Segment Information

6 Months Ended

Jun. 30, 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 act as 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 $172 million and $129 million of total

revenues for the three months ended June 30, 2024 and 2023, respectively. These operations earned $330 million and $247 million of total revenues for the six months ended June 30, 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 charge 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 and six months ended June 30, 2023 have been recast to align with the three-segment structure.

	Three months ended June 30, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	646	$	359	$	159	$	14		$	1,178
Investment income		1		5		1		15			22
Amortization		29		12		3		—			44
Depreciation		5		4		1		1			11
Interest expense		19		7		3		20			49
Income before income taxes		129		183		47		(13	)		346
Total assets		8,676		4,723		1,659		886			15,944
Capital expenditures		20		6		1		—			27

	Three months ended June 30, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	591	$	310	$	139	$	7		$	1,047
Investment income		—		2		—		8			10
Amortization		28		11		3		(1	)		41
Depreciation		5		3		1		1			10
Interest expense		22		9		3		14			48
Income before income taxes		106		124		38		(14	)		254
Total assets		8,192		3,997		1,423		460			14,072
Capital expenditures		9		3		1		—			13

	Six months ended June 30, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	1,452	$	657	$	301	$	25		$	2,435
Investment income		2		10		2		26			40
Amortization		58		23		6		(1	)		86
Depreciation		10		8		2		1			21
Interest expense		38		16		6		37			97
Income before income taxes		367		285		88		(28	)		712
Total assets		8,676		4,723		1,659		886			15,944
Capital expenditures		27		10		1		1			39

	Six months ended June 30, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	1,324	$	565	$	262	$	12		$	2,163
Investment income		—		3		—		14			17
Amortization		56		22		6		(1	)		83
Depreciation		10		6		2		2			20
Interest expense		44		19		6		26			95
Income before income taxes		320		199		69		(40	)		548
Total assets		8,192		3,997		1,423		460			14,072
Capital expenditures		15		8		1		1			25