Wed, Oct 30, 8:12 PM (63 days ago)
Tiptree Inc. (TIPT) reported significant growth in its financial performance for the third quarter and first nine months of 2024. Total revenues increased 18.7% to $494.4 million in Q3 and 28.4% to $1.5 billion year-to-date, primarily driven by a 23.4% rise in earned premiums from its insurance segment. Net income attributable to common stockholders surged to $11.9 million in Q3 from $2.2 million in the prior year, and year-to-date net income reached $33.8 million compared to $7.1 million in 2023. The combined ratio for the insurance segment improved to 90.2%, reflecting strong underwriting performance despite a higher loss ratio of 45.1% due to a shift towards commercial lines. Adjusted net income increased 55.9% in Q3 and 51.5% year-to-date, with adjusted return on average equity at 27.7% and 28.8%, respectively. Total assets rose to $5.5 billion, with stockholders' equity increasing to $656.2 million, bolstered by comprehensive income and capital contributions. Cash flow from operations improved significantly, supporting liquidity needs. However, rising interest rates and economic uncertainties remain potential risks for future operations.