Segment Information

3 Months Ended

Mar. 31, 2025

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 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. International operations include retail operations based in Bermuda, Canada, Cayman Islands, Netherlands, Republic of Ireland and the United Kingdom, programs operations in Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, Singapore, United Arab Emirates and the United Kingdom and wholesale brokerage operations based in Belgium, Hong Kong, Italy and the United Kingdom. These operations earned $230 million and $159 million of total revenues for the three months ended March 31, 2025 and 2024, respectively.

The Company's chief operating decision maker ("CODM"), the president and chief executive officer, regularly receives information regarding total revenue, income before income taxes and earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables ("EBITDAC"). The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. The Company's CODM does not use segment assets to make resource allocation decisions, and therefore segment assets have not been presented.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables.

	Three months ended March 31, 2025
(in millions)	Retail			Programs		Wholesale Brokerage		Total
Total segment revenues	$	907		$	328	$	159	$	1,394
Reconciliation of revenues
Other (1)									10
Total consolidated revenues								$	1,404
Less: (2)
Employee compensation and benefits		447			113		86
Other operating expenses		122			69		22
(Gain)/loss on disposal		2			—		—
Depreciation and amortization		43			15		5
Interest expense		15			7		2
Change in estimated acquisition earn-out payables		(6	)		2		—
Segment Income before income taxes	$	284		$	122	$	44	$	450
Reconciliation of income before income taxes
Other (1)									(23	)
Consolidated Income before income taxes								$	427

	Three months ended March 31, 2024
(in millions)	Retail			Programs		Wholesale Brokerage			Total
Total segment revenues	$	806		$	298	$	142		$	1,246
Reconciliation of revenues
Other (1)										12
Total consolidated revenues									$	1,258
Less: (2)
Employee compensation and benefits		400			109		77
Other operating expenses		115			63		19
(Gain)/loss on disposal		1			1		—
Depreciation and amortization		34			15		4
Interest expense		19			8		3
Change in estimated acquisition earn-out payables		(1	)		1		(2	)
Segment Income before income taxes	$	238		$	101	$	41		$	380
Reconciliation of income before income taxes
Other (1)										(16	)
Consolidated Income before income taxes									$	364

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.