| Summary of Segment Information Reconciled to Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2026 |
|
Insurance
Operations |
|
|
Exzeo |
|
|
Reciprocal
Exchange
Operations |
|
|
Real
Estate (a) |
|
|
Corporate/
Other (b) |
|
|
Reclassification/ Elimination |
|
|
Consolidated |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned (c) |
|
$ |
282,422 |
|
|
$ |
— |
|
|
$ |
36,787 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,137 |
) |
|
$ |
316,072 |
|
Premiums ceded |
|
|
(80,759 |
) |
|
|
— |
|
|
|
(19,307 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,137 |
|
|
|
(96,929 |
) |
Net premiums earned |
|
|
201,663 |
|
|
|
— |
|
|
|
17,480 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219,143 |
|
Net income from investment portfolio |
|
|
14,232 |
|
|
|
3,680 |
|
|
|
1,772 |
|
|
|
— |
|
|
|
1,659 |
|
|
|
(310 |
) |
|
|
21,033 |
|
Policy fee income |
|
|
1,513 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
451 |
|
|
|
(210 |
) |
|
|
1,754 |
|
Other |
|
|
4,722 |
|
|
|
55,187 |
|
|
|
(169 |
) |
|
|
4,374 |
|
|
|
6,211 |
|
|
|
(67,346 |
) |
|
|
2,979 |
|
Total revenue |
|
|
222,130 |
|
|
|
58,867 |
|
|
|
19,083 |
|
|
|
4,374 |
|
|
|
8,321 |
|
|
|
(67,866 |
) |
|
|
244,909 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses |
|
|
77,424 |
|
|
|
— |
|
|
|
10,592 |
|
|
|
— |
|
|
|
— |
|
|
|
(22,657 |
) |
|
|
65,359 |
|
Amortization of deferred policy
acquisition costs |
|
|
26,683 |
|
|
|
— |
|
|
|
3,121 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,804 |
|
Other policy acquisition expenses |
|
|
15,276 |
|
|
|
9,796 |
|
|
|
4,550 |
|
|
|
— |
|
|
|
3,677 |
|
|
|
(31,414 |
) |
|
|
1,885 |
|
Stock-based compensation expense |
|
|
647 |
|
|
|
721 |
|
|
|
— |
|
|
|
— |
|
|
|
1,945 |
|
|
|
— |
|
|
|
3,313 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
1,134 |
|
|
|
450 |
|
|
|
1,010 |
|
|
|
(1,134 |
) |
|
|
1,460 |
|
Depreciation and amortization |
|
|
30 |
|
|
|
763 |
|
|
|
— |
|
|
|
829 |
|
|
|
144 |
|
|
|
(696 |
) |
|
|
1,070 |
|
Personnel and other operating expenses |
|
|
11,629 |
|
|
|
17,758 |
|
|
|
299 |
|
|
|
2,629 |
|
|
|
4,628 |
|
|
|
(11,218 |
) |
|
|
25,725 |
|
Total expenses |
|
|
131,689 |
|
|
|
29,038 |
|
|
|
19,696 |
|
|
|
3,908 |
|
|
|
11,404 |
|
|
|
(67,119 |
) |
|
|
128,616 |
|
Income (loss) before income taxes (d) |
|
$ |
90,441 |
|
|
$ |
29,829 |
|
|
$ |
(613 |
) |
|
$ |
466 |
|
|
$ |
(3,083 |
) |
|
$ |
(747 |
) |
|
$ |
116,293 |
|
Total revenue from non-affiliates (e) |
|
$ |
215,234 |
|
|
$ |
6,039 |
|
|
$ |
22,219 |
|
|
$ |
3,508 |
|
|
$ |
1,226 |
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
292,756 |
|
|
|
|
|
$ |
60,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Other revenue under Real Estate primarily consisted of rental income from investment properties. (b)Other revenue under Corporate and Other primarily consisted of management fees for AIF services. (c)Gross premiums earned under Insurance Operations included $3,137 earned from Reciprocal Exchange Operations. (d)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. (e)Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2025 |
