Company: TIPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001393726-25-000028
Chunk: 6

Company: TIPTREE INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 6
---
31, 2024 was $12.29, an increase from book value per share of $11.34 as of December 31, 2023, driven by comprehensive income per share, partially offset by dividends paid of $0.49 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

Results by Segment

We classify our business into two reportable segments, Insurance and Mortgage, with the remainder of our operations aggregated into Tiptree Capital - Other. Corporate activities include holding company interest expense, corporate employee compensation and benefits, and other expenses, including public company expenses.

The following tables present the components of Revenue, Income (loss) before taxes and Adjusted net income for the following periods:

($ in thousands)Year EndedDecember 31, 20242023Revenues:Insurance$1,973,709 $1,593,070 Mortgage65,914 53,864 Tiptree Capital - other3,231 2,097 Corporate— — Total revenues$2,042,854 $1,649,031 Income (loss) before taxes:Insurance$183,158 $129,816 Mortgage4,725 (3,285)Tiptree Capital - other(163)(3,264)Corporate(38,401)(40,214)Total income (loss) before taxes$149,319 $83,053 Non-GAAP - Adjusted net income: (1)Insurance$124,393 $91,963 Mortgage1,531 (1,082)Tiptree Capital - other289 923 Corporate(26,153)(29,887)Total adjusted net income$100,060 $61,917 

57

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

Insurance

Our principal operating subsidiary, Fortegra, is a specialty insurance underwriter and service provider, which focuses on niche lines and fee-oriented services. The combination of specialty insurance underwriting, service contract products, and related service solutions delivered through a vertically integrated business model creates a blend of traditional underwriting revenues, investment income and unregulated fee revenues. The business is an agent-driven model, distributing products through independent insurance agents, consumer finance companies, online retailers, auto dealers, and regional big box retailers to deliver products that complement the consumer transaction.

As of December 31, 202