Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 51

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 by growth in stock price plus dividends paid, in addition to Adjusted Net Income. 

Our first quarter of 2025 highlights include:

Overall:

•Tiptree reported net income of $5.6 million for the three months ended March 31, 2025, compared to $9.1 million in the prior year period, driven by growth in Fortegra’s underwriting and fee income, which was more than offset by lower net realized and unrealized investments gains, and incremental interest expense on $74.8 million of outstanding borrowings at the holding company level. Return on average equity was 4.8%, compared to 8.6% in the three months ended March 31, 2024. 

•Adjusted net income of $23.3 million increased from $20.5 million in the three months ended March 31, 2024, driven by growth in insurance operations. Adjusted return on average equity was 20.0%, as compared to 19.5% in the three months ended March 31, 2024.

Insurance:

•Gross written premiums and premium equivalents were $753.2 million for the three months ended March 31, 2025, an increase of $89.8 million, or 13.5%, from the prior year period as a result of growth in E&S insurance lines in the U.S. and Europe. 

•Net written premiums were $357.7 million for the three months ended March 31, 2025, an increase of 12.4%, driven by growth in gross written premiums.

•Total revenues were $480.6 million, an increase of $1.8 million, or 0.4%, from the three months ended March 31, 2024, driven by premium growth in specialty E&S and admitted insurance lines in the U.S. and Europe.

•Combined ratio of 89.9%, driven by consistent underwriting performance and the scalability of Fortegra’s operating platform.

•Income before taxes of $38.1 million as compared to $36.8 million in 2024, with the increase driven by growth in underwriting and fee revenues. Return on average equity was 17.7% in 2025 as compared to 22.3% in the three months ended March 31, 2024.

•Adjusted net income (before NCI) was $40.5 million, an increase of $6.3 million, or 18.6%, from the