Mission Statement, Vision, & Core Values (2024) of Brown & Brown, Inc. (BRO).

An Overview of Brown & Brown, Inc. (BRO)

General Summary of Brown & Brown, Inc. (BRO)

Brown & Brown, Inc. (BRO) is a prominent insurance intermediary that provides a comprehensive range of insurance products and services across various sectors. Founded in 1939, the company has grown significantly through strategic acquisitions and organic growth, establishing itself as one of the largest independent insurance brokers in the United States. As of 2024, Brown & Brown operates through several segments, including Retail, Wholesale Brokerage, and Programs, each catering to diverse customer needs.

In 2024, Brown & Brown reported total revenues for the nine months ended September 30, amounting to $3,545 million, reflecting an increase of 11.0% compared to the same period in 2023. The company's core commissions and fees revenue increased by $330 million, or 10.6%, driven by approximately $284 million from net new and renewal business and $120 million from acquisitions that had no comparable revenues in the same period of 2023 .

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Brown & Brown achieved record-breaking performance. For the three months ended September 30, 2024, total revenues reached $1,186 million, an increase of 11.0% compared to $1,068 million in the same quarter of 2023. Income before income taxes for this quarter rose to $317 million, reflecting a 31.0% increase from $242 million in Q3 2023 .

The breakdown of revenue growth across segments for the same quarter is as follows:

Additionally, for the nine months ended September 30, 2024, the company reported an income before income taxes of $1,028 million, a 30.0% increase from $791 million in the same period of 2023 . The EBITDAC (Earnings Before Interest, Taxes, Depreciation, Amortization, and Change in Estimated Acquisition Earn-out Payables) adjusted for the nine months ended September 30, 2024 increased to $1,300 million, up 15.4% from $1,127 million in 2023 .

Introduction to Brown & Brown as a Leader in the Industry

Brown & Brown has established itself as a leader in the insurance brokerage industry through its extensive network, innovative service offerings, and a strong focus on customer satisfaction. The company's strategic approach to mergers and acquisitions has allowed it to expand its market presence significantly, acquiring a total of 22 insurance intermediaries in the nine months ended September 30, 2024 . This growth strategy has not only enhanced its product offerings but also strengthened its competitive position in the market.

With a commitment to leveraging technology and maintaining a customer-centric approach, Brown & Brown continues to adapt to the evolving insurance landscape. The company's ability to generate strong organic revenue growth—9.5% for the third quarter of 2024—demonstrates its effectiveness in retaining clients and attracting new business . Investors and stakeholders are encouraged to explore the factors contributing to Brown & Brown's success and its potential for future growth.

Mission Statement of Brown & Brown, Inc. (BRO)

Mission Statement of Brown & Brown, Inc. (BRO)

The mission statement of Brown & Brown, Inc. (BRO) serves as a critical framework guiding the company's long-term objectives and operational strategies. It articulates the company's commitment to providing exceptional service and value to its clients while fostering a culture of excellence and integrity. This mission is essential in shaping the company's identity and ensuring alignment among its employees and stakeholders.

Core Components of the Mission Statement

Commitment to Excellence

Brown & Brown emphasizes its dedication to delivering high-quality products and services. This commitment is reflected in the company's financial performance, with total revenues for the nine months ended September 30, 2024, reaching $3,622 million, a 12.1% increase compared to the same period in 2023. The company's EBITDAC - Adjusted for the same period was $1,300 million, showcasing a 15.4% increase year-over-year.

Client-Centric Approach

The company places significant importance on understanding and meeting client needs. This is evidenced by the Organic Revenue growth rate of 9.5% for the third quarter of 2024, driven by strong new business and renewal contracts. The Retail segment reported total revenues of $641 million for the three months ended September 30, 2024, marking a 6.5% increase from the previous year.

Integrity and Ethical Standards

Brown & Brown prioritizes integrity in all its dealings, ensuring trust and transparency with clients and partners. This commitment is vital in maintaining long-term relationships and a positive reputation in the industry. For instance, the company's net income attributable to the Company for the nine months ended September 30, 2024, was $783 million, reflecting a 30.1% increase compared to the same period in 2023. This financial success underpins the company's ethical practices and operational effectiveness.

Through its mission statement, Brown & Brown, Inc. articulates a clear vision that encompasses a commitment to excellence, a client-centric approach, and unwavering integrity, all of which are critical in driving the company's success in the competitive insurance brokerage industry.

