Executive Summary

Q2 2025 delivered solid profitability despite revenue headwinds from lapping a one-time MGA premium assumption; revenue was $528.8M, diluted EPS $0.37, adjusted net income $27.1M, and adjusted ROAE 22.3% .
Fortegra drove the quarter: record gross written premiums $907.6M (+17% YoY), combined ratio improved to 88.5% (from 89.9%), and record pre-tax income $67.1M (+31% YoY) .
Investment portfolio continued to contribute; fixed income and cash reached ~$1.657B with a stable 4.1% book yield, supporting steady investment income .
No formal financial guidance was issued; the Board declared a $0.06 dividend (record date Aug 18, pay date Aug 25), and management reiterated focus on reflecting intrinsic value (including ongoing evaluation of alternatives, with Fortegra IPO plans framed as subject to market conditions) .
Wall Street consensus from S&P Global was not available for Q2 2025 EPS or revenue, so beats/misses vs estimates cannot be assessed at this time.*

What Went Well and What Went Wrong

What Went Well

Fortegra growth and underwriting: record GWP of $907.6M (+17% YoY), net written premiums $428.8M (+17.2% YoY), combined ratio improved to 88.5% with de minimis Q2 CAT losses .
Profitability momentum: record pre-tax income of $67.1M (+31% YoY) and adjusted net income (pre-NCI) $45.2M (+12% YoY) in Insurance; consolidated adjusted ROAE remained strong at 22.3% .
Investment engine: portfolio book yield stable at 4.1% with ~$1.657B fixed income & cash; rising investable assets and maturing positions supported higher net investment income and gains .
Quote: “Our team delivered strong second-quarter results, highlighted by a 22% annualized adjusted return on average equity… We remain focused on building long-term shareholder value and are actively exploring ways to better reflect the intrinsic value of Tiptree’s businesses in our share price.” .

What Went Wrong

Reported revenue declined 3.3% YoY to $528.8M, driven by lower net earned premiums and service fees versus a tough compare from a one-time MGA premium assumption in the prior year (underlying revenue +4.1% ex that item) .
Tiptree Capital weakness: segment revenue fell to $15.7M (from $16.7M), with pre-tax loss of $(3.1)M (vs +$0.7M), reflecting investment losses and run-off costs; mortgage pre-tax only $0.2M with negative MSR fair value impact .
Corporate costs/interest: corporate expenses were $11.4M (vs $11.3M YoY) and holding company debt stood at $74.6M, increasing interest expense headwinds .
Catastrophe backdrop: While Q2 CAT was de minimis, YTD combined ratio included a 3.3% drag from net catastrophe losses of $30.1M, primarily California wildfires .

Financial Results

Consolidated performance vs prior periods and estimates

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$546.7	$497.4	$528.8
Diluted EPS ($USD)	$0.31	$0.13	$0.37
Net Income to Common ($USD Millions)	$12.9	$5.6	$19.0
Adjusted Net Income ($USD Millions)	$24.4	$23.3	$27.1
ROAE (%)	11.9%	4.8%	15.6%
Adjusted ROAE (%)	22.7%	20.0%	22.3%
Dividend per Share ($)	$0.06	$0.06	$0.06

Estimates comparison (S&P Global):

Q2 2025 EPS Consensus Mean: N/A*
Q2 2025 Revenue Consensus Mean: N/A*
EPS/# of Estimates: N/A*
Revenue/# of Estimates: N/A* Disclaimer: Values retrieved from S&P Global.*

Insurance segment (Fortegra) and Tiptree Capital

Segment Metric	Q2 2024	Q2 2025
Insurance: Gross Written Premiums & Equivalents ($USD Thousands)	$776,059	$907,624
Insurance: Net Written Premiums ($USD Thousands)	$365,897	$428,806
Insurance: Total Revenues ($USD Thousands)	$529,942	$513,017
Insurance: Income Before Taxes ($USD Thousands)	$51,250	$67,144
Insurance: Combined Ratio (%)	89.9%	88.5%
Insurance: Adjusted Net Income (pre-NCI) ($USD Thousands)	$40,316	$45,172
Tiptree Capital: Total Revenues ($USD Thousands)	$16,731	$15,733
Tiptree Capital: Income Before Taxes ($USD Thousands)	$740	$(3,067)
Tiptree Capital: Adjusted Net Income ($USD Thousands)	$356	$(392)

KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
Fortegra Combined Ratio (%)	89.9%	89.9%	88.5%
Investment Portfolio Book Yield (%)	4.1%	4.1%	4.1%
Fixed Income & Cash ($USD Millions)	$1,387	$1,461	$1,461
Fortegra Stockholders’ Equity ($USD Millions)	$625.5 (Dec-24)	$667.9 (Mar-25)	$730.9 (Jun-25)
Book Value per Share ($USD)	$11.86	N/A	$13.33

Guidance Changes

No formal quantitative guidance ranges provided for revenue, margins, OpEx, OI&E, or tax rate in Q2 2025 materials .
Dividend was declared at $0.06 per share (record date Aug 18, 2025; pay date Aug 25, 2025) .

