Q2 2024 Brown & Brown Inc Earnings Call Transcript
Key Points
- Brown & Brown Inc (BRO) reported nearly $1.2 billion in revenue, growing 12.5% in total and 10% organically over the second quarter of 2023.
- The company achieved a 17.7% increase in adjusted earnings per share to $0.93.
- Brown & Brown Inc (BRO) completed 10 acquisitions with estimated annual revenues of $13 million.
- The program segment delivered organic growth of 15.4%, driven by new business and expansion of existing customers.
- Wholesale Brokerage segment saw organic revenue growth of 11%, driven by writing more net new business within binding and personal lines businesses.
- Inflation remained elevated, impacting the economic environment.
- There is ongoing upward pressure on rates and deductibles for properties located in convective storm zones.
- The downward trend for workers' compensation rates continues, with decreases of 5% to 10% in most states.
- The company faces competitive pressure in the M&A marketplace for high-quality businesses.
- Contingent commissions in the retail segment were down by over 50% year over year, primarily due to auto and other lines.
Good morning and welcome to the Brown & Brown, Inc., second quarter earnings call. Today's call is being recorded. Please note that certain information discussed during this call, including information contained in the slide presentation posted in connection with this call, including answers given in response to your questions, may relate to future results and events or otherwise before looking in nature.
Such statements reflect our current views with respect to future events, including those relating to the company's anticipated financial results for the second quarter and are intended to fall within the Safe Harbor provisions of the securities laws.
Actual results or events in the future are subject to a number of risks and uncertainties and may differ materially from those currently anticipated or desired or reference in any forward-looking statements made as a result of a number of factors.
Such factors include the company's determination as it finalizes, its financial results for the second quarter that its financial results differ from the current preliminary
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