Slide 1: Investor Presentation – Fourth Quarter 2022
Investor Presentation – Fourth Quarter 2022 March 2023 Financial Information for the three and twelve months ended December 31, 2022 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: 2022 Highlights
2 2022 Highlights Revenue $1.40 billion 16.4% vs. prior year Adjusted Net Income2 $63.4 million (0.7)% vs. prior year Book Value per share2,3 $10.92 2.6% vs. 9/30/22 Net Loss1 $(8.3) million vs. prior year net income of $38.1 million Overall Adj. net income2 of $63mm, with a 13.6% adj. ROAE2, driv
Slide 4: Financial Results
Financial Results Q4’21 Q4'22 2021 2022 Total Revenues $319.5 $369.5 $1,200.5 $1,397.8 Net income (loss) $(0.4) $0.9 $38.1 $(8.3) Diluted EPS $(0.01) $0.02 $1.09 $(0.23) Adjusted net income1 $16.9 $14.6 $63.9 $63.4 Adjusted ROAE1 16.8% 11.1% 16.5% 13.6% Total shares outstanding 34.1 36.4 Book Value
Slide 5: Specialty Insurance Performance Highlights Q4'22
Specialty Insurance Performance Highlights Q4’22
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Product & distribution expansion driving continued growth, while maintaining underwriting discipline • GWPPE of 724mm, or 26% growth driven by E&S and warranty lines • Unearned premiums and deferred revenue grew to $2.0Bn, a 21% increase year-over-year •
Slide 7: Growth oriented while maintaining underwriting profitability
Growth oriented while maintaining underwriting profitability 76.5% 74.6% 74.7% 77.6% 15.9% 16.9% 15.9% 13.1% 92.4% 91.5% 90.6% 90.7% 2019 2020 2021 2022 $32.8 $43.4 $66.8 $83.8 2019 2020 2021 2022 6 ($ in millions) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjuste
Slide 8: Investment Portfolio
Investment Portfolio Cash & Equivalents 34% Government & Agency 33% Corporate Bonds 14% Fixed Income ETFs 5% Muni & ABS 6% Equities 1% Other Alternatives 7% Cash & Equivalents 37% Government & Agency 36% AA 5% A 14% BBB 1% Fixed Income ETFs 5% $1,057mm 7 Asset Allocation Liquid and Highly-Rated Fixe
Slide 9: Fortegra Summary & Outlook
Fortegra Summary & Outlook 8 ($ in millions) Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income and Adjusted ROAE. Adjusted net income is presented before the impacts of non-controlling interests. 2022 Highlights $66.8 $83.9 2021 2022 ✓ R
Slide 10: Performance Highlights Q4'22
Performance Highlights Q4’22
Slide 11: Tiptree Capital – Financial Performance Highlights
81.8 57.6 60.4 54.7 29.1 13.0 11.0 4.2 $182.3 $129.6 2021 2022 Financial drivers Pre-tax income (loss) Q4’21 Q4’22 2021 2022 Mortgage $3.3 $(2.5) $28.4 $0.9 Senior living (Invesque)2 (0.4) (3.1) 3.1 (16.0) Maritime transportation 3.9 13.3 11.6 49.8 Other 0.8 0.8 2.5 (2.4) Total $7.6 $8.5 $45.6 $32.3
Slide 12: Summary & Outlook
01 Summary & Outlook
Slide 13: Financial Snapshot
Financial Snapshot 12 ($ in millions) Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income. Adjusted net income is presented before the impacts of non-controlling interests. 2) Estimated based on Warburg Pincus valuation multiple of 13.5x A
Slide 14: Summary & Outlook
13 • 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 strong top-line growth and
Slide 15: 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 16: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations 15 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 17: Non-GAAP Reconciliations – UW & Fee Revenues & Margin, BVPS
16 Non-GAAP Reconciliations – UW & Fee Revenues & Margin, BVPS ($ in thousands, except per share information) 2022 2021 2020 2022 2021 2020 Total revenues 1,248,796$ 984,130$ 691,061$ 345,408$ 262,606$ 208,762$ Less: Net investment income (12,219) (17,896) (9,916) (2,055) (8,565) (1,113) Less: Net r
Slide 18: Non-GAAP Reconciliations – FY Adjusted Net Income
17 Non-GAAP Reconciliations – FY 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”. Adjusted net income is presented before the impacts of non-controlling interests. Tiptree’s subsidiary
Slide 19: Non-GAAP Reconciliations – Q4 Adjusted Net Income
18 Non-GAAP Reconciliations – Q4 Adjusted Net Income ($ in thousands) Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Income (loss) before taxes 29,093$ (2,476)$ 10,935$ (12,521)$ 25,031$ 20,288$ 3,288$ 4,296$ (16,981)$ 10,891$ Less: Income tax (benefit) expense (10
Slide 20: Tiptree Inc. ir@tiptreeinc.com
TiptreeInc. ir@tiptreeinc.com