TWFG, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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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.
Jun 30, 2026 · Filed Aug 6, 2026
TWFG$28.11-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001628280-26-032845
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0002007596-26-000012
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 132 previous paragraphs and 180 current paragraphs.
80 unchanged; 48 reworded; 39 added; 4 removed; 0 previous and 13 current paragraphs rearranged.
Tables are not compared: 14 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (39)
Current report
Interest expense.
Current report
Total revenues for thethree months ended June 30, 2026 increased by $27.2 million, or 45.1%, compared to the same period in the prior year. The $26.1 million, or 47.8%, increase in commission income was driven by TWFG MGA FL, LLC (“TWFG MGA FL”) growth, new agent onboarding, strategic acquisitions, and higher commission income rates. Also contributing to the increase in total revenues were the $0.8 million, or 25.1%, increase in fee income, $0.2 million, or 39.6%, increase in other income, and $0.1 million, or 6.6%, increase in contingent income compared to the same period in the prior year. See discussions below for additional information about the changes in our revenues.
Current report
Total commission income for thethree months ended June 30, 2026 increased by $26.1 million, or 47.8%, compared to the same period in the prior year. The increase was primarily driven by growth in written premiums, including contributions from the acquisitions of TWFG MGA FL and the APIA MGA programs, which generate higher commission rates, as well as continued organic growth. Corporate store acquisitions completed after June 30, 2025 also contributed to the increase.
Current report
Commission income for Insurance Services increased by $5.8 million, or 12.2%, representing 10.6% of the total growth for thethree months ended June 30, 2026, compared to the same period in the prior year. Agency-in-a-Box commission income increased by $3.4 million, or 9.4%, for the three months ended June 30, 2026 compared to the same period in the prior year mainly due to organic growth and acquisitions. Corporate Branches commission income increased by $2.4 million, or 21.2%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily driven by the acquisitions completed after June 30, 2025.
Current report
TWFG MGA commission income for the three months ended June 30, 2026 increased by $20.3 million, or 290.2%, representing 37.2% of the total growth, as compared to the same period in the prior year. This increase was primarily driven by the acquisitions and higher commission rates. TWFG MGA FL contributed $16.2 million of the total increase of $20.3 million.
Current report
•License fees for the three months ended June 30, 2026 increased by $0.3 million, or 47.0%, compared to the same period in the prior year. The increase reflects system developments to support expanded state footprints.
Current report
Commission expense
Current report
TWFG MGA commission expense for the three months ended June 30, 2026 increased by $6.4 million, or 141.1%, compared to the same period in the prior year. The increase is primarily driven bythe expansion of TWFG MGA through acquisitions and new agent onboarding, and shift in business composition.
Current report
Salaries and employee benefits
Current report
Salaries and employee benefits for the three months ended June 30, 2026 increased by $2.3 million, or 24.1%, to $11.8 million compared to the same period in the prior year. The increase was primarily driven by $2.3 million in acquisitions, and a $0.3 million increase in corporate employee growth, offset by a decrease of$0.3 million in stock-based compensation.
Current report
Other administrative expenses
Current report
Other administrative expenses for the three months ended June 30, 2026 increased by$3.2 million, or 59.0%, to$8.6 million compared to the same period in the prior year. The increase was primarily due to $2.2 million in acquisitions, along with $1.0 million in information technology cost, insurance expense, and other costs associated with the growth of the business.
Current report
Depreciation and amortization
Current report
Interest income
Current report
Interest income for the three months ended June 30, 2026 was $0.8 million, compared to $1.8 million for the same period in the prior year. The decrease reflects lower average cash balances following capital deployment into acquisitions and share repurchases.
Current report
Income tax expense for the three months ended June 30, 2026 was $1.0 million compared to $0.6 million for the same period in the prior year.
Current report
Total revenues
Current report
Commission income
Current report
Commission income for the six months ended June 30, 2026 increased by $44.3 million, or 42.9%, compared to the same period in the prior year. The increase was primarily driven by growth in written premiums, including contributions from the acquisitions of TWFG MGA FL and the APIA MGA programs, which generate higher commission rates, as well as continued organic growth. Corporate store acquisitions completed after June 30, 2025 also contributed to the increase.
Current report
Contingent income
Current report
Fee income
Current report
•License fees for the six months ended June 30, 2026 increased by $0.2 million, or 15.8%, compared to the same period in the prior year. The increase reflects expanded state footprint and strategic licensing fee adjustments to support agent services.
Current report
•TPA fees for the six months ended June 30, 2026 decreased by $0.1 million, or 30.4%, compared to the same period in the prior year. The decrease in TPA fees was due to the decreased volume in claims processed by TWFG MGA.
