Florida-based national insurance brokerage Brown & Brown Inc. reported 2012 fourth-quarter net profit of $42.64 million, up 16.8 percent compared to the 2011 fourth quarter when the broker reported $36.49 million profit.
Net profit for the full-year 2012 was $184.05 million, up 12.2 percent compared to the full-year 2011 when the firm reported $164.00 million profit.
Total revenue for the 2012 fourth quarter was $302.83 million, up 24.1 percent from $244.10 million reported during the 2011 fourth quarter. Total revenue for the full-year 2012 was $1.20 billion, an increase of 18.4 percent from $1.01 billion for the full-year 2011.
Total core commissions and fees for the 2012 fourth quarter were $292.02 million, up 25.7 percent from $232.39 million reported during the 2011 fourth quarter. (The firm reported internal, organic net growth of 5.4 percent for the 2012 fourth quarter from the 2011 fourth quarter.)
Profit-sharing contingent commissions for the 2012 fourth quarter were $6.34 million, up 31.85 percent from $4.81 million one year ago, while the guaranteed supplemental commissions for the 2012 fourth quarter were $1.94 million, down from $2.46 million one year ago.
“The fourth-quarter results were the culmination of the hard work of our 6,300-plus teammates throughout 2012,” Brown & Brown CEO J. Powell Brown said in a statement. “Two of our most important goals for 2012 — to grow our revenues organically and to improve each and every quarter — were accomplished. I am very proud of what we achieved in the fourth quarter and for the year.”
Daytona Beach, Fla.-headquartered Brown & Brown Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration and other services.