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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating revenue        
Total operating revenue $ 1,060,097 $ 990,438 $ 2,049,496 $ 1,871,139
Operating expenses        
Total operating expenses 860,924 800,230 1,698,947 1,542,119
Operating income 199,173 190,208 350,549 329,020
Investment income        
Net investment income 20,030 16,010 39,978 31,913
Net realized and unrealized investment gains (losses) 479 (1,795) 981 58
Net impairment losses recognized in earnings (909) (388) (1,823) (3,065)
Total investment income 19,600 13,827 39,136 28,906
Other income 1,974 3,292 5,808 6,703
Income before income taxes 220,747 207,327 395,493 364,629
Income tax expense 46,062 43,424 82,391 76,174
Net income $ 174,685 $ 163,903 $ 313,102 $ 288,455
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 3.75 $ 3.52 $ 6.72 $ 6.19
Common stock - diluted (in dollars per share) $ 3.34 $ 3.13 $ 5.99 $ 5.52
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,063 46,189,042 46,188,984 46,189,028
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,304,407 52,305,299 52,304,397 52,303,551
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.365 $ 1.275 $ 2.73 $ 2.55
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 563 528 1,008 929
Common stock - diluted (in dollars per share) $ 563 $ 528 $ 1,008 $ 929
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 2,542 2,542 2,542 2,542
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 2,542 2,542 2,542 2,542
Dividends declared per share        
Dividends declared (in dollars per share) $ 204.75 $ 191.25 $ 409.50 $ 382.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 823,853 $ 760,886 $ 1,578,902 $ 1,426,572
Operating expenses        
Total operating expenses 648,280 594,202 1,276,030 1,144,524
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 18,296 17,051 35,941 33,985
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 212,644 206,028 422,917 397,595
Operating expenses        
Total operating expenses 212,644 206,028 422,917 397,595
Service agreement revenue        
Operating revenue        
Total operating revenue $ 5,304 $ 6,473 $ 11,736 $ 12,987