Independent insurance distribution firm, The Baldwin Group, has posted fourth quarter 2024 total revenue growth of 16% to $329.9 million, reflecting organic revenue growth of 19%, as the firm’s reported full year total revenue growth of 14% and organic revenue growth of 17%.
Full year 2024 total revenues amounted to $1.4 billion for Baldwin in 2024, an increase on the $1.2 billion reported for 2023.
But despite the rise in revenue, Baldwin has reported a net loss for Q4 2024 of $34.8 million, which is an improvement on Q4’23’s net loss of $62.5 million, while the full year net loss also narrowed to $41 million from $164 million in 2023.
Operating expenses were up for both periods year on year, hitting $335 million in Q4’24 compared with $314 million in Q4’23, and rising to $1.3 billion for FY’24 from $1.26 billion a year earlier.
Baldwin recorded an operating loss of $5.4 million in Q4’23, an improvement on Q4’23’s $29.7 million, while full year 2024 operating income of $60.6 million reverses the operating loss of $42.5 million witnessed in 2023.
For Q4 2024, adjusted net income totalled $32.1 million, up from $16.1 million in the prior year, as full year 2024 adjusted net income rose to $177 million from $131 million in 2023.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented, “We saw continued momentum across our business with organic growth of 19% for the fourth quarter, 17% for the full year, and double digits across all three of our segments showcasing the strength of our colleague and client franchise.
“Our continued focus on efficient execution across our business and thoughtful investments in innovative and proprietary technology platforms delivered 200 basis points of adjusted EBITDA margin expansion and adjusted free cash flow growth of 97% alongside our industry leading organic growth profile in 2024. With the vast majority of our earn-out obligations satisfied, we anticipate a meaningful inflection in free cash flow generation and significant growth and flexibility in capital allocation to support continued strength in our financial performance.”
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