$TIPT reports Strong Financial Performance and Investments for 2022
Mar 8th 2023, 9:15 pm
Analyst Summary: Tiptree Inc. reported its financial results for the quarter and year ended December 31, 2022. The company has had a strong year, with operating businesses performing well, generating $1.4 billion in revenues while returning 13.1% in adjusted return on equity. Despite unrealized investment losses, Tiptree still reported a net income of $369.5 million - an increase of 15.9% YoY. The specialty insurance and shipping operations were the primary drivers of revenue growth, along with gains from the sale of five vessels, and increased revenues from mortgage servicing. The combined ratio was 90% for the year, inline with the prior year. Reviewing the company's non-GAAP adjusted net income and adjusted return on average equity, management has identified compelling investment opportunities and supported management teams to unlock the full value potential of their businesses. Chairman Michael Barnes is optimistic about the future, "Our financial performance has enabled us to be opportunistic regarding investments and returned value to our shareholders through share repurchases and dividends,” said Barnes. Forward-looking statements: Tiptree has made forward-looking statements about its intentions for future investment, management's plans, and expectations for their businesses. It is important to note these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Investors are advised to review the company's filings with the Securities and Exchange Commission and not place undue reliance on these forward-looking statements.