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 and primary source of earnings, Tiptree Insurance, along with its subsidiaries, is a leading provider of specialty insurance, warranty products and related administration services. We classify our business into one reportable segment – Tiptree Insurance. We refer to our non-insurance operations, assets and other investments, which is comprised of 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 segment’s 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 reportable segment and of Tiptree Capital are as follows:

Tiptree Insurance operations are conducted through Tiptree Insurance, which includes Fortegra Financial Corporation (Fortegra), an insurance holding company incorporated in 1981, and Tiptree Warranty. Fortegra underwrites and administers specialty insurance programs and products, and is a leading provider of credit and asset protection products and administration services. Fortegra’s programs are provided across a diverse range of products and services including credit protection insurance, warranty and service contract products, premium finance, and niche personal and commercial lines of insurance. On January 3, 2020, Tiptree Warranty acquired Smart AutoCare, a vehicle warranty solutions provider in the United States. See Note (3) Acquisitions.

Tiptree Capital includes our asset management, mortgage and shipping operations, and other investments (including our Invesque shares).

The tables below present the components of revenue, expense, pre-tax income (loss), and assets for our reportable segment as well as Tiptree Capital for the following periods:



	Three Months Ended March 31,
	2020									2019
	Tiptree Insurance			Tiptree Capital			Total			Tiptree Insurance			Tiptree Capital			Total
Total revenues	$	143,340		$	(13,669	)	$	129,671		$	154,628		$	29,275		$	183,903
Total expenses	(170,457		)	(32,662		)	(203,119		)	(146,490		)	(23,357		)	(169,847		)
Corporate expenses	—			—			(8,303		)	—			—			(8,901		)
Income (loss) before taxes	$	(27,117	)	$	(46,331	)	$	(81,751	)	$	8,138		$	5,918		$	5,155
Less: provision (benefit) for income taxes							(21,181		)							854
Net income (loss) before non-controlling interests							$	(60,570	)							$	4,301
Less: net income (loss) attributable to non-controlling interests							(563		)							376
Net income (loss) attributable to common stockholders							$	(60,007	)							$	3,925

The following table presents sources of revenue from Tiptree Capital:



	Three Months Ended March 31,
	2020			2019
Net realized and unrealized gains (losses) ⁽¹⁾	$	(28,838	)	$	17,997
Other investment income ⁽²⁾	15,064			9,881
Management fee income	—			1,267
Other	105			130
Total revenues	$	(13,669	)	$	29,275


⁽¹⁾	See Note (6) Investments for the components of Net realized and unrealized gains (losses) related to Tiptree Capital.


⁽²⁾	See Note (6) Investments for the components of Other investment income.

The following table presents the reportable segment and Tiptree Capital assets for the following periods:



	As of March 31, 2020								As of December 31, 2019
	Tiptree Insurance		Tiptree Capital		Corporate		Total		Tiptree Insurance		Tiptree Capital		Corporate		Total
Total assets	$	2,023,197	$	362,400	$	37,075	$	2,422,672	$	1,721,669	$	451,249	$	25,368	$	2,198,286