Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 26

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 year period, consistent with growth in gross written premiums. For the six months ended June 30, 2025, commercial lines increased by $114.2 million, or 18.9%, driven by growth in E&S and specialty admitted business. For the six months ended June 30, 2025, personal lines decreased by $11.8 million, or 15.1%, driven by declines in personal credit and auto insurance lines. Property and short-tail lines represented $296.0 million, or 37.6%, of the total net written premiums for the six months ended June 30, 2025 compared to $216.9 million, or 31.7%, for the prior year period. Property and short-tail net written premiums were diversified by geographic location, exposure and risk type with substantial reinsurance protection.

Combined Ratio

The combined ratio was 89.2% for the six months ended June 30, 2025, compared to 90.0% for the prior year period, reflecting the consistent underwriting performance and scalability of the Company’s operating platform. The underwriting ratio was 75.1%, a decrease of 2.7 percentage points from the prior year period, which consists of a loss ratio of 47.3%, compared to 46.8% in the prior year period, and an acquisition ratio of 27.8%, compared to 31.0% 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 offset by the decline in acquisition ratio as a result of changes in business mix and impacts from swing rate commission structures. Additionally, for the six months ended June 30, 2025, the loss ratio included 3.3 percentage points related to net catastrophe losses as compared to 0.1 percentage points in the prior year period. The primary catastrophic events impacting 2025 were the California wildfires. The operating expense ratio increased 1.9 percentage points to 14.1%, as compared to 12.2% in the prior year period, driven by our continued investment in growing our E&S business.

Underwriting and Fee Revenues and Underwriting and Fee Margin - Non-GAAP

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

Six Months Ended June