Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 153

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 153
---

For the three months ended March 31, 2025, total revenues increased 0.4%, to $480.6 million, as compared to $478.8 million for the three months ended March 31, 2024. Earned premiums, net of $363.4 million increased $16.1 million, or 4.6%, driven by growth in admitted and E&S commercial lines. Earned premiums assumed from other insurance companies were $141.1 million, or 38.8% of the total, compared to $141.3 million, or 40.7% 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 

55

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 $97.3 million decreased by 11.9% driven by decrease in warranty and consumer goods service contract revenues in U.S. and Europe. Ceding commissions of $3.6 million increased by $0.9 million, or 32.4%. Other revenues decreased by $0.7 million, or 8.5%, driven by decrease in interest income on cash equivalents and premium finance product offerings.

For the three months ended March 31, 2025, 22.6% of revenues were derived from fees that were not solely dependent upon the underwriting performance of Fortegra’s insurance products, resulting in more diversified earnings. For the three months ended March 31, 2025, 79.5% of fee-based revenues were generated in non-regulated service companies, with the remainder in regulated insurance companies.

For the three months ended March 31, 2025, net investment income was $11.7 million as compared to $6.8 million in the prior year period, an increase of $5.0 million driven by increased yields on investments. Net realized and unrealized losses were $3.4 million, compared to net realized and unrealized gains of $2.8 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 three months ended March 31, 2025 were $9.9 million, driven by positive fair