Vision Statement of Brown & Brown, Inc. (BRO)

Vision Statement Overview

The vision statement of Brown & Brown, Inc. (BRO) outlines the company's aspirations for growth, innovation, and leadership in the insurance industry. It reflects their commitment to providing exceptional service and solutions to their clients while fostering a culture of integrity and excellence.

Commitment to Innovation

Brown & Brown's vision emphasizes a strong commitment to innovation. The company aims to leverage technology and data analytics to enhance its service offerings. As of September 30, 2024, the company reported a total investment income of $31 million, showcasing its focus on maximizing returns through innovative financial strategies.

Client-Centric Approach

At the core of Brown & Brown's vision is a client-centric approach. The company strives to build long-lasting relationships with its clients, ensuring their needs are met with tailored solutions. In the third quarter of 2024, the company achieved a total revenue of $1,186 million, with core commissions and fees contributing significantly to this growth.

Focus on Employee Development

Brown & Brown recognizes that its employees are vital to its success. The vision statement includes a focus on employee development and engagement. For the nine months ended September 30, 2024, employee compensation and benefits accounted for 50.3% of total revenues, highlighting the company's investment in its workforce.

Global Expansion Strategy

The vision statement also reflects Brown & Brown's ambition for global expansion. The company operates in various international markets, including the U.K. and Republic of Ireland, contributing $155 million and $486 million in revenues for the three and nine months ended September 30, 2024, respectively.

Ethical Leadership and Integrity

Integrity is a fundamental component of Brown & Brown's vision. The company aims to uphold the highest ethical standards in all its business practices. This commitment is evident in their financial performance, with an income before income taxes margin of 26.7% for the third quarter of 2024.

Conclusion of Vision Components

Brown & Brown, Inc. (BRO) envisions a future marked by innovation, client focus, employee engagement, global reach, and ethical leadership. These components collectively drive the company's strategic initiatives and operational excellence as they navigate the evolving landscape of the insurance industry.

Core Values of Brown & Brown, Inc. (BRO)

Integrity

Integrity is fundamental to Brown & Brown, Inc.'s operations, ensuring that all business practices are conducted honestly and ethically. This core value is vital for building trust with clients, partners, and employees.

Brown & Brown exemplifies its commitment to integrity through various compliance programs and ethical training initiatives. For instance, the company has implemented a comprehensive ethics training program for all employees, ensuring that they understand the importance of ethical behavior in all business dealings.

Service Excellence

Service excellence is a cornerstone of Brown & Brown’s mission, reflecting the company's dedication to providing superior service to clients. This value underscores the importance of meeting and exceeding customer expectations.

In 2024, Brown & Brown invested significantly in technology upgrades to enhance client service capabilities, leading to a reported 10.1% increase in commissions and fees to $1,155 million in Q3 2024 compared to Q3 2023. Additionally, the company has established a customer feedback program to continually improve service quality.

Teamwork

Teamwork fosters collaboration among employees, promoting a culture of shared goals and mutual support. This core value is essential for driving innovation and efficiency within the company.

Brown & Brown has implemented team-based performance metrics, which have resulted in a 39% increase in income before income taxes for the nine months ended September 30, 2024, compared to the same period in 2023. The company encourages cross-departmental projects that leverage diverse skill sets to solve complex challenges.

Respect

Respect is integral to Brown & Brown's workplace culture, emphasizing the importance of valuing diverse perspectives and fostering an inclusive environment.

In 2024, the company launched a diversity and inclusion initiative aimed at enhancing workplace equity. This initiative has been linked to improved employee satisfaction, as reflected in a 12.7% increase in employee compensation and benefits expenses, indicating investment in talent retention.

Community Engagement

Community engagement reflects Brown & Brown's commitment to social responsibility and giving back to the communities it serves. This value is critical for fostering positive relationships and enhancing the company's reputation.

In 2024, the company contributed over $1 million to various community programs and charitable organizations, demonstrating a commitment to making a positive impact. Additionally, employee volunteer programs have seen an increase in participation, further solidifying the company's community involvement efforts.

Article updated on 8 Nov 2024

Resources:

• Brown & Brown, Inc. (BRO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Brown & Brown, Inc. (BRO)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Brown & Brown, Inc. (BRO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.