Brown & Brown (BRO) 8-K Results of Operations and Financial Condition

Exhibit 99.1

BROWN & BROWN, INC.

HISTORICAL BUSINESS SEGMENT INFORMATION

AS RECLASSIFIED FOR SEGMENT CHANGES

(Unaudited)

The following tables set forth Brown & Brown, Inc. historical business segment financial information as reclassified for segment changes for the twelve months ended December 31, 2023, 2022, 2021, 2020 and 2019 (unaudited).

	Retail															Programs
	Twelve months ended December 31,															Twelve months ended December 31,
(in millions)	2019			2020			2021			2022			2023			2019			2020			2021			2022			2023
REVENUES
Commissions and fees	$	1,457		$	1,549		$	1,840		$	2,154		$	2,503		$	620		$	707		$	807		$	957		$	1,160
Investment income		—			—			—			—			1			2			1			1			1			12
Other income, net		1			1			1			3			4			—			—			—			—			1
Total revenues		1,458			1,550			1,841			2,157			2,508			622			708			808			958			1,173
EXPENSES
Employee compensation and benefits		799			856			982			1,126			1,336			274			313			352			376			425
Other operating expenses		257			245			290			377			421			135			147			158			223			247
(Gain)/loss on disposal		(10	)		(2	)		(6	)		(8	)		(3	)		—			—			(4	)		1			(141	)
Amortization		67			72			82			101			112			27			28			29			37			42
Depreciation		8			10			12			14			19			7			9			11			16			13
Interest		91			90			94			96			85			17			21			11			33			36
Change in estimated acquisition earn-out payables		—			6			42			(26	)		1			(1	)		(11	)		(8	)		(11	)		—
Total expenses		1,212			1,277			1,496			1,680			1,971			459			507			549			675			622
Income before income taxes	$	246		$	273		$	345		$	477		$	537		$	163		$	201		$	259		$	283		$	551

	Wholesale Brokerage												Other
	Twelve months ended December 31,												Twelve months ended December 31,
(in millions)	2019		2020		2021			2022			2023		2019			2020			2021			2022			2023
REVENUES
Commissions and fees	$	309	$	352	$	403	��	$	453		$	539	$	(1	)	$	(2	)	$	(2	)	$	(1	)	$	(3	)
Investment income		—		—		—			—			2		4			2			—			6			37
Other income, net		1		1		—			—			—		—			2			1			—			1
Total revenues		310		353		403			453			541		3			2			(1	)		5			35
EXPENSES
Employee compensation and benefits		158		184		213			239			284		77			83			90			76			142
Other operating expenses		52		54		61			70			85		(67	)		(80	)		(106	)		(73	)		(103	)
(Gain)/loss on disposal		—		—		—			3			—		—			—			—			(1	)		1
Amortization		11		9		9			9			11		—			—			—			—			1
Depreciation		1		2		3			3			3		7			5			7			6			5
Interest		5		10		16			13			12		(49	)		(62	)		(56	)		(1	)		57
Change in estimated acquisition earn-out payables		—		—		6			(2	)		20		—			—			—			—			—
Total expenses		227		259		308			335			415		(32	)		(54	)		(65	)		7			103
Income before income taxes	$	83	$	94	$	95		$	118		$	126	$	35		$	56		$	64		$	(2	)	$	(68	)

1

	Total
	Twelve months ended December 31,
(in millions)	2019			2020			2021			2022			2023
REVENUES
Commissions and fees	$	2,385		$	2,606		$	3,048		$	3,563		$	4,199
Investment income		6			3			1			7			52
Other income, net		2			4			2			3			6
Total revenues		2,393			2,613			3,051			3,573			4,257
EXPENSES
Employee compensation and benefits		1,308			1,436			1,637			1,817			2,187
Other operating expenses		377			366			403			597			650
(Gain)/loss on disposal		(10	)		(2	)		(10	)		(5	)		(143	)
Amortization		105			109			120			147			166
Depreciation		23			26			33			39			40
Interest		64			59			65			141			190
Change in estimated acquisition earn-out payables		(1	)		(5	)		40			(39	)		21
Total expenses		1,866			1,989			2,288			2,697			3,111
Income before income taxes	$	527		$	624		$	763		$	876		$	1,146

The following tables set forth Brown & Brown, Inc. historical business segment financial information as reclassified for segment changes for the three months ended March 31, June 30, September 30, December 31, 2023 and for the year ended December 31, 2023 (unaudited).

