Brown & Brown, Inc. today announced its financial results for the fourth quarter of 2011.
Net income for the fourth quarter of 2011 was $36,494,000, or $0.25 per share, compared with $32,146,000, or $0.22 per share for the same quarter of 2010, an increase of 13.5%. Total revenue for the fourth quarter ended December 31, 2011 was $244,097,000, compared with 2010 fourth-quarter revenue of $229,938,000, an increase of 6.2%.
Total revenue for the twelve months ended December 31, 2011 was $1,014,000,000, compared with total revenue for the same period of 2010 of $973,492,000, an increase of 4.2%. Net income for the twelve-month period ended December 31, 2011 was $163,995,000, or $1.13 per share, compared with $161,752,000, or $1.12 per share for the same period of 2010, an increase of 1.4%.
J. Hyatt Brown, Chairman and acting President and Chief Executive Officer of the Company, noted, "We congratulate Powell Brown and his senior leadership team and all of our people on the achievement of one of our intermediate goals of exceeding $1 billion in total revenues. We challenged our team with this $1 billion goal shortly after the end of 2001 when we attained $365 million in total revenues. To reach this goal and to nearly triple our revenues during this time period, given the overwhelming economic headwinds of the last four years, is I believe a testament to the strength, focus and dedication of each individual in our company."
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. The Company's Web address is www.bbinsurance.com.