Tiptree Inc. Q1 FY2024 earnings call

• Revenues increased 27% excluding unrealized gains, driven by earned premiums, fee-based services, and net investment income growth. - Consolidated net income was $9.1M due to growth in insurance operations and investment gains. - Adjusted net income $20.5M, up 63% y-o-y. - Balance sheet well positioned with liquid investments, cash, and conservative loss reserves. - $39M capital contributed to Fortegra in the quarter, over $29M from Tiptree. - Insurance gross written premiums up 7% to $663M, net written premiums up 13% to $318M. - Investment portfolio net investment income up 45% to $11M, portfolio at $1.3B with 89% in high credit quality securities.

Fortegra: Gross written premiums and equivalents were $663 million, adjusted net income grew 49% year-over-year to $34 million, combined ratio improved to 90%. Tiptree Capital: $123 million of capital deployed across mortgage origination, servicing, liquid investments, and cash. Reliance: Volumes increased modestly vs 2023, retained servicing book led to profitability with positive outlook as mortgage rates stabilize. Fortegra's excess and surplus lines represented 34% of total premiums ($230M) and grew 15% in the quarter; net written premiums $318M, up 13% driven by E&S lines and retention increase.

• Anticipate continued hard market environment and adding new agents/distribution partners to extend Fortegra's growth. - Positive outlook for Reliance as mortgage rates stabilize, with potential for future profit growth.

• Deferred tax expense of $4.5M in 2024 related to deconsolidation of Fortegra for tax purposes, which would crystallize upon sale of Fortegra.

Q: Are there any questions?

A: There are no questions at this time.