Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 19

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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 ratio of 26.1%, compared to 30.9% in the prior year period. The increase in loss ratio was driven by changes in business mix towards commercial lines and increases in repair and labor costs on vehicle service contracts compared to prior year period, which was more than offset by the decline in acquisition ratio as a result of changes in business mix and swing rate commission structures. Additionally, for the three months ended June 30, 2025 and 2024, net catastrophe losses included in the loss ratio were de minimis. The operating expense ratio increased 2.5 percentage points to 14.2%, as compared to 11.7% in the prior year period, driven by our continued investment in growing our E&S business. 

Underwriting and Fee Revenues and Margin - Non-GAAP 

The below tables show underwriting and fee revenues and underwriting and fee margin by business mix for the three months ended June 30, 2025 and 2024.

Three Months Ended June 30, ($ in thousands)20252024InsuranceServicesTotalInsuranceServicesTotalUnderwriting and Fee Revenues (1)$382,835$86,723$469,558$399,628$95,523$495,151Net losses and loss adjustment expenses197,871—197,871205,259—205,259Member benefit claims—28,60128,601—28,71628,716Commission expense (2)89,91932,640122,559118,80234,371153,173Underwriting and Fee Margin (1)$95,045$25,482$120,527$75,567$32,436$108,003Loss ratio51.7 %33.0 %48.2 %51.4 %30.1 %47.3 %Acquisition ratio23.5 %37.6 %26.1 %29.7 %36.0 %30.9 %Underwriting ratio75.2 %70.6 %74.3 %81.1 %66.1 %78.2 %

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

(2)     Commission expense in this table is presented net of ceding fees and ceding commissions of $14.4 million and $3.5 million, respectively, as of the three months