Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM and net income for the years ended December 31:

(in thousands)	2024		2023		2022
Management fee revenue	$	2,962,429	$	2,505,742	$	2,146,169
Administrative services reimbursement revenue	806,336		737,139		668,268
Service agreement revenue	26,350		26,059		25,687
Total operating revenue	3,795,115		3,268,940		2,840,124
Commissions	1,601,401		1,348,530		1,179,569
Underwriting and policy processing	199,485		181,003		171,625
Information technology	215,488		216,746		198,157
Sales and advertising	66,480		58,905		60,000
Customer service	43,045		34,391		34,333
Administrative and other	186,425		171,970		151,958
Cost of operations - policy issuance and renewal services	2,312,324		2,011,545		1,795,642
Cost of operations - administrative services	806,336		737,139		668,268
Total operating expenses (1)	3,118,660		2,748,684		2,463,910
Operating income	676,455		520,256		376,214
Total investment income	69,260		28,968		632
Interest expense, net	—		—		2,009
Other income	11,564		12,712		1,615
Income tax expense	156,965		115,875		77,883
Net income	$	600,314	$	446,061	$	298,569

(1)    See Note 8, "Fixed Assets", for management operations segment depreciation and amortization expense included in "Total operating expenses", as reported on our Consolidated Statements of Operations. See our Consolidated Statements of Cash Flows for segment

expenditures on fixed asset additions.