Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 14

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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.2 %Operating expense ratio14.2 %11.7 %Combined ratio88.5 %89.9 %Return on average equity29.3 %28.4 %Non-GAAP Financial Measures (2):Adjusted net income (before NCI)$45,172 $40,316 $4,856 12.0 %Adjusted return on average equity25.8 %30.3 %Adjusted net income$35,711 $31,959 $3,752 11.7 %

(1)    Net income was $51.2 million for the three months ended June 30, 2025 compared to $37.6 million for the three months ended June 30, 2024. 

(2)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

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Revenues - Three Months Ended June 30, 2025 compared to 2024

For the three months ended June 30, 2025, total revenues decreased 3.2%, to $513.0 million, as compared to $529.9 million for the three months ended June 30, 2024. Earned premiums, net of $381.9 million decreased $16.5 million, or 4.1%, driven by the impacts in 2024 from an assumption of a block of premiums from an MGA partner in December 2023. Excluding the assumption, the revenues increased 4.5% compared to three months ended June 30, 2024. Earned premiums assumed from other insurance companies were $156.2 million, or 40.9% of the total, compared to $159.8 million, or 40.1% 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 obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. Service and administrative fees of $96.8 million decreased by 8.5% driven primarily by a decline in vehicle service contract revenues in U.S. and Europe. Ceding commissions of $3.5 million decreased by $1.5 million, or 30.1%. Other revenues decreased by $3.4 million, or 29.4%, driven by lower interest income on cash equivalents and premium finance