|
Insurance
Operations |
|
|
Exzeo |
|
|
Reciprocal
Exchange
Operations |
|
|
Real
Estate (a) |
|
|
Corporate/
Other (b) |
|
|
Reclassification/
Elimination |
|
|
Consolidated |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned (c) |
|
$ |
282,950 |
|
|
$ |
— |
|
|
$ |
19,562 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,433 |
) |
|
$ |
301,079 |
|
Premiums ceded |
|
|
(98,819 |
) |
|
|
— |
|
|
|
(8,702 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,433 |
|
|
|
(106,088 |
) |
Net premiums earned |
|
|
184,131 |
|
|
|
— |
|
|
|
10,860 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
194,991 |
|
Net income from investment portfolio |
|
|
15,528 |
|
|
|
1,101 |
|
|
|
1,002 |
|
|
|
— |
|
|
|
2,317 |
|
|
|
(587 |
) |
|
|
19,361 |
|
Policy fee income |
|
|
2,693 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36 |
|
|
|
(1,160 |
) |
|
|
1,569 |
|
Other |
|
|
3,510 |
|
|
|
55,167 |
|
|
|
8 |
|
|
|
4,157 |
|
|
|
3,108 |
|
|
|
(65,521 |
) |
|
|
429 |
|
Total revenue |
|
|
205,862 |
|
|
|
56,268 |
|
|
|
11,870 |
|
|
|
4,157 |
|
|
|
5,461 |
|
|
|
(67,268 |
) |
|
|
216,350 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses |
|
|
84,535 |
|
|
|
— |
|
|
|
6,008 |
|
|
|
— |
|
|
|
— |
|
|
|
(24,390 |
) |
|
|
66,153 |
|
Amortization of deferred policy
acquisition costs |
|
|
28,569 |
|
|
|
— |
|
|
|
1,171 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,740 |
|
Other policy acquisition expenses |
|
|
16,755 |
|
|
|
10,071 |
|
|
|
2,786 |
|
|
|
— |
|
|
|
1,664 |
|
|
|
(29,364 |
) |
|
|
1,912 |
|
Stock-based compensation expense |
|
|
307 |
|
|
|
730 |
|
|
|
— |
|
|
|
— |
|
|
|
1,658 |
|
|
|
— |
|
|
|
2,695 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
1,134 |
|
|
|
400 |
|
|
|
619 |
|
|
|
(1,134 |
) |
|
|
1,019 |
|
Depreciation and amortization |
|
|
611 |
|
|
|
758 |
|
|
|
— |
|
|
|
733 |
|
|
|
189 |
|
|
|
(596 |
) |
|
|
1,695 |
|
Personnel and other operating expenses |
|
|
10,547 |
|
|
|
16,354 |
|
|
|
236 |
|
|
|
2,460 |
|
|
|
4,639 |
|
|
|
(11,699 |
) |
|
|
22,537 |
|
Total expenses |
|
|
141,324 |
|
|
|
27,913 |
|
|
|
11,335 |
|
|
|
3,593 |
|
|
|
8,769 |
|
|
|
(67,183 |
) |
|
|
125,751 |
|
Income (loss) before income taxes (d) |
|
$ |
64,538 |
|
|
$ |
28,355 |
|
|
$ |
535 |
|
|
$ |
564 |
|
|
$ |
(3,308 |
) |
|
$ |
(85 |
) |
|
$ |
90,599 |
|
Total revenue from non-affiliates (e) |
|
$ |
201,340 |
|
|
$ |
1,101 |
|
|
$ |
13,303 |
|
|
$ |
3,292 |
|
|
$ |
1,536 |
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
292,826 |
|
|
$ |
— |
|
|
$ |
22,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Other revenue under Real Estate primarily consisted of rental income from investment properties. (b)Other revenue under Corporate and Other primarily consisted of management fees for AIF services. (c)Gross premiums earned under Insurance Operations included $1,433 earned from Reciprocal Exchange Operations. (d)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. (e)Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2026 |
