Tiptree Inc. reported significant financial growth in its third quarter and the nine months ended September 30, 2024, as detailed in its latest 10-Q filing. Total revenues for Q3 2024 reached $494.4 million, marking an 18.7% increase from $416.5 million in Q3 2023. For the nine-month period, revenues surged to $1.5 billion, up 28.4% from $1.2 billion in the prior year. This growth was primarily driven by a robust performance in the insurance segment, which saw earned premiums net increase to $359.5 million in Q3 2024, a 23.4% rise from $291.3 million in Q3 2023.
Net income attributable to common stockholders for Q3 2024 was $11.9 million, compared to $2.2 million in the same period last year. For the nine months ended September 30, 2024, net income attributable to common stockholders reached $33.8 million, a substantial increase from $7.1 million in the prior year. Diluted earnings per share for Q3 2024 were $0.29, up from $0.04 in Q3 2023, while for the nine months, it rose to $0.83 from $0.18.
The company’s total assets increased to $5.5 billion as of September 30, 2024, up from $5.1 billion at the end of 2023. Total liabilities also rose to $4.8 billion, compared to $4.6 billion at the end of the previous year. Stockholders’ equity increased to $656.2 million, reflecting comprehensive income growth over the trailing four quarters.
Tiptree's insurance operations benefited from a stable combined ratio of 90.2% for the nine months ended September 30, 2024, indicating effective underwriting performance. The company reported a significant increase in gross written premiums, totaling $2.2 billion for the nine months, a 9.5% increase from the previous year.
Strategically, Tiptree's subsidiary Fortegra acquired a majority stake in Premia Solutions Limited in February 2023, which contributed to its growth. The company also experienced a rise in employee compensation and benefits, reflecting investments in human capital.
Despite challenges such as rising interest rates impacting mortgage operations, Tiptree's diversified revenue streams and strategic acquisitions have positioned it for continued growth. The company reported net cash provided by operating activities of $170.8 million for the nine months ended September 30, 2024, compared to $93.6 million in the prior year, indicating improved operational efficiency.
About TIPTREE INC.
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