Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 119

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 to the prior year.

•Combined ratio of 89.2%, an improvement of 0.8 percentage points, driven by improvement in the underwriting ratio, partially offset by an increased expense ratio as we continue to invest in U.S. and European E&S markets.

•Income before taxes of $105.2 million as compared to $88.1 million in the six months ended June 30, 2024, with the increase driven by improved insurance operations and higher investment gains. Return on average equity was 23.5% in 2025 as compared to 25.8% in the six months ended June 30, 2024.

•Adjusted net income (before NCI) was $85.6 million, an increase of $11.2 million, or 15.0%, from the six months ended June 30, 2024. Adjusted return on average equity was 25.3%, as compared to 29.7% in the six months ended June 30, 2024.

•Fortegra’s total stockholders’ equity was $730.9 million as of June 30, 2025, compared to $625.5 million as of December 31, 2024, an increase of 16.9%, driven by growth in retained earnings and a decrease in the accumulated other comprehensive loss position.

Tiptree Capital:

•Mortgage income before taxes was $28.0 thousand for the six months ended June 30, 2025, as compared to income of $1.3 million in the six months ended June 30, 2024, with the decrease primarily driven by negative fair value adjustments in mortgage servicing rights, partially offset by higher loan servicing fees.

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Table of Contents

Key Trends:

Our results of operations are affected by a variety of factors including, but not limited to, general economic conditions and GDP growth, market liquidity and volatility, consumer confidence, U.S. demographics, employment and wage growth, business confidence and investment, inflation, interest rates and spreads, the impact of the regulatory environment, and the other factors set forth in Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Generally, our businesses are positively affected by a healthy U.S. consumer, stable to gradually rising interest rates, stable markets and business conditions, and global growth and trade flows. Conversely, rising unemployment, volatile markets, rapidly rising interest rates, inflation,