Slide 1: Investor Presentation – Fourth Quarter 2021
Investor Presentation – Fourth Quarter 2021 March 2022 Financial Information for the three and twelve months ended December 31, 2021
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: 2021 Highlights
2021 Highlights ($ in millions, except per share information) Overall Revenue Adjusted net income2 of $63.9 million, with a 16.5% adj ROAE2, driven by improvement in insurance and shipping operations. $1,200.5 million On October 12, 2021, announced a $200 million investment in Fortegra from Warb
Slide 4: Financial Results
Financial Results ($ in millions, except per share information) Key Highlights – Q4’21 Q4’20 Q4'21 2020 2021 Total Revenues $257.4 $319.5 $810.3 $1,200.5 Revenues up 31%, excluding the impact of investment gains/losses Net income (loss) $14.3 $(0.4) $(29.2) $38.1 • Continued growth in Fortegra’s ear
Slide 5: Tiptree Snapshot
Tiptree Snapshot ($ in millions) Adjusted Net Income1 Tiptree Sum of the Parts Pro-forma Value/TIPT SOTP Value diluted share $717 million2 $19.57 (Transaction multiple) $63.9 $51.4 $177 million $4.83 (Book value ex. NCI) 2020 2021 $53 million3 $1.45 Holding Company (Book value) Adj ROAE% 13.1% 16.5%
Slide 6: Q4'21 Specialty Insurance Performance Highlights
Q4’21 Specialty Insurance Performance Highlights
Slide 7: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q4’21 Highlights & Outlook Q4’20 Q4’21 2020 2021 Premiums & equivalents2 $490.9 $575.9 $1,666.9 $2,194.0 1 Continued growth supported by specialty insurance program expansion and onboarding new agents, with a focus on sta
Slide 8: Robust growth trajectory while maintaining underwriting profitability
Robust growth trajectory while maintaining underwriting profitability ($ in millions) Gross Written Premiums & Equivalents Underwriting & Fee Revenues and Margin1 U.S. Insurance U.S. Warranty Solutions U/W & Fee Revenues U/W & Fee Margin Europe Warranty Solutions $2,194 104 $245 $1,667 $968 652 47 1
Slide 9: Insurance Investment Portfolio
Insurance Investment Portfolio ($ in millions) 2021 Investment Mix Other investments $910 Fixed Income & Cash Other Alternatives Cash & Equivalents 10% 144 Equities 15% $713 6% Muni & ABS 124 8% Fixed Income ETFs $910mm 6% Government & Agency 767 39% 589 Corporate Bonds 16% Liquid and Highly-Rated F
Slide 10: Q4'21 Performance Highlights
Q4’21 Performance Highlights
Slide 11: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Equity Capital Allocation 2021 Highlights Mortgage: $182.3 • Mortgage origination volumes of $1,608mm, down 3% from 2020 $166.0 11.0 Other 3.7 • Pre-tax income below PY from decline in margins partially offset 29.1 26.0 by higher ser
Slide 12: Summary & Outlook
Summary & Outlook ($ in millions, except per share information) 2021 Highlights Adjusted Net Income1 ✓ Diversification of our underlying operations supported strong results ― Fortegra continues to deliver record top-line and return on equity ― Strong performance from mortgage & shipping operations ✓
Slide 13: Appendix
Non-GAAP Reconciliations • Insurance underwriting and fee revenue Appendix • • Insurance underwriting and fee margin Book Value per share • Adjusted net income
Slide 14: Operating Performance
Operating Performance ($ in millions) 2021 Capital Allocation & Annual Performance Comparison 2021 Highlights Stockholders’ Adjusted net income of $63.9mm, up 24.2% from 2020 Equity1 Adjusted Net Income2 • Adjusted return on average equity of 16.5%1 2021 2020 2021 Business Lines Insurance: • 22.2% A
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 16: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands) For the Year Ended December 31, We define underwriting and fee revenues as total revenues from our Insurance segment 2021 2020 2019 excluding net investment income, net realized and unrealized gains (losses). Underwriti
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Income (loss) before taxes $ 69,857 $ 28,407 $ 17,210 $ (50,132)
Slide 18: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com