v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenue        
Total operating revenue $ 1,069,917 $ 1,066,739 $ 3,171,624 $ 3,116,235
Operating expenses        
Total operating expenses 862,535 857,818 2,593,332 2,556,765
Operating income 207,382 208,921 578,292 559,470
Investment income        
Net investment income 25,399 21,033 71,546 61,011
Net realized and unrealized investment (losses) gains (5,450) 1,331 (5,658) 2,312
Net impairment losses recognized in earnings (72) (810) (1,339) (2,633)
Total investment income 19,877 21,554 64,549 60,690
Other income 5,496 2,286 8,317 8,094
Income before income taxes 232,755 232,761 651,158 628,254
Income tax expense 50,766 49,908 138,401 132,299
Net income $ 181,989 $ 182,853 $ 512,757 $ 495,955
Class A common stock        
Earnings per share – Basic and diluted:        
Common stock – basic (in dollars per share) $ 3.91 $ 3.93 $ 11.01 $ 10.65
Common stock – diluted (in dollars per share) $ 3.48 $ 3.50 $ 9.80 $ 9.48
Weighted average shares outstanding – Basic        
Common stock – Basic (in shares) 46,189,049 46,189,068 46,188,978 46,189,012
Weighted average shares outstanding – Diluted        
Common stock – Diluted (in shares) 52,300,931 52,305,599 52,299,936 52,304,797
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.4625 $ 1.365 $ 4.3875 $ 4.095
Class B common stock        
Earnings per share – Basic and diluted:        
Common stock – basic (in dollars per share) 586 589 1,652 1,597
Common stock – diluted (in dollars per share) $ 586 $ 589 $ 1,651 $ 1,597
Weighted average shares outstanding – Basic        
Common stock – Basic (in shares) 2,542 2,542 2,542 2,542
Weighted average shares outstanding – Diluted        
Common stock – Diluted (in shares) 2,542 2,542 2,542 2,542
Dividends declared per share        
Dividends declared (in dollars per share) $ 219.375 $ 204.75 $ 658.125 $ 614.25
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 846,980 $ 825,275 $ 2,496,258 $ 2,404,177
Operating expenses        
Total operating expenses 664,973 642,124 1,994,120 1,918,154
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 19,720 18,831 58,814 54,772
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 197,562 215,694 599,212 638,611
Operating expenses        
Total operating expenses 197,562 215,694 599,212 638,611
Service agreement revenue        
Operating revenue        
Total operating revenue $ 5,655 $ 6,939 $ 17,340 $ 18,675