Current report
Other income
Current report
Commission expense
Current report
Salaries and employee benefits
Current report
Other administrative expenses
Current report
Other administrative expenses for the six months ended June 30, 2026 increased by $5.9 million, or 57.8%, to$16.0 million compared to the same period in the prior year. The increase was primarily due to $3.7 million of acquisitions, along with $2.2 million in information technology cost, insurance expense, and other costs associated with the growth of the business.
Current report
Depreciation and amortization
Current report
Depreciation and amortization for the six months ended June 30, 2026 was $13.2 million compared to $7.3 million in the same period in the prior year, reflecting an increase of $6.0 million, or 82.3%. The increase was primarily due to the amortization of intangible assets from our recent asset acquisitions.
Current report
Interest income
Current report
Income tax expense
Current report
Income tax expense for the six months ended June 30, 2026 was $2.2 million compared to$1.3 million for the same period in the prior year.
Current report
Total Written Premium for the three months ended June 30, 2026 increased by $119.6 million, or 26.6%, compared to the same period in the prior year. This increase was a result of growth in renewal and new business of $67.5 million, or 19.3%, and $52.1 million, or 51.6%, respectively. Within our Insurance Services offering, renewal business increased $48.1 million, or 15.9%, as compared to $41.8 million, or 16.1%, in the prior year period. New business grew $1.6 million, or 1.8%, as compared to $13.2 million, or 17.8%, in the prior year period. Within our MGA offering, renewal business increased $19.4 million, or 41.0%, as compared to $3.5 million, or 8.1%, in the prior year period. New business grew $50.5 million, or 373.5%, as compared to a decrease of $1.9 million, or 12.4%, in the prior year period.
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Total Written Premium for the six months ended June 30, 2026 increased by $206.9 million, or 25.2%, compared to the same period in the prior year. This increase was a result of growth in renewal and new business of $79.9 million, or 9.7%, and $126.9 million, or 15.5%, respectively. Within our Insurance Services offering, new business grew $7.4 million, or 4.6%, as compared to $23.6 million, or 17.3%, in the prior year period. Renewal business increased $88.3 million, or 16.1%, as compared to $72.2 million, or 15.2%, in the prior year period. Within our MGA offering, new business grew $72.5 million, or 237.5%, as compared to $6.1 million, or 25.1%, in the prior year period. Renewal business increased $38.7 million, or 46.2%, as compared to $4.5 million, or 5.6%, in the prior year period.
Current report
For the six months ended June 30, 2026 and 2025, our consolidated written premium retention was 92% and 88%, respectively. The increase in retention is correlated to the shift in renewal business growth of $126.9 million, or 15.5%, for the six months ended June 30, 2026, compared to growth of $76.6 million, or 10.7%, in the same period of the prior year. This increase in retention was primarily attributable to the continued expansion of our MGA offerings, and the reduced impact of carrier rate decreases relative to prior periods.
Current report
Organic Revenue Growth.
Current report
(2)Other adjustments reflect immaterial prior-period and comparability items consistent with management’s non-GAAP presentation policy.
Removed paragraphs (4)
Previous report
Other non-operating income (expense), net. Other non-operating income (expense), net consists of gains and losses on the sale of assets.
Previous report
Total comm ission income for the three months ended March 31, 2026 increased by$18.3 million, or 37.4%, compared to the same period in the prior year, mainly driven by the acquisition of TWFG MGA FL, LLC, continued organic business growth and corporate store acquisitions completed after March 31, 2025.
Previous report
Other administrative expenses for the three months ended March 31, 2026 was$7.4 million compared to$4.7 million in the same period in the prior year, reflecting anincrease of$2.7 million, or 56.4%. The increase was primarily due to higher expenses driven by business growth.
Previous report
Total Written Premium for the three months ended March 31, 2026 increased by $87.3 million, or 23.5%, compared to the same period in the prior year. This increase was a result of growth in renewal and new business of $59.5 million, or 21.1%, and $27.8 million, or 31.0%, respectively. Within our Insurance Services offering, there was a shift in renewal and new business growth as compared to the same period in the prior year. Renewal business had a spike in growth of $40.2 million, or 16.4%, compared to growth of $30.4 million, or 14.2%, in the same period in the prior year. However, new business grew at a lesser degree of growth of $5.8 million, or 8.0%, as compared to growth of $10.4 million, or 16.7%, in the same period of the prior year. The higher renewal business growth in the first quarter of 2026 included an influx from the 2025 corporate store acquisitions, which were acquired starting in the second quarter of 2025. Within our MGA offering, we saw an uptick in both renewal business growth and new business growth of$19.3 million, or 53.0%, and $22.0 million, or 129.3%, respectively. The increase is due primarily to the acquisition of TWFG MGA FL, LLC which closed in the second quarter of 2025.
