Brown & Brown's second-quarter profit rises on fee, commission growth
Brown & Brown's second-quarter profit rises on fee, commission growth July 27 (Reuters) - Insurance brokerage Brown & Brown BRO.N reported a rise in second-quarter profit on Monday, driven by strong growth in commissions and fees.
Demand for insurance held up as businesses and individuals looked to shield themselves from losses caused by natural disasters, cyberattacks, conflicts and other unexpected events.
Here are some details:
Commissions and fees surged 32.4% year-over-year to $1.65 billion during the quarter.
The Daytona Beach, Florida-based company's total revenue jumped 30.4% in the quarter.
Investment and other income fell to $22 million from $36 million.
Profit attributable to Brown & Brown was $288 million, or 84 cents per share, for the three months ended June 30, compared with $231 million, or 78 cents per share, a year earlier.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi Majumdar)
((Prakhar.srivastava2@thomsonreuters.com;))
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