TIPTREE INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
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(4) Operating Segment Data
Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, Fortegra, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the quantitative analysis performed related to Accounting Standard Codification (ASC) 280, Segment Reporting, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses.
Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Intercompany transactions are eliminated.
Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows:
Insurance operations are conducted through Fortegra, which is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services.
Tiptree Capital:
Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae.
Other includes our remaining maritime shipping operations, asset management and other investments.
The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
| Three Months Ended September 30, 2024 | ||||
|---|---|---|---|---|
| Tiptree Capital | ||||
| Insurance | Mortgage | Other | Total | |
| Total revenues | $481,013 | $14,892 | $(1,543) | $494,362 |
| Total expenses | (433,804) | (14,981) | (1,060) | (449,845) |
| Corporate expenses | — | — | — | (7,736) |
| Income (loss) before taxes | $47,209 | $(89) | $(2,603) | $36,781 |
| Less: provision (benefit) for income taxes | 16,308 | |||
| Net income (loss) | $20,473 | |||
| Less: net income (loss) attributable to non-controlling interests | 8,558 | |||
| Net income (loss) attributable to common stockholders | $11,915 | |||
| Three Months Ended September 30, 2023 | ||||
|---|---|---|---|---|
| Tiptree Capital | ||||
| Insurance | Mortgage | Other | Total | |
| Total revenues | $406,779 | $14,718 | $(4,983) | $416,514 |
| Total expenses | (371,057) | (14,359) | (1,511) | (386,927) |
| Corporate expenses | — | — | — | (8,446) |
| Income (loss) before taxes | $35,722 | $359 | $(6,494) | $21,141 |
| Less: provision (benefit) for income taxes | 12,273 | |||
| Net income (loss) | $8,868 | |||
| Less: net income (loss) attributable to non-controlling interests | 6,715 | |||
| Net income (loss) attributable to common stockholders | $2,153 | |||
| Nine Months Ended September 30, 2024 | ||||
|---|---|---|---|---|
| Tiptree Capital | ||||
| Insurance | Mortgage | Other | Total | |
| Total revenues | $1,489,711 | $46,666 | $2,879 | $1,539,256 |
| Total expenses | (1,354,441) | (45,474) | (2,277) | (1,402,192) |
| Corporate expenses | — | — | — | (29,938) |
| Income (loss) before taxes | $135,270 | $1,192 | $602 | $107,126 |
| Less: provision (benefit) for income taxes | 48,799 | |||
| Net income (loss) | $58,327 | |||
| Less: net income (loss) attributable to non-controlling interests | 24,511 | |||
| Net income (loss) attributable to common stockholders | $33,816 | |||
| Nine Months Ended September 30, 2023 | ||||
|---|---|---|---|---|
| Tiptree Capital | ||||
| Insurance | Mortgage | Other | Total | |
| Total revenues | $1,159,900 | $43,346 | $(589) | $1,202,657 |
| Total expenses | (1,074,316) | (44,240) | (3,008) | (1,121,564) |
| Corporate expenses | — | — | — | (28,105) |
| Income (loss) before taxes | $85,584 | $(894) | $(3,597) | $52,988 |
| Less: provision (benefit) for income taxes | 29,119 | |||
| Net income (loss) | $23,869 | |||
| Less: net income (loss) attributable to non-controlling interests | 16,789 | |||
| Net income (loss) attributable to common stockholders | $7,080 | |||
The Company conducts its operations primarily in the U.S. with 4.4% and 6.1% of total revenues generated overseas for the three months ended September 30, 2024 and 2023, respectively, and 4.6% and 5.7% for the nine months ended September 30, 2024 and 2023, respectively.
The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:
| As of September 30, 2024 · As of December 31, 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Tiptree Capital | Tiptree Capital | |||||||||
| Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | |
| Total assets | $5,235,340 | $189,952 | $57,739 | $22,702 | $5,505,733 | $4,835,685 | $160,147 | $126,624 | $16,857 | $5,139,313 |
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