|
Insurance
Operations |
|
|
Exzeo |
|
|
Reciprocal
Exchange
Operations |
|
|
Real
Estate (a) |
|
|
Corporate/
Other (b) |
|
|
Reclassification/
Elimination |
|
|
Consolidated |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned (c) |
|
$ |
860,753 |
|
|
$ |
— |
|
|
$ |
108,862 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6,513 |
) |
|
$ |
963,102 |
|
Premiums ceded |
|
|
(269,383 |
) |
|
|
— |
|
|
|
(39,926 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,513 |
|
|
|
(302,796 |
) |
Net premiums earned |
|
|
591,370 |
|
|
|
— |
|
|
|
68,936 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
660,306 |
|
Net income from investment portfolio |
|
|
41,959 |
|
|
|
9,155 |
|
|
|
4,573 |
|
|
|
— |
|
|
|
4,351 |
|
|
|
(2,013 |
) |
|
|
58,025 |
|
Policy fee income |
|
|
4,465 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,146 |
|
|
|
(630 |
) |
|
|
4,981 |
|
Other |
|
|
12,905 |
|
|
|
168,507 |
|
|
|
(547 |
) |
|
|
13,137 |
|
|
|
17,025 |
|
|
|
(199,895 |
) |
|
|
11,132 |
|
Total revenue |
|
|
650,699 |
|
|
|
177,662 |
|
|
|
72,962 |
|
|
|
13,137 |
|
|
|
22,522 |
|
|
|
(202,538 |
) |
|
|
734,444 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses |
|
|
235,683 |
|
|
|
— |
|
|
|
28,828 |
|
|
|
— |
|
|
|
— |
|
|
|
(62,476 |
) |
|
|
202,035 |
|
Amortization of deferred policy
acquisition costs |
|
|
82,302 |
|
|
|
— |
|
|
|
7,835 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90,137 |
|
Other policy acquisition expenses |
|
|
49,757 |
|
|
|
32,008 |
|
|
|
13,711 |
|
|
|
— |
|
|
|
9,751 |
|
|
|
(99,559 |
) |
|
|
5,668 |
|
Stock-based compensation expense |
|
|
1,993 |
|
|
|
2,220 |
|
|
|
— |
|
|
|
— |
|
|
|
5,798 |
|
|
|
— |
|
|
|
10,011 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
3,366 |
|
|
|
1,359 |
|
|
|
2,108 |
|
|
|
(3,366 |
) |
|
|
3,467 |
|
Depreciation and amortization |
|
|
734 |
|
|
|
2,229 |
|
|
|
— |
|
|
|
2,534 |
|
|
|
454 |
|
|
|
(2,126 |
) |
|
|
3,825 |
|
Personnel and other operating expenses |
|
|
34,525 |
|
|
|
52,363 |
|
|
|
843 |
|
|
|
8,321 |
|
|
|
14,876 |
|
|
|
(34,277 |
) |
|
|
76,651 |
|
Total expenses |
|
|
404,994 |
|
|
|
88,820 |
|
|
|
54,583 |
|
|
|
12,214 |
|
|
|
32,987 |
|
|
|
(201,804 |
) |
|
|
391,794 |
|
Income (loss) before income taxes (d) |
|
$ |
245,705 |
|
|
$ |
88,842 |
|
|
$ |
18,379 |
|
|
$ |
923 |
|
|
$ |
(10,465 |
) |
|
$ |
(734 |
) |
|
$ |
342,650 |
|
Total revenue from non-affiliates (e) |
|
$ |
634,573 |
|
|
$ |
17,296 |
|
|
$ |
79,474 |
|
|
$ |
10,542 |
|
|
$ |
2,847 |
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
884,806 |
|
|
$ |
— |
|
|
$ |
131,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Other revenue under Real Estate primarily consisted of rental income from investment properties. (b)Other revenue under Corporate and Other primarily consisted of management fees for AIF services. (c)Gross premiums earned under Insurance Operations included $6,513 earned from Reciprocal Exchange Operations. (d)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. (e)Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2025 |
