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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM and net income:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Management fee revenue | $ | 844,106 |  |  | $ | 786,316 |  |  | $ | 2,458,949 |  |  | $ | 2,246,873 |
Administrative services reimbursement revenue | 215,694 |  |  | 206,754 |  |  | 638,611 |  |  | 604,349 |
Service agreement revenue | 6,939 |  |  | 6,816 |  |  | 18,675 |  |  | 19,803 |
Total operating revenue | 1,066,739 |  |  | 999,886 |  |  | 3,116,235 |  |  | 2,871,025 |
Commissions | 461,513 |  |  | 420,516 |  |  | 1,361,815 |  |  | 1,216,227 |
Underwriting and policy processing | 53,097 |  |  | 51,449 |  |  | 156,264 |  |  | 150,350 |
Information technology | 56,294 |  |  | 54,825 |  |  | 178,748 |  |  | 158,914 |
Sales and advertising | 14,342 |  |  | 18,725 |  |  | 51,498 |  |  | 52,886 |
Customer service | 12,176 |  |  | 11,300 |  |  | 35,253 |  |  | 31,726 |
Administrative and other | 44,702 |  |  | 56,192 |  |  | 134,576 |  |  | 147,428 |
Cost of operations - policy issuance and renewal services | 642,124 |  |  | 613,007 |  |  | 1,918,154 |  |  | 1,757,531 |
Cost of operations - administrative services | 215,694 |  |  | 206,754 |  |  | 638,611 |  |  | 604,349 |
Total operating expenses (1) | 857,818 |  |  | 819,761 |  |  | 2,556,765 |  |  | 2,361,880 |
Operating income | 208,921 |  |  | 180,125 |  |  | 559,470 |  |  | 509,145 |
Total investment income | 21,554 |  |  | 19,549 |  |  | 60,690 |  |  | 48,455 |
Other income | 2,286 |  |  | 1,168 |  |  | 8,094 |  |  | 7,871 |
Income tax expense | 49,908 |  |  | 41,012 |  |  | 132,299 |  |  | 117,186 |
Net income | $ | 182,853 |  |  | $ | 159,830 |  |  | $ | 495,955 |  |  | $ | 448,285 |
(1) Management operations segment depreciation and amortization expense included in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $18.4 million and $14.4 million in the third quarter of 2025 and 2024, respectively, and $50.3 million and $41.5 million for the nine months ended September 30, 2025 and 2024, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 30% and 28% for the nine months ended September 30, 2025 and 2024, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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