NEW YORK (AP) — Business insurance broker Brown & Brown Inc. said Monday its net income climbed 22 percent in the second quarter on stronger results from all of its businesses.
Brown & Brown said revenue from its biggest business, retail, rose 7 percent to $168.6 million. Most of that growth came from acquisitions. It also reported an increase in revenue from its national program, wholesale brokerage, and service units.
The company said its net income grew to $52 million, or 36 cents per share, from $42.5 million, or 29 cents per share. Revenue rose 12 percent, to $325.8 million from $290.9 million
Analysts were expecting net income of 35 cents per share and $318.4 million in revenue, according to FactSet.
Shares of Brown & Brown rose 3 cents to $33.79 on Monday, and during the day they reached a seven-year high of $34.10. The stock added 21 cents to $34.20 in after-hours trading.