Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 226

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 226
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 sector and across a variety of other industries, including mortgage, specialty finance and shipping. Our largest operating subsidiary, Fortegra, is a leading provider of specialty insurance products and related services. We also generate earnings from a diverse group of select investments that we refer to as Tiptree Capital, which includes our Mortgage segment and other, non-insurance businesses and assets. We evaluate performance primarily by the comparison of stockholders’ long-term total return on capital, as measured by growth in stock price plus dividends paid, in addition to Adjusted Net Income. 

Our year-to-date 2025 highlights include:

Overall:

•Tiptree reported net income of $24.6 million for the six months ended June 30, 2025, compared to $21.9 million in the prior year period, driven by growth in Fortegra’s underwriting and fee income, and higher net investment income, partially offset by incremental interest expense on $74.6 million of outstanding borrowings at the holding company level. Return on average equity was 10.3% for the six months ended June 30, 2025 and 2024. 

•Adjusted net income of $50.5 million increased from $45.0 million in the six months ended June 30, 2024, driven by growth in insurance operations. Adjusted return on average equity was 21.1% for the six months ended June 30, 2025 and 2024.

Insurance:

•Gross written premiums and premium equivalents were $1,660.8 million for the six months ended June 30, 2025, an increase of $221.3 million, or 15.4%, from the prior year period as a result of growth in E&S insurance lines in the U.S. and Europe. 

•Net written premiums were $786.5 million for the six months ended June 30, 2025, an increase of 15.0% from the six months ended June 30, 2024, driven by growth in gross written premiums and stable premium retention levels.

•Total revenues were $993.6 million, a decrease of $15.1 million, or 1.5%, from the six months ended June 30, 2024, driven by the impacts in 2024 from an assumption of a block of premiums from an MGA partner in December 2023, and decreases in service and administrative fees. Excluding the assumption, the revenues increased by 8.8% compared