v3.26.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue        
Gross premiums earned $ 316,072 [1] $ 301,079 [2] $ 963,102 [3] $ 904,090 [4]
Premiums ceded (96,929) (106,088) (302,796) (308,245)
Net premiums earned 219,143 194,991 660,306 595,845
Net investment income 21,669 17,529 57,860 47,725
Net realized investment gains 549 618 2,305 1,940
Net unrealized investment (losses) gains (1,185) 1,214 (2,140) 488
Policy fee income 1,754 1,569 4,981 5,265
Other 2,979 429 11,132 3,440
Total revenue 244,909 216,350 734,444 654,703
Expenses        
Losses and loss adjustment expenses 65,359 66,153 202,035 189,901
Policy acquisition and other underwriting expenses 31,689 31,652 95,805 89,490
General and administrative personnel expenses 23,671 20,806 69,972 61,274
Interest expense 1,460 1,019 3,467 8,147
Other operating expenses 6,437 6,121 20,515 20,561
Total expenses 128,616 125,751 391,794 369,373
Income before income taxes 116,293 [5] 90,599 [6] 342,650 [7] 285,330 [8]
Income tax expense 30,066 22,711 88,480 72,933
Net income 86,227 67,888 254,170 212,397
Net income attributable to noncontrolling interests (2,728) (2,381) (23,467) (11,046)
Net income after noncontrolling interests $ 83,499 $ 65,507 $ 230,703 $ 201,351
Basic earnings per share $ 6.67 $ 5.05 $ 18.04 $ 16.96
Diluted earnings per share $ 6.45 $ 4.9 $ 17.48 $ 15.47
[1] Gross premiums earned under Insurance Operations included $3,137 earned from Reciprocal Exchange Operations.
[2] Gross premiums earned under Insurance Operations included $1,433 earned from Reciprocal Exchange Operations.
[3] Gross premiums earned under Insurance Operations included $6,513 earned from Reciprocal Exchange Operations.
[4] Gross premiums earned under Insurance Operations included $3,912 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.