the nine-month period ended September 30, 2011 was $127,501,000, or $0.88 per share, compared with $129,606,000, or $0.90 per share for the same period of 2010.
J. Powell Brown, President and Chief Executive Officer of Brown & Brown, Inc., noted, “We continue to swim upstream against a very difficult economy. We are pleased that our Services, National Programs and Wholesale Brokerage Divisions achieved positive internal revenue growth for the third quarter.”
In the third quarter of 2011, $2,600,000 was expensed as a result of a legal claim first raised in 1994 that a subsidiary of the Company vigorously defended for 17 years until exhausting all appellate avenues for review. This claim expense reduced the Company’s diluted net income per share for the third quarter of 2011 by $0.01. Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services.
Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States’ seventh largest independent insurance intermediary.
Find this article here: http://www.reuters.com/article/2011/10/17/idUS221738+17-Oct-2011+MW20111017