DAYTONA BEACH, Fla. (AP) — DAYTONA BEACH, Fla. (AP) — Brown & Brown Inc. (BRO) on Monday reported first-quarter profit of $426 million.

On a per-share basis, the Daytona Beach, Florida-based company said it had net income of $1.06. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to $1.39 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.

The insurance company posted revenue of $1.9 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.87 billion.

Brown & Brown shares have decreased 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $66.12, a fall of 42% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRO at https://www.zacks.com/ap/BRO