TWFG Insurance Announces Strong Financial Projections for 2024
TWFG Insurance has released its preliminary unaudited financial results, forecasting robust growth in revenue and premiums for the fourth quarter and the full year ending December 31, 2024.
The company anticipates total revenue for the fourth quarter to range between $49 million and $51 million, representing a substantial increase of 23.8% to 28.9% compared to the same period in 2023. For the full year, TWFG projects total revenue between $201 million and $203 million, reflecting a growth of 16.5% to 18.2% compared to 2023.
Total written premium for the fourth quarter is estimated at approximately $361 million, a 20% surge compared to Q4 2023. For the full year, the company projects total written premium of approximately $1.5 billion, an 18% increase over the previous year.
TWFG, founded in 2001 and headquartered in The Woodlands, Texas, operates across all 50 US states with 520 retail locations and 14 corporate offices nationwide.
TWFG’s organic revenue growth rate for the fourth quarter is expected to be between 20.2% and 20.8%, with the full-year 2024 organic revenue growth rate projected at 14% to 15%.
In 2023, TWFG reported a total revenue of $172.93 million, a 12.35% increase from $153.92 million in 2022. Net income for 2023 reached $26.1 million, a significant jump of 26.59% from $20.61 million in 2022.
Expansion and Strategic Growth
Earlier this year, TWFG announced its national expansion through strategic acquisitions and the recruitment of startup agencies. In the prior year, agents from 15 states, including Colorado, Connecticut, Idaho, Indiana, Missouri, and others, joined the company.
Founder and CEO Gordy Bunch emphasized the importance of adapting to industry changes. He noted that ongoing growth requires attracting professionals committed to the company’s future.
