Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Management fee revenue	$	844,106	$	786,316	$	2,458,949	$	2,246,873
Administrative services reimbursement revenue	215,694		206,754		638,611		604,349
Service agreement revenue	6,939		6,816		18,675		19,803
Total operating revenue	1,066,739		999,886		3,116,235		2,871,025
Commissions	461,513		420,516		1,361,815		1,216,227
Underwriting and policy processing	53,097		51,449		156,264		150,350
Information technology	56,294		54,825		178,748		158,914
Sales and advertising	14,342		18,725		51,498		52,886
Customer service	12,176		11,300		35,253		31,726
Administrative and other	44,702		56,192		134,576		147,428
Cost of operations - policy issuance and renewal services	642,124		613,007		1,918,154		1,757,531
Cost of operations - administrative services	215,694		206,754		638,611		604,349
Total operating expenses (1)	857,818		819,761		2,556,765		2,361,880
Operating income	208,921		180,125		559,470		509,145
Total investment income	21,554		19,549		60,690		48,455
Other income	2,286		1,168		8,094		7,871
Income tax expense	49,908		41,012		132,299		117,186
Net income	$	182,853	$	159,830	$	495,955	$	448,285

(1)    Management operations segment depreciation and amortization expense included in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $18.4 million and $14.4 million in the third quarter of 2025 and 2024, respectively, and $50.3 million and $41.5 million for the nine months ended September 30, 2025 and 2024, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 30% and 28% for the nine months ended September 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.