Reworded paragraphs (48)
Previous wording
The following discussion contains commentary on the financial results derived from the unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and March 31, 2025 of TWFG, Inc.
Current wording
The following discussion contains commentary on the financial results derived from the unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2026 and June 30, 2025 of TWFG, Inc.
Previous wording
Fee income. Fee income is comprised primarily of policy fees, branch fees, license fees and third-party administrator (“TPA”) fees. The Company receives policy fees as compensation for administrative services performed in connection with the placement and issuance of certain policies that are in addition to and separate from commissions paid by the insurance carriers. Branch fees include the monthly recurring fees assessed for the ongoing Client service and back-office support provided to independent branches operating exclusively through the Company pursuant to an exclusive Branch agreement and a one-time branch onboarding fee. License fees are usage-based fees assessed by the Company for the use of its proprietary applications. TPA fees are related to services performed based on service agreements with the insurance carriers.
Current wording
Fee income. Fee income is comprised primarily of policy fees, branch fees, license fees and third-party administrator (“TPA”) fees. The Company receives policy fees as compensation for administrative services performed in connection with the placement and issuance of certain policies that are in addition to and separate from commissions paid by the insurance carriers. Branch fees include the monthly recurring fees assessed for the ongoing Client service and back-office support provided to independent branches operating exclusively through the Company pursuant to an exclusive Branch agreement and a one-time branch onboarding fee. License fees are fees assessed by the Company for the use of its proprietary applications. TPA fees are related to services performed based on service agreements with the insurance carriers.
Previous wording
Commission expense. Commission expense is our largest expense, representing the consideration paid to our agents for producing and retaining business. We expect our commission expense to continue to increase corresponding with our expected business growth.
Current wording
Commission expense is our largest expense, representing the consideration paid to our agents for producing and retaining business. We expect our commission expense to continue to increase corresponding with our expected business growth.
Previous wording
Salaries and employee benefits. Salaries and employee benefits consist of base compensation and any bonuses, equity compensation and benefits paid and payable to employees. We operate in competitive markets and expect to continue to experience a general rise in compensation and benefits expense commensurate with expected growth in headcount, geographic expansion and the creation of new products and services.
Current wording
Salaries and employee benefits consist of base compensation and any bonuses, equity compensation and benefits paid and payable to employees. We operate in competitive markets and expect to continue to experience a general rise in compensation and benefits expense commensurate with expected growth in headcount, geographic expansion and the creation of new products and services.
Previous wording
Other administrative expenses. Other administrative expenses include technology costs, legal and professional fees, office expenses, marketing expense, survey expenses and other costs associated with our operations. Fluctuations in other administrative expenses are relative to the overall scale of our business operations.
Current wording
Other administrative expenses include technology costs, legal and professional fees, office expenses, marketing expense, survey expenses and other costs associated with our operations. Fluctuations in other administrative expenses are relative to the overall scale of our business operations.
Previous wording
Depreciation and amortization. Depreciation and amortization are primarily comprised of the amortization of intangible assets recognized from our strategic asset acquisitions. As we continue to pursue strategic asset acquisitions, we expect our amortization expenses to increase.
Current wording
Depreciation and amortization are primarily comprised of the amortization of intangible assets recognized from our strategic asset acquisitions. As we continue to pursue strategic asset acquisitions, we expect our amortization expenses to increase.
Previous wording
Interest expense. Interest expense consists of interest payable on indebtedness, commitment fees and imputed interest on deferred acquisition payables.
Current wording
Interest expense consists of interest payable on indebtedness, commitment fees and imputed interest on deferred acquisition payables.
Previous wording
Interest income. Interest income consists of interest earned on the Company’s cash and cash equivalents which are not held in a fiduciary capacity.
Current wording
Interest income consists of interest earned on the Company’s cash and cash equivalents which are not held in a fiduciary capacity.
Previous wording
Fee income for the three months ended March 31, 2026 increased by $0.3 million, or 11.2%, compared to the same period in the prior year. Changes to individual components of fee income are discussed in detail below:
Current wording
Fee income for the three months ended June 30, 2026 increased by $0.8 million, or 25.1%, compared to the same period in the prior year. Changes to individual components of fee income are discussed in detail below:
Previous wording
•Policy fees for the three months ended March 31, 2026 increased by $0.4 million, or 33.5%, compared to the same period in the prior year. The increase in policy fees was primarily due to higher policy count driven by new business growth.
Current wording
•Policy fees for the three months ended June 30, 2026 increased by $0.6 million, or 56.9%, compared to the same period in the prior year. The increase in policy fees was primarily due to higher policy count driven by renewal and new business growth.
Previous wording
•Branch fees for the three months ended March 31, 2026 increased by$0.1 million, or 5.2%, compared to the same period in the prior year. The increase in branch fees was primarily driven by increased agent growth.
