Tiptree Inc. (TIPT) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to TipTree Inc. second 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, Mr. Scott McKinney, Chief Financial Officer. Thank you, Mr. McKinney. You may begin. Good morning, and welcome to our second 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. We are extremely pleased with Tiptree's first half results. Revenues year-to-date have increased by 33% from the prior year, and our collective businesses produced a 21% adjusted return on equity. Our specialty insurance company, Frategra, posted record results in the first half, with revenue growth of 34% and adjusted net income growth of 40% from the prior year. Gross written premiums and equivalents were $1.4 billion, while delivering a combined ratio of 90%, demonstrating the ability to generate consistent growth and cons...