Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 240

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 240
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1)    Net income was $51.2 million for the three months ended June 30, 2025 compared to $37.6 million for the three months ended June 30, 2024. 

(2)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

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Revenues - Three Months Ended June 30, 2025 compared to 2024

For the three months ended June 30, 2025, total revenues decreased 3.2%, to $513.0 million, as compared to $529.9 million for the three months ended June 30, 2024. Earned premiums, net of $381.9 million decreased $16.5 million, or 4.1%, driven by the impacts in 2024 from an assumption of a block of premiums from an MGA partner in December 2023. Excluding the assumption, the revenues increased 4.5% compared to three months ended June 30, 2024. Earned premiums assumed from other insurance companies were $156.2 million, or 40.9% of the total, compared to $159.8 million, or 40.1% of the total, in the prior year period. As it expands to new geographies and expands product offerings, the Company works to obtain necessary licenses and intends to write this business directly upon obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. Service and administrative fees of $96.8 million decreased by 8.5% driven primarily by a decline in vehicle service contract revenues in U.S. and Europe. Ceding commissions of $3.5 million decreased by $1.5 million, or 30.1%. Other revenues decreased by $3.4 million, or 29.4%, driven by lower interest income on cash equivalents and premium finance product offerings. 

For the three months ended June 30, 2025, net investment income was $10.5 million as compared to $6.4 million in the prior year period, an increase of $4.1 million driven by increased yields on investments and increased allocation to fixed income securities compared to cash equivalents. Net realized and unrealized gains were $12.0 million, an improvement of $9.4 million, as compared to net realized and unrealized gains of $2.5 million in the prior year period, primarily driven by the change in fair value