New York, NY – Tiptree Inc held its Q1 2024 Earnings Conference Call on May 2nd, 2024, providing an overview of the company’s performance for the first quarter of the year. The conference call featured key executives including Chief Financial Officer Scott McKinney and Executive Chairman of the Board Michael Barnes, who discussed the company’s financial results and future outlook.

During the call, Scott McKinney highlighted the company’s strong start to 2024, with a 27% increase in revenues excluding unrealized gains and losses. Tiptree’s consolidated net income was reported at $9.1 million for the quarter, driven by growth in insurance operations and gains on investment holdings. Adjusted net income for the quarter showed a significant increase of 63% compared to the previous year.

The company’s subsidiary, Fortegra, delivered impressive results with $663 million in gross written premiums and equivalents. Adjusted net income for Fortegra grew by 49% compared to the first quarter of 2023, with a combined ratio of 90%, showcasing consistent underwriting performance and efficiencies. Tiptree also contributed capital to Fortegra to support future growth opportunities.

In the mortgage origination and servicing business, Tiptree Capital deployed $123 million of capital, maintaining profitability despite challenges in the market. With a focus on generating long-term absolute returns, the company remains optimistic about future prospects and sustaining growth momentum in 2024.

The call also highlighted positive results in the investment portfolio, with a 45% increase in net investment income compared to the previous year. Tiptree continues to maintain a conservative position with respect to loss reserves and ended the quarter with a highly rated liquid investment portfolio and substantial cash balances.

Looking ahead, Tiptree anticipates continued growth and profitability across its various business segments. The company’s leadership expressed confidence in the financial strength and growth potential of Tiptree and its subsidiaries, emphasizing their commitment to long-term value creation and capital allocation strategies.