Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today
announced its financial results for the three and six months ended
June 30, 2024.
“We are extremely pleased with the second quarter results and
remain well-positioned for future growth,” said Tiptree’s Executive
Chairman, Michael Barnes. “Fortegra posted record results in the
first half with growth in revenues of 34% and adjusted net income
of 40%. As always, we remain committed to growing long term
shareholder value and will continue to seek constructive ways to
more fully reflect the intrinsic value of Tiptree’s businesses in
our share price.”
Three Months Ended June
30,
Six Months Ended June
30,
($ in thousands, except per share
information)
2024
2023
2024
2023
Total revenues
$
546,673
$
404,518
$
1,044,894
$
786,143
Net income (loss) attributable to common
stockholders
$
12,851
$
5,989
$
21,901
$
4,927
Diluted earnings per share
$
0.31
$
0.16
$
0.54
$
0.13
Cash dividends paid per common share
$
0.06
$
0.05
$
0.12
$
0.10
Return on average equity
11.9
%
6.0
%
10.3
%
2.5
%
Non-GAAP:
(1)
Adjusted net income
$
24,422
$
17,630
$
44,955
$
30,189
Adjusted return on average equity
22.7
%
17.6
%
21.1
%
15.1
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented after the impacts of non-controlling interests.
Second Quarter 2024 Summary
- Revenues of $546.7 million for the quarter, an increase of
35.1% from Q2'23, driven by growth in Fortegra’s specialty
insurance lines. Excluding investment gains and losses, revenues
increased 33.9%.
- Net income of $12.9 million compared to a net income of $6.0
million in Q2'23, driven by growth in our insurance business.
- Adjusted net income of $24.4 million increased by 38.5% from
$17.6 million in Q2'23. Annualized adjusted return on average
equity was 22.7% for the quarter, as compared to 17.6% in
Q2'23.
- Declared a dividend of $0.06 per share to stockholders of
record on August 19, 2024 with a payment date of August 26,
2024.
Year-to-date 2024 Summary
- Year-to-date revenues of $1.045 billion, an increase of 32.9%
from 2023, driven by growth in Fortegra’s specialty insurance
lines, net realized and unrealized gains, and higher mortgage
revenues. Excluding investment gains and losses, revenues were up
30.4%.
- Net income of $21.9 million compared to net income of $4.9
million in 2023, driven by growth in our insurance business and
improved mortgage operations.
- Adjusted net income of $45.0 million increased by 48.9% from
$30.2 million in 2023, driven by growth in insurance revenues while
maintaining a consistent combined ratio. Adjusted return on average
equity was 21.1% for the year, as compared to 15.1% in 2023.
- In March and April 2024, Tiptree, Warburg and Fortegra
directors contributed $30.0 million, $9.9 million, and $0.1
million, respectively, to Fortegra in exchange for Fortegra Common
Stock. As of June 30, 2024, Fortegra was owned approximately 79.3%
by Tiptree, 17.7% by Warburg and 3.0% by management and directors
of Fortegra, before giving effect to the exercise of outstanding
warrants and the conversion of outstanding preferred stock.
Segment Financial Highlights - Second Quarter 2024
Insurance (The Fortegra Group):
Three Months Ended June
30,
Six Months Ended June
30,
($ in thousands)
2024
2023
2024
2023
Gross written premiums and premium
equivalents
$
776,059
$
716,063
$
1,439,476
$
1,337,221
Net written premiums
$
365,897
$
320,572
$
684,048
$
601,718
Total revenues
$
529,942
$
384,677
$
1,008,698
$
753,121
Income before taxes
$
51,250
$
30,417
$
88,061
$
49,862
Return on average equity
28.4
%
23.1
%
25.8
%
20.2
%
Combined ratio
89.9
%
90.2
%
90.0
%
90.8
%
Non-GAAP:
(1)
Adjusted net income
$
40,316
$
30,119
$
74,449
$
53,058
Adjusted return on average equity
30.3
%
32.4
%
29.7
%
29.6
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented before the impacts of non-controlling interests.
