Slide 1: Investor Presentation – Third Quarter 2021
Investor Presentation – Third Quarter 2021 November 2021 Financial Information for the three and nine months ended September 30, 2021
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: Year-to-Date Highlights
Year-to-Date Highlights ($ in millions, except per share information) Overall Revenue Adjusted net income2 of $47.0 million, with a 16.2% adj ROAE2, driven by improvement in insurance, mortgage and shipping $881.0 million operations. 59.3% vs. prior year On October 12, 2021, announced a $200 mil
Slide 4: Financial Results
Financial Results ($ in millions, except per share information) Q3’20 Q3’21 Key Highlights – Q3’21 Q3’20 Q3'21 YTD YTD Total Revenues $224.0 $286.6 $552.9 $881.0 Revenues up 31%, excluding the impact of investment gains/losses, and net income decreased by $10.8mm to $2.0mm Net income (loss) $12.8 $2
Slide 5: Tiptree Snapshot
Tiptree Snapshot ($ in millions) Adjusted Net Income1 Tiptree Sum of the Parts PF SOTP Value Value/TIPT share $644 million2 $19.00 (Transaction multiple) $63.2 $45.9 $175 million $5.16 (Book value ex. NCI) Q3'20 LTM Q3'21 LTM Holding Company $68 million2 $2.00 (Book value) Shares outstanding 33.6 33
Slide 6: Q3'21 Insurance Performance Highlights
Q3’21 Insurance Performance Highlights
Slide 7: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials1 Q3’21 Highlights & Outlook Q3’20 Q3'21 Q3’20 Q3’21 YTD YTD 1 Continued growth through insurance and warranty program expansion Premiums & equivalents2 $464.7 $613.1 $1,176.0 $1,689.6 and onboarding new agents, with a foc
Slide 8: Robust growth trajectory while maintaining underwriting profitability
Robust growth trajectory while maintaining underwriting profitability ($ in millions) Gross Written Premiums & Equivalents Underwriting & Fee Revenues and Margin1 U.S. Insurance U.S. Warranty Solutions U/W & Fee Revenues U/W & Fee Margin Europe Warranty Solutions $1,690 70 $1,176 525 $935 35 24 399
Slide 9: Insurance Investment Portfolio
Insurance Investment Portfolio ($ in millions) Q3’21 Investment Mix Other investments $832 Fixed Income & Cash Other Alternatives Cash & Equivalents 9% 149 Equities 12% $651 9% Muni & ABS 133 6% Fixed Income ETFs $832mm 5% Government & Agency 37% 683 518 Corporate Bonds 22% Liquid and Highly-Rated F
Slide 10: Q3'21 Performance Highlights
Q3’21 Performance Highlights
Slide 11: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Equity Capital Allocation Q3’21 Year-to-date Highlights Mortgage: $179.8 • Mortgage origination volumes of $1,181mm, flat year-over-year $159.6 4.7 Other • Pre-tax income increased over PY from higher servicing fees and 5.5 29.5 27.6
Slide 12: Summary & Outlook
Summary & Outlook ($ in millions, except per share information) Q3’21 Year-to-date Highlights Adjusted Net Income1 ✓ Diversification of our underlying operations supported strong results ― Consistent growth and improving profitability at Fortegra ― Strong performance from mortgage & shipping operati
Slide 13: Appendix
Non-GAAP Reconciliations • Insurance underwriting and fee revenue Appendix • • Insurance underwriting and fee margin Book Value per share • Adjusted net income
Slide 14: Operating Performance
Operating Performance ($ in millions) Q3’21 Capital Allocation & Annual Performance Comparison Q3’21 Last Twelve Month Highlights Stockholders’ Adjusted net income of $63.2mm, up 37.7% from Q3’20 Equity1 Adjusted Net Income2 Q3’20 Q3’21 • Adjusted return on average equity of 16.5%1 Q3’21 Business Li
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 16: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin Three Months Ended, Nine Months Ended, ($ in thousands) September 30, September 30, We define underwriting and fee revenues as total revenues from our Insurance segment excluding net investment income, net realized and unrealized gains
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Trailing Twelve Months Ended September 30, 2021 Tiptree Capital Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Othe
Slide 18: TiptreeInc.
TiptreeInc. ir@tiptreeinc.com