Tiptree Inc. (NASDAQ:TIPT) Q1 2023 Results Conference Call May 4, 2023 9:00 AM ET
Company Participants
Scott McKinney - CFO
Michael Barnes - Executive Chairman
Jonathan Ilany - CEO
Operator
Greetings, and welcome to the Tiptree First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Scott McKinney, Chief Financial Officer. Thank you, Mr. McKinney. You may begin.
Scott McKinney
Good morning, and welcome to our first quarter 2023 earnings call. Joining us today are Michael Barnes, our Executive Chairman; and Jonathan Ilany, our CEO.
A copy of our earnings release, investor presentation and 10-Q are on our website, tiptreeinc.com.
Some of our comments today will contain forward-looking statements, and actual future results may differ materially. Please see our most recent SEC filings, which identify the principal risks and uncertainties that could affect future performance.
During the call this morning, we will discuss non-GAAP financial measures, which are described in more detail in our presentation. Reconciliations of these measures and other associated disclosures are contained in our SEC filings, the appendix to our presentation and posted on our website.
With that, I will turn the call over to Michael.
Michael Barnes
Thanks, Scott, and good morning, everyone. We were pleased with Tiptree's start to 2023, with strong operating results despite continuing uncertainty regarding interest rates and inflation.
Once again, our specialty insurance business, Fortegra, delivered exceptional growth in the first quarter. And our balance sheet remains strong with substantial cash and no holding company debt.
Overall revenues for the quarter increased to $382 million, up 17% from the prior year, while contributing adjusted net income of $17 million.
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