Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 27

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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 30, ($ in thousands)20252024InsuranceServicesTotalInsuranceServicesTotalUnderwriting and Fee Revenues (1)$747,573$173,216$920,789$749,820 $193,414 $943,234 Net losses and loss adjustment expenses377,719—377,719380,639 — 380,639 Member benefit claims—58,06658,066— 61,000 61,000 Commission expense (2)190,49865,421255,919224,172 68,586 292,758 Underwriting and Fee Margin (1)$179,356$49,729$229,085$145,009 $63,828 $208,837 Loss ratio50.5 %33.5 %47.3 %50.8 %31.5 %46.8 %Acquisition ratio25.5 %37.8 %27.8 %29.9 %35.5 %31.0 %Underwriting ratio76.0 %71.3 %75.1 %80.7 %67.0 %77.8 %

65

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

(2)     Commission expense in this table is presented net of ceding fees and ceding commissions of $29.0 million and $7.2 million, respectively, as of the six months ended June 30, 2025, and $29.7 million and $7.8 million, respectively, as of the six months ended June 30, 2024. 

Underwriting and fee revenues were $920.8 million for the six months ended June 30, 2025 as compared to $943.2 million for the six months ended June 30, 2024. Total underwriting and fee revenues decreased $22.4 million, or 2.4%. The decrease in Insurance was $2.2 million, or 0.3%, primarily driven by the impacts from the assumption of a block of business from an MGA partner in 2023, partially offset by continued growth in E&S business. The decrease in Services was $20.2 million, or 10.4%, driven by decrease in vehicle service contracts in U.S and Europe.

Underwriting and fee margin was $229