Current wording
•Branch fees for the three months ended June 30, 2026 increased by $0.1 million, or 4.8%, compared to the same period in the prior year. The increase in branch fees was primarily driven by increased agent growth.
Previous wording
•License fees for the three months ended March 31, 2026 decreased by$0.2 million, or 13.0%, compared to the same period in the prior year.
Current wording
•TPA fees for the three months ended June 30, 2026 decreased by $0.1 million, or 40.8%, compared to the same period in the prior year. The decrease in TPA fees was due to the decreased volume in claims processed by TWFG MGA.
Previous wording
Other income for the three months ended March 31, 2026 was$0.5 million compared to$0.4 million in the same period in the prior year. The account balance was primarily comprised of interest earned on fiduciary funds and interest earned on the $10.0 million other investment held by a third party to facilitate premium financing arrangements.
Current wording
Other income for the three months ended June 30, 2026 was$0.5 million compared to$0.4 million in the same period in the prior year. The increase was primarily driven by premium financing income.
Previous wording
Depreciation and amortization for the three months ended March 31, 2026 was$6.2 million compared to$3.4 million in the same period in the prior year, reflecting anincrease of $2.8 million, or 83.7%. Theincrease was primarily due to the amortization of intangible assets from our recent asset acquisitions.
Current wording
Depreciation and amortization for the three months ended June 30, 2026 was $7.1 million compared to $3.9 million in the same period in the prior year, reflecting an increase of $3.2 million, or 81.1%. The increase was primarily due to the amortization of intangible assets from our recent asset acquisitions.
Previous wording
Total revenues for the three months ended March 31, 2026 increased by $19.0 million, or 35.3%, compared to the same period in the prior year. The increase was primarily due to a $18.3 million, or 37.4%, increase in commission income mainly driven by the acquisition of TWFG MGA FL, LLC, continued organic business growth and corporate store acquisitions completed after March 31, 2025. Also contributing to the increase in total revenues were the$0.3 million, or 16.4%, increase in contingent income,$0.3 million, or 11.2%, increase in fee income, and$0.1 million, or 39.3%, increase in other income compared to the same period in the prior year. See discussions below for additional information about the changes in our revenues.
Current wording
Total revenues for the six months ended June 30, 2026 increased by $46.2 million, or 40.5%, compared to the same period in the prior year. The $44.3 million, or 42.9%, increase in commission income was driven by written premium growth, continued organic business growth, and acquisitions made in 2025. Also contributing to the increase in total revenues were the $1.2 million, or 18.5%, increase in fee income, $0.4 million, or 11.0%, increase in contingent income, and $0.3 million, or 39.4% increase in other income compared to the same period in the prior year. See discussions below for additional information about the changes in our revenues.
Previous wording
Commission income for total Insurance Services grew by $5.3 million, or 12.9%, for the three months ended March 31, 2026 compared to the same period in the prior year. Insurance Services Agency-in-a-Box commission income for the three months ended March 31, 2026 increased by$2.9 million, or 8.8%, compared to the same period in the prior year. This increase was driven by higher written premium volume through organic growth and mix in line of business over the period. Insurance Services Corporate Branches commission income for the three months ended March 31, 2026 increased by$2.4 million, or 29.5%, compared to the same period in the prior year. The increase was primarily driven by the acquisitions completed after March 31, 2025 and organic growth.
Current wording
Commission income for Insurance Services grew by $11.1 million, or 12.5%, for the six months ended June 30, 2026 compared to the same period in the prior year. Agency-in-a-Box commission income increased by $6.3 million, or 9.1%, for the six months ended June 30, 2026 compared to the same period in the prior year. This increase was driven by higher written premium volume through organic growth and mix in line of business over the period. Corporate Branches commission income increased by $4.8 million, or 24.7%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily driven by the acquisitions completed after June 30, 2025 and organic growth.
Previous wording
TWFG MGA commission income for the three months ended March 31, 2026 increased by$12.9 million, or 179.1%, compared to the same period in the prior year. The increase in TWFG MGA was primarily driven by the acquisition of TWFG MGA FL, LLC completed in 2025.
Current wording
TWFG MGA commission income for the six months ended June 30, 2026 increased by $33.2 million, or 233.8%, compared to the same period in the prior year. The increase in TWFG MGA was primarily driven by the acquisition of TWFG MGA FL completed in 2025 which contributed $28.2 million to the total increase of $33.2 million.
Previous wording
Contingent income for the three months ended March 31, 2026 was$1.9 million, reflecting a$0.3 million, or 16.4%, increase compared to the same period in the prior year. The increase in contingent income was primarily due to underlying growth in our business. Contingent income is unpredictable and dependent upon the target financial and performance metrics established by the insurance carriers.
