Insurance broker Brown & Brown reported revenues of $1.6 billion during the third quarter – an increase of $420 million or 35.4% from Q3 2024.
Commissions and fees rose by 34.2% with organic revenue increasing by 3.5%, a dip from the 9.5% organic revenue growth reported during the same period last year.
Net income attributable to the company during Q3 2025 was $227 million, decreasing $7 million, or 3.0%. Adjusted net income per per share increased to $1.05, or 15.4%.
Nine Month Figures
Revenues for the nine months ended September 30, 2025 – under U.S. generally accepted accounting principles (GAAP) – were $4.3 billion, increasing $673 million, or 18.6%, compared to the same period in 2024.
Commissions and fees rose by 18.0%, with organic revenue up by 4.6% during the nine-month period (compared with organic revenues growth of 9.4% last year).
Net income attributable to the company was $790 million, an increase of $7 million, or 0.9%, during the nine months. Adjusted earnings per share increased to $3.33, or 11.7%.
“We are very excited to welcome over 5,000 new teammates to our organization in the third quarter,” commented J. Powell Brown, president and chief executive officer of Brown & Brown in a statement. “We continue to deliver our solutions for our customers locally, but draw upon enhanced global capabilities. We are pleased with our overall growth, profitability and cash flow conversion.”
In one of the most severe cases of COVID-19 infection, in which a steel mill worker died after receiving a double-lung transplant, the court upheld an administrative law judge and the state Workers’ Compensation Board. The high court found that the estate of the unvaccinated worker did not prove that the disease was work-related, absolving the insurer of the responsibility for benefits.
“The ALJ’s finding and evidence on record demonstrated Appellant failed to meet the preponderance of the evidence burden-of-proof standard on the threshold issue of a work-related causation in this instance,” Justice Michelle Keller wrote in the opinion.
Kentucky statutes make it clear that occupational diseases must arise out of the worker’s employment, the court noted.