DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Feb 3, 2012) - Brown & Brown, Inc. (NYSE: [ BRO ]) today announced its financial results for the fourth quarter of 2011.

Net income for the fourth quarter of 2011 was $36,494,000, or $0.25 per share, compared with $32,146,000, or $0.22 per share for the same quarter of 2010, an increase of 13.5%. Total revenue for the fourth quarter ended December 31, 2011 was $244,097,000, compared with 2010 fourth-quarter revenue of $229,938,000, an increase of 6.2%.

Total revenue for the twelve months ended December 31, 2011 was $1,014,000,000, compared with total revenue for the same period of 2010 of $973,492,000, an increase of 4.2%. Net income for the twelve-month period ended December 31, 2011 was $163,995,000, or $1.13 per share, compared with $161,752,000, or $1.12 per share for the same period of 2010, an increase of 1.4%.

J. Hyatt Brown, Chairman and acting President and Chief Executive Officer of the Company, noted, "We congratulate Powell Brown and his senior leadership team and all of our people on the achievement of one of our intermediate goals of exceeding $1 billion in total revenues. We challenged our team with this $1 billion goal shortly after the end of 2001 when we attained $365 million in total revenues. To reach this goal and to nearly triple our revenues during this time period, given the overwhelming economic headwinds of the last four years, is I believe a testament to the strength, focus and dedication of each individual in our company."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. The Company's Web address is [ www.bbinsurance.com ].

This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to the Company's anticipated financial results for the fourth quarter of 2011 and the twelve months ended December 31, 2011. These statements are not historical facts, but instead represent only the Company's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's determination as it finalizes its financial results for the fourth quarter of 2011 and the twelve months ended December 31, 2011 that its financial results differ from the current preliminary unaudited numbers set forth herein, other factors that the Company may not have currently identified or quantified, and other risks, relevant factors and uncertainties identified in the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2010, subsequent Reports on Form 10-Q and Form 8-K and the Company's other filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

Brown & Brown, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

			For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
			2011			2010			2011			2010
REVENUES
Commissions and fees			$	241,350		$	229,088		$	1,005,962		$	966,917
Investment income				333			304			1,267			1,326
Other income, net				2,414			546			6,313			5,249
		Total revenues		244,097			229,938			1,013,542			973,492

EXPENSES
Employee compensation and benefits				129,389			122,264			508,675			487,820
Non-cash stock-based compensation				2,856			1,615			11,194			6,845
Other operating expenses				34,590			34,595			144,079			135,851
Amortization				13,965			13,370			54,755			51,442
Depreciation				3,116			3,141			12,392			12,639
Interest				3,352			3,624			14,132			14,471
Change in estimated acquisition earn-out payables				(2,862	)		(638	)		(2,206	)		(1,674	)
		Total expenses		184,406			177,971			743,021			707,394

Income before income taxes				59,691			51,967			270,521			266,098

Income taxes				23,197			19,821			106,526			104,346

Net income			$	36,494		$	32,146		$	163,995		$	161,752

Net income per share:
	Basic		$	0.25		$	0.23		$	1.15		$	1.14
	Diluted		$	0.25		$	0.22		$	1.13		$	1.12

Weighted average number of shares outstanding:
	Basic			138,796			138,190			138,582			137,924
	Diluted			140,547			139,660			140,264			139,318

Dividends declared per share			$	0.0850		$	0.08		$	0.3250		$	0.3125

Brown & Brown, Inc.
INTERNAL GROWTH SCHEDULE
Core Commissions and Fees ⁽¹⁾
Three Months Ended December 31, 2011
(in thousands)
(unaudited)

		Quarter Ended 12/31/11	Quarter Ended 12/31/10	Total Net Change	Total Net Growth %	Less Acquisition Revenues	Internal Net Growth $	Internal Net Growth %

Florida Retail		$37,820	$37,236	$584	1.6%	$607	$(23)	(0.1)%
National Retail		78,667	73,171	5,496	7.5%	8,669	(3,173)	(4.3)%
Western Retail		26,177	21,709	4,468	20.6%	6,026	(1,558)	(7.2)%
	Total Retail	142,664	132,116	10,548	8.0%	15,302	(4,754)	(3.6)%

Professional Programs		10,365	10,842	(477)	(4.4)%	-	(477)	(4.4)%
Special Programs		34,187	30,107	4,080	13.6%	1,560	2,520	8.4%
Total National Programs		44,552	40,949	3,603	8.8%	1,560	2,043	5.0%

Wholesale Brokerage		32,842	31,857	985	3.1%	-	985	3.1%

Services		16,482	15,975	507	3.2%	97	410	2.6%

Total Core Commissions and Fees⁽¹⁾		$236,540	$220,897	$15,643	7.1%	$16,959	$(1,316)	(0.6)%

Reconciliation of Internal Growth Schedule
to Total Commissions and Fees
Included in the Consolidated Statements of Income
For the Three Months Ended December 31, 2011 and 2010
(in thousands)
(unaudited)
	Quarter Ended 12/31/11		Quarter Ended 12/31/10
Total core commissions and fees⁽¹⁾	$	236,540	$	220,897
Contingent commissions		4,810		6,385
Divested business		-		1,806

Total commission & fees	$	241,350	$	229,088

(1) Total core commissions and fees are our total commissions and fees less (i) profit-sharing contingent commissions (revenue derived from special revenue-sharing commissions from insurance companies based upon the volume and the growth and/or profitability of the business placed with such companies during the prior year), and (ii) divested business (commissions and fees generated from offices, books of business or niches sold by the Company or terminated).

Brown & Brown, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

		December 31,		December 31,
		2011		2010
ASSETS
Current assets:
	Cash and cash equivalents	$	286,305	$	272,984
	Restricted cash and investments		130,535		123,594
	Short-term investments		7,627		7,678
	Premiums, commissions and fees receivable		240,257		214,446
	Deferred income taxes		19,863		20,076
	Other current assets		23,540		14,031
	Total current assets		708,127		652,809

Fixed assets, net			61,360		59,713
Goodwill			1,323,469		1,194,827
Amortizable intangible assets, net			496,182		481,900
Other assets			17,873		11,565
	Total assets	$	2,607,011	$	2,400,814

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Premiums payable to insurance companies	$	327,096	$	311,346
	Premium deposits and credits due customers		30,048		28,509
	Accounts payable		22,384		33,693
	Accrued expenses and other liabilities		100,865		94,947
	Current portion of long-term debt		1,227		1,662
	Total current liabilities		481,620		470,157

Long-term debt			250,033		250,067

Deferred income taxes, net			178,052		146,482

Other liabilities			53,343		27,764

Shareholders' equity:
	Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 143,352 at 2011 and 142,795 at 2010		14,335		14,279
	Additional paid-in capital		307,059		286,997
	Retained earnings		1,322,562		1,205,061
	Accumulated other comprehensive income		7		7

	Total shareholders' equity		1,643,963		1,506,344

	Total liabilities and shareholders' equity	$	2,607,011	$	2,400,814

N@N

Brown &;; Brown, Inc. Announces 6.2% Increase in Total Revenues and Attainment of $1 Billion Revenue Goal

Brown & Brown, Inc. Announces 6.2% Increase in Total Revenues and Attainment of $1 Billion Revenue Goal