Tiptree reports Q3 results

Nov. 03, 2022 12:41 AM ETTiptree Inc. (TIPT)By: Gaurav Batavia, SA News Editor

Tiptree press release (NASDAQ:TIPT): Q3 adj net income of $19.4M.
Adjusted net income of $19.4 million decreased by 6.4% from $20.7 million in Q3'21, driven by declines in our mortgage business. Adjusted return on average equity was 14.8% for the quarter.
Revenue of $363.5M (+26.8% Y/Y).
Revenues for the quarter of $363.5 million, an increase of 26.8% from Q3'21, driven by growth in Fortegra’s specialty insurance lines and increased vessel revenues. Excluding investment gains and losses, revenues were up 17.7%.