Tiptree Q3 2022 Earnings Report
Key Takeaways
Tiptree Inc. reported a strong third quarter with a 26.8% increase in revenues to $363.5 million and a net income of $14.2 million, driven by growth in Fortegra's specialty insurance lines and increased vessel revenues. The company completed the sale of two dry bulk vessels for $46.2 million and signed agreements to sell two product tankers for $49.0 million.
Revenues increased by 26.8% to $363.5 million, driven by growth in Fortegra’s specialty insurance lines and increased vessel revenues.
Net income increased to $14.2 million, driven by the gain on sale of dry-bulk vessels and growth in the insurance business.
Adjusted net income decreased by 6.4% to $19.4 million, driven by declines in the mortgage business.
The company completed the sale of two remaining dry bulk vessels for $46.2 million, representing a gain of $14.1 million.
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Tiptree Revenue by Segment
Forward Guidance
Tiptree signed definitive agreements to sell the remaining two product tankers for an aggregate of $49.0 million, representing an approximate 44% gain as compared to Q3’22 book value. The two tankers are expected to close in Q4’22.