Tiptree Inc. announced its financial results for the second quarter ended June 30, 2025, reporting consolidated net income of $19 million. Diluted earnings per share for the quarter were US$0.51, an increase from US$0.35 in the second quarter of 2024.
Total revenues for the quarter were US$528.8 million, a slight decrease of 3.3% from the second quarter of 2024. Despite this, Fortegra, the specialty insurance segment, continued its robust performance, driving overall profitability.
For the six months ended June 30, 2025, consolidated net income attributable to common stockholders reached $24.6 million, an increase from $21.9 million in the prior year period. This growth was primarily driven by Fortegra's strong underwriting and fee income, coupled with higher net investment income. The company achieved an adjusted return on average equity of 21.1% for both the six months ended June 30, 2025, and 2024, reflecting consistent profitability.
Fortegra reported gross written premiums and premium equivalents of $1.66 billion for the six months ended June 30, 2025, representing a 15.4% increase year-over-year. This growth was largely fueled by the expansion of Excess and Surplus (E&S) insurance lines in the U.S. and Europe. The combined ratio improved to 89.2% for the six months ended June 30, 2025, demonstrating effective underwriting and operational scalability.
The mortgage segment, Reliance, funded $453.6 million in loans for the six months ended June 30, 2025. While income before taxes for this segment decreased to $28 thousand due to negative fair value adjustments in mortgage servicing rights, this was partially offset by higher loan servicing and origination fees. Tiptree Capital's investment portfolio, with investable assets of $1.5 billion as of Q3 2024, contributed significantly, with net investment income increasing by 35% year-to-date Q3 2024 to $37 million.
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