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per common share	Q3 2025	$0.06 (Q1 2025 dividend)	$0.06 declared	Maintained
Fortegra IPO (strategic)	N/A	Previously withdrawn in 2024; ongoing evaluation	Continues to be evaluated, subject to market conditions	N/A (no formal guidance)

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in the document set; themes are drawn from Q4 2024, Q1 2025, and Q2 2025 press releases and investor presentation .

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Underwriting profitability	Combined ratio 89.5%; strong underwriting scale	Combined ratio 89.9% with 6.7% CAT impact; scalability cited	Combined ratio 88.5%; underwriting ratio improved; Q2 CAT de minimis	Improving underwriting ratio QoQ
E&S growth	GWP up 17.6% in Q4; annual GWP $3.07B	GWP +13.5% in Q1 to $753.2M	Record GWP $907.6M (+17% YoY); E&S YTD $690.4M (+23.8%)	Continued robust expansion
Catastrophe losses	2024 combined ratio included 2.6 pts CAT (Hurricanes)	Q1 ’25 had 6.7 pts CAT ($30.3M, CA wildfires)	Q2 CAT de minimis; YTD includes 3.3 pts CAT ($30.1M)	CAT normalized in Q2; elevated YTD
Investment income/yield	Net investment income strength; AFS and equity gains	“Substantial” increase in NII; book yield enhancement	Stable 4.1% book yield; ~$1.657B fixed income & cash; higher NII/gains	Supportive to earnings
Mortgage segment	Q4 pre-tax +$3.5M (YoY improvement)	Q1 pre-tax $(0.2)M; MSR FV losses	Q2 pre-tax +$0.2M; negative MSR FV, higher servicing fees	Mixed; modest profitability
Capital allocation/dividends	Q4 dividend $0.06; Fortegra capital raised in 2024	Q1 dividend $0.06; debt at holding company $74.8M	Q2 dividend $0.06; debt $74.6M; BVPS $13.33	Stable dividend; rising BVPS
Fortegra IPO / strategic	2024 IPO withdrawn; evaluation continues	Noted commitment to shareholder value	IPO plans acknowledged as subject to market conditions	Monitoring market windows

Management Commentary

Strategic message: “Fortegra’s momentum remained solid, with premiums up 17.0% and the combined ratio improving to 88.5%… Our $1.7 billion investment portfolio is contributing meaningfully… We remain focused on building long-term shareholder value and are actively exploring ways to better reflect the intrinsic value of Tiptree’s businesses in our share price.” .
Capital deployment discipline: “Growing investable assets and maturing positions driving steady improvement in book yield” underscores the fixed-income engine’s role in earnings resilience .
Insurance focus: Emphasis on specialty E&S growth while maintaining underwriting discipline and scale benefits, reflected in improved underwriting ratio and record pre-tax income .

Q&A Highlights

A Q2 2025 earnings call transcript was not available in the document set; no Q&A themes could be extracted [ListDocuments earnings-call-transcript returned 0].
Management’s press release and investor presentation addressed underwriting performance, investment income drivers, capital allocation, and strategic evaluation of Fortegra’s public listing .

Estimates Context

S&P Global/Capital IQ consensus estimates for Q2 2025 were unavailable for EPS and revenue; coverage appears limited for TIPT at the quarter level.*
Given the lack of consensus, we cannot assess beat/miss; however, reported revenue $528.8M and diluted EPS $0.37 provide a basis for future coverage expansion and model updates . Disclaimer: Values retrieved from S&P Global.*

Key Takeaways for Investors

Fortegra underwriting momentum is the core earnings driver; combined ratio improvement to 88.5% and record premiums/pre-tax income support a positive margin trajectory .
Reported revenue decline masked underlying growth due to lapping one-time MGA premium assumption; excluding that, revenue rose ~4% YoY, suggesting sustained top-line health .
Investment portfolio remains an earnings lever; stable 4.1% book yield and larger fixed-income base underpin net investment income and gains .
Tiptree Capital remains a drag in Q2 (pre-tax loss), with mortgage profitability modest and sensitive to MSR fair value; watch for segment normalization or portfolio repositioning .
Balance sheet strengthening: Fortegra equity rose to $730.9M; consolidated BVPS reached $13.33 (+16.5% YoY), adding optionality for capital allocation/dividends .
Strategic optionality: Management continues to evaluate ways to surface intrinsic value, including the potential Fortegra IPO when market conditions permit; any steps here are likely stock catalysts .
Near-term: Expect underwriting-led earnings resilience; medium-term: track E&S growth durability, CAT normalization, investment income, and progress on strategic value realization initiatives .

Citations: Press release and 8-K exhibits ; Q2 2025 press release ; Q1 2025 press release ; Q4 2024 press release .

TIPTREE INC. (TIPT)·Q2 2025 Earnings Summary