Tiptree Inc. (TIPT) Q2 2023 Earnings Call Transcript

Tiptree Inc. (NASDAQ:TIPT) Q2 2023 Earnings Conference Call August 3, 2023 10:30 AM ET

Company Participants

Scott McKinney - CFO
Michael Barnes - Executive Chairman

Conference Call Participants

Sidney Schultz - Raymond James

Operator

Greetings and welcome to the Tiptree's Second 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. Please go ahead.

Scott McKinney

Good morning. And welcome to our second quarter 2023 earnings call. Joining me today are Michael Barnes, our Executive Chairman; and Jonathan Ilany, 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 to everyone.

Tiptree completed a strong first half of 2023, led by our specialty insurance business Fortegra, which continued to build upon its history of exceptional growth by posting record results year-to-date.

As we enter the second half of the year, Tiptree's balance sheet remains well capitalized, with no holding company debt and substantial cash for future deployment. Tiptree's revenues for the year increased to $786 million, up 18% from the prior year, while contributing adjusted net income