Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Management fee revenue	$	842,149	$	777,937	$	1,614,843	$	1,460,557
Administrative services reimbursement revenue	212,644		206,028		422,917		397,595
Service agreement revenue	5,304		6,473		11,736		12,987
Total operating revenue	1,060,097		990,438		2,049,496		1,871,139
Commissions	463,442		419,951		900,302		795,711
Underwriting and policy processing	51,907		50,733		103,167		98,901
Information technology	57,669		50,599		122,454		104,089
Sales and advertising	19,781		16,954		37,156		34,161
Customer service	11,390		10,346		23,077		20,426
Administrative and other	44,091		45,619		89,874		91,236
Cost of operations - policy issuance and renewal services	648,280		594,202		1,276,030		1,144,524
Cost of operations - administrative services	212,644		206,028		422,917		397,595
Total operating expenses (1)	860,924		800,230		1,698,947		1,542,119
Operating income	199,173		190,208		350,549		329,020
Total investment income	19,600		13,827		39,136		28,906
Other income	1,974		3,292		5,808		6,703
Income tax expense	46,062		43,424		82,391		76,174
Net income	$	174,685	$	163,903	$	313,102	$	288,455

(1)    Management operations segment depreciation and amortization expense included in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $16.1 million and $13.8 million in the second quarter of 2025 and 2024, respectively, and $31.9 million and $27.1 million for the six months ended June 30, 2025 and 2024, respectively. The Exchange and its insurance subsidiaries reimbursed us for approximately 29% and 28% in the six months ended June 30, 2025 and 2024, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.