Current wording
Contingent income for the six months ended June 30, 2026 was $4.1 million, reflecting a $0.4 million, or 11.0%, increase compared to the same period in the prior year. The increase in contingent income was primarily due to underlying growth in our business. Contingent income is unpredictable and dependent upon the target financial and performance metrics established by the insurance carriers.
Previous wording
Income tax expense for the three months ended March 31, 2026 was $1.1 million compared to $0.7 million for the same period in the prior year.
Current wording
Other income for the six months ended June 30, 2026 was $1.0 million compared to $0.7 million in the same period in the prior year. The increase was primarily driven by premium financing income.
Previous wording
Total commission expense for the three months ended March 31, 2026 increased by$5.2 million, or 16.4%, compared to the same period in the prior year. Theincrease was primarily due to theincreased business growth and overall shift in business mix. See commission income discussion above for additional information regarding the driver of changes.
Current wording
Commission expense for the six months ended June 30, 2026 increased by $13.6 million, or 20.6%, compared to the same period in the prior year. The increase was primarily due to the increased business growth and overall shift in business mix. See commission income discussion above for additional information regarding the driver of changes.
Previous wording
Commission expense for total Insurance Services grew by $2.8 million, or 10.4%, for the three months ended March 31, 2026 compared to the same period in the prior year. Insurance Services Agency-in-a-Box commission expense for the three months ended March 31, 2026 increased by$2.7 million, or 10.3%, compared to the same period in the prior year. The increase was primarily driven by the increasein our business.
Current wording
Commission expense for total Insurance Services increased by $4.7 million, or 8.3%, for the six months ended June 30, 2026 compared to the same period in the prior year. Insurance Services Agency-in-a-Box commission expense for the six months ended June 30, 2026 increased by $4.6 million, or 8.6%, compared to the same period in the prior year. The increase was primarily driven by the increase in our business.
Previous wording
Insurance Services Corporate Branches commission expense for the three months ended March 31, 2026 increased by$0.1 million, or 10.7%, compared to the same period in the prior year. Theincrease in commission expense was driven by both organic business growth and acquisition of Corporate Branches in the current period. The expenses of our Corporate Branches are primarily salaries and benefits, and are primarily fixed expenses, which are not directly related to commission income or written premium.
Current wording
Insurance Services Corporate Branches commission expense for the six months ended June 30, 2026 increased by $0.1 million, or 3.2%, compared to the same period in the prior year. The increase in commission expense was driven by both organic business growth and acquisition of Corporate Branches in the current period. The expenses of our Corporate Branches are primarily salaries and benefits, and are primarily fixed expenses, which are not directly related to commission income or written premium.
Previous wording
TWFG MGA commission expense for the three months ended March 31, 2026 increased by$2.3 million, or 49.4%, compared to the same period in the prior year. Theincrease is primarily driven by the acquisition of TWFG MGA FL, LLC and overall growth.
Current wording
TWFG MGA commission expense for the six months ended June 30, 2026 increased by $8.7 million, or 94.4%, compared to the same period in the prior year. The increase was primarily driven by the acquisitions and overall growth.
Previous wording
Salaries and employee benefits for the three months ended March 31, 2026 was$9.9 million compared to$8.2 million in the same period in the prior year, reflecting a 20.8% total increase, primarily driven by$1.5 million in salaries and employee benefit expenses driven by acquisitions, increase in corporate employee growth of $0.5 million, offset by a decrease of $0.3 million in stock-based compensation.
Current wording
Salaries and employee benefits for the six months ended June 30, 2026 increased by$4.0 million, or 22.6%, to $21.7 million compared to $17.7 million in the same period in the prior year. The increase was primarily driven by $6.5 million in salaries and employee benefit expenses, acquisitions and increase in corporate employee growth of $0.5 million, offset by a decrease of $2.6 million in stock-based compensation.
Previous wording
Interest income for the three months ended March 31, 2026 was $1.2 million, compared to $1.9 million in the same period in the prior year, reflecting a decrease of $0.7 million. The decrease was attributable to the decline in cash balances which averaged $155.8 million over the three months ended March 31, 2026 compared to $208.3 million on hand as of March 31, 2025.
Current wording
Interest income for the six months ended June 30, 2026 was $2.0 million, compared to $3.6 million in the same period in the prior year, reflecting a decrease of $1.6 million. The decrease was attributable to the decline in cash balances which averaged $130.3 million over the six months ended June 30, 2026 compared to $159.8 million operating cash on hand as of June 30, 2025.
