Brown & Brown, a provider of insurance and reinsurance products and services, has reported a net income for the fourth quarter of 2007 of $33 million, or $0.23 per share, a decrease of 12.3% from the $37.62 million, or $0.27 per share, reported during the comparable period in 2006.
Brown & Brown’s total revenue for the quarter was $217.23 million, compared with 2006 fourth-quarter revenue of $214.65 million, an increase of 1.2%. The company’s total revenue for the 12 months ended December 31, 2007 was $959.67 million, as compared with revenue of $878 million for the corresponding period in 2006, up 9.3%. Net income for period was $190.96 million, versus $172.35 million in 2006, an increase of 10.8%. Net income per share for the 12 months was $1.35, versus the $1.22 per share posted during the same period in 2006, an increase of 10.7%.
Hyatt Brown, chairman and CEO of Brown & Brown, said: The fourth quarter of 2007 was a very challenging quarter. Property and Casualty lines of insurance continued to renew at 15% to 30% less than expiring premiums. New business production was in line with expectations but not sufficient to make up the price reductions across the states in which we operate. These price reductions are of course good news for our insureds. For the year of 2007, our net income per share was up a respectable 10.7%.