Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 189

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 189
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2025, an increase of 12.4%, driven by growth in gross written premiums.

•Total revenues were $480.6 million, an increase of $1.8 million, or 0.4%, from the three months ended March 31, 2024, driven by premium growth in specialty E&S and admitted insurance lines in the U.S. and Europe.

•Combined ratio of 89.9%, driven by consistent underwriting performance and the scalability of Fortegra’s operating platform.

•Income before taxes of $38.1 million as compared to $36.8 million in 2024, with the increase driven by growth in underwriting and fee revenues. Return on average equity was 17.7% in 2025 as compared to 22.3% in the three months ended March 31, 2024.

•Adjusted net income (before NCI) was $40.5 million, an increase of $6.3 million, or 18.6%, from the three months ended March 31, 2024. Adjusted return on average equity was 25.0%, as compared to 28.3% in the three months ended March 31, 2024.

•Fortegra’s total stockholders’ equity was $667.9 million as of March 31, 2025, compared to $625.5 million as of December 31, 2024, with the increase driven by growth in retained earnings and a decrease in the accumulated other comprehensive loss position.

Tiptree Capital:

•Mortgage loss before taxes was $0.2 million for the three months ended March 31, 2025, as compared to income of $0.8 million in the three months ended March 31, 2024, with the decrease driven by the negative fair value adjustments in mortgage servicing rights and lower origination volumes, partially offset by higher loan servicing fees.

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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,