Previous wording
For the three months ended March 31, 2026 and 2025, our consolidated written premium retention was 92% and 88%, respectively. The increase in reported retention was primarily driven by the inclusion of TWFG MGA FL, LLC, which includes take-out business and subsequent renewals that carry higher premium levels and exposure growth, and as a result, can cause premium retention to exceed 100% within the MGA segment. Premium retention is calculated based on premium dollars rather than policy counts and is therefore influenced by changes in premium rates, coverage levels, and business mix. Excluding the impacts of TWFG MGA FL, MGA premium retention would have been approximately 69%, and consolidated premium retention would have been approximately 87%, reflecting underlying policy retention trends, a higher mix of new business, and moderating rate increases in the current period. The prior year quarter reflected stronger new business growth of $10.4 million, or 16.7%, driven in part by carriers moderating rate increases and expanding underwriting capacity following a period of constrained market conditions.
Current wording
For the three months ended June 30, 2026 and 2025, our consolidated written premium retention was 93% and 89%, respectively. The increase in retention is correlated to the shift in renewal business growth of $67.5 million, or 19.3%, for the three months ended June 30, 2026, compared to growth of $45.4 million, or 14.9%, in the same period of the prior year. This increase in retention was primarily attributable to the continued expansion of our MGA offerings, and the reduced impact of carrier rate decreases relative to prior periods. Premium retention is calculated based on premium dollars rather than policy counts and is therefore influenced by changes in premium rates, coverage levels, and business mix. Excluding the impacts of TWFG MGA FL, MGA premium retention would have been approximately 71%, and consolidated premium retention would have been approximately 88%, reflecting underlying policy retention trends, a higher mix of new business, and moderating rate increases in the current period
Previous wording
Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone, but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period-to-period.
Current wording
Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone, but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period-to-period.
Previous wording
(2)Represents the period-to-period change in total revenues divided by the total revenues in the prior period.
Current wording
(3)Represents the period-to-period change in total revenues divided by the total revenues in the prior period.
Previous wording
(3)Represents Organic Revenue Growth divided by the Organic Revenue denominator.
Current wording
(4)Represents Organic Revenue Growth divided by the Organic Revenue denominator.
Previous wording
Revenue growth rate, representing the year-over-year change in total revenues, was 35.3% for the three months ended March 31, 2026 compared to the same period in 2025 and 16.6% for the three months ended March 31, 2025 compared to the same period in 2024. Revenue growth for the periods reflected the growth in our Books of Business and the mix of the new and renewal businesses. Revenue growth for the three months ended March 31, 2026 compared to the same period in 2025 included the continued growth of commission and fee income during the period. See “Consolidated Results of Operations” for additional discussions regarding the changes in our revenues.
Current wording
Revenue growth rate, representing the year-over-year change in total revenues, was 45.1% for the three months ended June 30, 2026 compared to the same period in 2025 and 13.8% for the three months ended June 30, 2025 compared to the same period in 2024. Revenue growth for the periods reflected the growth in our Books of Business and the mix of the new and renewal businesses. Revenue growth for the three months ended June 30, 2026 compared to the same period in 2025 included the continued growth of commission and fee income during the period. See “Consolidated Results of Operations” for additional discussions regarding the changes in our revenues.
Previous wording
Organic Revenue Growth Rate was 10.1% for the three months ended March 31, 2026 compared to the same period in 2025 and 14.3% for the three months ended March 31, 2025 compared to the same period in 2024. Organic Revenue Growth for both periods reflects ongoing, but normalizing rate increases being implemented by carriers, the underlying growth of our business, and healthy economic growth and an increase in commission income in our MGA offering. See “Consolidated Results of Operations—Commission Income” for additional discussions regarding the changes in our commission income.
Current wording
Organic Revenue Growth Rate was 37.0% for the three months ended June 30, 2026 compared to the same period in 2025 and 10.6% for the three months ended June 30, 2025 compared to the same period in 2024. Organic Revenue Growth for both periods reflects ongoing, but normalizing rate increases being implemented by carriers, the underlying growth of our business, and healthy economic growth and an increase in commission income in our MGA offering. See “Consolidated Results of Operations—Commission Income” for additional discussions regarding the changes in our commission income.
Previous wording
(1)Non-recurring expense related to the write-off of a commission receivable arising from a contractual dispute with a carrier, resolved through commercial concession.
Current wording
(1)Non-recurring expense for the six months ended June 30, 2026 relates to the write-off of a commission receivable resulting from a contractual dispute with a carrier that was resolved through commercial concession.
Previous wording
(2)During the first quarter of 2025, a gain related to the sale of non-current assets was not excluded from Adjusted Net Income consistent with the Company’s stated definition. The presentation has been corrected in the fourth quarter and full-year 2025 results to conform to the Company’s definition of Adjusted Net Income. This correction impacts only non-GAAP measures and had no effect on previously reported GAAP results.
