Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Tiptree Inc. (TIPT) has reported an 80.20 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $1.10 million, or $0.03 a share in the quarter, compared with $5.56 million, or $0.16 a share for the same period last year. Revenue during the quarter grew 25.37 percent to $163.91 million from $130.74 million in the previous year period. Net premium earned for the quarter jumped 100 percent or $44.62 million to $89.23 million.
Total expenses increase substantially
Benefits, losses and expenses for the quarter were at $165.32 million, or 185.27 percent of premium earned from $126.87 million or 284.36 percent of premium earned in the last year period. Operating loss for the quarter was $1.41 million, compared with an operating income of $3.87 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $11.79 million compared with $15.32 million in the prior year period. At the same time, adjusted EBITDA margin contracted 453 basis points in the quarter to 7.19 percent from 11.72 percent in the last year period.
Net investment income was at $4.50 million for the quarter, up 87.32 percent or $2.10 million from year-ago period. Meanwhile, income from fees and commission for the quarter plunged 36.49 percent or $14.97 million to $26.05 million. The company has recorded a gain on investments of $16.21 million in the quarter compared with a gain of $18.76 million for the previous year period.
Total assets stood at $2,466.96million as on Mar. 31, 2017. On the other hand, total liabilities were at $2,073.13 million as on Mar. 31, 2017.
Return on assets was at 0.41 percent in the quarter. At the same time, return on equity was at 0.28 percent in the quarter.
Investments stood at $975.91 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.46 percent in the quarter.
Total debt was at $751.88 million as on Mar. 31, 2017. Shareholders equity was at $393.84 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 1.91 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