|
Insurance
Operations |
|
|
Exzeo |
|
|
Reciprocal
Exchange
Operations |
|
|
Real
Estate (a) |
|
|
Corporate/
Other (b) |
|
|
Reclassification/
Elimination |
|
|
Consolidated |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned (c) |
|
$ |
847,354 |
|
|
$ |
— |
|
|
$ |
60,648 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,912 |
) |
|
$ |
904,090 |
|
Premiums ceded |
|
|
(287,263 |
) |
|
|
— |
|
|
|
(24,894 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,912 |
|
|
|
(308,245 |
) |
Net premiums earned |
|
|
560,091 |
|
|
|
— |
|
|
|
35,754 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
595,845 |
|
Net income from investment portfolio |
|
|
40,970 |
|
|
|
2,262 |
|
|
|
2,756 |
|
|
|
— |
|
|
|
6,211 |
|
|
|
(2,046 |
) |
|
|
50,153 |
|
Policy fee income |
|
|
5,224 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
5,265 |
|
Other |
|
|
9,858 |
|
|
|
163,665 |
|
|
|
3 |
|
|
|
10,490 |
|
|
|
9,311 |
|
|
|
(189,887 |
) |
|
|
3,440 |
|
Total revenue |
|
|
616,143 |
|
|
|
165,927 |
|
|
|
38,513 |
|
|
|
10,490 |
|
|
|
15,563 |
|
|
|
(191,933 |
) |
|
|
654,703 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses |
|
|
237,715 |
|
|
|
— |
|
|
|
13,622 |
|
|
|
— |
|
|
|
— |
|
|
|
(61,436 |
) |
|
|
189,901 |
|
Amortization of deferred policy
acquisition costs |
|
|
80,840 |
|
|
|
— |
|
|
|
3,653 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84,493 |
|
Other policy acquisition expenses |
|
|
50,356 |
|
|
|
32,812 |
|
|
|
8,143 |
|
|
|
— |
|
|
|
5,131 |
|
|
|
(91,445 |
) |
|
|
4,997 |
|
Stock-based compensation expense |
|
|
1,105 |
|
|
|
2,159 |
|
|
|
— |
|
|
|
— |
|
|
|
5,098 |
|
|
|
— |
|
|
|
8,362 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
3,366 |
|
|
|
831 |
|
|
|
7,316 |
|
|
|
(3,366 |
) |
|
|
8,147 |
|
Depreciation and amortization |
|
|
1,833 |
|
|
|
2,197 |
|
|
|
— |
|
|
|
1,883 |
|
|
|
574 |
|
|
|
(1,475 |
) |
|
|
5,012 |
|
Personnel and other operating expenses |
|
|
33,862 |
|
|
|
47,320 |
|
|
|
1,299 |
|
|
|
6,257 |
|
|
|
14,237 |
|
|
|
(34,514 |
) |
|
|
68,461 |
|
Total expenses |
|
|
405,711 |
|
|
|
84,488 |
|
|
|
30,083 |
|
|
|
8,971 |
|
|
|
32,356 |
|
|
|
(192,236 |
) |
|
|
369,373 |
|
Income (loss) before income taxes (d) |
|
$ |
210,432 |
|
|
$ |
81,439 |
|
|
$ |
8,430 |
|
|
$ |
1,519 |
|
|
$ |
(16,793 |
) |
|
$ |
303 |
|
|
$ |
285,330 |
|
Total revenue from non-affiliates (e) |
|
$ |
604,060 |
|
|
$ |
4,012 |
|
|
$ |
42,425 |
|
|
$ |
7,896 |
|
|
$ |
3,701 |
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
889,857 |
|
|
$ |
— |
|
|
$ |
71,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Other revenue under Real Estate primarily consisted of rental income from investment properties. (b)Other revenue under Corporate and Other primarily consisted of management fees for AIF services. (c)Gross premiums earned under Insurance Operations included $3,912 earned from Reciprocal Exchange Operations. (d)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. (e)Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|