Company: TIPT
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001393726-25-000038
Chunk: 4

Company: TIPTREE INC.
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 4
---
2023, driven by growth in our insurance business and improved mortgage operations.

• Adjusted net income of $100.1 million increased by 61.6% from $61.9 million in 2023. Adjusted return on average equity was 22.9% for the year, as compared to 15.2% in 2023.

#### Insurance (Fortegra)
|                                                | ($ in thousands) | Year Ended December 31, |      2024 |   |     |   |      2023 |   |
|:-----------------------------------------------|:-----------------|:------------------------|----------:|:--|:----|:--|----------:|:--|
| Gross written premiums and premium equivalents |                  | $                       | 3,068,199 |   |     | $ | 2,747,854 |   |
| Net written premiums                           |                  | $                       | 1,438,952 |   |     | $ | 1,319,948 |   |
| Revenues                                       |                  | $                       | 1,973,709 |   |     | $ | 1,593,070 |   |
| Income before taxes                            |                  | $                       |   183,158 |   |     | $ |   129,816 |   |
| Return on average equity                       |                  |                         |      26.0 | % |     |   |      25.7 | % |
| Combined ratio                                 |                  |                         |      90.0 | % |     |   |      90.3 | % |
| Non-GAAP:(1)                                   |                  |                         |           |   |     |   |           |   |
| Adjusted net income                            |                  | $                       |   157,031 |   |     | $ |   115,705 |   |
| Adjusted return on average equity              |                  |                         |      29.1 | % |     |   |      29.2 | % |

<div align='center'>2</div>

____________________________

(1) For a reconciliation to GAAP financials, see “Annex A: Non-GAAP Measures.” Adjusted net income is presented before the impacts of non-controlling interests.

• Gross written premiums and premium equivalents of $851.9 million for the quarter, an increase of 17.6%, and $3.07 billion for the year, an increase of