Brown & Brown Inc.'s fourth-quarter earnings rose 36% due to higher commissions which more than offset rising expenses at the insurance agency and brokerage firm.
Recently, Brown & Brown's decreased expenses have improved its bottom line. Its brokerage arm has helped anchor it through an unsteady insurance market pressured by investment losses and low rates. The company has also been on an acquisition streak of late, putting its big stockpiles of cash to work.
Brown & Brown reported a profit of $32.1 million, or 22 cents a share, down from $23.7 million, or 17 cents a share, a year earlier. Revenue increased 7.4% to $229.9 million.
Commissions and fees were up 7.4%, while total expenses rose 2.8%.