Brown & Brown, Inc. today announced its preliminary, unaudited financial results for the first quarter of 2012.
Net income for the first quarter of 2012 was $49,433,000, or $0.34 per share, compared with $46,293,000, or $0.32 per share for the same quarter of 2011, an increase of 6.3%. Total revenues for the first quarter were $302,486,000, compared with 2011 first-quarter revenues of $262,228,000, an increase of 15.4%.
J. Hyatt Brown, Chairman and acting President and Chief Executive Officer of the Company, noted, "The 2012 first quarter produced results that were better than we anticipated. In addition to growing our earnings per share by 6.3%, we were pleased to note that our organic growth rate for our core commissions and fees revenue was a positive 0.9%."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary.