Company: TIPT
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001393726-25-000038
Chunk: 5

Company: TIPTREE INC.
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 5
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 11.7%, driven by growth in specialty E&S insurance lines.

• Net written premiums were $365.6 million for the quarter, a decrease of 4.9%, and $1.44 billion for the year, an increase of 9.0%. The increase for the year was consistent with the growth in gross written premiums and premium equivalents and increased retention on Fortegra’s whole account quota share reinsurance agreement. Net written premiums increased by 41.1% for the quarter, and 20.4% for the year, excluding the one-time assumption of premium from a book-roll transaction with one of Fortegra’s MGA partners in Q4'23.

• Revenues increased 11.7% for the quarter and 23.9% for the year driven by premium growth in specialty E&S and admitted lines. Excluding the impact of investment gains and losses, revenues increased by 13.2% for the quarter and 23.0% for the year.

• The combined ratio for the quarter was 89.5%, down 0.3 percentage points, reflecting the consistent underwriting performance and scalability of the Company’s operations. Year-to-date combined ratio was 90.0%, as compared to 90.3% in 2023. Included in the 2024 combined ratio was 2.6 percentage points related to net catastrophe losses as compared to 0.2 percentage points in 2023. The primary catastrophic events impacting 2024 were Hurricanes Helene and Milton.

• Income before taxes was $47.9 million for the quarter, an increase of 8.3%. Year-to-date income before taxes was $183.2 million, an increase of 41.1%. Annualized after-tax return on average equity for the year was 26.0%, compared to 25.7% in 2023.

• Adjusted net income for the quarter of $42.5 million, up 30.5% from Q4'23. Year-to-date adjusted net income of $157.0 million, up 35.7%. Annualized adjusted return on average equity for the year was 29.1%, compared to 29.2% in 2023.

• Fortegra’s total stockholders’ equity was $625.5 million as of December 31, 2024, compared to $452.6 million as of December 31, 2023, with the increase driven by net income and the aggregate capital contribution from T