- Record gross written premiums and premium equivalents of $776.1
million for the quarter, an increase of 8.4%, and $1.4 billion for
the year, an increase of 7.6%, driven primarily by growth in
specialty E&S insurance lines.
- Net written premiums were $365.9 million for the quarter, an
increase of 14.1%, and $684.0 million for the year, an increase of
13.7%. The increases in both periods were consistent with the
growth in gross written premiums and premium equivalents and
increased retention on Fortegra’s whole account quota share
reinsurance agreement.
- Record revenues increased 37.8% for the quarter and 33.9% for
the year driven by premium growth in specialty E&S and admitted
lines, and services businesses in the U.S. and Europe. Excluding
the impact of investment gains and losses, revenues increased by
35.6% for the quarter and 31.7% for the year.
- The combined ratio for the quarter was 89.9%, compared to 90.2%
in Q2’23, reflecting the consistent underwriting performance and
scalability of the Company’s operating platform. Year-to-date
combined ratio was 90.0%, as compared to 90.8% in 2023.
- Record income before taxes was $51.3 million for the quarter,
an increase of 68.5%. Year-to-date income before taxes was $88.1
million, an increase of 76.6%. Annualized after-tax return on
average equity for the year was 25.8%, compared to 20.2% in
2023.
- Record adjusted net income for the quarter of $40.3 million, up
33.9% from Q2'23. Year-to-date adjusted net income of $74.4
million, up 40.3%. Annualized adjusted return on average equity for
the year was 29.7%, compared to 29.6% in 2023.
- Fortegra’s total stockholders’ equity was $549.2 million as of
June 30, 2024, compared to $452.6 million as of December 31, 2023,
with the increase driven by net income and the aggregate capital
contribution from Tiptree, Warburg and Fortegra directors of $40
million.
Tiptree Capital:
Three Months Ended June
30,
Six Months Ended June
30,
($ in thousands)
2024
2023
2024
2023
Total revenues
$
16,731
$
19,841
$
36,196
$
33,022
Income before taxes
$
740
$
2,767
$
4,486
$
1,644
Return on average equity
1.7
%
3.9
%
4.6
%
1.4
%
Non-GAAP:
(1)
Adjusted net income
$
356
$
10
$
700
$
570
Adjusted return on average equity
1.2
%
—
%
1.0
%
0.7
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented before the impacts of non-controlling interests.
- Tiptree Capital income before taxes was $0.7 million for the
quarter, compared to an income of $2.8 million in Q2'23, and $4.5
million for the year, compared to $1.6 million in 2023, driven by
higher mortgage revenues and investment gains on securities in the
Company’s investment holdings.
- Mortgage income before taxes was $0.5 million for the quarter,
as compared to an income of $1.3 million in Q2'23, and $1.3 million
for the year, as compared to a loss of $1.3 million in 2023, driven
by higher origination volumes and higher positive marks on the MSR
asset in 2024 compared to 2023.
- In April 2024, the Company sold its Invesque shares for $0.6
million, thus eliminating quarterly mark-to-market volatility, and
crystallizing a capital loss for tax purposes of $106.8
million.
Corporate:
Corporate includes expenses of the holding company for employee
compensation and benefits, audit and professional fees, and public
company and other expenses. For the quarter, corporate expenses
were $11.3 million compared to $9.5 million in Q2'23 driven by
increased incentive compensation accruals.
Non-GAAP
Management uses Adjusted net income and Adjusted return on
average equity as measurements of operating performance. Management
believes these measures provide supplemental information useful to
investors as they are frequently used by the financial community to
analyze financial performance and comparison among companies.
Management uses Adjusted net income and adjusted return on average
equity as part of its capital allocation process and to assess
comparative returns on invested capital. Adjusted net income
represents 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, stock-based
compensation, net realized and unrealized gains (losses), and
intangibles amortization associated with purchase accounting, all
of which is reduced for non-controlling interests. Adjusted net
income and Adjusted return on average equity are presented before
the impacts of non-controlling interests. Adjusted net income and
Adjusted return on average equity are not measurements of financial
performance or liquidity under GAAP and should not be considered as
an alternative or substitute for GAAP net income. See “Non-GAAP
Reconciliations” for a reconciliation of these measures to their
GAAP equivalents.
