Tiptree Inc. · NASDAQ:TIPT
Tiptree — Q1 2025 Earnings Presentation
18 slides from Tiptree's earnings presentation, April 2025
Slide 1: Investor Presentation – First Quarter 2025
Investor Presentation – First Quarter 2025 April 2025 Financial Information for the three months ended March 31, 2025
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: Q1 2025 Highlights
Q1 2025 Highlights ($ in millions, except per share information) Overall Revenue Revenues of $497.4 million, a decrease of 0.2% from 2024. Excluding investment gains and losses, revenues increased 1.8%. $497.4 million Net income of $5.6mm. (0.2)% vs. prior year Adj. net income1 of $23.3mm, and
Slide 4: Q1 2025 Performance Highlights
Q1 2025 Performance Highlights ($ in millions, except per share information) Q1’24 Q1'25 $89.1 Key Highlights – Q1’25 Total Revenues $498.2 $497.4 Revenues up 2%, excluding investment gains/losses Net income (loss) $9.1 $5.6 • Growth in earned premiums and net investment income Diluted EPS $0.22 $0.
Slide 5: Q1'25 Specialty Insurance Performance Highlights
Q1’25 Specialty Insurance Performance Highlights
Slide 6: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q1’25 Highlights & Outlook Q1’24 Q1’25 V% Premiums & equivalents $663.4 $753.2 13.5% 1 Premiums & equivalents growth of 13.5%, net written premiums growth of 12.4% Net written premiums $318.2 $357.7 12.4% Revenue $478.8 $
Slide 7: Investment Portfolio
Investment Portfolio ($ in millions) Book yield 3.7% 4.1% Asset Allocation Other Alternatives $1,592 Equities 8% 4% Cash & Equivalents 17% $1,334 186 Muni & ABS 5% 141 $1,592mm Government & 1,406 Other investments Agency 1,193 Fixed Income & Cash Corporate Bonds 42% 24% Liquid and Highly-Rated Fixed
Slide 8: Fortegra – A Highly Profitable and Growing Specialty Insurer
Fortegra – A Highly Profitable and Growing Specialty Insurer ($ in millions) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Insurance Services U/W & Fee Revenues U/W & Fee Margin $753 $663 87 $621 $534 94 $448 $451 $109 89 $101 $437 81 $350 $78 $325 68 $274 $64 48 667
Slide 9: Q1'25 Performance Highlights
Q1’25 Performance Highlights
Slide 10: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Capital Allocation Q1’25 Highlights Mortgage: • Mortgage origination volumes of $209mm, down 1% from PY $145.2 • Decrease in pre-tax contributions driven by negative FV adjustment Cash and U.S. on MSR asset; gain on sale margins at 4
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Continued Shareholder Value Creation
Continued Shareholder Value Creation ($ in millions) Warburg LTM Transaction Peer Adjusted Net Income1 Adj. NI Multiple Multiples $163 million1 13.5x2 10x – 32x6 (Median 17x) 29% year-over-year 70% diluted growth ownership3 $102.9 Book value $69.9 $179 million4 100% ownership LTM Q1'24 LTM Q1'25 Hol
Slide 13: Summary & Outlook
Summary & Outlook ($ in millions) Q1 2025 Highlights Looking Ahead ✓ Strong operating performance from our ❑ Maintain trajectory of consistent top-line growth businesses and sustained underwriting profitability over the long-term in our insurance business – Fortegra continues to deliver strong finan
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 March 31, 2025 2024 2023 2022 2021 2020 2019 Total Revenues $ 480,581 $ 478,756 $ 368,444 $ 282,529 $ 222,563 $ 143,340 $ 153,242 Less: Net investment income (11,729) (6,
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Tiptree Capital Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insu
Slide 18: Tiptree Inc.
TiptreeInc. [email protected]