Slide 1: Investor Presentation – Third Quarter 2023
Investor Presentation – Third Quarter 2023 November 2023 Financial Information for the three and nine months ended September 30, 2023 EXHIBIT 99.2
Slide 2: Disclaimers
1 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
Slide 3: Q3 2023 Year-to-date Highlights
2 Q3 2023 Year-to-date Highlights Revenue $1.2 billion 17.0% vs. prior year Adjusted Net Income2 $65.1 million 33.4% vs. prior year Book Value per share2,3 $10.78 2.7% vs. 9/30/23 Net Income1 $7.1 million vs. prior year net loss of $(9.1) million Overall Today, Tiptree announced its intent to take
Slide 4: Financial Results
Financial Results Q3'22 Q3'23 Q3’22 YTD Q3’23 YTD Total Revenues $363.5 $416.5 $1,028.2 $1,202.7 Net income (loss) $14.2 $2.2 $(9.1) $7.1 Diluted EPS $0.38 $0.04 $(0.26) $0.18 Adjusted net income1 $19.4 $24.0 $48.8 $65.1 Adjusted ROAE1 14.8% 17.6% 14.2% 16.1% Total shares outstanding 36.2 36.8 Book
Slide 5: Specialty Insurance Performance Highlights Q3'23
Specialty Insurance Performance Highlights Q3’23
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Record underwriting and fee revenues of $387mm, up 23% • Product & distribution expansion to drive continued growth, while maintaining underwriting discipline • Continued investment in growth initiatives ✓ Specialty E&S and admitted lines ✓ Capital-light
Slide 7: Growth oriented while maintaining underwriting profitability
Growth oriented while maintaining underwriting profitability 76.2% 73.3% 74.0% 76.9% 76.6% 16.5% 18.3% 16.8% 13.8% 13.9% 92.7% 91.6% 90.8% 90.7% 90.5% Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 $22.2 $29.8 $46.4 $59.9 $83.1 Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 6 ($ in millions, all figures represent Q3 year-to-date) Gr
Slide 8: Investment Portfolio
Investment Portfolio Cash & Equivalents 36% Government & Agency 34% Corporate Bonds 14% Muni & ABS 6% Equities 2% Other Alternatives 8% Cash & Equivalents 39% Government & Agency 37% AA 5% A 12% BBB 5% $1,127mm 7 Asset Allocation Liquid and Highly-Rated Fixed Income Portfolio ($ in millions) 1,017 1
Slide 9: Performance Highlights Q3'23
Performance Highlights Q3’23
Slide 10: Tiptree Capital – Financial Performance Highlights
46.9 5.9 56.7 54.1 16.1 37.3 3.4 88.7 $123.1 $185.9 Q3'22 Q3'23 Financial drivers Pre-tax income (loss) Q3’22 Q3’23 Q3’22 YTD Q3’23 YTD Mortgage $(0.9) $0.4 $3.3 $(0.9) Senior living (Invesque)2 (1.4) (5.6) (12.9) (7.2) Maritime transportation 20.0 (1.0) 36.5 (1.7) Other 0.4 0.1 (3.1) 5.3 Total $18.
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Summary & Outlook
11 ❑ Significant opportunities to achieve value creation objectives at Fortegra ❑ Capital available to redeploy into long-term value creating opportunities Summary & Outlook ($ in millions) ✓ Strong operating performance from our businesses – Fortegra continues to deliver record top-line and return
Slide 13: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenue • Insurance underwriting and fee margin • Book Value per share • Adjusted net income
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations 13 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
Slide 15: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
14 Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) 2023 2022 2023 2022 2021 2020 2019 Total Revenues 406,779$ 327,028$ 1,159,900$ 903,388$ 721,524$ 482,299$ 464,962$ Less: Net investment income (5,416) (3,632) (19,613) (10,164) (9,331) (
Slide 16: Non-GAAP Reconciliations – Adjusted Net Income
15 Non-GAAP Reconciliations – Adjusted Net Income The footnotes below correspond to the tables above, under “—Adjusted Net Income - Non- GAAP and “—Adjusted Return on Average Equity - Non-GAAP” (annualized). Adjusted net income is presented before the impacts of non-controlling interests. Tiptree’s
Slide 17: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com