v3.26.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue        
Gross premiums earned $ 320,824 [1] $ 302,628 [2] $ 647,030 [3] $ 603,011 [4]
Premiums ceded (101,812) (102,522) (205,867) (202,157)
Net premiums earned 219,012 200,106 441,163 400,854
Net investment income 18,890 16,445 36,191 30,196
Net realized investment gains 1,222 155 1,756 1,322
Net unrealized investment gains (losses) 743 1,180 (955) (726)
Policy fee income 1,651 1,467 3,227 3,696
Other 5,135 2,567 8,153 3,011
Total revenue 246,653 221,920 489,535 438,353
Expenses        
Losses and loss adjustment expenses 71,076 64,457 136,676 123,748
Policy acquisition and other underwriting expenses 32,346 30,551 64,116 57,838
General and administrative personnel expenses 23,948 19,985 46,301 40,468
Interest expense 1,084 3,744 2,007 7,128
Other operating expenses 7,226 8,791 14,078 14,440
Total expenses 135,680 127,528 263,178 243,622
Income before income taxes 110,973 [5] 94,392 [6] 226,357 [7] 194,731 [8]
Income tax expense 28,073 24,113 58,414 50,222
Net income 82,900 70,279 167,943 144,509
Net income attributable to noncontrolling interests (9,103) (4,119) (20,739) (8,665)
Net income after noncontrolling interests $ 73,797 $ 66,160 $ 147,204 $ 135,844
Basic earnings per share $ 5.78 $ 5.57 $ 11.39 $ 12
Diluted earnings per share $ 5.6 $ 5.18 $ 11.05 $ 10.57
[1] Gross premiums earned under Insurance Operations included $1,974 earned from Reciprocal Exchange Operations.
[2] Gross premiums earned under Insurance Operations included $1,280 earned from Reciprocal Exchange Operations.
[3] Gross premiums earned under Insurance Operations included $3,376 earned from Reciprocal Exchange Operations.
[4] Gross premiums earned under Insurance Operations included $2,479 earned from 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 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 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 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 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.