Slide 1: Investor Presentation - First Quarter 2020
Exhibit 99.2 NASDAQ: TIPT Investor Presentation - First Quarter 2020 May 2020 Financial information for the three months ended March 31, 2020
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: Overview & Financial Highlights
Overview & Financial Highlights
Slide 4: Overview
Overview Financial Results First quarter 2020 highlights Revenue Overall $129.7 million þ Year-to-date total return of (15.2)%3, driven by unrealized mark-to-market losses reflecting the market disruptions caused by COVID-19 (29.5)% vs. prior þ Operating EBITDA of $15.8 million, up 25% driven by gro
Slide 5: Financial Results
Financial Results ($ in millions, except per share information) Consolidated financial metrics Key drivers Q1'19 Q1'20 V% Highlights: • Revenues up 18.7%, excluding investment gains and losses, driven by Total Revenues $183.9 $129.7 (29.5)% improvement in Insurance top-line results (including Smart
Slide 6: Capital Allocation
Capital Allocation ($ in millions, except per share information) Q1'20 financials by component Q1'20 Last Twelve Month Highlights Tiptree Total Operating Operating EBITDA of $66.9m, up 14.2% from Q1 2019 Equity Capital1,2 EBITDA1 • Return on average total capital (ROATC%) of 9.7% Business Lines Q1'2
Slide 7: Tiptree Insurance
Tiptreelnsurance
Slide 8: Tiptree Insurance - Financial Performance Highlights
Tiptree Insurance - Financial Performance Highlights ($ in millions) Financial metrics Q1'20 Highlights & Outlook Q1'19 Q1'20 V% 1 Continuing to expand through product offerings and onboarding new clients, Gross Written Premiums $198.4 $276.8 39.5 % with a focus on growth and stable profitability Re
Slide 9: Insurance Investment Portfolio
Insurance Investment Portfolio ($ in millions) $529.0 19.3 Investment approach 1.8 31.3 Other investments $462.4 We manage our investment portfolio to achieve a balance of: 8.9 9.9 63.6 27.0 Real Estate • Short-term liquidity to cover claims obligations $399.7 6.3 16.7 19.3 16.8 71.6 Equities • Enha
Slide 10: Tiptree Capital
TiptreeCapital
Slide 11: Tiptree Capital - Financial Performance Highlights
Tiptree Capital - Financial Performance Highlights ($ in millions) Invested Capital1 Q1'20 Highlights & Outlook Seniors Housing (Invesque): $175.9 • Full quarter of dividends received from Invesque of $2.5m $151.4 29.7 $149.0 • Impacts from market conditions relating to COVID-19 Specialty finance &
Slide 12: Outlook
Outlook ($ in millions) Operating EBITDA1 Q1'20 Highlights ü Year-to-date returns negatively impacted by mark-to-market losses from broader market $15.8 conditions $12.6 ü Steady underlying operational performance in Q1'20 ü Continued execution on growth initiatives in our insurance operations ü Acq
Slide 13: Appendix
Appendix
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations Operating EBITDA and Adjusted EBITDA Management uses Operating EBITDA, Adjusted EBITDA and book value per share as measurements of operating performance which are non-GAAP measures. Management believes the use of Operating EBITDA and Adjusted EBITDA provides supplemental inf
Slide 15: Non-GAAP Reconciliations - Adjusted and Operating EBITDA
Non-GAAP Reconciliations - Adjusted and Operating EBITDA ($ in millions) Three Months Ended March 31, (1) Corporate debt interest expense includes interest expense from secured corporate credit agreements, junior subordinated notes and preferred trust securities. Interest expense associated with ass
Slide 16: Non-GAAP Reconciliations - Adjusted and Operating EBITDA
Non-GAAP Reconciliations - Adjusted and Operating EBITDA For the Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Specialty Tiptree Corporate Specialty Tiptree Corporate (1) Corporate debt interest expense includes interest expense ($ in millions) Insurance Capital Expenses Total
Slide 17: Non-GAAP Reconciliations - BVPS, Invested & Total Capital, Insurance Investment Portfolio
Non-GAAP Reconciliations - BVPS, Invested & Total Capital, Insurance Investment Portfolio ($ in millions, except per share information) As of March 31, Management uses Book value per share, which is a non-GAAP financial measure. Management believes the use of this financial measure 2020 2019 provide
Slide 18: Non-GAAP Reconciliations - Insurance Combined Ratio, Underwriting Revenues & Margin
Non-GAAP Reconciliations - Insurance Combined Ratio, Underwriting Revenues & Margin ($ in millions) Three Months Ended March 31, The following table provides a reconciliation between underwriting margin and pre-tax income. We generally limit the underwriting risk Revenues: 2020 2019 we assume throug