EX-99.12bro-ex99_1.htmEX-99.1 EX-99.1
Exhibit 99.1
BROWN & BROWN, INC.
HISTORICAL BUSINESS SEGMENT INFORMATION
AS RECLASSIFIED FOR SEGMENT CHANGES
(Unaudited)
The following tables set forth Brown & Brown, Inc. historical business segment financial information as reclassified for segment changes for the twelve months ended December 31, 2024, 2023, 2022, 2021 and 2020 (unaudited).
Retail
Specialty Distribution
Twelve months ended December 31,
Twelve months ended December 31,
(in millions)
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
REVENUES
Commissions and fees
$
1,549
$
1,840
$
2,154
$
2,503
$
2,720
$
1,059
$
1,210
$
1,410
$
1,699
$
1,985
Investment and other income
1
1
3
5
9
2
1
1
15
31
Total revenues
1,550
1,841
2,157
2,508
2,729
1,061
1,211
1,411
1,714
2,016
EXPENSES
Employee compensation and benefits
856
982
1,126
1,336
1,462
497
565
615
709
772
Other operating expenses
245
290
377
421
449
201
219
293
332
382
(Gain)/loss on disposal
(2
)
(6
)
(8
)
(3
)
(3
)
—
(4
)
4
(141
)
(28
)
Amortization
72
82
101
112
119
37
38
46
53
59
Depreciation
10
12
14
19
21
11
14
19
16
18
Interest
90
94
96
85
71
31
27
46
48
41
Change in estimated acquisition earn-out payables
6
42
(26
)
1
8
(11
)
(2
)
(13
)
20
(6
)
Total expenses
1,277
1,496
1,680
1,971
2,127
766
857
1,010
1,037
1,238
Income before income taxes
$
273
$
345
$
477
$
537
$
602
$
295
$
354
$
401
$
677
$
778
Other
Total
Twelve months ended December 31,
Twelve months ended December 31,
(in millions)
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
REVENUES
Commissions and fees
$
(2
)
$
(2
)
$
(1
)
$
(3
)
$
—
$
2,606
$
3,048
$
3,563
$
4,199
$
4,705
Investment and other income
4
1
6
38
60
7
3
10
58
100
Total revenues
2
(1
)
5
35
60
2,613
3,051
3,573
4,257
4,805
EXPENSES
Employee compensation and benefits
83
90
76
142
172
1,436
1,637
1,817
2,187
2,406
Other operating expenses
(80
)
(106
)
(73
)
(103
)
(121
)
366
403
597
650
710
(Gain)/loss on disposal
—
—
(1
)
1
—
(2
)
(10
)
(5
)
(143
)
(31
)
Amortization
—
—
—
1
—
109
120
147
166
178
Depreciation
5
7
6
5
5
26
33
39
40
44
Interest
(62
)
(56
)
(1
)
57
81
59
65
141
190
193
Change in estimated acquisition earn-out payables
—
—
—
—
—
(5
)
40
(39
)
21
2
Total expenses
(54
)
(65
)
7
103
137
1,989
2,288
2,697
3,111
3,502
Income before income taxes
$
56
$
64
$
(2
)
$
(68
)
$
(77
)
$
624
$
763
$
876
$
1,146
$
1,303
1
The following tables set forth Brown & Brown, Inc. historical business segment financial information as reclassified for segment changes for the three months ended June 30, 2025 and March 31, 2025, for the year ended December 31, 2024, and the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 (unaudited).
Retail
Three months ended
Twelve
months ended
Three months ended
(in millions)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
March 31,
2025
June 30,
2025
REVENUES
Commissions and fees
$
803
$
644
$
639
$
634
$
2,720
$
905
$
694
Investment and other income
3
2
2
3
9
2
3
Total revenues
806
646
641
637
2,729
907
697
EXPENSES
Employee compensation and benefits
400
355
364
343
1,462
447
385
Other operating expenses
115
110
107
117
449
122
120
(Gain)/loss on disposal
1
(2
)
(1
)
(1
)
(3
)
2
—
Amortization
29
29
29
33
119
37
35
Depreciation
5
5
6
5
21
6
6
Interest
19
19
18
16
71
15
15
Change in estimated acquisition earn-out payables
(1
)
1
(2
)
9
8
(6
)
9
Total expenses
568
517
521
522
2,127
623
570
Income before income taxes
$
238
$
129
$
120
$
115
$
602
$
284
$
127
Specialty Distribution
Three months ended
Twelve
months ended
Three months ended
(in millions)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
March 31,
2025
June 30,
2025
REVENUES
Commissions and fees
$
433
$
511
$
516
$
528
$
1,985
$
481
$
555
Investment and other income
7
7
8
6
31
6
8
Total revenues
440
518
524
534
2,016
487
563
EXPENSES
Employee compensation and benefits
186
193
193
199
772
199
202
Other operating expenses
82
94
95
111
382
91
98
(Gain)/loss on disposal
1
(29
)
—
—
(28
)
—
—
Amortization
14
15
16
15
59
16
15
Depreciation
5
5
5
5
18
4
4
Interest
11
10
10
9
41
9
9
Change in estimated acquisition earn-out payables
(1
)
—
(5
)
2
(6
)
2
2
Total expenses
298
288
314
341
1,238
321
330
Income before income taxes
$
142
$
230
$
210
$
193
$
778
$
166
$
233
2
Other
Three months ended
Twelve
months ended
Three months ended
(in millions)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
March 31,
2025
June 30,
2025
REVENUES
Commissions and fees
$
1
$
(1
)
$
—
$
(1
)
$
—
$
(1
)
$
—
Investment and other income
11
15
21
14
60
11
25
Total revenues
12
14
21
13
60
10
25
EXPENSES
Employee compensation and benefits
45
37
50
40
172
37
53
Other operating expenses
(36
)
(31
)
(37
)
(16
)
(121
)
(27
)
(7
)
(Gain)/loss on disposal
—
—
—
—
—
—
—
Amortization
—
—
—
—
—
—
—
Depreciation
1
1
—
1
5
1
1
Interest
18
20
22
21
81
22
27
Change in estimated acquisition earn-out payables
—
—
(1
)
—
—
—
—
Total expenses
28
27
34
46
137
33
74
Income before income taxes
$
(16
)
$
(13
)
$
(13
)
$
(33
)
$
(77
)
$
(23
)
$
(49
)
Total
Three months ended
Twelve
months ended
Three months ended
(in millions)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
March 31,
2025
June 30,
2025
REVENUES
Commissions and fees
$
1,237
$
1,154
$
1,155
$
1,161
$
4,705
$
1,385
$
1,249
Investment and other income
21
24
31
23
100
19
36
Total revenues
1,258
1,178
1,186
1,184
4,805
1,404
1,285
EXPENSES
Employee compensation and benefits
631
585
607
582
2,406
683
640
Other operating expenses
161
173
165
212
710
186
211
(Gain)/loss on disposal
2
(31
)
(1
)
(1
)
(31
)
2
—
Amortization
43
44
45
48
178
53
50
Depreciation
11
11
11
11
44
11
11
Interest
48
49
50
46
193
46
51
Change in estimated acquisition earn-out payables
(2
)
1
(8
)
11
2
(4
)
11
Total expenses
894
832
869
909
3,502
977
974
Income before income taxes
$
364
$
346
$
317
$
275
$
1,303
$
427
$
311
3
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor