Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 201

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 201
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.5 %Operating expense ratio13.9 %12.8 %Combined ratio89.9 %90.3 %Return on average equity17.7 %22.3 %Non-GAAP Financial Measures (2):Adjusted net income (before NCI)$40,476 $34,133 $6,343 18.6 %Adjusted return on average equity25.0 %28.3 %Adjusted net income$32,017 $27,057 $4,960 18.3 %

(1)    Net income was $28.4 million for the three months ended March 31, 2025 compared to $26.9 million for the three months ended March 31, 2024. 

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

Revenues - Three Months Ended March 31, 2025 compared to 2024

For the three months ended March 31, 2025, total revenues increased 0.4%, to $480.6 million, as compared to $478.8 million for the three months ended March 31, 2024. Earned premiums, net of $363.4 million increased $16.1 million, or 4.6%, driven by growth in admitted and E&S commercial lines. Earned premiums assumed from other insurance companies were $141.1 million, or 38.8% of the total, compared to $141.3 million, or 40.7% 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 

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obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. For the presented periods, earned premiums, net, did not include any significant regional geographic concentrations. Service and administrative fees of $97.3 million decreased by 11.9% driven by decrease in warranty and consumer goods service contract revenues in U.S. and Europe. Ceding commissions of $3.6 million increased by $0.9 million, or 32.4%. Other revenues decreased by $0.7 million, or 8.5%, driven by decrease in interest income on cash equivalents and premium finance product offerings.

For the three months ended March 31, 2025, 22