Brown & Brown (BRO) 10-K Summary — Year Ended Dec 31, 2023
Brown & Brown, Inc. is an insurance brokerage firm operating through multiple segments. The company reported revenue growth for the most recent annual period, with net income and operating cash flow also disclosed.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Brown & Brown, Inc. is an insurance brokerage firm operating through multiple segments. The company reported revenue growth for the most recent annual period, with net income and operating cash flow also disclosed.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$4.3B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$871M
Net income reported for the year.
Operating cash flow
$1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $3.1B | n/a |
| Dec 31, 2022 | $3.6B | +17.1% |
| Dec 31, 2023 | $4.3B | +19.1% |
Business overview
The company provides insurance brokerage services, as described in Item 1 of the filing. Its operations are organized into several business segments, and the filing references risk factors, unresolved staff comments, and cybersecurity matters as part of its business overview.
Financial performance
Revenue increased over the prior two annual periods, with the most recent year showing a higher growth rate than the previous year. Net income and operating cash flow were reported for the most recent period, though operating income was not provided.
Material risks
The filing includes a risk factors section in Item 1A, though specific risks are not detailed in the supplied context. Unresolved staff comments and cybersecurity matters are also noted as part of the business overview.
Liquidity and capital
Liquidity and capital resources are discussed in Part II of the filing, to be considered alongside the financial statements and notes. No specific capital-allocation policies or actions are detailed in the supplied context.
What to watch
Monitor the resolution of unresolved staff comments noted in the filing, as they may indicate ongoing regulatory or disclosure matters.