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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating revenue        
Total operating revenue $ 1,089,796 $ 1,060,097 $ 2,101,707 $ 2,049,496
Operating expenses        
Total operating expenses 885,673 860,924 1,730,797 1,698,947
Operating income 204,123 199,173 370,910 350,549
Investment income        
Net investment income 22,587 20,030 46,147 39,978
Net realized and unrealized investment gains (losses) 557 479 (208) 981
Net impairment losses recognized in earnings (591) (909) (1,267) (1,823)
Total investment income 22,553 19,600 44,672 39,136
Other income 1,401 1,974 2,821 5,808
Income before income taxes 228,077 220,747 418,403 395,493
Income tax expense 47,783 46,062 87,635 82,391
Net income $ 180,294 $ 174,685 $ 330,768 $ 313,102
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 3.87 $ 3.75 $ 7.10 $ 6.72
Common stock - diluted (in dollars per share) $ 3.45 $ 3.34 $ 6.32 $ 5.99
Weighted average shares outstanding – Basic        
Common stock - Basic (in shares) 46,189,033 46,189,063 46,188,942 46,188,984
Weighted average shares outstanding – Diluted        
Common stock - Diluted (in shares) 52,298,697 52,304,407 52,299,440 52,304,397
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.4625 $ 1.365 $ 2.925 $ 2.73
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 581 563 1,065 1,008
Common stock - diluted (in dollars per share) $ 581 $ 563 $ 1,065 $ 1,008
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) $ 219.375 $ 204.75 $ 438.75 $ 409.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 862,879 $ 823,853 $ 1,649,278 $ 1,578,902
Operating expenses        
Total operating expenses 684,119 648,280 1,329,147 1,276,030
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 19,619 18,296 39,094 35,941
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 201,554 212,644 401,650 422,917
Operating expenses        
Total operating expenses 201,554 212,644 401,650 422,917
Service agreement revenue        
Operating revenue        
Total operating revenue $ 5,744 $ 5,304 $ 11,685 $ 11,736