Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 200

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 200
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 stockholders’ equity during the period. See “—Non-GAAP Reconciliations” for a reconciliation of adjusted return on average equity to return on average equity in accordance with GAAP.

Results of Operations - Three Months Ended March 31, 2025 compared to 2024

($ in thousands)Three Months Ended March 31, 20252024Change% ChangeRevenues:Earned premiums, net$363,437 $347,310 $16,127 4.6 %Service and administrative fees97,298 110,487 (13,189)(11.9)%Ceding commissions3,633 2,744 889 32.4 %Net investment income11,729 6,758 4,971 73.6 %Net realized and unrealized gains (losses)(3,419)2,819 (6,238)NM%Other revenue7,903 8,638 (735)(8.5)%Total revenues$480,581 $478,756 $1,825 0.4 %Expenses:Net losses and loss adjustment expenses$179,848 $175,380 $4,468 2.5 %Member benefit claims29,465 32,284 (2,819)(8.7)%Commission expense151,600 156,948 (5,348)(3.4)%Employee compensation and benefits36,435 31,450 4,985 15.9 %Interest expense8,886 7,639 1,247 16.3 %Depreciation and amortization4,450 5,083 (633)(12.5)%Other expenses31,843 33,161 (1,318)(4.0)%Total expenses$442,527 $441,945 $582 0.1 %Income (loss) before taxes (1)$38,054 $36,811 $1,243 3.4 %Key Performance Metrics:Gross written premiums and premium equivalents$753,175 $663,417 $89,758 13.5 %Net written premiums$357,689 $318,151 $39,538 12.4 %Loss ratio46.4 %46.3 %Acquisition ratio29.6 %31.2 %Underwriting ratio76.0 %77