Brown & Brown said on Monday that its adjusted profit for the fourth quarter increased as the insurance broker saw fee and commission income rise amid strong market demand. The company, which operates as an intermediary between insurers and customers and offers policies from multiple providers, reported gains across its top line and per-share results.
For the quarter ended December 31, Brown & Brown recorded a 36% increase in commissions and fees, which rose to $1.58 billion. Total revenue for the period grew to $1.61 billion, up from $1.18 billion in the same quarter a year earlier. The company reported adjusted earnings per share of $0.93, compared with $0.86 a year prior.
Investment and other income also edged higher, rising to $27 million in the quarter versus $23 million a year earlier. Insurers commonly invest premiums in yield-generating, typically low-risk assets such as government bonds until claims need to be settled - a practice that the company continued to report alongside its brokerage results.
Demand for insurance coverage has been rising as both consumers and businesses expand protection in response to mounting climate and cyber risks, the company said. The article notes a broader industry backdrop in which global insured losses from natural disasters surpassed $100 billion in 2025 for the sixth consecutive year, according to a study by the Swiss Re Institute.
The results follow a trend among larger insurers reporting resilient underwriting and earnings. The write-up observes that Travelers recently beat fourth-quarter profit estimates on stronger underwriting, and commercial insurer W. R. Berkley also posted higher earnings on Monday, helped by steady underwriting results.
Brown & Brown’s role as an intermediary working with multiple insurance providers positions it to capture fee and commission growth when demand for coverage expands. The company’s quarterly figures show how commission-driven revenue and modest increases in investment income contributed to the rise in adjusted profit for the period.
Clear summary
Brown & Brown’s Q4 adjusted profit rose, led by a 36% increase in commissions and fees to $1.58 billion and total revenue of $1.61 billion, while investment and other income increased to $27 million. Adjusted EPS moved from $0.86 to $0.93 year-over-year.
Key points
- Commissions and fees surged 36% to $1.58 billion in Q4, driving revenue growth.
- Total revenue rose to $1.61 billion from $1.18 billion a year earlier; adjusted EPS increased to $0.93 from $0.86.
- Rising demand for coverage amid climate and cyber risks is supporting insurer and broker activity; industry insured losses from natural disasters topped $100 billion in 2025, per Swiss Re Institute.
Risks and uncertainties
- Elevated climate and cyber risks are cited as drivers of demand, which also imply potential for higher claims and volatility in insurer results; this impacts the insurance sector and brokers.
- Insurer underwriting performance remains a variable factor for industry earnings, as noted by recent results from other carriers; underwriting trends affect commercial insurers and re/insurers.
- Investment and other income is tied to returns on low-risk assets such as government bonds, which can influence overall profitability for insurance companies and intermediaries.