Tiptree Inc. announced its financial results for the first quarter of 2025, reporting an adjusted return on average equity of 20.0%. Consolidated net income attributable to common stockholders was $5.6 million, compared to $9.1 million in the prior year period. Diluted earnings per share were $0.13, down from $0.22 in Q1 2024.
Fortegra, the insurance segment, achieved 13.5% growth in gross written premiums and premium equivalents, reaching $753.2 million. Despite substantial industry-wide catastrophic losses during the quarter, Fortegra delivered a combined ratio of 89.9%, an improvement of 0.4% from Q1 2024. Adjusted net income for Fortegra was $40.5 million, up 18.6% from the prior year.
Net investment income saw a substantial increase during the quarter, driven by portfolio expansion and attractive reinvestment opportunities in high-quality bonds. The company's investment portfolio book yield improved to 4.1% from 3.7% in the prior year. Corporate expenses increased to $12.7 million, primarily due to higher accrued incentive compensation and interest expense.
Management expressed satisfaction with the strong first quarter results, highlighting Fortegra's robust pipeline of opportunities and a favorable pricing environment for new business. The company remains committed to growing long-term shareholder value and reflecting the intrinsic value of its businesses.
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