Brown & Brown Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenue of $433.6 million compared to $404.7 million for the same period a year ago. Income before income taxes was $95.0 million compared to $95.2 million for the same period a year ago. Net income was $57.7 million or $0.41 per diluted share compared to 58.1 million or $0.41 per diluted share for the same period a year ago. EBITDAC was $134.1 million compared to $125 million a year ago. Adjusted EBITDAC was $134.1 million compared to $133.1 million a year ago. Adjusted earnings per share were $0.42 compared to $0.38 a year ago. The company reported a 30 basis point increase in its effective tax rate to 39.3% for the fourth quarter of 2016. The effective tax rate increase was impacted by income apportionment based upon the performance in the fourth quarter.

For the full year, the company reported total revenue of $1,766.6 million compared to $1,660.6 million for the same period a year ago. Income before income taxes was $423.5 million compared to $402.8 million for the same period a year ago. Net income was $257.5 million or $1.82 per diluted share compared to $243.6 million or $1.7 per diluted share for the same period a year ago. EBITDAC was $579.9 million compared to $553.3 million a year ago. Adjusted earnings per share were $1.86 compared to $1.71 a year ago.

The company anticipates margins in 2017 will be further impacted downward an incremental 35 to 40 basis points as compared to 2016.