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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating revenue    
Total operating revenue $ 1,011,911 $ 989,399
Operating expenses    
Total operating expenses 845,124 838,023
Operating income 166,787 151,376
Investment income    
Net investment income 23,560 19,948
Net realized and unrealized investment (losses) gains (765) 502
Net impairment losses recognized in earnings (676) (914)
Total investment income 22,119 19,536
Other income 1,420 3,834
Income before income taxes 190,326 174,746
Income tax expense 39,852 36,329
Net income $ 150,474 $ 138,417
Class A common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) $ 3.23 $ 2.97
Common stock - diluted (in dollars per share) $ 2.88 $ 2.65
Weighted average shares outstanding – Basic    
Common stock - Basic (in shares) 46,188,850 46,188,903
Weighted average shares outstanding – Diluted    
Common stock - Diluted (in shares) 52,300,180 52,304,384
Dividends declared per share    
Dividends declared (in dollars per share) $ 1.4625 $ 1.365
Class B common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) 485 446
Common stock - diluted (in dollars per share) $ 485 $ 446
Weighted average shares outstanding – Basic    
Common stock - Basic (in shares) 2,542 2,542
Weighted average shares outstanding – Diluted    
Common stock - Diluted (in shares) 2,542 2,542
Dividends declared per share    
Dividends declared (in dollars per share) $ 219.375 $ 204.75
Management fee revenue - policy issuance and renewal services    
Operating revenue    
Total operating revenue $ 786,399 $ 755,049
Operating expenses    
Total operating expenses 645,028 627,750
Management fee revenue - administrative services    
Operating revenue    
Total operating revenue 19,475 17,645
Administrative services reimbursement revenue    
Operating revenue    
Total operating revenue 200,096 210,273
Operating expenses    
Total operating expenses 200,096 210,273
Service agreement revenue    
Operating revenue    
Total operating revenue $ 5,941 $ 6,432