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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Gross premiums earned $ 265,518 [1] $ 188,308 $ 785,723 [2] $ 550,322
Premiums ceded (109,694) (66,152) (254,513) (203,051)
Net premiums earned 155,824 122,156 531,210 347,271
Net investment income 13,714 9,384 44,662 35,893
Net realized investment gains (losses) 2,846 (207) 3,058 (1,586)
Net unrealized investment gains (losses) 657 (1,041) 3,825 385
Policy fee income 1,229 1,092 3,337 3,651
Other 1,047 260 2,084 2,386
Total revenue 175,317 131,644 588,176 388,000
Expenses        
Losses and loss adjustment expenses 105,736 66,726 263,982 189,181
Policy acquisition and other underwriting expenses 26,104 22,768 71,695 68,106
General and administrative personnel expenses 19,175 13,864 52,920 41,638
Interest expense 3,421 2,827 10,022 8,295
Other operating expenses 6,801 5,371 22,021 17,290
Total expenses 161,237 111,556 420,640 324,510
Income before income taxes 14,080 [3] 20,088 [4] 167,536 [5] 63,490 [6]
Income tax expense 4,688 4,419 44,089 15,146
Net income 9,392 15,669 123,447 48,344
Net income attributable to redeemable noncontrolling interests (Note 18) 0 (2,349) (10,149) (7,010)
Net income attributable to noncontrolling interests (3,710) (163) (5,929) (396)
Net income after noncontrolling interests $ 5,682 $ 13,157 $ 107,369 $ 40,938
Basic earnings per share $ 0.54 $ 1.53 $ 10.42 $ 4.76
Diluted earnings per share $ 0.52 $ 1.34 $ 8.59 $ 4.16
[1] Gross premiums earned under Insurance Operations include $1,226 earned from the reciprocal exchange operations.
[2] Gross premiums earned under Insurance Operations include $2,891 earned from the reciprocal exchange operations.
[3] 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 TypTap Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
[4] The income (loss) before income taxes in the reclassification/elimination column results from the recast of segment information.
[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 TypTap Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues 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 results from the recast of segment information.