Earnings Conference Call
Tiptree will host a conference call on Thursday, August 1, 2024
at 10:30 a.m. Eastern Time to discuss its Q2 2024 financial
results. A copy of our investor presentation, to be used during the
conference call, as well as this press release, will be available
in the Investor Relations section of the Company’s website, located
at www.tiptreeinc.com.
The conference call will be available via live or archived
webcast at https://www.investors.tiptreeinc.com. To listen to a
live broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download and install any
necessary audio software. To participate in the telephone
conference call, please dial 1-877-407-4018 (domestic) or
1-201-689-8471 (international). Please dial in at least five
minutes prior to the start time.
A replay of the call will be available from Thursday, August 1,
2024 at 1:30 p.m. Eastern Time, until midnight Eastern on Thursday,
August 8, 2024. To listen to the replay, please dial 1-844-512-2921
(domestic) or 1-412-317-6671 (international), Passcode:
13746746.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small
and middle market companies with the mission of building long-term
value. Established in 2007, Tiptree has a significant track record
investing across a variety of industries and asset types, including
the insurance, asset management, specialty finance, real estate and
shipping sectors. With proprietary access and a flexible capital
base, Tiptree seeks to uncover compelling investment opportunities
and support management teams in unlocking the full value potential
of their businesses. For more information, please visit
tiptreeinc.com and follow us on LinkedIn.
Forward-Looking
Statements
This release contains “forward-looking statements” which involve
risks, uncertainties and contingencies, many of which are beyond
the Company’s control, which may cause actual results, performance,
or achievements to differ materially from anticipated results,
performance, or achievements. All statements contained in this
release that are not clearly historical in nature are
forward-looking, and the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “project,” “should,”
“target,” “will,” or similar expressions are intended to identify
forward-looking statements. Such forward-looking statements
include, but are not limited to, statements about the Company’s
plans, objectives, expectations for our businesses and intentions.
In addition, we make certain forward-looking statements regarding
the Company’s plans to take Fortegra public. Any initial public
offering by Fortegra would be subject to a variety of factors,
including market conditions, and may not be consummated. The
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, many of
which are beyond our control, are difficult to predict and could
cause actual results to differ materially from those expressed or
forecast in the forward-looking statements. Our actual results
could differ materially from those anticipated in these
forward-looking statements as a result of various factors,
including, but not limited to those described in the section
entitled “Risk Factors” in the Company’s Annual Report on Form
10-K, and as described in the Company’s other filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as to the date of this release. The factors described
therein are not necessarily all of the important factors that could
cause actual results or developments to differ materially from
those expressed in any of our forward-looking statements. Other
unknown or unpredictable factors also could affect our
forward-looking statements. Consequently, our actual performance
could be materially different from the results described or
anticipated by our forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by the federal
securities laws, we undertake no obligation to update any
forward-looking statements.
Tiptree Inc.
