Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, reported it earned more than $52 million, or 36 cents a share, in the second quarter.
That’s up from the $42 million, or 29 cents per share, that the insurance brokerage company earned during the same time period in 2012, Brown & Brown said in a news release.
The firm generated revenue of more than $325 million during the second quarter, 12 percent higher than the nearly $291 million in revenue it generated in the year-earlier quarter.
(Sponsored)
You Filed Your 2022 Tax Returns, Now Let’s Look Ahead
Another busy tax filing season is behind us and with a return to normalcy this year, without significant processing delays at the Internal Revenue Service (IRS), we can look forward.
The Importance of Relationship Banking for Small Business Success
Small business owners wear many hats. Each day can bring on new challenges requiring valuable time and focus – especially in the competitive economic environment we live in today. The
“Our largest division, retail, continues to show nice improvements with a quarterly internal-growth rate in core commissions and fees of 2.3 percent, which reflects a gradual, but steady improvement in the middle-market economy,” J. Powell Brown, president and CEO of Brown & Brown, said in the news release. “Our other divisions, national programs, wholesale brokerage, and services, each had exceptional quarterly internal-growth rates in core commissions and fees in excess of 10 percent.”
Brown & Brown describes total core commissions and fees as total commissions and fees minus profit-sharing contingent commissions.
The insurance company reported its earnings after the close of trading on Monday. Its financial results topped analysts’ expectations of 35 cents a share in profit and revenue of $319 million, according to Barron’s.
Brown & Brown’s stock price fell 22 cents, or 0.65 percent, to $33.57 on Tuesday. Year to date, the stock is up almost 32 percent.
Brown & Brown Empire State is headquartered at 500 Plum St. in Syracuse’s Franklin Square area. It also has an office in Endicott.
Contact Reinhardt at ereinhardt@cnybj.com