The Daytona Beach, Fla., asset manager Brown & Brown Inc. said its second-quarter net income declined 22.3% from a year earlier, to $40.4 million, or 29 cents a share.
Excluding a nonrecurring gain of $9.8 million registered in the second quarter of last year, net income would have declined 12.1%.
Commissions and fee revenue increased 3.6%. Brown & Brown's total revenue fell 1.99%, to $241.7 million. Excluding the one-time gain, revenue increased 2.1%.
Brown & Brown, which reported its results last week, offers a range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs.