Tiptree (TIPT) investor relations material

Executive summary

• Net income attributable to common stockholders rose to $24.6M for the six months ended June 30, 2025, up from $21.9M year-over-year, driven by insurance underwriting, fee income, and investment gains, partially offset by higher interest expense.

• Adjusted net income increased to $50.5M from $45.0M year-over-year, with adjusted return on average equity steady at 21.1%.

• Insurance segment (Fortegra) saw record Q2 gross written premiums of $907.6M (up 17.0% year-over-year), with YTD gross written premiums and premium equivalents up 15.4% to $1.66B.

• Combined ratio improved to 89.2% YTD, with Q2 at 88.5%, reflecting better underwriting and expense management.

• Book value per share increased 12.4% to $13.33 as of June 30, 2025, with total stockholders' equity at $723.4M.

Financial highlights

• Total revenues for the six months ended June 30, 2025 were $1.03B, down 1.8% year-over-year, mainly due to a prior year premium assumption, but up 8.0% excluding that item.

• Q2 net income attributable to common stockholders was $19.0M, up from $12.9M in Q2 2024.

• Diluted EPS was $0.53 for the six months ended June 30, 2025.

• Cash dividends paid per common share were $0.12 for the six months ended June 30, 2025; $0.06 per share declared for Q2.

• Q2 annualized adjusted return on average equity was 22.3%.

Outlook and guidance

• Management expects continued growth in insurance operations, with ongoing investment in U.S. and European E&S markets and a focus on long-term shareholder value.

• Cash and cash equivalents of $383.8M as of June 30, 2025, with sufficient liquidity to fund operations and growth for at least the next 12 months.

• No material changes to risk factors or critical accounting policies were reported.

• Actively identifying high-quality underwriting opportunities in property, casualty, and service lines.