Slide 1: Investor Presentation – Third Quarter 2022
Investor Presentation – Third Quarter 2022 November 2022 Financial Information for the three and nine months ended September 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: Q3 2022 Year-to-date Highlights
Q3 2022 Year-to-date Highlights ($ in millions, except per share information) Overall Revenue Adj. net income2 of $48.8mm, with a 14.2% adj. ROAE2, driven by strong performance in insurance & shipping. $1.03 billion Closed the previously announced $200mm strategic investment in Fortegra by Warbu
Slide 4: Financial Results
Financial Results ($ in millions, except per share information) Q3’21 Q3’22 Key Highlights – Q3’22 Q3’21 Q3'22 YTD YTD Total Revenues $286.6 $363.5 $881.0 $1,028.2 Revenues Net income (loss) $2.0 $14.2 $38.6 $(9.1) • 26.8% increase driven by growth in Fortegra’s specialty insurance lines Diluted EPS
Slide 5: Q3'22 Specialty Insurance Performance Highlights
Q3’22 Specialty Insurance Performance Highlights
Slide 6: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q3’22 Highlights & Outlook Q3’21 Q3’22 Q3’21 Q3’22 YTD YTD 1 Product & distribution expansion driving continued growth, while Premiums & equivalents2 $588.1 $761.4 $1,618.1 $1,957.0 maintaining underwriting discipline Rev
Slide 7: Growth oriented while maintaining underwriting profitability
Growth oriented while maintaining underwriting profitability ($ in millions, all figures represent Q3 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 $916
Slide 8: Investment Portfolio
Investment Portfolio ($ in millions) Asset Allocation Other investments $1,113 Fixed Income & Cash Other Alternatives 97 Equities 7% 2% Muni & ABS Cash & Equivalents $832 6% 34% Fixed Income ETFs 149 5% $1,113mm Corporate Bonds 1,017 14% 683 Government & Agency 32% Liquid and Highly-Rated Fixed Inco
Slide 9: Q3'22 Performance Highlights
Q3’22 Performance Highlights
Slide 10: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Capital Allocation Q3’22 Year-to-date Highlights Maritime transportation: $179.8 • Charter rates remained strong in Q3 for tankers 4.7 Other 29.5 • Favorable valuations led to strategic sales of vessels $123.1 • Definitive agreement
Slide 11: Summary & Outlook
01 Summary & Outlook
Slide 12: Financial Snapshot
Financial Snapshot ($ in millions) LTM Adjusted Net Income1 Sum of the Parts Pro-forma Value/TIPT SOTP Value diluted share4 $748 million2 $19.98 (Transaction multiple) $63.2 $65.7 $240 million3 $6.41 (Book value ex. NCI) Q3'21 Q3'22 Adj ROAE% 16.5% 14.3% $988 million $26.39 1) See the appendix for a
Slide 13: Summary & Outlook
Summary & Outlook ($ in millions) Nine Month 2022 Highlights Looking Ahead ✓ Strong operating performance from our ❑ Significant opportunities to achieve value businesses creation objectives at Fortegra – Fortegra continues to deliver strong top-line growth and return on equity ❑ Capital available t
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) Q3’22 Capital Allocation & Annual Performance Comparison Q3’22 LTM Highlights Stockholders’ Adjusted net income of $65.7mm, up 3.9% from Q3’21 LTM Equity1 Adjusted Net Income2 • Adjusted return on average equity of 14.3%1 Q3’22 Q3’21 Q3’22 Business Lines LTM
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 17: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 2022 2021 2020 2022 2021 Total revenues $ 327,028 $ 246,706 $ 174,005 $ 903,388 $ 721,524 Less: Net investment inc
Slide 18: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Three Months Ended Septem ber 30, 2022 Three Months Ended Septem ber 30, 2021 Trailing Tw elve Months Ended Septem ber 30, 2022 Tiptree Capital Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage
Slide 19: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com