Operating Segment Data

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Operating Segment Data

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, other investments (including our Invesque shares), and Luxury mortgage operations (deconsolidated effective as of July 1, 2022).

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:

	For the Year Ended December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenue	$	1,593,070	$	53,864	$	2,097	$	1,649,031
Total expense	(1,463,254)		(57,149)		(5,361)		(1,525,764)
Corporate expense	—		—		—		(40,214)
Income (loss) before taxes	$	129,816	$	(3,285)	$	(3,264)	$	83,053
Less: provision (benefit) for income taxes							43,056
Net income (loss)							$	39,997
Less: net income (loss) attributable to non-controlling interests							26,046
Net income (loss) attributable to common stockholders							$	13,951

	For the Year Ended December 31, 2022
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	1,248,796	$	70,246	$	78,710	$	1,397,752
Total expenses	(1,180,646)		(69,372)		(47,307)		(1,297,325)
Corporate expenses	—		—		—		(46,416)
Income (loss) before taxes	$	68,150	$	874	$	31,403	$	54,011
Less: provision (benefit) for income taxes							50,450
Net income (loss)							$	3,561
Less: net income (loss) attributable to non-controlling interests							11,835
Net income (loss) attributable to common stockholders							$	(8,274)

	For the Year Ended December 31, 2021
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	984,130	$	111,295	$	105,089	$	1,200,514
Total expenses	(914,273)		(82,888)		(87,879)		(1,085,040)
Corporate expenses	—		—		—		(50,132)
Income (loss) before taxes	$	69,857	$	28,407	$	17,210	$	65,342
Less: provision (benefit) for income taxes							21,291
Net income (loss)							$	44,051
Less: net income (loss) attributable to non-controlling interests							5,919
Net income (loss) attributable to common stockholders							$	38,132

The Company conducts its operations primarily in the U.S. with 6.0%, 8.8%, and 7.2% of total revenues generated overseas for the years ended December 31, 2023, 2022 and 2021, respectively.

The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:

	As of December 31, 2023										As of December 31, 2022
			Tiptree Capital										Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total		Insurance		Mortgage		Other		Corporate		Total
Total assets	$	4,835,685	$	160,147	$	126,624	$	16,857	$	5,139,313	$	3,702,577	$	156,122	$	86,402	$	94,462	$	4,039,563