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Brown & Brown Q4 net income up

Brown & Brown reported a net income of $33.37m for Q4 08 compared to $33m for Q4 07

Brown & Brown, a US-based diversified insurance agency, has reported a net income of $33.37 million or $0.24 per share in the fourth quarter of 2008, an increase of 4.3% in net income per share, compared to $33 million or $0.23 per share in the same quarter of 2007.

In the fourth quarter of 2008, the company’s total revenues were $232.09 million, compared to revenues of $217.23 million in the fourth quarter of 2007.

The total revenues for the year ended December 31, 2008 were $977.55 million, compared to $959.67 million in 2007. Excluding the non-recurring gain of $18.66 million on the sale of shares of Rock-Tenn Company in 2007, total revenues in 2008 increased 3.9% over the adjusted total revenues in 2007 of $941 million.

The net income for the year ended December 31, 2008 was $166.12 million or $1.17 per share, compared to $190.96 million or $1.35 per share in 2007. Excluding the non-recurring gain of $18.66 million on the sale of shares of Rock-Tenn Company in 2007, the adjusted net income for 2007 was $179.29 million, compared to net income of $166.12 million in 2008.