Current wording
(2)During first and second quarters of 2025, a gain related to the sale of non-current assets was not excluded from Adjusted Net Income consistent with the Company’s stated definition. The presentation has been adjusted in the fourth quarter and full-year 2025 results to conform to the Company’s definition of Adjusted Net Income. This adjustment impacts only non-GAAP measures and had no effect on previously reported GAAP results.
Previous wording
Prior to the IPO and Reorganization Transactions, TWFG Holding’s equity structure included common units. The Company considered the calculation of earnings per unit for periods prior to the IPO and determined that such presentation would not provide meaningful information to the users of these Condensed Consolidated Financial Statements. Therefore, earnings per share information for the three months ended March 31, 2026 has been calculated solely for the post-IPO period.
Current wording
Prior to the IPO and Reorganization Transactions, TWFG Holding’s equity structure included common units. The Company considered the calculation of earnings per unit for periods prior to the IPO and determined that such presentation would not provide meaningful information to the users of these Condensed Consolidated Financial Statements. Therefore, earnings per share information for the three and six months ended June 30, 2026 has been calculated solely for the post-IPO period.
Previous wording
(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2026, this includes $7.8 million of net income on 56,068,749 weighted-average shares of common stock outstanding-diluted. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding-diluted. For the three months ended March 31, 2026, 41,171,461 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,068,749 weighted-average shares of common stock outstanding-diluted within diluted earnings per share calculation. See Note 13 Earnings Per Share to our Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report for more information about the earnings per share.
Current wording
(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three and six months ended June 30, 2026, this includes $10.5 million and $18.3 million, respectively, of net income on 54,406,663 and 14,001,518 weighted-average shares of common stock outstanding-diluted, respectively. For the three and six months ended June 30, 2025, this includes $7.0 million and $12.6 million, respectively, of net income on 56,278,869 and 56,255,156 weighted-average shares of common stock outstanding-diluted, respectively. For the three and six months ended June 30, 2026, weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 54,406,663 weighted-average shares of common stock outstanding-diluted within diluted earnings per share calculation. See Note 13 Earnings Per Share to our Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report for more information about the earnings per share.
Previous wording
(2) Adjustments to Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to net income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between net income of $13.1 million and Adjusted Net Income of $16.2 million for the three months ended March 31, 2026. For the three months ended March 31, 2026, Adjusted Diluted Earnings Per Share include adjustments of $3.1 million to Adjusted Net Income on 56,068,749 weighted-average shares of common stock outstanding-diluted for the period presented, respectively.
Current wording
(2) Adjustments to Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to net income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between net income of $17.3 million and Adjusted Net Income of $20.3 million, as well as the net income of $30.3 million and Adjusted Net Income of $36.4 million for the three and six months ended June 30, 2026, respectively. Adjusted Diluted Earnings Per Share include adjustments of $3.0 million to Adjusted Net Income on 54,406,663 weighted-average shares of common stock outstanding-diluted and $6.1 million to Adjusted Net Income on 55,293,725 weighted-average shares of common stock outstanding-diluted, for the three and six months ended June 30, 2026, respectively.
Previous wording
(3) Impact of MGA FL redeemable noncontrolling interest: Incorporates the net income attributable to the 49.9% interest in TWFG MGA FL, LLC held by AIH Sub, Inc. Unlike the Class B and Class C holders, AIH Sub, Inc. does not hold exchange rights into Class A Common Stock but rather holds a put option exercisable between 2030 and 2033. This component is included to present Adjusted Diluted Earnings Per Share on the same fully consolidated basis as Adjusted EBITDA, ensuring comparability between the two metrics. For the three months ended March 31, 2026, this component includes $3.5 million of net income attributable to AIH Sub, Inc.
Current wording
(3) Impact of TWFG MGA FL redeemable noncontrolling interest: Incorporates the net income attributable to the 49.9% interest in TWFG MGA FL, LLC held by AIH Sub, Inc. Unlike the Class B and Class C holders, AIH Sub, Inc. does not hold exchange rights into Class A Common Stock but rather holds a put option exercisable between 2030 and 2033. This component is included to present Adjusted Diluted Earnings Per Share on the same fully consolidated basis as Adjusted EBITDA, ensuring comparability between the two metrics. For the three and six months ended June 30, 2026, this component includes $4.3 million and $7.9 million of net income attributable to AIH Sub, Inc.
Previous wording
(2)During the first quarter of 2025, a gain related to the sale of non-current assets was not excluded from Adjusted Net Income consistent with the Company’s stated definition. The presentation has been corrected in the fourth quarter and full-year 2025 results to conform to the Company’s definition of Adjusted Net Income. This correction impacts only non-GAAP measures and had no effect on previously reported GAAP results.
