Slide 1: Investor Presentation – Second Quarter 2025
Investor Presentation – Second Quarter 2025 July 2025 Financial Information for the three and six months ended June 30, 2025 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: Q2 2025 Year-to-date Highlights
2 Q2 2025 Year-to-date Highlights Revenues $1.026 billion (1.8)% vs. prior year Adjusted Net Income1 $50.5 million 12.2% vs. prior year Book Value per share1,3 $13.33 16.5% vs. 6/30/24 Net Income $24.6 million vs. prior year net income of $21.9 million Overall Revenues of $1.026bn, a decrease of 1
Slide 4: Financial Highlights
Financial Highlights 31 For a reconciliation of Non-GAAP metrics adjusted net income, adjusted return on average equity (annualized) and book value per share to GAAP financials, see the Appendix. 2 Adjusted net income for Fortegra is presented before the impacts of non-controlling interests. ($ in m
Slide 5: Specialty Insurance Performance Highlights Q2'25
Specialty Insurance Performance Highlights Q2’25
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Record quarterly premiums and equivalents delivering growth of 17.0% with net written premium growth of 17.2% • Product & distribution expansion driving growth, while maintaining underwriting discipline • Investment in growth initiatives – E&S, Warranty
Slide 7: Investment Portfolio
Investment Portfolio Cash & Equivalents 22% Government & Agency 23% Corporate Bonds 37% Muni & ABS 6% Equities 8% Other Alternatives 4% Cash & Equivalents 25% Government & Agency 26% AAA 4% AA 6% A 11% BBB 26% BB+ and below 2% $1,461mm 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 $14.1 $17.7 $26.9 $40.1 $53.1 $74.4 $85.6 Q2'19 Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 7 ($ in millions, all figures represent Q2 year-to-date) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjusted Net Income2
Slide 9: Performance Highlights Q2'25
Performance Highlights Q2’25
Slide 10: Tiptree Capital – Financial Performance Highlights
3.9 (1.6) 53.3 56.0 5.4 5.4 53.8 77.3 $116.5 $137.1 Q2'24 Q2'25 Financial drivers 9 Tiptree Capital – Financial Performance Highlights Mortgage: • Mortgage origination volumes of $453mm, up 4% from PY • Decrease in pre-tax contributions driven by negative FV adjustment on MSR asset; gain on sale mar
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Continued Shareholder Value Creation
Continued Shareholder Value Creation 11 ($ in millions) Adjusted Net Income1 Adj ROAE%1 18.3% 22.5% $76.7 $105.6 LTM Q2'24 LTM Q2'25 Adj NI: $168m1 Book Value: $167m4 Peer MultiplesMetric Warburg Transaction Multiple Total Diluted Shares 38.9m5 13.5x2 1 See the appendix for a reconciliation of Non-G
Slide 13: Summary & Outlook
12 ❑ Maintain consistent top-line growth and sustained underwriting profitability over the long-term in our insurance business ❑ Continue to look for opportunities to allocate capital for long-term value creation Summary & Outlook ($ in millions) ✓ Strong operating performance from our businesses –
Slide 14: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenues • 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) 2025 2024 2023 2025 2024 2023 2022 2021 2020 2019 Total Revenues 513,017$ 529,942$ 384,677$ 993,598$ 1,008,698$ 753,121$ 576,360$ 474,818$ 308,294$ 306,205$ Less: Net investment income (
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 and
Slide 18: Non-GAAP Reconciliations – Adjusted Net Income
17 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 and
Slide 19: Tiptree Inc. ir@tiptreeinc.com
TiptreeInc. ir@tiptreeinc.com