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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating revenue        
Total operating revenue $ 1,066,739 $ 999,886 $ 3,116,235 $ 2,871,025
Operating expenses        
Total operating expenses 857,818 819,761 2,556,765 2,361,880
Operating income 208,921 180,125 559,470 509,145
Investment income        
Net investment income 21,033 17,322 61,011 49,235
Net realized and unrealized investment gains 1,331 2,925 2,312 2,983
Net impairment losses recognized in earnings (810) (698) (2,633) (3,763)
Total investment income 21,554 19,549 60,690 48,455
Other income 2,286 1,168 8,094 7,871
Income before income taxes 232,761 200,842 628,254 565,471
Income tax expense 49,908 41,012 132,299 117,186
Net income $ 182,853 $ 159,830 $ 495,955 $ 448,285
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 3.93 $ 3.43 $ 10.65 $ 9.63
Common stock - diluted (in dollars per share) $ 3.50 $ 3.06 $ 9.48 $ 8.57
Weighted average shares outstanding – Basic        
Common stock - Basic (in shares) 46,189,068 46,189,059 46,189,012 46,189,038
Weighted average shares outstanding – Diluted        
Common stock - Diluted (in shares) 52,305,599 52,306,514 52,304,797 52,301,001
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.365 $ 1.275 $ 4.095 $ 3.825
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 589 515 1,597 1,444
Common stock - diluted (in dollars per share) $ 589 $ 515 $ 1,597 $ 1,444
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 $ 614.25 $ 573.75
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 825,275 $ 769,162 $ 2,404,177 $ 2,195,734
Operating expenses        
Total operating expenses 642,124 613,007 1,918,154 1,757,531
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 18,831 17,154 54,772 51,139
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 215,694 206,754 638,611 604,349
Operating expenses        
Total operating expenses 215,694 206,754 638,611 604,349
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,939 $ 6,816 $ 18,675 $ 19,803