Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 20

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 ended June 30, 2025, and $15.0 million and $5.1 million, respectively, as of the three months ended June 30, 2024. 

Underwriting and fee revenues were $469.6 million for the three months ended June 30, 2025 as compared to $495.2 million for the three months ended June 30, 2024. Total underwriting and fee revenues decreased $25.6 million, or 5.2%. The decrease in Insurance was $16.8 million, or 4.2%, driven by the impacts from the assumption of a block of business from an MGA partner in 2023. The decrease in Services was $8.8 million, or 9.2%, driven by decline in vehicle service contracts in U.S. and Europe.

Underwriting and fee margin was $120.5 million for the three months ended June 30, 2025 as compared to $108.0 million for the three months ended June 30, 2024. Total underwriting and fee margin increased $12.5 million, or 11.6%. Insurance grew by $19.5 million, or 25.8%, driven by decline in commission expense in Insurance as a result of swing rate commission structures. Services decreased by $7.0 million, or 21.4%, driven by decrease in vehicle service contracts in U.S. and Europe.

Return on Average Equity

Return on average equity was 29.3% for the three months ended June 30, 2025, as compared to 28.4% for the prior year period, with the increase driven by the improved combined ratio and higher investment gains compared to the prior year period.

Adjusted Net Income and Adjusted Return on Average Equity - Non-GAAP

For the three months ended June 30, 2025, adjusted net income and adjusted return on average equity were $45.2 million and 25.8%, respectively, as compared to $40.3 million and 29.7%, respectively, for the three months ended June 30, 2024. 

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

($ in thousands)Six Months Ended June 30, 20252024Change% ChangeRevenues:Earned premiums, net$745,378 $745,777 $(399)(0.1)%Service and administrative fees194,145