	Retail
	Three months ended											Twelve months ended
(in millions)	March 31, 2023			June 30, 2023		September 30, 2023			December 31, 2023			December 31, 2023
REVENUES
Commissions and fees	$	732		$	590	$	600		$	581		$	2,503
Investment income		—			—		—			1			1
Other income, net		1			1		2			—			4
Total revenues		733			591		602			582			2,508
EXPENSES
Employee compensation and benefits		363			323		331			319			1,336
Other operating expenses		104			105		102			110			421
(Gain)/loss on disposal		—			—		(3	)		—			(3	)
Amortization		28			28		28			28			112
Depreciation		5			5		5			4			19
Interest		22			22		22			19			85
Change in estimated acquisition earn-out payables		(3	)		2		5			(3	)		1
Total expenses		519			485		490			477			1,971
Income before income taxes	$	214		$	106	$	112		$	105		$	537

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	Programs
	Three months ended										Twelve months ended
(in millions)	March 31, 2023			June 30, 2023		September 30, 2023		December 31, 2023			December 31, 2023
REVENUES
Commissions and fees	$	254		$	308	$	301	$	297		$	1,160
Investment income		1			2		4		5			12
Other income, net		—			—		—		1			1
Total revenues		255			310		305		303			1,173
EXPENSES
Employee compensation and benefits		103			101		106		115			425
Other operating expenses		59			62		63		63			247
(Gain)/loss on disposal		(6	)		—		—		(135	)		(141	)
Amortization		11			11		10		10			42
Depreciation		3			3		3		4			13
Interest		10			9		8		9			36
Change in estimated acquisition earn-out payables		—			—		—		—			—
Total expenses		180			186		190		66			622
Income before income taxes	$	75		$	124	$	115	$	237		$	551

	Wholesale Brokerage
	Three months ended										Twelve months ended
(in millions)	March 31, 2023		June 30, 2023			September 30, 2023		December 31, 2023			December 31, 2023
REVENUES
Commissions and fees	$	123	$	139		$	149	$	128		$	539
Investment income		—		—			1		1			2
Other income, net		—		—			—		—			—
Total revenues		123		139			150		129			541
EXPENSES
Employee compensation and benefits		67		72			73		72			284
Other operating expenses		18		24			21		22			85
(Gain)/loss on disposal		—		—			—		—			—
Amortization		3		3			3		2			11
Depreciation		1		1			1		—			3
Interest		3		3			3		3			12
Change in estimated acquisition earn-out payables		—		(2	)		25		(3	)		20
Total expenses		92		101			126		96			415
Income before income taxes	$	31	$	38		$	24	$	33		$	126

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	Other
	Three months ended												Twelve months ended
(in millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			December 31, 2023
REVENUES
Commissions and fees	$	(1	)	$	(1	)	$	(1	)	$	—		$	(3	)
Investment income		6			8			12			11			37
Other income, net		—			—			—			1			1
Total revenues		5			7			11			12			35
EXPENSES
Employee compensation and benefits		38			34			22			48			142
Other operating expenses		(20	)		(29	)		(18	)		(36	)		(103	)
(Gain)/loss on disposal		—			—			—			1			1
Amortization		(1	)		(1	)		—			3			1
Depreciation		1			1			1			2			5
Interest		12			14			15			16			57
Change in estimated acquisition earn-out payables		1			2			—			(3	)		—
Total expenses		31			21			20			31			103
Income before income taxes	$	(26	)	$	(14	)	$	(9	)	$	(19	)	$	(68	)

	Total
	Three months ended											Twelve months ended
(in millions)	March 31, 2023			June 30, 2023		September 30, 2023			December 31, 2023			December 31, 2023
REVENUES
Commissions and fees	$	1,108		$	1,036	$	1,049		$	1,006		$	4,199
Investment income		7			10		17			18			52
Other income, net		1			1		2			2			6
Total revenues		1,116			1,047		1,068			1,026			4,257
EXPENSES
Employee compensation and benefits		571			530		532			554			2,187
Other operating expenses		161			162		168			159			650
(Gain)/loss on disposal		(6	)		—		(3	)		(134	)		(143	)
Amortization		41			41		41			43			166
Depreciation		10			10		10			10			40
Interest		47			48		48			47			190
Change in estimated acquisition earn-out payables		(2	)		2		30			(9	)		21
Total expenses		822			793		826			670			3,111
Income before income taxes	$	294		$	254	$	242		$	356		$	1,146

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