Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 13

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 13
---
 “—Non-GAAP Reconciliations” for a reconciliation of underwriting and fee revenues, underwriting and fee margin, adjusted net income and adjusted return on average equity to their GAAP equivalents.

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

($ in thousands)Three Months Ended June 30, 20252024Change% ChangeRevenues:Earned premiums, net$381,941 $398,467 $(16,526)(4.1)%Service and administrative fees96,847 105,847 (9,000)(8.5)%Ceding commissions3,542 5,065 (1,523)(30.1)%Net investment income10,505 6,381 4,124 64.6 %Net realized and unrealized gains (losses)11,968 2,545 9,423 370.3 %Other revenue8,214 11,637 (3,423)(29.4)%Total revenues$513,017 $529,942 $(16,925)(3.2)%Expenses:Net losses and loss adjustment expenses$197,871 $205,259 $(7,388)(3.6)%Member benefit claims28,601 28,716 (115)(0.4)%Commission expense140,486 173,279 (32,793)(18.9)%Employee compensation and benefits37,711 31,558 6,153 19.5 %Interest expense8,406 7,488 918 12.3 %Depreciation and amortization4,484 4,833 (349)(7.2)%Other expenses28,314 27,559 755 2.7 %Total expenses$445,873 $478,692 $(32,819)(6.9)%Income (loss) before taxes (1)$67,144 $51,250 $15,894 31.0 %Key Performance Metrics:Gross written premiums and premium equivalents$907,624 $776,059 $131,565 17.0 %Net written premiums$428,806 $365,897 $62,909 17.2 %Loss ratio48.2 %47.3 %Acquisition ratio26.1 %30.9 %Underwriting ratio74.3 %78