Revenue numbers are an increase of 11.0% as compared to Q1-2021
Brown & Brown reports that revenues for the first quarter of 2022, were $904.7 million. This is an increase of $89.4 million, or 11.0%, as compared to the first quarter of 2021, with commissions and fees increasing by 11.1% and Organic Revenue increasing by 7.8%.
“We are very pleased with the strong results achieved for the first quarter of 2022,” noted J. Powell Brown, president and chief executive officer. “Our teammates continue to perform at a high level, delivering innovative solutions to our customers.”
Income before income taxes was $265.0 million, increasing 10.8% from the prior year with 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 prior year with EBITDAC Margin – Adjusted remaining consistent with the prior year at 35.7%. Net income was $220.3 million, increasing $20.6 million, or 10.3%, and diluted net income per share increased to $0.77, or 10.0% as compared to the first quarter of the prior year. Diluted Net Income Per Share – Adjusted increased to $0.78, or 11.4%, compared to the first quarter of the prior year.
In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.1025 per share. The dividend is payable on May 18, 2022, to shareholders of record on May 9, 2022.
Source: Brown & Brown
