2022 Annual Report

TABLE OF

Contents

2022 ANNUAL REPORT | 1

COMMITTED TO

Results

A Forever Company®, The Power of WE®, Culture of Caring®, A Meritocracy® and Built to Last® are registered trademarks of Brown & Brown, Inc. in the United States.

2 | BROWN & BROWN, INC.

A MESSAGE FROM

Our CEO

2022 was a great year for Brown & Brown Insurance. We grew our total revenues 17% overall to $3.6 billion and 8.1% organically.(1)

Our industry-leading EBITDAC margins were 32.8% on an adjusted basis,(1) down slightly from the prior year.

Cash flow from operations increased by approximately 9% to $881 million, allowing us to further invest in our business for the long term. We expanded our international footprint in England, NortheIreland, Ireland, Italy and Belgium with the addition of approximately 130 locations and roughly 2,500 new teammates through the acquisitions of Global Risk Partners ("GRP") and BdB. In our customer-obsessed organization, nothing happens without talented teammates enabled through knowledge sharing, technology and data, and we continue to make great strides in these areas. Fundamentally, it has been and always will be about culture at Brown & Brown-our true differentiator.

We think about our business through the lens of our customers, teammates and carrier partners. This mindset dictates how we invest in our team and capabilities to deliver differentiated solutions for our customers. We completed acquisitions with approximately $435 million of annual revenue in 2022, deploying $1.9 billion of capital for acquisitions, our largest year of acquired revenue. Through these acquisitions, we enhanced existing capabilities, added new ones and entered new market areas. We are well positioned from a capital perspective to remain active in the acquisitions space. As I have shared before, cultural fit continues to be the most important thing we consider when we meet a potential acquisition candidate. We spend a significant amount of time getting to know sellers, learning how they think about not only their teammates, customers

1. Organic Revenue growth and EBITDAC Margin - Adjusted 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, EBITDAC - Adjusted Post FX and EBITDAC Margin - Adjusted Post FX and reconciliations to the most closely comparable GAAP measures, refer to pages 19-20,27-29 and 39-41
   of this Annual Report.

A MESSAGE FROM THE CEO

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