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Operating Segment Data | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Operating Segment Data | Operating Segment DataTiptree 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, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the ASC 280, Segment Reporting, quantitative analysis performed, 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 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 Ginnie Mae. Other includes our maritime shipping operations (including our two held for sale product tankers), asset management, other investments (including our Invesque shares), and Luxury mortgage operations (held for sale as of June 30, 2022 and 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:
| Three Months Ended September 30, 2022
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 327,028 |  |  | $ | 15,611 |  |  | $ | 20,839 |  |  | $ | 363,478 |
Total expenses | (311,724) |  |  | (16,551) |  |  | (1,762) |  |  | (330,037) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (8,316) |
Income (loss) before taxes | $ | 15,304 |  |  | $ | (940) |  |  | $ | 19,077 |  |  | $ | 25,125 |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 5,068 |
Net income (loss) |  |  |  |  |  |  | $ | 20,057 |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 5,834 |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | 14,223 |
| Three Months Ended September 30, 2021
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 246,706 |  |  | $ | 27,425 |  |  | $ | 12,474 |  |  | $ | 286,605 |
Total expenses | (233,369) |  |  | (21,158) |  |  | (17,174) |  |  | (271,701) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (11,320) |
Income (loss) before taxes | $ | 13,337 |  |  | $ | 6,267 |  |  | $ | (4,700) |  |  | $ | 3,584 |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 237 |
Net income (loss) |  |  |  |  |  |  | $ | 3,347 |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 1,339 |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | 2,008 |
| Nine Months Ended September 30, 2022
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 903,388 |  |  | $ | 59,201 |  |  | $ | 65,635 |  |  | $ | 1,028,224 |
Total expenses | (864,331) |  |  | (55,851) |  |  | (45,167) |  |  | (965,349) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (33,895) |
Income (loss) before taxes | $ | 39,057 |  |  | $ | 3,350 |  |  | $ | 20,468 |  |  | $ | 28,980 |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 31,537 |
Net income (loss) |  |  |  |  |  |  | $ | (2,557) |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 6,588 |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | (9,145) |
| Nine Months Ended September 30, 2021
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 721,524 |  |  | $ | 87,191 |  |  | $ | 72,265 |  |  | $ | 880,980 |
Total expenses | (671,955) |  |  | (62,072) |  |  | (59,351) |  |  | (793,378) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (33,151) |
Income (loss) before taxes | $ | 49,569 |  |  | $ | 25,119 |  |  | $ | 12,914 |  |  | $ | 54,451 |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 11,416 |
Net income (loss) |  |  |  |  |  |  | $ | 43,035 |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 4,477 |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | 38,558 |
The Company conducts its operations primarily in the U.S. with 7.3% and 9.0% of total revenues generated overseas for the three months ended September 30, 2022 and 2021, respectively, and 8.4% and 7.1% for the nine months ended September 30, 2022 and 2021, respectively. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
| As of September 30, 2022 |  | As of December 31, 2021
|  |  | Tiptree Capital |  |  |  |  |  |  |  | Tiptree Capital |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Corporate |  | Total |  | Insurance |  | Mortgage |  | Other |  | Corporate |  | Total
Total assets | $ | 3,648,191 |  |  | $ | 167,015 |  |  | $ | 73,311 |  |  | $ | 105,567 |  |  | $ | 3,994,084 |  |  | $ | 3,002,152 |  |  | $ | 201,134 |  |  | $ | 384,564 |  |  | $ | 11,297 |  |  | $ | 3,599,147 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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