Executive Summary

Q4 2024 revenue was $503.6M, up 12.8% year-over-year, with strength in Fortegra’s specialty insurance lines; excluding investment gains/losses, revenue rose 13.0% . Net income to common stockholders increased to $19.6M from $6.9M in Q4 2023; diluted EPS was $0.47 vs. $0.15 last year .
Adjusted net income rose 96.6% to $27.2M, and adjusted ROAE improved to 23.7% (from 13.6%), driven by insurance revenue growth while maintaining a consistent combined ratio .
Fortegra (Insurance) delivered combined ratio of 89.5% (down 30 bps YoY), underwriting and fee margin of $109M, and pre-tax income of $47.9M; 2024 CAT losses (Helene, Milton) added 2.6 pts to the full-year combined ratio .
Capital returns: a $0.06 dividend was declared for payment on March 17, 2025; cash dividends in Q4 totaled $0.31 per share (reflecting the $0.25 special dividend paid Dec 19, 2024) .
Narrative catalysts: continued E&S growth, improving investment portfolio book yield (4.0% vs. 3.3% prior year), mortgage profitability; ongoing Fortegra IPO commentary remains subject to market conditions and not assured .

What Went Well and What Went Wrong

What Went Well

Insurance engine continued to scale: Fortegra Q4 revenue $484.0M (+11.7%), combined ratio 89.5%, adjusted net income (before NCI) $42.5M (+30.5%) .
Investment portfolio tailwind: consolidated net investment income rose to $10.7M in Q4; book yield improved to 4.0% from 3.3% prior year, supporting future earnings power .
Mortgage operations swung positive: mortgage pre-tax income was $3.5M in Q4 (vs. a $2.4M loss in Q4 2023), driven by higher originations, servicing fees, and favorable MSR marks .
- “We are extremely pleased with the first half results… Fortegra posted record results… We remain bullish on Fortegra’s growth” — Michael Barnes (Q2 call) .
- “Fortegra continues to deliver excellent financial results… specialty market conditions remain favorable” — Michael Barnes (Q3 call) .

What Went Wrong

Net written premiums declined 4.9% YoY in Q4 to $365.6M due to the prior-year one-time book-roll assumption; ex that effect, NWP grew 41.1% .
Catastrophe activity: 2024 CAT losses contributed 2.6 pts to the full-year combined ratio (vs. 0.2 pts in 2023), reflecting Helene and Milton impacts .
Tiptree Capital’s adjusted net income was slightly negative in Q4 (–$0.28M), and Other was –$0.58M; while pre-tax swung positive, capital segment earnings quality remains mixed .

Financial Results

Consolidated Performance (YoY and sequential comparisons)

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$446.4	$546.7	$494.4	$503.6
Net Income to Common ($USD Millions)	$6.9	$12.9	$11.9	$19.6
Diluted EPS ($)	$0.15	$0.31	$0.29	$0.47
Adjusted Net Income ($USD Millions)	$13.9	$24.4	$27.9	$27.2
Adjusted ROAE (%)	13.6%	22.7%	24.8%	23.7%

Segment Breakdown

Segment Metric	Q2 2024	Q3 2024	Q4 2024
Insurance (Fortegra) Revenue ($USD Millions)	$529.9	$481.0	$484.0
Insurance (Fortegra) Income Before Taxes ($USD Millions)	$51.3	$47.2	$47.9
Tiptree Capital Revenue ($USD Millions)	$16.7	$13.3	$19.6
Tiptree Capital Income Before Taxes ($USD Millions)	$0.7	$(2.7)	$2.8

KPIs (Insurance)

KPI	Q3 2024	Q4 2024
Gross Written Premiums & Equivalents ($USD Millions)	$776.8	$851.9
Net Written Premiums ($USD Millions)	$389.3	$365.6
Combined Ratio (%)	90.2%	89.5%
Underwriting & Fee Revenues ($USD Millions, Non-GAAP)	$400.3	$453.9
Underwriting & Fee Margin ($USD Millions, Non-GAAP)	$97.9	$108.7

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Q1 2025	$0.06 quarterly cadence	$0.06 declared; Record 3/10/25, Pay 3/17/25	Maintained
Special Dividend	Q4 2024	None	$0.25 paid 12/19/24; record 12/11/24	New (one-time)
Fortegra IPO status	Ongoing	Withdrawn in 2024; expenses noted	Forward-looking intent subject to market conditions; may not be consummated	Directional commentary only

No formal numeric guidance was issued for revenue, margins, OpEx, OI&E, or tax rate in Q4 materials .

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript could not be located; current-period themes reflect the investor presentation and press release. Q2 and Q3 trends from call transcripts are included.

