Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 138

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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2%, driven by the impacts from the assumption of a block of business from an MGA partner in 2023. The decrease in Services was $8.8 million, or 9.2%, driven by decline in vehicle service contracts in U.S. and Europe.

Underwriting and fee margin was $120.5 million for the three months ended June 30, 2025 as compared to $108.0 million for the three months ended June 30, 2024. Total underwriting and fee margin increased $12.5 million, or 11.6%. Insurance grew by $19.5 million, or 25.8%, driven by decline in commission expense in Insurance as a result of swing rate commission structures. Services decreased by $7.0 million, or 21.4%, driven by decrease in vehicle service contracts in U.S. and Europe.

Return on Average Equity

Return on average equity was 29.3% for the three months ended June 30, 2025, as compared to 28.4% for the prior year period, with the increase driven by the improved combined ratio and higher investment gains compared to the prior year period.

Adjusted Net Income and Adjusted Return on Average Equity - Non-GAAP

For the three months ended June 30, 2025, adjusted net income and adjusted return on average equity were $45.2 million and 25.8%, respectively, as compared to $40.3 million and 29.7%, respectively, for the three months ended June 30, 2024. 

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Results of Operations - Six Months Ended June 30, 2025 compared to 2024

($ in thousands)Six Months Ended June 30, 20252024Change% ChangeRevenues:Earned premiums, net$745,378 $745,777 $(399)(0.1)%Service and administrative fees194,145 216,334 (22,189)(10.3)%Ceding commissions7,175 7,809 (634)(8.1)%Net investment income22,234 13,139 9,095 69.2 %Net realized and unrealized gains (losses)8,549 5,364 3,185 59.4 %Other revenue16,117 20,275 (4,158)(20.5)%Total revenues$993,598 $1,008,698 $(15,100)(1