Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 1

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 1
---
.0% from the six months ended June 30, 2024, driven by growth in gross written premiums and stable premium retention levels.

•Total revenues were $993.6 million, a decrease of $15.1 million, or 1.5%, from the six months ended June 30, 2024, driven by the impacts in 2024 from an assumption of a block of premiums from an MGA partner in December 2023, and decreases in service and administrative fees. Excluding the assumption, the revenues increased by 8.8% compared to the prior year.

•Combined ratio of 89.2%, an improvement of 0.8 percentage points, driven by improvement in the underwriting ratio, partially offset by an increased expense ratio as we continue to invest in U.S. and European E&S markets.

•Income before taxes of $105.2 million as compared to $88.1 million in the six months ended June 30, 2024, with the increase driven by improved insurance operations and higher investment gains. Return on average equity was 23.5% in 2025 as compared to 25.8% in the six months ended June 30, 2024.

•Adjusted net income (before NCI) was $85.6 million, an increase of $11.2 million, or 15.0%, from the six months ended June 30, 2024. Adjusted return on average equity was 25.3%, as compared to 29.7% in the six months ended June 30, 2024.

•Fortegra’s total stockholders’ equity was $730.9 million as of June 30, 2025, compared to $625.5 million as of December 31, 2024, an increase of 16.9%, driven by growth in retained earnings and a decrease in the accumulated other comprehensive loss position.

Tiptree Capital:

•Mortgage income before taxes was $28.0 thousand for the six months ended June 30, 2025, as compared to income of $1.3 million in the six months ended June 30, 2024, with the decrease primarily driven by negative fair value adjustments in mortgage servicing rights, partially offset by higher loan servicing fees.

51

Table of Contents

Key Trends:

Our results of operations are affected by a variety of factors including, but not limited to, general economic conditions and GDP growth, market liquidity and volatility, consumer