Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 248

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 248
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 1.5%, to $993.6 million, as compared to $1,008.7 million for the six months ended June 30, 2024. Earned premiums, net of $745.4 million decreased $0.4 million, or 0.1%, driven by the impacts in 2024 from an assumption of a block of premiums from an MGA partner in December 2023. Excluding the assumption, the revenues increased 8.8% compared to six months ended June 30, 2024. Earned premiums assumed from other insurance companies were $297.3 million, or 39.9% of the total, compared to $301.1 million, or 40.4% of the total, in the prior year period. As it expands to new geographies and expands product offerings, the Company works to obtain necessary licenses and intends to write this business directly upon obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. For the presented periods, earned premiums, net, did not include any significant regional geographic concentrations. Service and administrative fees of $194.1 million decreased by 10.3% driven by decrease in warranty and consumer goods service contract revenues in U.S. and Europe. Ceding commissions of $7.2 million decreased by $0.6 million, or 8.1%. Other revenues decreased by $4.2 million, or 20.5%, driven by decrease in interest income on cash equivalents and premium finance product offerings.

For the six months ended June 30, 2025, net investment income was $22.2 million as compared to $13.1 million in the prior year period, an increase of $9.1 million driven by increased yields on investments and increased allocation to fixed income securities compared to cash equivalents. Net realized and unrealized gains were $8.5 million, compared to net realized and unrealized gains of $5.4 million in the prior year period, primarily driven by the change in fair value of equity securities and other investments carried at fair value. Unrealized gains on AFS securities impacting OCI for the six months ended June 30, 2025 were $15.1 million, driven by positive fair value adjustments on U.S. Treasury securities and obligations of U.S. government authorities and agencies, corporate bonds and other investments.

63

Expenses - Six Months Ended June 30, 2025 compared to 2024

For the six months ended June