Slide 1: Investor Presentation – Fourth Quarter 2023
Investor Presentation – Fourth Quarter 2023 February 2024 Financial Information for the three and twelve months ended December 31, 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: 2023 Highlights
2 2023 Highlights Revenue $1.6 billion 18.0% vs. prior year Adjusted Net Income1 $61.9 million 16.7% vs. prior year Book Value per share1,3 $11.34 5.7% vs. 12/31/22 Net Income $14.0 million vs. prior year net loss of $(8.3) million Overall Revenues of $1.6 billion, an increase of 18% from 2022, dr
Slide 4: Financial Results
Financial Results Q4'22 Q4'23 FY’22 FY’23 $89.1 Total Revenues $369.5 $446.4 $1,397.8 $1,649.0 Net income (loss) $0.9 $6.9 $(8.3) $14.0 Diluted EPS $0.02 $0.15 $(0.23) $0.33 Adjusted net income1 $9.7 $13.9 $53.0 $61.9 Adjusted ROAE1 9.9% 13.6% 13.6% 15.2% Total shares outstanding 36.4 36.8 Book Valu
Slide 5: Specialty Insurance Performance Highlights Q4'23
Specialty Insurance Performance Highlights Q4’23
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Record revenues of $433mm, up 25% • Product & distribution expansion to drive continued growth, while maintaining underwriting discipline • Continued investment in growth initiatives ✓ Specialty E&S and admitted lines ✓ Capital-light warranty lines ✓ Eur
Slide 7: Investment Portfolio
Investment Portfolio Cash & Equivalents 31% Government & Agency 33% Corporate Bonds 19% Muni & ABS 6% Equities 2% Other Alternatives 9% Cash & Equivalents 34% Government & Agency 38% AA 6% A 13% BBB 7% $1,191mm 6 Asset Allocation Liquid and Highly-Rated Fixed Income Portfolio ($ in millions) 1,057 1
Slide 8: Fortegra – A Highly Profitable and Growing Specialty Insurer
Fortegra – A Highly Profitable and Growing Specialty Insurer $32.8 $43.4 $66.8 $83.8 $115.7 2019 2020 2021 2022 2023 7 ($ in millions) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjusted Net Income2 1,015 1171 1,601 1,889 2,386 75 258 335 374 362 $1,090 $1,430 $1,9
Slide 9: Performance Highlights Q4'23
Performance Highlights Q4’23
Slide 10: Tiptree Capital – Financial Performance Highlights
57.6 7.1 54.7 52.3 13.0 41.3 4.2 77.4 $129.6 $178.1 2022 2023 Financial drivers Pre-tax income (loss) Q4’22 Q4’23 FY’22 FY’23 Mortgage $(2.5) $(2.4) $0.9 $(3.3) Senior living (Invesque) (3.1) (2.2) (16.0) (9.3) Maritime transportation 13.3 (2.8) 49.8 (4.5) Other 0.8 5.3 (2.4) 10.6 Total $8.5 $(2.1)
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Summary & Outlook
11 ❑ Maintain trajectory of consistent top-line growth and sustained underwriting profitability over the long-term in our insurance business ❑ Continue to look for opportunities to allocate capital for long-term value creation ❑ Remain disciplined and patient as we navigate today’s economic, politic
Slide 13: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenue • Insurance underwriting and fee margin • Book Value per share • Adjusted net income
Slide 14: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations 13 Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related
Slide 15: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
14 Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) 2023 2022 2023 2022 2021 2020 2019 Total Revenues 433,170$ 345,408$ 1,593,070$ 1,248,796$ 984,130$ 691,061$ 635,085$ Less: Net investment income (7,061) (2,055) (26,674) (12,219) (17,896
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 s
Slide 17: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com