Brown & Brown : HISTORICAL BUSINESS SEGMENT INFORMATION AS RECLASSIFIED FOR SEGMENT CHANGES - Form 8-K

Retail

Programs

Twelve months ended December 31,

Twelve months ended December 31,

(in millions)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

REVENUES

Commissions and fees

$

1,457

$

1,549

$

1,840

$

2,154

$

2,503

$

620

$

707

$

807

$

957

$

1,160

Investment income

-

-

-

-

1

2

1

1

1

12

Other income, net

1

1

1

3

4

-

-

-

-

1

Total revenues

1,458

1,550

1,841

2,157

2,508

622

708

808

958

1,173

EXPENSES

Employee compensation and benefits

799

856

982

1,126

1,336

274

313

352

376

425

Other operating expenses

257

245

290

377

421

135

147

158

223

247

(Gain)/loss on disposal

(10

)

(2

)

(6

)

(8

)

(3

)

-

-

(4

)

1

(141

)

Amortization

67

72

82

101

112

27

28

29

37

42

Depreciation

8

10

12

14

19

7

9

11

16

13

Interest

91

90

94

96

85

17

21

11

33

36

Change in estimated acquisition earn-out payables

-

6

42

(26

)

1

(1

)

(11

)

(8

)

(11

)

-

Total expenses

1,212

1,277

1,496

1,680

1,971

459

507

549

675

622

Income before income taxes

$

246

$

273

$

345

$

477

$

537

$

163

$

201

$

259

$

283

$

551

Wholesale Brokerage

Other

Twelve months ended December 31,

Twelve months ended December 31,

(in millions)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

REVENUES

Commissions and fees

$

309

$

352

$

403

$

453

$

539

$

(1

)

$

(2

)

$

(2

)

$

(1

)

$

(3

)

Investment income

-

-

-

-

2

4

2

-

6

37

Other income, net

1

1

-

-

-

-

2

1

-

1

Total revenues

310

353

403

453

541

3

2

(1

)

5

35

EXPENSES

Employee compensation and benefits

158

184

213

239

284

77

83

90

76

142

Other operating expenses

52

54

61

70

85

(67

)

(80

)

(106

)

(73

)

(103

)

(Gain)/loss on disposal

-

-

-

3

-

-

-

-

(1

)

1

Amortization

11

9

9

9

11

-

-

-

-

1

Depreciation

1

2

3

3

3

7

5

7

6

5

Interest

5

10

16

13

12

(49

)

(62

)

(56

)

(1

)

57

Change in estimated acquisition earn-out payables

-

-

6

(2

)

20

-

-

-

-

-

Total expenses

227

259

308

335

415

(32

)

(54

)

(65

)

7

103

Income before income taxes

$

83

$

94

$

95

$

118

$

126

$

35

$

56

$

64

$

(2

)

$

(68

)

Total

Twelve months ended December 31,

(in millions)

2019

2020

2021

2022

2023

REVENUES

Commissions and fees

$

2,385

$

2,606

$

3,048

$

3,563

$

4,199

Investment income

6

3

1

7

52

Other income, net

2

4

2

3

6

Total revenues

2,393

2,613

3,051

3,573

4,257

EXPENSES

Employee compensation and benefits

1,308

1,436

1,637

1,817

2,187

Other operating expenses

377

366

403

597

650

(Gain)/loss on disposal

(10

)

(2

)

(10

)

(5

)

(143

)

Amortization

105

109

120

147

166

Depreciation

23

26

33

39

40

Interest

64

59

65

141

190

Change in estimated acquisition earn-out payables

(1

)

(5

)

40

(39

)

21

Total expenses

1,866

1,989

2,288

2,697

3,111

Income before income taxes

$

527

$

624

$

763

$

876

$

1,146

Retail

Three months ended

Twelve months ended

(in millions)

March 31,
2023

June 30,
2023

September 30,
2023

December 31,
2023

December 31,
2023

REVENUES

Commissions and fees

$

732

$

590

$

600

$

581

$

2,503

Investment income

-

-

-

1

1

Other income, net

1

1

2

-

4

Total revenues

733

591

602

582

2,508

EXPENSES

Employee compensation and benefits

363

323

331

319

1,336

Other operating expenses

104

105

102

110

421

(Gain)/loss on disposal

-

-

(3

)

