Tiptree Inc. · NASDAQ:TIPT
Tiptree — Q2 2024 Earnings Presentation
19 slides from Tiptree's earnings presentation, August 2024
Slide 1: Investor Presentation – Second Quarter 2024
Investor Presentation – Second Quarter 2024 August 2024 Financial Information for the three and six months ended June 30, 2024
Slide 2: Disclaimers
Disclaimers LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Inc. and its consolidated subsidiaries (“Tiptree", "the Company" or "we”) solely for informational purposes, and not for the purpose of updating any information or forecast with respect to Tiptree, its s
Slide 3: Q2 2024 Year-to-date Highlights
Q2 2024 Year-to-date Highlights ($ in millions, except per share information) Overall Revenue Revenues of $1.045bn, an increase of 32.9% from 2023, driven by growth at Fortegra. $1.045 billion Net income of $21.9mm. 32.9% vs. prior year Adj. net income1 of $45mm, and 21.1% annualized adj. ROAE
Slide 4: Financial Highlights
Financial Highlights ($ in millions, except per share information) Q2’23 Q2’24 Key Highlights – Q2’24 Q2'23 Q2'24 YTD YTD Total Revenues $404.5 $546.7 $786.1 $1,044.9 Revenues increased 35% Net income (loss) $6.0 $12.9 $4.9 $21.9 • Growth in net earned premiums and service fees Diluted EPS $0.16 $0.
Slide 5: Q2'24 Specialty Insurance Performance Highlights
Q2’24 Specialty Insurance Performance Highlights
Slide 6: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q2’24 Highlights & Outlook Q2’23 Q2’24 Q2’23 Q2’24 YTD YTD 1 Record premiums & equivalents, revenues and adj. net income Premiums & equivalents $716.1 $776.1 $1,337.2 $1,439.5 • Continued product & distribution expansion
Slide 7: Investment Portfolio
Investment Portfolio ($ in millions) Book yield 3.1% 4.1% Asset Allocation Other Alternatives Equities $1,387 5% 5% Muni & ABS Cash & Equivalents $1,237 128 5% 33% 114 $1,387mm Corporate Bonds 28% Other investments 1,258 Fixed Income & Cash 1,123 Government & Agency 24% Liquid and Highly-Rated Fixed
Slide 8: Fortegra – A Highly Profitable and Growing Specialty Insurer
Fortegra – A Highly Profitable and Growing Specialty Insurer ($ in millions, all figures represent Q2 year-to-date) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Insurance Services U/W & Fee Revenues U/W & Fee Margin $1,439 $1,337 188 $943 $209 $1,055 191 $923 $712 $1
Slide 9: Q2'24 Performance Highlights
Q2’24 Performance Highlights
Slide 10: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Capital Allocation Q2’24 Year-to-date Highlights $201.5 Mortgage: • Mortgage origination volumes of $437mm, up 2% from PY • Pre-tax contributions above PY driven by positive FV adjustment on 102.3 Cash and U.S. MSR asset; gain on sal
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Continued Shareholder Value Creation
Continued Shareholder Value Creation ($ in millions) Adjusted Net Income1 Warburg LTM Transaction Peer Adj. NI Multiple Multiples $137 million1 13.5x2 10x – 32x6 $76.7 42% year-over-year 70% diluted (Median 17x) growth ownership3 $55.2 Book value $116 million4 100% ownership LTM Q2'23 LTM Q2'24 Adj
Slide 13: Summary & Outlook
Summary & Outlook ($ in millions) First Half 2024 Highlights Looking Ahead ✓ Strong operating performance from our ❑ Maintain consistent top-line growth and businesses sustained underwriting profitability over the long-term in our insurance business – Fortegra continues to deliver record financial a
Slide 14: Appendix – Non-GAAP Reconciliations
Non-GAAP Reconciliations • Insurance underwriting and fee revenue Appendix • • Insurance underwriting and fee margin Book Value per share • Adjusted net income
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 16: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2022 2021 2020 2019 Total Revenues $ 529,942 $ 384,677 $ 1,008,698 $ 753,121 $ 576,360 $ 474,818 $ 308,294 $ 306,20
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Three Month Ended June 30, 2022 Tiptree Capital Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insuranc
Slide 18: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Six Months June 30, 2024 Six Months June 30, 2023 Six Months June 30, 2022 Tiptree Capital Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corpor
Slide 19: Tiptree Inc.
TiptreeInc. [email protected]