v3.25.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Gross premiums earned $ 300,383 [1] $ 256,644 [2]
Premiums ceded (99,635) (68,106)
Net premiums earned 200,748 188,538
Net investment income 13,751 14,067
Net realized investment gains 1,167 0
Net unrealized investment (losses) gains (1,906) 2,635
Policy fee income 2,229 1,019
Other 444 355
Total revenue 216,433 206,614
Expenses    
Losses and loss adjustment expenses 59,291 79,922
Policy acquisition and other underwriting expenses 27,287 22,139
General and administrative personnel expenses 20,483 16,274
Interest expense 3,384 3,149
Other operating expenses 5,649 7,700
Total expenses 116,094 129,184
Income before income taxes 100,339 [3] 77,430 [4]
Income tax expense 26,109 20,474
Net income 74,230 56,956
Net income attributable to redeemable noncontrolling interests (Note 19) 0 (10,149)
Net (income) loss attributable to noncontrolling interests (4,546) 804
Net income after noncontrolling interests $ 69,684 $ 47,611
Basic earnings per share $ 6.47 $ 4.76
Diluted earnings per share $ 5.35 $ 3.81
[1] Gross premiums earned under insurance operations includes $1,199 earned from reciprocal exchange operations.
[2] Gross premiums earned under insurance operations include $453 earned from the reciprocal exchange operations.
[3] The income (loss) before income taxes in the reclassification/elimination column is attributable to intercompany transactions among operating segments. The insurance operations and the reciprocal exchange operations record service fee expenses based on earned premiums or other appropriate measures, while Exzeo Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
[4] The income (loss) before income taxes in the reclassification/elimination column is attributable to intercompany transactions among operating segments. The insurance operations and the reciprocal exchange operations record service fee expenses based on earned premiums or other appropriate measures, while Exzeo Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.