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Matthew Lerner

Brown & Brown reports $47.2M profit in 2013 fourth quarter

February 4, 2014 - 2:21pm


Insurance brokerage Brown & Brown Inc. posted fourth-quarter net income of $47.2 million, up 10.8% from the fourth quarter of 2012, the company reported.

Fourth-quarter revenue rose 13.3% from the year-ago period to $343.2 million, Brown & Brown said in a statement Monday.

Investment income dropped to $128,000, 45.8% lower than the year-ago period.

For the 12 months ended Dec. 31, net income jumped 18% over last year to $217.1 million. Twelve-month revenue increased 13.4% to $1.36 billion. Investment income for 2013 slipped 19.9% from the prior year to $638,000 from $797,000 a year ago.

“We are very pleased that we grew our net income 18.0% in 2013,” J. Powell Brown, president and CEO, said in the statement. “In addition, we continued to improve certain operating profit margins in the fourth quarter."

On Jan. 16, Brown & Brown announced it would acquire Wright Insurance Group L.L.C. of Uniondale, N.Y., for $602.5 million in a transaction expected to close in April.