• Brown & Brown average return on tangible equity for 2023 was -22.12, a 25.37% increase from 2022.
• Brown & Brown average return on tangible equity for 2022 was -29.64, a 14.38% decline from 2021.
• Brown & Brown average return on tangible equity for 2021 was -34.62, a 7.68% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.