July 16, 2012 / 9:19 PM / 5 years ago

UPDATE 1-Insurance broker Brown & Brown misses estimates

* Q2 EPS $0.29 vs est $0.31

* Q2 revenue $290.9 mln vs est $294.4 mln

* Q2 total commissions, fees $289.9 mln, up 17.9 pct

July 16 (Reuters) - Insurance broker Brown & Brown Inc posted a lower-than-expected second-quarter profit, hurt by higher costs that offset robust growth in commissions.

Net income for the April-June quarter rose to $42.5 million, or 29 cents per share, from about $37 million, or 26 cents per share, a year earlier.

Revenue jumped 18 percent to $290.9 million.

Analysts on average had expected earnings of 31 cents per share on revenue of $294.4 million, according to Thomson Reuters I/B/E/S.

The company, which has a market value of $3.91 billion, earned $289.9 million from commissions, about 18 percent more than last year.

Total expenses increased 19 percent to $219.8 million.

Florida-based Brown & Brown's shares closed at $26.70 on Monday on the New York Stock Exchange. They have risen about 20 percent this year, outperforming the S&P 500 index, which has gained 8 percent.

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