Slide 1: Investor Presentation – Second Quarter 2023
Investor Presentation – Second Quarter 2023 August 2023 Financial Information for the three and six months ended June 30, 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: Q2 2023 Year-to-date Highlights
2 Q2 2023 Year-to-date Highlights Revenue $786.1 million 18.3% vs. prior year Adjusted Net Income2 $41.1 million 39.6% vs. prior year Book Value per share2,3 $10.94 3.4% vs. 6/30/22 Net Income1 $4.9 million vs. prior year net loss of $(23.4) million Overall Adj. net income2 of $41.1mm, with a 15.2
Slide 4: Financial Results
Financial Results Q2'22 Q2'23 Q2’22 YTD Q2’23 YTD Total Revenues $339.8 $404.5 $664.7 $786.1 Net income (loss) $(22.4) $6.0 $(23.4) $4.9 Diluted EPS $(0.64) $0.16 $(0.67) $0.13 Adjusted net income1 $14.0 $23.8 $29.4 $41.1 Adjusted ROAE1 12.3% 17.5% 12.7% 15.2% Total shares outstanding 36.3 36.7 Book
Slide 5: Specialty Insurance Performance Highlights Q2'23
Specialty Insurance Performance Highlights Q2’23
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Record underwriting and fee revenues of $380mm, up 26% • Product & distribution expansion to drive continued growth, while maintaining underwriting discipline • Unearned premiums and deferred revenue grew to $2.2Bn, a 22% increase year-over-year • Contin
Slide 7: Growth oriented while maintaining underwriting profitability
Growth oriented while maintaining underwriting profitability 77.1% 75.1% 75.5% 77.4% 77.8% 16.2% 17.7% 16.3% 13.3% 13.4% 93.3% 92.9% 91.8% 90.7% 91.2% Q2'19 Q2'20 Q2'21 Q2'22 Q2'23 $14.1 $17.7 $26.9 $40.1 $53.1 Q2'19 Q2'20 Q2'21 Q2'22 Q2'23 6 ($ in millions, all figures represent Q2 year-to-date) Gr
Slide 8: Investment Portfolio
Investment Portfolio Cash & Equivalents 25% Government & Agency 39% Corporate Bonds 14% Fixed Income ETFs 6% Muni & ABS 6% Equities 2% Other Alternatives 8% Cash & Equivalents 28% Government & Agency 43% AA 7% A 15% Fixed Income ETFs 7% $1,126mm 7 Asset Allocation Liquid and Highly-Rated Fixed Incom
Slide 9: Fortegra Summary & Outlook
Fortegra Summary & Outlook 8 ($ in millions) LTM Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income and Adjusted ROAE (annualized). Adjusted net income is presented before the impacts of non-controlling interests. Q2’23 LTM Highlights $80
Slide 10: Performance Highlights Q2'23
Performance Highlights Q2’23
Slide 11: Tiptree Capital – Financial Performance Highlights
82.3 6.5 57.6 53.8 17.5 38.9 2.6 102.3 $160.0 $201.5 Q2'22 Q2'23 Financial drivers Pre-tax income (loss) Q2’22 Q2’23 Q2’22 YTD Q2’23 YTD Mortgage $0.0 $1.3 $4.3 $(1.3) Senior living (Invesque)1 (2.7) (0.1) (11.5) (1.6) Maritime transportation 13.8 (0.9) 16.4 (0.7) Other (2.0) 2.5 (3.5) 5.2 Total $9.
Slide 12: Summary & Outlook
01 Summary & Outlook
Slide 13: Financial Snapshot
Financial Snapshot 12 ($ in millions) LTM Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income and Adjusted return on average equity (annualized). 2) Estimated based on Warburg Pincus valuation multiple of 13.5x Adj. Net Income, multiplied
Slide 14: Summary & Outlook
13 • Significant opportunities to achieve value creation objectives at Fortegra • Capital available to redeploy into long-term value creating opportunities Summary & Outlook ($ in millions) ✓ Strong operating performance from our businesses – Fortegra continues to deliver record top-line and return
Slide 15: 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 16: Non-GAAP Reconciliations Adjusted Net Income
Non-GAAP Reconciliations 15 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 17: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
16 Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) 2023 2022 2021 2023 2022 2021 Total revenues 384,677$ 293,831$ 252,255$ 753,121$ 576,360$ 474,818$ Less: Net investment income (9,088) (3,365) (3,234) (14,197) (6,532) (6,001) Less: Net
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” (annualized). Adjusted net income is presented before the impacts of non-controlling interests. Tiptree’s s
Slide 19: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com