Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 63

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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Total revenues$480,581 $478,756 $1,825 0.4 %Expenses:Net losses and loss adjustment expenses$179,848 $175,380 $4,468 2.5 %Member benefit claims29,465 32,284 (2,819)(8.7)%Commission expense151,600 156,948 (5,348)(3.4)%Employee compensation and benefits36,435 31,450 4,985 15.9 %Interest expense8,886 7,639 1,247 16.3 %Depreciation and amortization4,450 5,083 (633)(12.5)%Other expenses31,843 33,161 (1,318)(4.0)%Total expenses$442,527 $441,945 $582 0.1 %Income (loss) before taxes (1)$38,054 $36,811 $1,243 3.4 %Key Performance Metrics:Gross written premiums and premium equivalents$753,175 $663,417 $89,758 13.5 %Net written premiums$357,689 $318,151 $39,538 12.4 %Loss ratio46.4 %46.3 %Acquisition ratio29.6 %31.2 %Underwriting ratio76.0 %77.5 %Operating expense ratio13.9 %12.8 %Combined ratio89.9 %90.3 %Return on average equity17.7 %22.3 %Non-GAAP Financial Measures (2):Adjusted net income (before NCI)$40,476 $34,133 $6,343 18.6 %Adjusted return on average equity25.0 %28.3 %Adjusted net income$32,017 $27,057 $4,960 18.3 %

(1)    Net income was $28.4 million for the three months ended March 31, 2025 compared to $26.9 million for the three months ended March 31, 2024. 

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

Revenues - Three Months Ended March 31, 2025 compared to 2024