| Summary of Segment Reporting |
The CODM does not receive or review a measure of assets by segment; asset information reviewed by the CODM is limited to consolidated liquidity metrics, including total cash and investment balances; accordingly, segment assets are not disclosed. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | | Insurance Segment | | 2026 | | 2025 | | 2026 | | 2025 | | | | | (in thousands) | | | | Premiums earned, net (net of ceded premiums) | | $ | 737,767 | | | $ | 469,826 | | | $ | 1,481,956 | | | $ | 926,732 | | | | | Less: | | | | | | | | | | | | Net medical claims incurred | | 615,422 | | | 394,212 | | | 1,225,423 | | | 762,100 | | | | | Segment gross profit | | $ | 122,345 | | | $ | 75,614 | | | $ | 256,533 | | | $ | 164,632 | | | | | | | | | | | | | | | Reconciliation: | | | | | | | | | | | | Elimination of intersegment profits | | $ | 25,257 | | | $ | 16,220 | | | $ | 45,610 | | | $ | 30,666 | | | | | Other income | | 5,400 | | | 7,794 | | | 10,400 | | | 13,219 | | | | | Salaries and benefits | | (54,138) | | | (61,309) | | | (111,201) | | | (120,331) | | | | | General and administrative expenses | | (70,299) | | | (48,484) | | | (144,928) | | | (99,159) | | | | | Depreciation and amortization | | (564) | | | (394) | | | (1,079) | | | (860) | | | | | Change in fair value of warrants | | — | | | (19) | | | — | | | (19) | | | | Net income (loss) | | $ | 28,001 | | | $ | (10,578) | | | $ | 55,335 | | | $ | (11,852) | | | |
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