Slide 1: Investor Presentation – First Quarter 2023
Investor Presentation – First Quarter 2023 May 2023 Financial Information for the three months ended March 31, 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: Q1'23 Highlights
2 Q1’23 Highlights Revenue $381.6 million 17.5% vs. prior year Adjusted Net Income2 $17.3 million 11.9% vs. prior year Book Value per share2,3 $10.91 5.4% vs. 3/31/22 Net Loss1 $(1.1) million vs. prior year net loss of $(1.0) million Overall Adj. net income2 of $17.3mm, with a 12.9% adj. ROAE2, dr
Slide 4: Financial Results
Financial Results Q1’22 Q1'23 Total Revenues $324.9 $381.6 Net income (loss) $(1.0) $(1.1) Diluted EPS $(0.03) $(0.03) Adjusted net income1 $15.5 $17.3 Adjusted ROAE1 15.8% 12.9% Total shares outstanding 34.9 36.7 Book Value per share1 $10.51 $10.91 3 1 For a reconciliation of Non-GAAP metrics Adjus
Slide 5: Specialty Insurance Performance Highlights Q1'23
Specialty Insurance Performance Highlights Q1’23
Slide 6: Fortegra – Financial Performance Highlights
5 Fortegra – Financial Performance Highlights Product & distribution expansion driving continued growth, while maintaining underwriting discipline • GWPPE of $750mm, or 25% growth driven by E&S and warranty lines • Unearned premiums and deferred revenue grew to $2.1Bn, a 18% increase year-over-year
Slide 7: Robust growth trajectory while maintaining underwriting profitability
Robust growth trajectory while maintaining underwriting profitability 78.1% 75.7% 74.2% 77.6% 78.3% 15.9% 17.9% 17.3% 12.9% 13.0% 94.0% 93.6% 91.5% 90.5% 91.3% Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 $6.5 $8.7 $12.8 $21.1 $22.9 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 6 ($ in millions) Gross Written Premiums & Equivalen
Slide 8: Insurance Investment Portfolio
Insurance Investment Portfolio Cash & Equivalents 27% Government & Agency 41% Corporate Bonds 13% Fixed Income ETFs 5% Muni & ABS 5% Equities 2% Other Alternatives 7% Cash & Equivalents 30% Government & Agency 45% AA 4% A 13% BBB 3% Fixed Income ETFs 5% $1,157mm 7 Q1’23 Investment Mix Liquid and Hig
Slide 9: Fortegra Summary & Outlook
Fortegra Summary & Outlook 8 ($ in millions) LTM Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income and Adjusted ROAE. Adjusted net income is presented before the impacts of non-controlling interests. Q1’23 LTM Highlights $75.1 $85.6 Q1'2
Slide 10: Performance Highlights Q1'23
Performance Highlights Q1’23
Slide 11: Tiptree Capital – Financial Performance Highlights
83.1 20.5 57.5 52.8 20.2 32.7 10.3 100.4 $171.1 $206.4 Q1'22 Q1'23 Financial drivers Pre-tax income Adj. Net Income1 Q1’22 Q1’23 Q1’22 Q1’23 Mortgage $4.3 $(2.6) $(1.6) $(0.9) Senior living (Invesque)2 (8.8) (1.4) - - Maritime transportation 2.7 0.2 2.5 0.2 Other (1.6) 2.7 - 1.3 Total $(3.4) $(1.1)
Slide 12: Summary & Outlook
01 Summary & Outlook
Slide 13: Financial Snapshot
Financial Snapshot 12 ($ in millions) Adjusted Net Income1 1) See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income. Adjusted net income is presented before the impacts of non-controlling interests. 2) Estimated based on Warburg Pincus valuation multiple of 13.5x A
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 strong top-line growth and
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 – UW & Fee Revenues & Margin, BVPS
16 Non-GAAP Reconciliations – UW & Fee Revenues & Margin, BVPS ($ in thousands, except per share information) 2023 2022 2021 2020 2019 Total revenues 368,444$ 282,529$ 222,563$ $ 143,340 $ 153,242 Less: Net investment income (5,109) (3,167) (2,767) (3,488) (2,911) Less: Net realized and unrealized g
Slide 18: Non-GAAP Reconciliations – Q1'23 Adjusted Net Income
17 Non-GAAP Reconciliations – Q1’23 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”. Adjusted net income is presented before the impacts of non- controlling interests. Tiptree’s subsid
Slide 19: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com