Slide 1: Investor Presentation – First Quarter 2022
Investor Presentation – First Quarter 2022 May 2022 Financial Information for the three months ended March 31, 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: Q1'22 Highlights
Q1’22 Highlights ($ in millions, except per share information) Overall Revenue Adjusted net income2 of $15.5mm, with a 15.8% adj ROAE2, driven by improvement in insurance and shipping operations. $324.9 million $200mm investment in Fortegra from Warburg Pincus remains on track to close in Q2’22.
Slide 4: Financial Results
Financial Results ($ in millions, except per share information) Key Highlights – Q1’22 Q1’21 Q1'22 Total Revenues $294.7 $324.9 Revenues up 25%, excluding the impact of investment gains/losses Net income (loss) $28.6 $(1.0) • Continued growth in Fortegra’s earned premiums, service and Diluted EPS $0
Slide 5: Tiptree Snapshot
Tiptree Snapshot ($ in millions) Adjusted Net Income1 Tiptree Sum of the Parts Pro-forma Value/TIPT SOTP Value diluted share4 $739 million2 $20.01 (Transaction multiple) $66.2 $57.7 $167 million $4.52 (Book value ex. NCI) LTM LTM Q1'21 Q1'22 $54 million3 $1.46 Holding Company (Book value) Adj ROAE%
Slide 6: Q1'22 Specialty Insurance Performance Highlights
Q1’22 Specialty Insurance Performance Highlights
Slide 7: Fortegra – Financial Performance Highlights
Fortegra – Financial Performance Highlights ($ in millions) Summary Financials Q1’22 Highlights & Outlook Q1’21 Q1’22 V% Premiums & equivalents2 $477.2 $600.9 25.9% 1 Continued growth supported by specialty insurance program expansion and onboarding new agents, with a focus on stable, improved profi
Slide 8: Robust growth trajectory while maintaining underwriting profitability
Robust growth trajectory while maintaining underwriting profitability ($ in millions) 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 $601 $286 $64 31 $477 14 $54 5 $392
Slide 9: Insurance Investment Portfolio
Insurance Investment Portfolio ($ in millions) Q1’22 Investment Mix Other investments Fixed Income & Cash $892 Other Alternatives 8% Cash & Equivalents 125 Equities 16% $723 6% Muni & ABS 8% 167 Fixed Income ETFs $892mm 6% Government & Agency 767 38% Corporate Bonds 556 18% Liquid and Highly-Rated F
Slide 10: Q1'22 Performance Highlights
Q1’22 Performance Highlights
Slide 11: Tiptree Capital – Financial Performance Highlights
Tiptree Capital – Financial Performance Highlights ($ in millions) Equity Capital Allocation Q1’22 Highlights Mortgage: $191.5 5.5 $171.1 • Mortgage origination volumes of $354mm, down 16% from PY Other 39.7 10.3 • Pre-tax income below PY from decline in volume & margins, partially 20.2 offset by hi
Slide 12: Summary & Outlook
Summary & Outlook ($ in millions) Q1’22 Highlights Adjusted Net Income1 ✓ Diversification of our businesses supported strong operational results and improvement in Adjusted net income ― Fortegra continues to deliver record top-line and return on equity ― Strong performance from 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: LTM Operating Performance
LTM Operating Performance ($ in millions) Q1’22 Capital Allocation & Annual Performance Comparison Q1’22 LTM Highlights Stockholders’ Adjusted net income of $66.2mm, up 14.7% from Q1’21 Equity1 Adjusted Net Income2 • Adjusted return on average equity of 17.0%1 Q1’22 Q1’21 Q1’22 Business Lines LTM LT
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related exp
Slide 16: Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin
Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) Three Months Ended March 31, We define underwriting and fee revenues as total revenues from our Insurance segment excluding 2022 2021 2020 net investment income, net realized and unrealized
Slide 17: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations – Adjusted Net Income ($ in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Income (loss) before taxes $ 14,682 $ 4,266 $ (7,651)
Slide 18: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com