Tiptree Inc. (TIPT) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the TipTree, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott McKinney, Chief Financial Officer for TipTree. Thank you, Scott. You may begin. Good morning, and welcome to our first quarter 2024 earnings call. Joining me today are Michael Barnes, our Executive Chairman, and Jonathan Alani, CEO. Some of our comments today will contain forward-looking statements, and actual future results may differ materially. Please see our most recent SEC filings, which identify the principal risks and uncertainties that could affect future performance. In today's call, we will discuss non-GAAP financial metrics, which are described in more detail in our presentation. Reconciliations of these metrics and additional disclosures can be found in our SEC filings, the appendix to our presentation, and on our website. With that, I will turn the call over to Michael. Thank you, Scott, and good morning to everyone. As you may have seen through our earnings release yesterday evening, Tiptree had a great quarter and is off to an excellent start to the year. Revenues increased by 31%, and our collective businesses produced a 19.5% annualized adjusted return on equity. Protegra continued to deliver with $663 million of gross written premiums and equivalents, while growing adjusted net income by 49% versus the first quarter of 2023. The combined ratio improved to 90%, demonstrating the consistent underwriting performance and co...