Slide 1: Investor Presentation – Second Quarter 2022
Investor Presentation – Second Quarter 2022 August 2022 Financial Information for the three and six months ended June 30, 2022
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: Q2 2022 Year-to-date Highlights
Q2 2022 Year-to-date Highlights ($ in millions, except per share information) Overall Revenue Adj. net income2 of $29.4mm, with a 12.7% adj. ROAE2, driven by strong performance in insurance & shipping. $664.7 million Closed the previously announced $200 million strategic investment in Fortegra b
Slide 4: Financial Results
Financial Results ($ in millions, except per share information) Q2’21 Q2’22 Key Highlights – Q2’22 Q2’21 Q2'22 YTD YTD Total Revenues $299.7 $339.8 $594.4 $664.7 Fortegra Investment Net income (loss) $8.0 $(22.4) $36.6 $(23.4) • Closing of the Warburg investment resulted in $63.2mm pre-tax impact to
Slide 5: Q2'22 Specialty Insurance Performance Highlights
Q2’22 Specialty Insurance Performance Highlights
Slide 6: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q2’22 Highlights & Outlook Q2’21 Q2’22 Q2’21 Q2’22 YTD YTD 1 Product & distribution expansion to drive continued growth, while Premiums & equivalents2 $552.8 $594.7 $1,030.0 $1,195.6 maintaining underwriting discipline Re
Slide 7: Growth oriented while maintaining underwriting profitability
Growth oriented while maintaining underwriting profitability ($ in millions, all figures represent Q2 year-to-date) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 U.S. Insurance U.S. Warranty Solutions U/W & Fee Revenues U/W & Fee Margin Europe Warranty Solutions $1,19
Slide 8: Investment Portfolio
Investment Portfolio ($ in millions) Asset Allocation Other investments Fixed Income & Cash $1,011 Equities Other Alternatives 6% 2% Cash & Equivalents 84 Muni & ABS 26% $815 6% Fixed Income ETFs 191 6% $1,011mm Corporate Bonds 926 17% Government & 623 Agency 37% Liquid and Highly-Rated Fixed Income
Slide 9: Q2'22 Performance Highlights
Q2’22 Performance Highlights
Slide 10: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Capital Allocation Q2’22 Year-to-date Highlights $195.5 Mortgage: 4.4 • Mortgage origination volumes of $661mm, down 17% from PY 39.9 $160.0 Other 2.6 • Pre-tax income below PY from decline in volume & margins, 17.5 partially offset
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Financial Snapshot
Financial Snapshot ($ in millions) LTM Adjusted Net Income1 Sum of the Parts Pro-forma Value/TIPT SOTP Value diluted share4 $744 million2 $19.85 (Transaction multiple) $67.0 $60.3 $235 million3 $6.27 (Book value ex. NCI) Q2'21 Q2'22 Adj ROAE% 16.0% 14.4% $979 million $26.12 1) See the appendix for a
Slide 13: Summary & Outlook
Summary & Outlook ($ in millions) First Half 2022 Highlights Looking Ahead ✓ Strong operating performance from our ❑ Significant opportunities ahead to achieve businesses value creation objectives at Fortegra – Fortegra continues to deliver record top-line and return on equity ❑ Continued focus on l
Slide 14: Appendix – Non-GAAP Reconciliations
Non-GAAP Reconciliations • Insurance underwriting and fee revenue Appendix • • Insurance underwriting and fee margin Book Value per share • Adjusted net income
Slide 15: LTM Operating Performance
LTM Operating Performance ($ in millions) Q2’22 Capital Allocation & Annual Performance Comparison Q2’22 LTM Highlights Stockholders’ Adjusted net income of $67.0mm, up 11.2% from Q2’21 LTM Equity1 Adjusted Net Income2 • Adjusted return on average equity of 14.4%1 Q2’22 Q2’21 Q2’22 Business Lines LT
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 17: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin Six Months Ended, ($ in thousands, except per share information) Three Months Ended June 30, June 30, We define underwriting and fee revenues as total revenues from our Insurance segment 2022 2021 2020 2022 2021 excluding net investment
Slide 18: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Trailing Twelve Ended June 30, 2022 Tiptree Capital Tiptree Capital Tiptree Capital ($ in thousands) Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insu
Slide 19: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com