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Segment Data | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Segment Data | 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, The Fortegra Group, LLC and its subsidiaries (Fortegra), is a leading provider of specialty insurance underwriting, warranty and service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2020, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is 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. For the three months ended March 31, 2021, Mortgage has been broken out of Tiptree Capital as a reportable segment since it meets the quantitative threshold for disclosure. Prior year segments have been conformed to the current year presentation. 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 includes Fortegra Financial Corporation and Fortegra 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. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and GNMA. Other includes our asset management, mortgage operations of Luxury, shipping operations, and other investments (including our Invesque shares). 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 March 31, 2021
|  |  | Tiptree Capital |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Total |  |  |  |  |  |
Total revenues | $ | 222,563 |  |  | $ | 34,494 |  |  | $ | 37,631 |  |  | $ | 294,688 |  |  |  |  |  |  |
Total expenses | (201,035) |  |  | (21,417) |  |  | (22,637) |  |  | (245,089) |  |  |  |  |  |  |
Corporate expenses | — |  |  | — |  |  | — |  |  | (10,207) |  |  |  |  |  |  |
Income (loss) before taxes | $ | 21,528 |  |  | $ | 13,077 |  |  | $ | 14,994 |  |  | $ | 39,392 |  |  |  |  |  |  |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 8,752 |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | $ | 30,640 |  |  |  |  |  |  |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 2,059 |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | 28,581 |  |  |  |  |  |  |
| Three Months Ended March 31, 2020
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 143,340 |  |  | $ | 16,220 |  |  | $ | (29,889) |  |  | $ | 129,671 |
Total expenses | (170,457) |  |  | (17,310) |  |  | (15,352) |  |  | (203,119) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (8,303) |
Income (loss) before taxes | $ | (27,117) |  |  | $ | (1,090) |  |  | $ | (45,241) |  |  | $ | (81,751) |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | (21,181) |
Net income (loss) |  |  |  |  |  |  | $ | (60,570) |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | (563) |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | (60,007) |
The Company conducts its operations primarily in the U.S. with 4.9% and 8.3% of total revenues generated overseas for the three months ended March 31, 2021 and 2020, respectively. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
| As of March 31, 2021 |  | As of December 31, 2020
|  |  | Tiptree Capital |  |  |  |  |  |  |  | Tiptree Capital |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Corporate |  | Total |  | Insurance |  | Mortgage |  | Other |  | Corporate |  | Total
Total assets | $ | 2,471,077 |  |  | $ | 241,926 |  |  | $ | 294,008 |  |  | $ | 41,602 |  |  | $ | 3,048,613 |  |  | $ | 2,452,798 |  |  | $ | 217,138 |  |  | $ | 302,068 |  |  | $ | 23,756 |  |  | $ | 2,995,760 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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