01—Abstract
Summary
Summary of the 10-K filed February 27, 2023. Cited figures are marked; the original filing is the authoritative source.
Brown & Brown, Inc. reported strong performance in 2022, with total revenues reaching $3.57 billiona, a 17.1% increase compared to the previous year.
This growth was primarily driven by acquisitions and a 8.1% organic revenue growth rate, indicating healthy expansion across its core business segments: Retail, National Programs, Wholesale Brokerage, and Services. The company's net income also saw a significant increase, reaching $671.8 millionb, up 14.4% from 2021.
This robust financial performance reflects effective management and strategic execution, including successful integration of acquired businesses and a continued focus on sales and service culture. Brown & Brown's diversification across insurance segments provides resilience, while its commitment to talent development and operational efficiency supports its long-term growth trajectory.
02—Key points
Key Highlights
- Total revenues grew by 17.1% to $3.57 billion in 2022, driven by acquisitions and organic growth.
- Net income increased by 14.4% to $671.8 million in 2022.
- The company completed 30 acquisitions in 2022, contributing significantly to revenue growth.
- Organic Revenue growth was 8.1% for the full year, demonstrating underlying business strength.
- The Retail segment remains the largest contributor to revenue, accounting for 58.4% of total commissions and fees.
- EBITDAC - Adjusted, a key non-GAAP measure, increased by 15.9% to $1.17 billion, indicating strong operational profitability.
- The company maintained a solid balance sheet with total assets of $13.97 billion as of December 31, 2022, and had $249.6 million remaining under its share repurchase authorization.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2022filed February 27, 2023Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Revenue | $3.57B$3.05B | +17.1% |
| Operating Expenses | $2.70B$2.29B | +17.9% |
| Interest Expense | $141.20M$65.00M | +117.2% |
| Net Income | $672.00M$587.10M | +14.5% |
| EPS (Basic) | $2.38$2.08 | +14.4% |
| EPS (Diluted) | $2.37$2.07 | +14.5% |
| Shares Outstanding (Basic) | 278.00M276.00M | +0.7% |
| Shares Outstanding (Diluted) | 279.00M277.40M | +0.6% |
05—Questions
Frequently Asked Questions
What was Brown & Brown's revenue growth in 2022?
Brown & Brown, Inc. reported a 17.1% increase in total revenues for 2022, reaching $3.57 billion. This growth was driven by a combination of acquisitions and an 8.1% organic revenue growth rate.
How did the company's profitability perform in 2022?
Net income for 2022 was $671.8 million, a 14.4% increase compared to 2021. The company also reported an EBITDAC - Adjusted of $1.17 billion, up 15.9%, highlighting strong operational profitability.
What is the significance of the company's acquisitions?
Acquisitions are a key part of Brown & Brown's growth strategy. In 2022, the company completed 30 acquisitions, which contributed significantly to its revenue growth and expanded its market presence across various insurance segments.
06—Continue