Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Dollar amounts in thousands)
| Revenue |
|
|
|
|
|
|
| Earned premiums |
|
$ |
2,832,815 |
|
$ |
2,722,762 |
| Administrative charges |
|
|
12,367 |
|
|
12,235 |
| Other revenue |
|
|
161,203 |
|
|
161,435 |
| Total revenue |
|
|
3,006,385 |
|
|
2,896,432 |
| Expenses |
|
|
|
|
|
|
| Net claims expense |
|
|
2,623,299 |
|
|
2,403,869 |
| Change in premium deficiency reserves |
|
|
52,698 |
|
|
(7,098) |
| Total claims expense |
|
|
2,675,997 |
|
|
2,396,771 |
| Excess of revenue over claims expense |
|
|
330,388 |
|
|
499,661 |
| General and administrative expenses |
|
|
508,251 |
|
|
501,606 |
| Operating loss |
|
|
(177,863) |
|
|
(1,945) |
| Other income, net |
|
|
|
|
|
|
| Investment income, net |
|
|
10,664 |
|
|
9,209 |
| Recognized (losses) on investments, net |
|
|
(723) |
|
|
(1,379) |
| Interest (expense) on loan payable to parent |
|
|
(102) |
|
|
- |
| Other income |
|
|
7 |
|
|
- |
| Other income, net |
|
|
9,846 |
|
|
7,830 |
| Net (loss)/income before taxes |
|
|
(168,017) |
|
|
5,885 |
| Income tax benefit/(expense) |
|
|
31 |
|
|
(666) |
| Net (loss)/income |
|
|
(167,986) |
|
|
5,219 |
| Change in unrealized gains/(losses) on investments |
|
|
980 |
|
|
7,942 |
| (Decrease)/increase in total net assets |
|
$ |
(167,006) |
|
$ |
13,161 |