Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 206

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 206
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3 percentage points in the prior year period. The primary catastrophic events impacting 2025 were the California wildfires. The operating expense ratio increased 1.1 percentage points to 13.9%, as compared to 12.8% in the prior year period.

Underwriting and Fee Revenues and Underwriting and Fee Margin - Non-GAAP

The below tables show underwriting and fee revenues and underwriting and fee margin by business mix for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31, ($ in thousands)20252024InsuranceServicesTotalInsuranceServicesTotalUnderwriting and Fee Revenues (1)$364,739$86,492$451,231$350,192 $97,891 $448,083 Net losses and loss adjustment expenses179,848—179,848175,380 — 175,380 Member benefit claims—29,46529,465— 32,284 32,284 Commission expense (2)100,57832,782133,360105,370 34,215 139,585 Underwriting and Fee Margin (1)$84,313$24,245$108,558$69,442 $31,392 $100,834 Loss ratio49.3 %34.1 %46.4 %50.1 %33.0 %46.3 %Acquisition ratio27.6 %37.9 %29.6 %30.1 %35.0 %31.2 %Underwriting ratio76.9 %72.0 %76.0 %80.2 %68.0 %77.5 %

(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 $14.6 million and $3.6 million, respectively, as of the three months ended March 31, 2025, and $14.6 million and $2.7 million, respectively, as of the three months ended March 31, 2024. 

Underwriting and fee revenues were $451.2 million for the three months ended March 31, 2025 as compared to $448.1 million for the three months ended March 31, 2024.