Segment Information

6 Months Ended

Jun. 30, 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 U.S. International operations include retail operations based in Bermuda, Canada, Cayman Islands, the 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 international operations earned $212 million and $172 million of total revenues for the three months ended June 30, 2025 and 2024, respectively. These international operations earned $442 million and $330 million of total revenues for the six months ended June 30, 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 June 30, 2025
(in millions)	Retail		Programs		Wholesale Brokerage		Total
Total segment revenues	$	697	$	381	$	182	$	1,260
Reconciliation of revenues
Other (1)								25
Total consolidated revenues							$	1,285
Less: (2)
Employee compensation and benefits		385		109		93
Other operating expenses		120		71		27
(Gain)/loss on disposal		—		—		—
Depreciation and amortization		41		15		4
Interest expense		15		6		3
Change in estimated acquisition earn-out payables		9		—		2
Segment Income before income taxes	$	127	$	180	$	53	$	360
Reconciliation of income before income taxes
Other (1)								(49	)
Consolidated Income before income taxes							$	311

	Three months ended June 30, 2024
(in millions)	Retail			Programs			Wholesale Brokerage			Total
Total segment revenues	$	646		$	359		$	159		$	1,164
Reconciliation of revenues
Other (1)											14
Total consolidated revenues										$	1,178
Less: (2)
Employee compensation and benefits		355			111			82
Other operating expenses		110			70			24
(Gain)/loss on disposal		(2	)		(29	)		—
Depreciation and amortization		34			16			4
Interest expense		19			7			3
Change in estimated acquisition earn-out payables		1			1			(1	)
Segment Income before income taxes	$	129		$	183		$	47		$	359
Reconciliation of income before income taxes
Other (1)											(13	)
Consolidated Income before income taxes										$	346

(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.

	Six months ended June 30, 2025
(in millions)	Retail		Programs		Wholesale Brokerage		Total
Total segment revenues	$	1,604	$	709	$	341	$	2,654
Reconciliation of revenues
Other (1)								35
Total consolidated revenues							$	2,689
Less: (2)
Employee compensation and benefits		833		222		179
Other operating expenses		241		140		49
(Gain)/loss on disposal		1		—		—
Depreciation and amortization		85		31		8
Interest expense		30		12		6
Change in estimated acquisition earn-out payables		3		2		2
Segment Income before income taxes	$	411	$	302	$	97	$	810
Reconciliation of income before income taxes
Other (1)								(72	)
Consolidated Income before income taxes							$	738

	Six months ended June 30, 2024
(in millions)	Retail			Programs			Wholesale Brokerage			Total
Total segment revenues	$	1,452		$	657		$	301		$	2,410
Reconciliation of revenues
Other (1)											25
Total consolidated revenues										$	2,435
Less: (2)
Employee compensation and benefits		755			219			158
Other operating expenses		225			133			44
(Gain)/loss on disposal		(1	)		(28	)		—
Depreciation and amortization		68			31			8
Interest expense		38			16			6
Change in estimated acquisition earn-out payables		—			1			(3	)
Segment Income before income taxes	$	367		$	285		$	88		$	740
Reconciliation of income before income taxes
Other (1)											(28	)
Consolidated Income before income taxes										$	712

(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.