Condensed Consolidated Balance
Sheets
($ in thousands, except share data)
As of
June 30, 2024
December 31, 2023
Assets:
Investments:
Available for sale securities, at fair
value, net of allowance for credit losses
$
825,223
$
802,609
Loans, at fair value
74,326
69,556
Equity securities
69,499
68,308
Other investments
59,337
111,088
Total investments
1,028,385
1,051,561
Cash and cash equivalents
497,343
468,711
Restricted cash
108,034
23,850
Notes and accounts receivable, net
779,105
684,608
Reinsurance recoverable
904,692
953,886
Prepaid reinsurance premiums
962,159
900,524
Deferred acquisition costs
545,033
565,746
Goodwill
205,972
206,155
Intangible assets, net
110,835
118,757
Other assets
163,152
165,515
Total assets
$
5,304,710
$
5,139,313
Liabilities and Stockholders’
Equity
Liabilities:
Debt, net
$
387,338
$
402,411
Unearned premiums
1,671,294
1,695,058
Policy liabilities and unpaid claims
1,087,203
844,848
Deferred revenue
683,513
673,085
Reinsurance payable
478,168
543,602
Other liabilities and accrued expenses
379,125
403,744
Total liabilities
$
4,686,641
$
4,562,748
Stockholders’ Equity:
Preferred stock: $0.001 par value,
100,000,000 shares authorized, none issued or outstanding
$
—
$
—
Common stock: $0.001 par value,
200,000,000 shares authorized, 36,785,305 and 36,756,187 shares
issued and outstanding, respectively
37
37
Additional paid-in capital
387,513
382,239
Accumulated other comprehensive income
(loss), net of tax
(29,216
)
(26,073
)
Retained earnings
78,115
60,663
Total Tiptree Inc. stockholders’
equity
436,449
416,866
Non-controlling interests:
Fortegra preferred interests
77,679
77,679
Common interests
103,941
82,020
Total non-controlling interests
181,620
159,699
Total stockholders’ equity
618,069
576,565
Total liabilities and stockholders’
equity
$
5,304,710
$
5,139,313
Tiptree Inc.
Condensed Consolidated Statements of
Operations
($ in thousands, except share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues:
Earned premiums, net
$
398,467
$
269,795
$
745,777
$
535,125
Service and administrative fees
105,847
98,113
216,334
190,145
Ceding commissions
5,065
4,676
7,809
8,321
Net investment income
6,381
9,088
13,139
14,197
Net realized and unrealized gains
(losses)
12,578
8,825
28,202
11,002
Other revenue
18,335
14,021
33,633
27,353
Total revenues
546,673
404,518
1,044,894
786,143
Expenses:
Policy and contract benefits
233,975
147,734
441,639
289,409
Commission expense
173,279
142,699
330,227
289,149
Employee compensation and benefits
49,917
44,383
99,103
85,181
Interest expense
8,015
7,044
16,305
13,509
Depreciation and amortization
5,291
5,875
10,859
11,128
Other expenses
35,550
33,109
76,416
65,920
Total expenses
506,027
380,844
974,549
754,296
Income (loss) before taxes
40,646
23,674
70,345
31,847
Less: provision (benefit) for income
taxes
18,673
11,824
32,491
16,846
Net income (loss)
21,973
11,850
37,854
15,001
Less: net income (loss) attributable to
non-controlling interests
9,122
5,861
15,953
10,074
Net income (loss) attributable to
common stockholders
$
12,851
$
5,989
$
21,901
$
4,927
Net income (loss) per common
share:
Basic earnings per share
$
0.35
$
0.16
$
0.59
$
0.13
Diluted earnings per share
$
0.31
$
0.16
$
0.54
$
0.13
Weighted average number of common
shares:
Basic
36,785,305
36,742,295
36,777,557
36,633,226
Diluted
37,752,682
37,585,811
37,766,573
37,509,660
Dividends declared per common share
$
0.06
$
0.05
$
0.12
$
0.10
Tiptree Inc.
Non-GAAP Reconciliations
(Unaudited)
Non-GAAP Financial Measures — Adjusted
net income and Adjusted return on average equity
Adjusted net income is defined 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
expenses, stock-based compensation, net realized and unrealized
gains (losses) and intangibles amortization associated with
purchase accounting, all of which is reduced for non-controlling
interests. The calculation of adjusted net income excludes net
realized and unrealized gains (losses) that relate to investments
or assets rather than business operations. Adjusted net income is
presented before the impacts of non-controlling interests. Adjusted
return on average equity represents adjusted net income expressed
on an annualized basis as a percentage of average beginning and
ending stockholders’ equity during the period. Management uses
Adjusted net income and adjusted return on average equity as part
of its capital allocation process and to assess comparative returns
on invested capital. We believe adjusted net income provides
additional clarity on the results of the Company’s underlying
business operations as a whole for the periods presented by
excluding distortions created by the unpredictability and
volatility of realized and unrealized gains (losses). We also
believe adjusted net income provides useful supplemental
information to investors as it is frequently used by the financial
community to analyze financial performance between periods and for
comparison among companies.
