Slide 1: Investor Presentation – First Quarter 2024
Investor Presentation – First Quarter 2024 May 2024 Financial Information for the three months ended March 31, 2024 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: Q1 2024 Highlights
2 Q1 2024 Highlights Revenue $498.2 million 30.6% vs. prior year Adjusted Net Income1 $20.5 million 63.5% vs. prior year Book Value per share1,3 $11.55 7.8% vs. 3/31/23 Net Income $9.1 million vs. prior year net loss of $(1.1) million Overall Revenues of $498.2 million, an increase of 30.6% from 2
Slide 4: Q1 2024 Performance Highlights
Q1 2024 Performance Highlights Q1’23 Q1'24 $89.1 Total Revenues $381.6 $498.2 Net income (loss) $(1.1) $9.1 Diluted EPS $(0.03) $0.22 Adjusted net income1 $12.6 $20.5 Adjusted ROAE1 12.6% 19.5% Total shares outstanding 36.7 36.8 Book Value per share1 $10.91 $11.55 31 For a reconciliation of Non-GAAP
Slide 5: Specialty Insurance Performance Highlights Q1'24
Specialty Insurance Performance Highlights Q1’24
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Record revenues of $479mm, up 30% • Continued product & distribution expansion to drive growth, while maintaining underwriting discipline • Investment in growth initiatives ✓ Specialty E&S and admitted lines ✓ Capital-light warranty lines ✓ European expa
Slide 7: Investment Portfolio
Investment Portfolio Cash & Equivalents 33% Government & Agency 25% Corporate Bonds 26% Muni & ABS 6% Equities 3% Other Alternatives 7% Cash & Equivalents 37% Government & Agency 28% AAA 2% AA 6% A 13% BBB 13% BB+ and below 1% $1,193mm 6 Asset Allocation Liquid and Highly-Rated Fixed Income Portfoli
Slide 8: Fortegra – A Highly Profitable and Growing Specialty Insurer
Fortegra – A Highly Profitable and Growing Specialty Insurer $6.5 $8.7 $12.8 $21.1 $22.9 $34.1 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 7 ($ in millions) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjusted Net Income2 198 277 369 453 532 570 17 48 68 81 89 94 $215 $325
Slide 9: Performance Highlights Q1'24
Performance Highlights Q1’24
Slide 10: Tiptree Capital – Financial Performance Highlights
20.5 5.7 52.8 52.9 32.7 14.0 100.4 50.3 $206.4 $122.9 Q1'23 Q1'24 Financial drivers 9 Tiptree Capital – Financial Performance Highlights Mortgage: • Mortgage origination volumes of $210mm, up 4% from PY • Pre-tax contributions above PY driven by positive FV adjustment on MSR asset; gain on sale marg
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Continued Shareholder Value Creation
Continued Shareholder Value Creation 11 ($ in millions) Adjusted Net Income1 Adj ROAE%1 13.3% 16.9% $50.9 $69.9 LTM Q1'23 LTM Q1'24 $127 million1 $151 million4 12x – 32x6 (Median 18x) Peer Multiples LTM Adj. NI Warburg Transaction Multiple Total Diluted Shares 38.1 million5 13.5x2 1) See the appendi
Slide 13: Summary & Outlook
12 ❑ Maintain trajectory of consistent top-line growth and sustained underwriting profitability over the long-term in our insurance business ❑ Continue to look for opportunities to allocate capital for long-term value creation ❑ Remain disciplined and patient as we navigate today’s economic, politic
Slide 14: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenue • Insurance underwriting and fee margin • Book Value per share • Adjusted net income
Slide 15: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations 14 Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related
Slide 16: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
15 Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) 2024 2023 2022 2021 2020 2019 Total Revenues 478,756$ 368,444$ 282,529$ 222,563$ 143,340$ 153,242$ Less: Net investment income (6,758) (5,109) (3,167) (2,767) (3,488) (2,911) Less: Net r
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
16 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”. (1) Net realized and unrealized gains (losses) added back in Adjusted net income excludes net realized a
Slide 18: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com