v3.25.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Gross premiums earned $ 302,628 [1] $ 263,561 [2] $ 603,011 [3] $ 520,205 [4]
Premiums ceded (102,522) (76,713) (202,157) (144,819)
Net premiums earned 200,106 186,848 400,854 375,386
Net investment income 16,445 16,881 30,196 30,948
Net realized investment gains 155 212 1,322 212
Net unrealized investment gains (losses) 1,180 533 (726) 3,168
Policy fee income 1,467 1,089 3,696 2,108
Other 2,567 682 3,011 1,037
Total revenue 221,920 206,245 438,353 412,859
Expenses        
Losses and loss adjustment expenses 64,457 78,324 123,748 158,246
Policy acquisition and other underwriting expenses 30,551 23,452 57,838 45,591
General and administrative personnel expenses 19,985 17,471 40,468 33,745
Interest expense 3,744 3,452 7,128 6,601
Other operating expenses 8,791 7,520 14,440 15,220
Total expenses 127,528 130,219 243,622 259,403
Income before income taxes 94,392 [5] 76,026 [6] 194,731 [7] 153,456 [8]
Income tax expense 24,113 18,927 50,222 39,401
Net income 70,279 57,099 144,509 114,055
Net income attributable to redeemable noncontrolling interests (Note 19) 0 0 0 (10,149)
Net income attributable to noncontrolling interests (4,119) (3,023) (8,665) (2,219)
Net income after noncontrolling interests $ 66,160 $ 54,076 $ 135,844 $ 101,687
Basic earnings per share $ 5.57 $ 5.18 $ 12 $ 9.95
Diluted earnings per share $ 5.18 $ 4.24 $ 10.57 $ 8.04
[1] Gross premiums earned under insurance operations includes $1,280 earned from reciprocal exchange operations.
[2] Gross premiums earned under insurance operations include $1,212 earned from the reciprocal exchange operations.
[3] Gross premiums earned under insurance operations include $2,479 earned from the reciprocal exchange operations.
[4] Gross premiums earned under insurance operations include $1,665 earned from the reciprocal exchange operations.
[5] 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 revenue according to revenue recognition standards. Although both service fee expenses and revenue are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
[6] 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 revenue according to revenue recognition standards. Although both service fee expenses and revenue are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
[7] 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 revenue according to revenue recognition standards. Although both service fee expenses and revenue are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
[8] 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 revenue according to revenue recognition standards. Although both service fee expenses and revenue are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.