Brown & Brown, a provider of insurance and reinsurance products and services in the US, has posted a net income of $41.18m, or $0.29 per share, for the second quarter of 2010, an increase of 1.3% from the $40.66m or $0.29 per share, reported for the same quarter of 2009.
Total revenue for the quarter ended June 30, 2010 was $243.66m compared with 2009 second-quarter revenue of $246.37m.
Total revenue for the six months ended June 30, 2010 was $495.94m, compared with total revenue for the first half of 2009 of $509.95m. Net income for the six-month period ended June 30, 2010 was $85.31m, or $0.59 per share, compared with $88.68m or $0.63 per share for the same period of 2009.
Powell Brown, president and CEO of Brown & Brown, said: “The insurance marketplace continues to bump around. Exposure units and insurance premium rates remain ‘soft’ with no significant changes anticipated in the foreseeable future.
“The increase in our quarterly earnings in the face of such a challenging environment is a tribute to the dedication and ability of our decentralized local office teams.”