(Reuters) - Insurance brokerage Brown & Brown reported a 33% rise in third-quarter profit on Monday, helped by a higher income from commissions and fees coupled with strong investment returns.

Brokerages that receive commissions based on premiums paid to insurers have benefited from the renewed spending on insurance policies, fueled by businesses' growing hopes of a soft landing for the U.S. economy.

Insurance brokerages, such as Brown & Brown, serve as a bridge between an insurer and customers, helping clients find a policy that best suits their needs.

The company's commissions and fees jumped 10% to $1.16 billion in the three months ended Sept 30.

A strong economy and the Federal Reserve's decision to cut rates after four years have propelled the equities benchmark index S&P 500 by 22% so far this year, boosting returns from investments.

The company's investment income surged to $31 million in the reported quarter from $17 million in the year-ago period

Net profit attributable to Brown & Brown rose to $234 million, or 81 cents per share, in the third quarter, compared with $176 million, or 62 cents per share, last year.

Brown & Brown, which specializes in risk management, reported an 11% jump in total revenue to $1.19 billion in the third quarter.

Shares of the company rose 1% in trading after the bell.

(Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; editing by Alan Barona)