Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 12 Segment Information

Brown & Brown’s business is divided into three reportable segments: (i) the Retail segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses; (ii) the Programs segment, which primarily acts as an managing general underwriters (“MGUs”), provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, and Brown & Brown retail agents; and (iii) the Wholesale

Brokerage segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents.

Brown & Brown conducts most of its operations within the United States of America. International operations include retail operations based in Bermuda, Canada, Cayman Islands, Republic of Ireland and the United Kingdom, managing general underwriter operations in Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, United Arab Emirates and the United Kingdom and wholesale brokerage operations based in Belgium, Hong Kong, Italy and the United Kingdom. These operations earned $159 million and $117 million of total revenues for the three months ended March 31, 2024 and 2023, respectively.

The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Intersegment revenues are eliminated.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charged to the reporting segment.

In the fourth quarter of 2023, the Company sold certain third-party claims administration and adjusting services businesses representing approximately 50% of the total revenues of the Services segment. As a result, beginning in fiscal year 2024, the Company operates three segments: Retail, Programs (formerly National Programs) and Wholesale Brokerage. Balances presented for the three months ended March 31, 2023 have been recast to align with the three-segment structure.

	Three months ended March 31, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	806	$	298	$	142	$	12		$	1,258
Investment income	$	1	$	5	$	1	$	11		$	18
Amortization	$	29	$	11	$	3	$	—		$	43
Depreciation	$	5	$	4	$	1	$	1		$	11
Interest expense	$	19	$	8	$	3	$	18		$	48
Income before income taxes	$	238	$	101	$	41	$	(16	)	$	364
Total assets	$	8,557	$	4,221	$	1,617	$	411		$	14,806
Capital expenditures	$	7	$	5	$	1	$	—		$	13

	Three months ended March 31, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	733	$	255	$	123	$	5		$	1,116
Investment income	$	—	$	1	$	—	$	6		$	7
Amortization	$	28	$	11	$	3	$	(1	)	$	41
Depreciation	$	5	$	3	$	1	$	1		$	10
Interest expense	$	22	$	10	$	3	$	12		$	47
Income before income taxes	$	214	$	75	$	31	$	(26	)	$	294
Total assets	$	7,913	$	3,652	$	1,441	$	394		$	13,400
Capital expenditures	$	5	$	5	$	—	$	2		$	12