Tiptree Q1 2024 Earnings Report
Key Takeaways
Tiptree Inc. announced its financial results for the first quarter 2024, featuring a 30.6% increase in revenues to $498.2 million, driven by growth in Fortegra's specialty insurance lines, investment gains, and higher mortgage revenues. Net income was $9.1 million, a significant improvement from the previous year's net loss of $1.1 million. Adjusted net income increased by 63.5% to $20.5 million, with an annualized adjusted return on average equity of 19.5%.
Revenues increased by 30.6% to $498.2 million, driven by growth in Fortegra and higher mortgage revenues.
Net income improved to $9.1 million, compared to a net loss of $1.1 million in Q1 2023.
Adjusted net income rose by 63.5% to $20.5 million, driven by growth in insurance operations.
Tiptree and Warburg contributed $29.2 million and $9.6 million, respectively, to Fortegra in exchange for Fortegra Common Stock.
Tiptree
Tiptree
Tiptree Revenue by Segment
Forward Guidance
Tiptree will host a conference call on Thursday, May 2, 2024, to discuss its Q1 2024 financial results.