Topic	Q2 2024 (Previous Mentions)	Q3 2024 (Previous Mentions)	Q4 2024 (Current Period)	Trend
AI/technology investments	Portfolio and platform positioned; duration management; tech-enabled scalability at Fortegra	“Meaningful investments in people, technology and data… underwriting and claims tools”	Continued investment in Europe and services; operational scalability referenced in KPIs	Stable-positive
Catastrophes/macro	Hard market, favorable pricing; mortgage rates outlook supportive	Named storms within reserves; conservative reserving; profitability sustained	2024 CAT losses added 2.6 pts to combined ratio (Helene, Milton)	Elevated CAT; underwriting discipline intact
Product performance (E&S)	E&S ~42% of GWP; +40% growth; combined ratio 89.9%	E&S mix expansion; combined ratio 90.2%	Premiums & equivalents +18%; combined ratio 89.5%	Ongoing E&S-led growth
Regional expansion (Europe/UK)	Record revenues incl. services U.S. & Europe	Fortegra equity up, capital support for growth	PRA approval for Fortegra Insurance Company UK; enlarged EU footprint	Expanding footprint
Regulatory/legal	—	—	UK subsidiary approved by PRA; IPO disclosure caution in forward-looking statements	More active
Investment portfolio/yield	Book yield ~4.1%; high-quality AA, short duration	NII +35% YTD; $1.5B assets; 2.7-year duration	Book yield rose to 4.0% vs. 3.3% prior year; NII up; liquid, high-rated mix	Tailwind persists
Mortgage operations	Profitable; volumes up; MSR stability	Profitable; fee income + proactive cost mgmt	Pre-tax income +$3.5M; higher originations, servicing, MSR gains	Improving

Management Commentary

Strategic focus: “Strong operating performance… increasing yields on investment portfolio… mortgage business profitable” (Investor Presentation) .
Growth and confidence: “We are extremely pleased with the first half results… remain bullish on Fortegra’s growth given the continued hard market environment” — Michael Barnes (Q2 call) .
Insurance momentum: “Fortegra continues to deliver excellent financial results… specialty market conditions remain favorable” — Michael Barnes (Q3 call) .
Underwriting discipline: “Combined ratio remained consistent… conservative position with respect to loss reserves” — Scott McKinney (Q3 call) .

Q&A Highlights

A Q4 2024 earnings call transcript was not available in the document catalog; Q&A specifics for Q4 could not be assessed [ListDocuments for Jan–Mar 2025 returned 0 transcripts]. Prior calls emphasized sum-of-the-parts valuation, Fortegra growth/returns, portfolio yield trajectory, mortgage profitability, and reserving discipline .

Estimates Context

Wall Street consensus (S&P Global) estimates for TIPT Q4 2024 and FY context were attempted but unavailable due to SPGI request limit errors; therefore, we cannot benchmark reported results versus consensus at this time. Values retrieved from S&P Global were unavailable due to “Daily Request Limit Exceeded” errors [GetEstimates].

Key Takeaways for Investors

Q4 execution was strong: revenue +12.8% YoY and adjusted ROAE 23.7%; the core insurance franchise continues to scale with sub-90% combined ratio and expanding underwriting/fee margins .
Fortegra’s investment portfolio is an earnings lever: improving book yield to 4.0% with high-quality, liquid fixed income positioning suggests sustained NII tailwind into 2025 .
Mortgage business is turning from headwind to contributor: Q4 pre-tax +$3.5M via higher originations, servicing fees, and MSR gains; monitor rate trajectory for volume upside .
Reported net written premiums dipped YoY on a tough compare (book-roll in Q4’23); underlying NWP up 41% ex the one-time item, underscoring organic growth quality in E&S .
Dividends: $0.06 declared for March 2025; remember the $0.25 special dividend in Dec 2024 when modeling capital returns and book value per share progression .
IPO optionality: management reiterates Fortegra IPO intent is subject to market conditions and not assured; expense disclosures reflect the withdrawn 2024 effort—treat any timing as uncertain .
Trading setup: near-term narrative centers on durable underwriting returns, E&S growth, and NII tailwinds; watch CAT seasonality, UK/EU execution, and any IPO-related disclosures as stock catalysts .

Appendix: Additional Data Points

Consolidated balance sheet at 12/31/24: Total assets $5.695B; debt (net) $427.1M; policy liabilities and unpaid claims $1.298B; total equity $656.8M (Tiptree shareholders’ equity $457.7M) .
Fortegra stockholders’ equity: $625.5M at 12/31/24 (vs. $452.6M at 12/31/23), reflecting net income and $40M capital contributions from Tiptree, Warburg, and directors .
Non-GAAP reconciliations and definitions for adjusted net income, adjusted ROAE, underwriting & fee revenues, and margin are provided in Exhibits .

TIPTREE INC. (TIPT)·Q4 2024 Earnings Summary