Tiptree (US:TIPT)2025-02-26 21:07Financial Performance - Revenues for Q4 2024 were $503.6 million, a 12.8% increase from Q4 2023, driven by growth in specialty insurance lines[6]. - Net income for Q4 2024 was $19.6 million, compared to $6.9 million in Q4 2023, reflecting improvements in the insurance and mortgage operations[6]. - Adjusted net income for Q4 2024 was $27.2 million, a 96.6% increase from $13.9 million in Q4 2023, supported by growth in insurance revenues[6]. - Year-to-date revenues for 2024 reached $2.04 billion, a 23.9% increase from 2023, driven by specialty insurance lines and net investment income[6]. - Total revenues for the year ended December 31, 2024, increased to $2,042,854, up 24% from $1,649,031 in 2023[16]. - Net income attributable to common stockholders for the three months ended December 31, 2024, was $19,553, compared to $6,871 for the same period in 2023, representing an increase of 184%[16]. - Adjusted net income for the three months ended December 31, 2024, was $27,234, compared to $13,854 for the same period in 2023, reflecting a 96% increase[18]. - Tiptree Capital reported an adjusted net income of $100.1 million for the year ended December 31, 2024, compared to $61.9 million in 2023, representing a 61.5% increase[20]. - Income before taxes for Tiptree Capital increased to $149.3 million in 2024 from $83.1 million in 2023, reflecting an increase of 79.8%[20]. Premiums and Underwriting - Gross written premiums for Q4 2024 were $851.9 million, a 17.6% increase, and $3.07 billion for the year, an 11.7% increase[8]. - The combined ratio for Q4 2024 was 89.5%, down 0.3 percentage points from Q4 2023, indicating consistent underwriting performance[8]. - Earned premiums, net for the year ended December 31, 2024, were $1,471,930, a 30.4% increase from $1,127,834 in 2023[16]. - Tiptree Capital's insurance segment generated an income before taxes of $183.2 million in 2024, up from $129.8 million in 2023, marking an increase of 41.0%[20]. Assets and Liabilities - Total assets as of December 31, 2024, reached $5,694,789, a 10.8% increase from $5,139,313 as of December 31, 2023[15]. - Total liabilities as of December 31, 2024, were $5,038,018, up 10.4% from $4,562,748 in 2023[15]. - Average stockholders' equity rose to $616.7 million in 2024, compared to $555.1 million in 2023, indicating a growth of 11.1%[20]. Earnings and Returns - Basic earnings per share for the year ended December 31, 2024, increased to $1.44, compared to $0.38 in 2023, marking a 278.9% increase[16]. - Adjusted return on average equity for the three months ended December 31, 2024, was 22.0%, compared to 14.7% for the same period in 2023[18]. - The adjusted return on average equity for Tiptree Capital was 21.5% in 2024, up from 15.4% in 2023[20]. Cash and Investments - Cash and cash equivalents decreased to $320,067 as of December 31, 2024, down 31.8% from $468,711 in 2023[15]. - Total investments as of December 31, 2024, increased to $1,350,963, a 28.5% rise from $1,051,561 in 2023[15]. Dividends and Future Plans - The company declared a dividend of $0.06 per share to stockholders of record on March 10, 2025[6]. - Forward-looking statements indicate plans for Fortegra to potentially go public, subject to market conditions[13]. Losses and Amortization - The company incurred $10.3 million in net realized and unrealized losses in 2024, compared to $11.4 million in 2023, showing a decrease of 9.6%[20]. - The company recognized $15.4 million in intangibles amortization in 2024, slightly down from $16.9 million in 2023[20]. Segment Performance - The mortgage segment reported a loss before taxes of $4.7 million in 2024, an improvement from a loss of $3.3 million in 2023[20]. - Tiptree Capital's corporate segment reported a loss before taxes of $38.4 million in 2024, compared to a loss of $40.2 million in 2023, reflecting a reduction of 4.5%[20]. - The impact of non-controlling interests on adjusted net income was $32.6 million in 2024, compared to $23.7 million in 2023, indicating an increase of 37.5%[20].