Current wording
(2)During the first and second quarter of 2025, a gain related to the sale of non-current assets was not excluded from Adjusted Net Income consistent with the Company’s stated definition. The presentation has been adjusted in the fourth quarter and full-year 2025 results to conform to the Company’s definition of Adjusted Net Income. This adjustment impacts only non-GAAP measures and had no effect on previously reported GAAP results.
Previous wording
(3)Non-recurring expense related to the write-off of a commission receivable arising from a contractual dispute with a carrier, resolved through commercial concession.
Current wording
(3)Non-recurring expense for the six months ended June 30, 2026 relates to the write-off of a commission receivable resulting from a contractual dispute with a carrier that was resolved through commercial concession.
Previous wording
As of March 31, 2026, the Company had $124.8 million in cash and cash equivalents and $18.8 million in restricted cash, compared to $155.9 million and $12.0 million, respectively, as of December 31, 2025. The decrease in cash and cash equivalents for the three months ended March 31, 2026 was primarily attributable to $29.0 million of cash paid for acquisitions, $16.6 million paid for Class A share repurchases of Class A Common Stock, and $7.3 million in member distributions, partially offset by positive cash flows from operations of $22.7 million.
Current wording
As of June 30, 2026, the Company had $73.7 million in cash and cash equivalents and $19.0 million in restricted cash, compared to $155.9 million and $12.0 million, respectively, as of December 31, 2025. The decrease in cash and cash equivalents for the six months ended June 30, 2026 was primarily attributable to $54.0 million of cash paid for acquisitions, $42.9 million paid for Class A share repurchases of Class A Common Stock, and $18.6 million in member distributions, partially offset by positive cash flows from operations of $32.5 million.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
Contingent income for the three months ended June 30, 2026 was $2.2 million, reflecting a $0.1 million, or 6.6%, increase compared to the same period in the prior year. Contingent income is unpredictable and dependent upon the target financial and performance metrics established by the insurance carriers.
Current report — wording carried from elsewhere
Total commission expense for the three months ended June 30, 2026 increased by $8.3 million, or 24.4% compared to the same period in the prior year. The increase was primarily due to the increased business growth combined with the overall shift in business mix. See commission income discussion above for additional information regarding the driver of changes.
Current report — wording carried from elsewhere
Commission expense for Insurance Services grew by $1.9 million, or 6.4%, for the three months ended June 30, 2026 compared to the same period in the prior year. Agency-in-a-Box commission expense increased by $1.9 million, or 6.9%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily driven by the increase in our business. Corporate Branches commission expense for the three months ended June 30, 2026 was comparable to the same period in the prior year. The expenses of our Corporate Branches are primarily salaries and benefits, and are primarily fixed expenses, which are not directly related to commission income or written premium.
Current report — wording carried from elsewhere
The following table presents the disaggregation of our revenues by offerings (in thousands):
Current report — wording carried from elsewhere
The following table presents the disaggregation of our commission income by offerings (in thousands):
Current report — wording carried from elsewhere
The following table presents the disaggregation of our fee income by major sources (in thousands):
Current report — wording carried from elsewhere
Fee income for the six months ended June 30, 2026 increased by $1.2 million, or 18.5%, compared to the same period in the prior year. Changes to individual components of fee income are discussed in detail below:
Current report — wording carried from elsewhere
•Policy fees for the six months ended June 30, 2026 increased by $1.0 million, or 45.3%, compared to the same period in the prior year. The increase in policy fees was primarily due to higher policy count driven by renewal and new business growth.
Current report — wording carried from elsewhere
•Branch fees for the six months ended June 30, 2026 increased by $0.1 million, or 5.0%, compared to the same period in the prior year. The increase in branch fees was primarily driven by increased agent growth.
Current report — wording carried from elsewhere
The following table presents the disaggregation of our commission expense by offerings (in thousands):
Current report — wording carried from elsewhere
Revenue growth rate, representing the year-over-year change in total revenues, was 40.5% for the six months ended June 30, 2026 compared to the same period in 2025 and 15.1% for the six months ended June 30, 2025 compared to the same period in 2024. Revenue growth for the periods reflected the growth in our Books of Business and the mix of the new and renewal businesses. Revenue growth for the six months ended June 30, 2025 compared to the same period in 2024 included the continued growth of commission and fee income during the period. See “Consolidated Results of Operations” for additional discussions regarding the changes in our revenues.
Current report — wording carried from elsewhere
Organic Revenue Growth Rate was 24.3% for the six months ended June 30, 2026 compared to the same period in 2025 and 12.4% for the six months ended June 30, 2025 compared to the same period in 2024. Organic Revenue Growth for both periods reflects ongoing, but normalizing, rate increases being implemented by carriers, the underlying growth of our business, and healthy economic growth and an increase in commission income in our
Current report — wording carried from elsewhere
MGA offering. See “Consolidated Results of Operations—Commission Income” for additional discussions regarding the changes in our commission income.