-

(3

)

Amortization

28

28

28

28

112

Depreciation

5

5

5

4

19

Interest

22

22

22

19

85

Change in estimated acquisition earn-out payables

(3

)

2

5

(3

)

1

Total expenses

519

485

490

477

1,971

Income before income taxes

$

214

$

106

$

112

$

105

$

537

Programs

Three months ended

Twelve months ended

(in millions)

March 31,
2023

June 30,
2023

September 30,
2023

December 31,
2023

December 31,
2023

REVENUES

Commissions and fees

$

254

$

308

$

301

$

297

$

1,160

Investment income

1

2

4

5

12

Other income, net

-

-

-

1

1

Total revenues

255

310

305

303

1,173

EXPENSES

Employee compensation and benefits

103

101

106

115

425

Other operating expenses

59

62

63

63

247

(Gain)/loss on disposal

(6

)

-

-

(135

)

(141

)

Amortization

11

11

10

10

42

Depreciation

3

3

3

4

13

Interest

10

9

8

9

36

Change in estimated acquisition earn-out payables

-

-

-

-

-

Total expenses

180

186

190

66

622

Income before income taxes

$

75

$

124

$

115

$

237

$

551

Wholesale Brokerage

Three months ended

Twelve months ended

(in millions)

March 31,
2023

June 30,
2023

September 30,
2023

December 31,
2023

December 31,
2023

REVENUES

Commissions and fees

$

123

$

139

$

149

$

128

$

539

Investment income

-

-

1

1

2

Other income, net

-

-

-

-

-

Total revenues

123

139

150

129

541

EXPENSES

Employee compensation and benefits

67

72

73

72

284

Other operating expenses

18

24

21

22

85

(Gain)/loss on disposal

-

-

-

-

-

Amortization

3

3

3

2

11

Depreciation

1

1

1

-

3

Interest

3

3

3

3

12

Change in estimated acquisition earn-out payables

-

(2

)

25

(3

)

20

Total expenses

92

101

126

96

415

Income before income taxes

$

31

$

38

$

24

$

33

$

126

Other

Three months ended

Twelve months ended

(in millions)

March 31,
2023

June 30,
2023

September 30,
2023

December 31,
2023

December 31,
2023

REVENUES

Commissions and fees

$

(1

)

$

(1

)

$

(1

)

$

-

$

(3

)

Investment income

6

8

12

11

37

Other income, net

-

-

-

1

1

Total revenues

5

7

11

12

35

EXPENSES

Employee compensation and benefits

38

34

22

48

142

Other operating expenses

(20

)

(29

)

(18

)

(36

)

(103

)

(Gain)/loss on disposal

-

-

-

1

1

Amortization

(1

)

(1

)

-

3

1

Depreciation

1

1

1

2

5

Interest

12

14

15

16

57

Change in estimated acquisition earn-out payables

1

2

-

(3

)

-

Total expenses

31

21

20

31

103

Income before income taxes

$

(26

)

$

(14

)

$

(9

)

$

(19

)

$

(68

)

Total

Three months ended

Twelve months ended

(in millions)

March 31,
2023

June 30,
2023

September 30,
2023

December 31,
2023

December 31,
2023

REVENUES

Commissions and fees

$

1,108

$

1,036

$

1,049

$

1,006

$

4,199

Investment income

7

10

17

18

52

Other income, net

1

1

2

2

6

Total revenues

1,116

1,047

1,068

1,026

4,257

EXPENSES

Employee compensation and benefits

571

530

532

554

2,187

Other operating expenses

161

162

168

159

650

(Gain)/loss on disposal

(6

)

-

(3

)

(134

)

(143

)

Amortization

41

41

41

43

166

Depreciation

10

10

10

10

40

Interest

47

48

48

47

190

Change in estimated acquisition earn-out payables

(2

)

2

30

(9

)

21

Total expenses

822

793

826

670

3,111

Income before income taxes

$

294

$

254

$

242

$

356

$

1,146