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Brown & Brown, Inc., (NYSE: BRO) recently made known its net income and net income per share for the second quarter of 2009. Additionally, the Company announced that its total commissions and fees revenues for the second quarter of 2009 increased 2.4% over the second quarter of 2008. Net income for the second quarter of 2009 was $40,668,000, or $0.29 per share, compared with $40,398,000, or $0.29 per share for the same quarter of 2008. Total revenue for the second quarter ended June 30, 2009 was $246,369,000, compared with 2008 second-quarter revenue of $241,720,000. Total revenue for the six months ended June 30, 2009 was $509,949,000, compared with total revenue for the first half of 2008 of $498,435,000. Net income for the six-month period ended June 30, 2009 was $88,680,000, or $0.63 per share, compared with $92,158,000, or $0.65 per share for the same period of 2008.
J. Powell Brown, President and Chief Executive Officer of Brown & Brown, Inc., has stated, "This insurance market continues to be challenging due principally to the current economic environment. However, by delivering for our existing clients and securing new business, we were able to sustain our revenues and earnings quarter over quarter."
Jim W. Henderson, Vice Chairman and Chief Operating Officer of the Company, added, "We continue to evaluate an ample inventory of acquisition prospects. The temporary pause in deal closings is in part due to the current economic environment. We remain optimistic about the long-term M & A opportunities."
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