Brown & Brown Net Income Up 72%
By Mark E. Ruquet
NU Online News Service, July 12, 11:15 a.m. EST?Insurance broker Brown & Brown yesterday reported a 72 percent increase in its second quarter net income and 55 percent increase in earnings per share.
The Daytona Beach, Fla.?based firm reported that net income for the three months ending June 30 rose $9 million to $21.4 million, compared to $12.4 million for the same period in 2001. Earnings per share rose 11 cents, going from 20 cents for the second quarter of 2001 to 31 cents this quarter.
Total revenues increased 28 percent, going from $90 million for the second quarter of 2001 to $114.9 million in 2002.
During a Webcast with J. Hyatt Brown, chairman, president and chief executive officer of Brown & Brown, and Cory T. Walker, the firm's chief financial officer, the executives said premium rates will continue to harden. Lines such as property and employee benefits could see increases between eight and 15 percent across the board, they said.
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