Three Months Ended June 30,
2024
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
51,250
$
528
$
212
$
(11,344
)
$
40,646
Less: Income tax (benefit) expense
(13,568
)
(113
)
(116
)
(4,876
)
(18,673
)
Less: Net realized and unrealized gains
(losses) (1)
(2,545
)
(289
)
103
—
(2,731
)
Plus: Intangibles amortization (2)
3,727
—
—
—
3,727
Plus: Stock-based compensation expense
1,022
—
—
2,375
3,397
Plus: Non-recurring expenses (3)
166
—
—
—
166
Plus: Non-cash fair value adjustments
(4)
861
—
—
—
861
Plus: Impact of tax deconsolidation of
Fortegra(5)
—
—
—
6,357
6,357
Less: Tax on adjustments (6)
(597
)
55
(24
)
(405
)
(971
)
Adjusted net income (before NCI)
$
40,316
$
181
$
175
$
(7,893
)
$
32,779
Less: Impact of non-controlling
interests
(8,357
)
—
—
—
(8,357
)
Adjusted net income
$
31,959
$
181
$
175
$
(7,893
)
$
24,422
Adjusted net income (before NCI)
$
40,316
$
181
$
175
$
(7,893
)
$
32,779
Average stockholders’ equity
$
531,447
$
53,092
$
66,580
$
(42,766
)
$
608,353
Adjusted return on average equity (7)
30.3
%
1.4
%
1.1
%
NM%
21.6
%
Three Months Ended June 30,
2023
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
30,417
$
1,312
$
1,455
$
(9,510
)
$
23,674
Less: Income tax (benefit) expense
(8,928
)
(306
)
(497
)
(2,093
)
(11,824
)
Less: Net realized and unrealized gains
(losses) (1)
4,379
(1,588
)
(1,063
)
—
1,728
Plus: Intangibles amortization (2)
3,895
—
—
—
3,895
Plus: Stock-based compensation expense
488
—
—
1,504
1,992
Plus: Non-recurring expenses (3)
238
—
—
—
238
Plus: Non-cash fair value adjustments
(4)
(46
)
—
—
—
(46
)
Plus: Impact of tax deconsolidation of
Fortegra (5)
—
—
—
3,500
3,500
Less: Tax on adjustments (6)
(324
)
373
324
274
647
Adjusted net income (before NCI)
$
30,119
$
(209
)
$
219
$
(6,325
)
$
23,804
Less: Impact of non-controlling
interests
(6,174
)
—
—
—
(6,174
)
Adjusted net income
$
23,945
$
(209
)
$
219
$
(6,325
)
$
17,630
Adjusted net income (before NCI)
$
30,119
$
(209
)
$
219
$
(6,325
)
$
23,804
Average stockholders’ equity
$
371,843
$
53,297
$
150,672
$
(31,999
)
$
543,813
Adjusted return on average equity (7)
32.4
%
(1.6
)%
0.6
%
NM%
17.5
%
Six Months Ended June 30,
2024
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
88,061
$
1,281
$
3,205
$
(22,202
)
$
70,345
Less: Income tax (benefit) expense
(23,490
)
(276
)
(808
)
(7,917
)
(32,491
)
Less: Net realized and unrealized gains
(losses) (1)
(5,364
)
(1,449
)
(2,038
)
—
(8,851
)
Plus: Intangibles amortization (2)
7,698
—
—
—
7,698
Plus: Stock-based compensation expense
1,804
—
—
5,428
7,232
Plus: Non-recurring expenses (3)
3,336
—
—
—
3,336
Plus: Non-cash fair value adjustments
(4)
5,072
—
—
—
5,072
Plus: Impact of tax deconsolidation of
Fortegra (5)
—
—
—
10,822
10,822
Less: Tax on adjustments (6)
(2,668
)
316
469
(892
)
(2,775
)
Adjusted net income (before NCI)
$
74,449
$
(128
)
$
828
$
(14,761
)
$
60,388
Less: Impact of non-controlling
interests
(15,433
)
—
—
—
(15,433
)
Adjusted net income
$
59,016
$
(128
)
$
828
$
(14,761
)
$
44,955
Adjusted net income (before NCI)
$
74,449
$
(128
)
$
828
$
(14,761
)
$
60,388
Average stockholders’ equity
$
500,903
$
52,798
$
94,500
$
(50,884
)
$
597,317
Adjusted return on average equity (7)
29.7
%
(0.5
)%
1.8
%
NM%
20.2
%
