Brown & Brown 2025年度报告

FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the Fiscal Year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromto. Commission file number 001-13619 Full title of the plan and the address of the plan, if different from that of the issuer named below: BROWN & BROWN, INC.EMPLOYEE SAVINGS PLAN B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: BROWN & BROWN, INC.300 NORTH BEACH STREETDAYTONA BEACH, FLORIDA 32114 BROWN & BROWN, INC. EMPLOYEE SAVINGS PLANFINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULETABLE OF CONTENTS FINANCIAL STATEMENTS: Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year)12 SIGNATURE13 EXHIBIT INDEX14 Report of Independent Registered Public Accounting Firm The Investment Committee, and ParticipantsBrown & Brown, Inc. Employee Savings PlanDaytona Beach, Florida Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the Brown & Brown, Inc.Employee Savings Plan (the Plan) as of December 31, 2025 and 2024, the related statement of changes in net assetsavailable for benefits for the year ended December 31, 2025, and the related notes (collectively, the financialstatements). In our opinion, the financial statements present fairly, in all material respects, the net assets available forbenefits of the Plan as of December 31, 2025 and 2024 and the changes in net assets available for benefits for the yearended December 31, 2025, in conformity with accounting principles generally accepted in the United States ofAmerica. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinionon the Plan’s financial statements based on our audits. We are a public accounting firm registered with the PublicCompany Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to thePlan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities andExchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an auditof its internal control over financial reporting. As part of our audits we are required to obtain an understanding ofinternal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of thePlan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures to respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits alsoincluded evaluating the accounting principles used and significant estimates made by management, as well asevaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Opinion on the Supplemental Information The supplemental information included in Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as ofDecember 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’sfinancialstatements.The supplemental information is the responsibility of the Plan's management.Our auditprocedures included determining whether the supplemental information reconciles to the financial statements or theunderlying accounting and other records, as applicable, and performing procedures to test the completeness andaccuracy of the information presented in the supplemental information. In forming our opinion on the supplementalinformation in the accompanying schedule, we evaluated whether the supplemental information, including its form andcontent, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosureunder the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in theaccompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole. /s/ Baker Tilly US, LLP Peachtree Corners, GeorgiaJune 25, 2026 We have served as the Plan’s auditor since 2007. BROWN & BROWN, INC. EMPLOYEE SAVINGS PLANSTATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITSAS OF DECEMBER 31, 2025 AND 2024 BROWN & BROWN, INC. EMPLOYEE SAVINGS PLANNOTES TO FINANCIAL STATEMENTSAS O