v3.26.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue    
Gross premiums earned $ 326,206 [1] $ 300,383 [2]
Premiums ceded (104,055) (99,635)
Net premiums earned 222,151 200,748
Net investment income 17,301 13,751
Net realized investment gains 534 1,167
Net unrealized investment gains (losses) (1,698) (1,906)
Policy fee income 1,576 2,229
Other 3,018 444
Total revenue 242,882 216,433
Expenses    
Losses and loss adjustment expenses 65,600 59,291
Policy acquisition and other underwriting expenses 31,770 27,287
General and administrative personnel expenses 22,353 20,483
Interest expense 923 3,384
Other operating expenses 6,852 5,649
Total expenses 127,498 116,094
Income before income taxes 115,384 [3] 100,339 [4]
Income tax expense 30,341 26,109
Net income 85,043 74,230
Net income attributable to noncontrolling interests (11,636) (4,546)
Net income after noncontrolling interests $ 73,407 $ 69,684
Basic earnings per share $ 5.62 $ 6.47
Diluted earnings per share $ 5.45 $ 5.35
[1] Gross premiums earned under Insurance Operations includes $1,402 earned from Reciprocal Exchange Operations.
[2] Gross premiums earned under Insurance Operations include $1,199 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 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.
[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 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.