Slide 1: Investor Presentation – Third Quarter 2024
Investor Presentation – Third Quarter 2024 October 2024 Financial Information for the three and nine months ended September 30, 2024 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: Q3 2024 Year-to-date Highlights
2 Q3 2024 Year-to-date Highlights Revenue $1.539 billion 28.0% vs. prior year Adjusted Net Income1 $72.8 million 51.5% vs. prior year Book Value per share1,3 $12.56 18.6% vs. 9/30/23 Net Income $33.8 million vs. prior year net income of $7.1million Overall Revenues of $1.539bn, an increase of 28.0
Slide 4: Financial Highlights
Financial Highlights 31 For a reconciliation of Non-GAAP metrics adjusted net income, adjusted return on average equity (annualized) and book value per share to GAAP financials, see the Appendix. 2 Adjusted net income for Fortegra is presented before the impacts of non-controlling interests. ($ in m
Slide 5: Specialty Insurance Performance Highlights Q3'24
Specialty Insurance Performance Highlights Q3’24
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Premiums & equivalent growth of 13%, Revenue growth of 18% • Product & distribution expansion to drive growth, while maintaining underwriting discipline • Investment in growth initiatives ✓ Specialty E&S and admitted lines ✓ Capital-light warranty lines
Slide 7: Investment Portfolio
Investment Portfolio Cash & Equivalents 24% Government & Agency 27% Corporate Bonds 34% Muni & ABS 5% Equities 6% Other Alternatives 4% Cash & Equivalents 27% Government & Agency 30%AAA 2% AA 6% A 12% BBB 19% BB+ and below 4% $1,347mm 6 Asset Allocation Liquid and Highly-Rated Fixed Income Portfolio
Slide 8: Fortegra – A Highly Profitable and Growing Specialty Insurer
Fortegra – A Highly Profitable and Growing Specialty Insurer $22.2 $29.8 $46.4 $59.9 $83.1 $114.5 Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 7 ($ in millions, all figures represent Q3 year-to-date) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjusted Net Income2 736 824 1,
Slide 9: Performance Highlights Q3'24
Performance Highlights Q3’24
Slide 10: Tiptree Capital – Financial Performance Highlights
5.9 1.8 54.1 53.2 37.3 4.4 88.7 50.5 $185.9 $110.0 Q3'23 Q3'24 Financial drivers 9 Tiptree Capital – Financial Performance Highlights Mortgage: • Mortgage origination volumes of $693mm, up 4% from PY • Pre-tax contributions above PY driven by higher origination volumes and loan servicing fees; gain
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Continued Shareholder Value Creation
Continued Shareholder Value Creation 11 ($ in millions) Adjusted Net Income1 Adj ROAE%1 14.7% 20.2% $57.7 $86.7 LTM Q3'23 LTM Q3'24 $147 million1 $131 million4 10x – 30x6 (Median 16x) Peer Multiples LTM Adj. NI Warburg Transaction Multiple Total Diluted Shares 38.65 million5 13.5x2 1 See the appendi
Slide 13: Summary & Outlook
12 ❑ Maintain consistent top-line growth and sustained underwriting profitability over the long-term in our insurance business ❑ Continue to look for opportunities to allocate capital for long-term value creation Summary & Outlook ($ in millions) ✓ Strong operating performance from our businesses –
Slide 14: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenue • 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) 2024 2023 2024 2023 2022 2021 2020 2019 Total Revenues 481,013$ 406,779$ 1,489,711$ 1,159,900$ 903,388$ 721,524$ 482,299$ 464,962$ Less: Net investment income (9,111) (5,416) (22,250) (1
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