Business
Tiptree Reports Q1 2021 Results With Record Revenues and Net Income
Revenues of $294.7 million, up 127.3% from Q1’20, driven by growth in insurance and mortgage operations and net realized and unrealized gains in Q1’21
About this update from Tiptree Inc.
[{"type":"text","content":"\n\nRevenues of $294.7 million, up 127.3% from Q1’20, driven by growth in insurance and mortgage operations and net realized and unrealized gains in Q1’21 compared to losses in Q1’20. Excluding realized and unrealized gains and losses, revenues increased 25.6% versus prior year.\n\n\n\nNet income of $28.6 million for the first quarter 2021.\n\n\n\nAdjusted net income of $13.2 million, up 90.5% from Q1’20, driven by improvement in insurance and mortgage operations. Annualized Adjusted ROAE of 13.7%, compared to 7.3% in the prior year period.\n\n\n\nBook value per share of $11.63 as of March 31, 2021, when combined with dividends paid of $0.16 per share, increased 21.2% from the prior year, driven by a combination of net income and 2.3 million of share repurchases over the past four quarters at an average 49% discount to book value per share.\n\n\n\nDeclared a dividend of $0.04 per share to stockholders of record on May 24, 2021 with a payment date of June 1, 2021.\n\n\n \n\n NEW YORK--(BUSINESS WIRE)--\nTiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), a holding company that combines specialty insurance operations with investment management, today announced its financial results for the three months ended March 31, 2021.\n\n\n\n($ in thousands, except per share information)\n\n\n\nThree Months Ended March 31, \n\n\n\n\n\nGAAP:\n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\nTotal revenues\n\n\n\n$\n\n\n\n294,688\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n129,671\n\n\n\n \n\n\n\n\n\nNet income (loss) attributable to common stockholders\n\n\n\n$\n\n\n\n28,581\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(60,007\n\n\n\n)\n\n\n\n\n\nDiluted earnings per share\n\n\n\n$\n\n\n\n0.81\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(1.74\n\n\n\n)\n\n\n\n\n\nCash dividends paid per common share\n\n\n\n$\n\n\n\n0.04\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.04\n\n\n\n \n\n\n\n\n\nReturn on average equity\n\n\n\n31.8\n\n\n\n%\n\n\n\n \n\n\n\n(64.1\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNon-GAAP: (1)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted net income\n\n\n\n$\n\n\n\n13,155\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n6,907\n\n\n\n \n\n\n\n\n\nAdjusted return on average equity\n\n\n\n13.7\n\n\n\n%\n\n\n\n \n\n\n\n7.3\n\n\n\n%\n\n\n\n\n\nBook value per share\n\n\n\n$\n\n\n\n11.63\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n9.73\n\n\n\n \n\n\n\n\n(1) For information relatin...