2021 Annual Report

Committed to Results

Brown & Brown Insurance is one of the industry's most powerful and influential leaders. We provide risk management solutions to help protect and preserve what our customers value most. Our four business segments offer a wide range of insurance solutions and services for businesses, government institutions, professional organizations, trade associations, families and individuals.

We have a deeply rooted culture that is built on honesty, integrity, innovation, superior capabilities, discipline and a commitment to always doing what is best for our customers, teammates and communities.

With more than 80 years of proven success, we consistently provide high- quality solutions and services to our customers, which deliver strong results for our shareholders. Our team continues to demonstrate grit, hustle and an entrepreneurial spirit as we grow and thrive in the extremely competitive and constantly changing insurance industry.

We are A Forever Company.

Key Facts

B U I L T T O L A S T

Headquartered in Daytona Beach, Florida

D O G G E D

D I S C I P L I N E

Founded in 1939-

82 Years of Dedication

T E A M M A T E -

D R I V E N S U C C E S S

12,000+ Teammates

L O C A L P E O P L E , P O W E R F U L

S O L U T I O N S

350+ Locations

O W N E R S H I P

M I N D S E T

60+% of Teammates are Shareholders

Key Differentiators

D E C E N T R A L I Z E D S A L E S A N D S E R V I C E M O D E L

Local teams empowered to make decisions that best support their customers, backed by the powerful solutions, capabilities and carrier relationships of a top-five brokerage.

F I N A N C I A L P E R F O R M A N C E

Consistent, industry-leading financial metrics and corresponding performance.

C U L T U R E

Strong, performance-based culture grounded in grit and integrity.

Entrepreneurial meritocracy: providing long-term opportunities for talented leaders and teammates.

C O M M U N I T Y S E R V I C E

Long-standing history of service to the communities in which our teams live and work.

Historical $1.9B $2.0B $2.4B

Revenue

EBITDAC 32.2% 30.6% 30.0%

Margin(1)

$2.6B $3.1B

31.1% 33.5%

$100 invested in Brown & Brown stock in 1993 when we began our journey as a public company would be worth $8,228 as of December 31, 2021.

$8,228

I N 2 0 2 1

$100

I N 1 9 9 3

Long-Distance Road Race

The mental health and well-being of our teammates and their families have always come first at Brown

• Brown-health,family, business-in that order. We define health as physical, brain, spiritual and financial wellness. By prioritizing these things, our team is best positioned to deliver for our customers, fellow teammates and carrier partners. We operate as A Meritocracy, meaning that people rise according to their abilities and talents. Successful teammates at Brown & Brown share several core values: passion, perseverance, grit, curiosity and discipline. We are very proud of our strong ownership culture, where more than 60% of teammates are also shareholders. Nearly a quarter of our company is teammate owned.

We were very pleased with our 10.4% organic revenue(1) growth last year, and 2021 was arguably the best year in our company's history. We completed 19 acquisitions with annual revenues of approximately $132 million, contributing to the 16.8% overall growth in our total revenues. We also completed our second international acquisition, with O'Leary Insurances, the largest independently owned brokerage in Ireland, joining the team in January 2021. In addition, our EBITDAC margin(1) improved 240 basis points year over year. Driven by these results, our stock performed well, delivering total shareholder returns of 49% in 2021. We were pleased to be added to the S&P 500 Index and then included in the S&P 500 Dividend Aristocrats Index-a distinguished group of long-time dividend payers that have raised their dividend payments for a minimum of 25 consecutive years. Brown & Brown has increased its dividend for 28 straight years.

Source: FactSet

1. Organic Revenue growth and EBITDAC Margin are non-GAAP financial measures and are referenced to provide additional meaningful methods of evaluating our operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. For other information concerning Organic Revenue growth and EBITDAC Margin and to reconciliations to the most closely comparable GAAP measures, refer to pages 16, 23-24 and 33 of this Annual Report.

I N C R E A S E D

D I V I D E N D S F O R

28th

C O N S E C U T I V E Y E A R

G R E W

R E V E N U E S

10.4%

O R G A N I C A L LY ( 1 ) T O

$3.1

B I L L I O N

We grow our business organically and through the acquisition of like-minded companies. Our focus on growth and profitability enables us to self-finance many of these transactions. Cultural fit remains the most important ingredient to a successful acquisition, followed by favorable financial terms. Through our acquisition activity and the hard work of our team, we enhanced our existing capabilities and added

a number of new ones to our solution set. We have invested significantly in our company and team over the past five years. These investments include the addition of talented new teammates, the enhancement of social recognition tools and performance management processes and equity compensation that ties our teammates and our goals together. Three dynamic teammates were also added to our senior leadership team: Anurag Batta (Wholesale Brokerage segment), Tom Kussurelis (National Programs segment) and Mary Raveling (Retail segment). In addition,

we continued to invest in technology that will help us execute more efficiently, improve the customer experience and drive innovation through data and analytics.

We learned a great deal about the human psyche in 2020 and 2021. In response, we narrowed our focus on brain health, prioritizing the creation and implementation of a Mental Health Guidebook-a robust suite of resources to support teammates and their families. We also executed an extensive mental health awareness campaign in May of 2021 and identified a group teammates from across the organization trained to support emotional health and well-being needs, known as Mental Health Allies.

Our Diversity, Inclusion and Belonging (DIB) task force continued to make strides to achieve our goal of further cultivating an inclusive place to work.

In addition, our first Teammate Resource Groups (African American, Women, LGBTQ+ and Mental Health) were formed to help our workforce continue to evolve and reflect the communities in which we live. We also launched a dedicated DIB page on our website to clearly state our commitment to fostering a more inclusive environment where people from all backgrounds with a variety of experiences and perspectives can be their true, authentic selves and be recognized for their unique contributions and talents. We believe a culture that embraces diversity, inclusion and belonging helps deliver better outcomes for our customers and communities. Visit bbinsurance.com/ about-us/diversity-inclusion-belonging/ to leamore.

T O T A L S H A R E H O L D E R

R E T U R N S F O R 2 0 2 1

49%

Finally, I want to acknowledge the loss of Brad Currey, a long-time friend, director and mentor to the entire Brown & Brown team. If I were to write a book like Tom Brokaw's "The Greatest Generation," Chapter One would be about Brad. Upon my appointment as CEO in July 2009, Brad sent me a handwritten note of congratulations with a message similar to this: "You are the right person for the job. Don't get a big head." And that is the way we try to do things at Brown & Brown-with honesty, integrity, humility, accountability, perseverance and grit.

If you are a shareholder, thank you for your confidence in our team. If you are a teammate, thank you for everything you do for our customers and your fellow teammates. To Brad Currey, thank you for everything you did to make us better and for always reminding us that the price of honesty is eternal vigilance. We will continue to live up to your expectations. Onward and upward.

Cheers!

J . P O W E L L B R O W N , C P C U

P R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R

T H I S A N N U A L R E P O R T A N D I T S T H E M E A R E D E D I C A T E D T O O U R F R I E N D A N D M E N T O R , B R A D C U R R E Y .

2021 ANNUAL REPORT