Six Months Ended June 30,
2023
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
49,862
$
(1,253
)
$
2,897
$
(19,659
)
$
31,847
Less: Income tax (benefit) expense
(13,675
)
307
(760
)
(2,718
)
(16,846
)
Less: Net realized and unrealized gains
(losses) (1)
8,986
(145
)
(740
)
—
8,101
Plus: Intangibles amortization (2)
7,789
—
—
—
7,789
Plus: Stock-based compensation expense
521
—
—
3,786
4,307
Plus: Non-recurring expenses (3)
2,363
—
—
—
2,363
Plus: Non-cash fair value adjustments
(4)
(164
)
—
—
—
(164
)
Plus: Impact of tax deconsolidation of
Fortegra (5)
—
—
—
5,814
5,814
Less: Tax on adjustments (6)
(2,624
)
29
235
237
(2,123
)
Adjusted net income (before NCI)
$
53,058
$
(1,062
)
$
1,632
$
(12,540
)
$
41,088
Less: Impact of non-controlling
interests
(10,899
)
—
—
—
(10,899
)
Adjusted net income
$
42,159
$
(1,062
)
$
1,632
$
(12,540
)
$
30,189
Adjusted net income (before NCI)
$
53,058
$
(1,062
)
$
1,632
$
(12,540
)
$
41,088
Average stockholders’ equity
$
358,600
$
54,272
$
111,285
$
15,665
$
539,822
Adjusted return on average equity (7)
29.6
%
(3.9
)%
2.9
%
NM%
15.2
%
Notes
(1)
Net realized and unrealized gains (losses)
added back in Adjusted net income excludes net realized and
unrealized gains (losses) from the mortgage segment and unrealized
gains (losses) on mortgage servicing rights.
(2)
Specifically associated with acquisition
purchase accounting. See Note (8) Goodwill and Intangible Assets,
net, of the Company’s Form 10-Q for the period ended June 30,
2024.
(3)
For the three and six months ended June
30, 2024 and 2023, included in other expenses were expenses related
to legal and other expenses associated with preparation of the
registration statement for the withdrawn Fortegra initial public
offering in 2024 and acquisitions of services businesses in
2023.
(4)
For the three and six months ended June
30, 2024 and 2023, non-cash fair-value adjustments represent a
change in fair value of the Fortegra Additional Warrant liability
which are added-back to adjusted net income.
(5)
For the three and six months ended June
30, 2024 and 2023, included in the adjustment is an add-back of
$6.4 million and $10.8 million, respectively, and $3.5 million and
$5.8 million, respectively, related to deferred tax expense from
the WP Transaction.
(6)
Tax on adjustments represents the tax
applied to the total non-GAAP adjustments and includes adjustments
for non-recurring or discrete tax impacts.
(7)
Total Adjusted return on average equity
after non-controlling interests was 22.7% and 17.6% for the three
months ended June 30, 2024 and 2023, respectively, based on $24.4
million and $17.6 million of Adjusted net income over $430.6
million and $401.3 million of average Tiptree Inc. stockholders’
equity. Total Adjusted return on average equity after
non-controlling interests was 21.1% and 15.1% for the six months
ended June 30, 2024 and 2023, respectively, based on $45.0 million
and $30.2 million of Adjusted net income over $426.7 million and
$399.6 million of average Tiptree Inc. stockholders’ equity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731473993/en/
Tiptree Inc. Investor Relations, 212-446-1400
ir@tiptreeinc.com
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