Tiptree Inc. filed its 2024 Proxy Statement and released its 2024 Investor Letter, providing shareholders with a comprehensive review of the past year's performance and strategic direction. The company reported revenues increased by 23.9% to $2.043 billion for the year, with an adjusted return on equity of 22.9%. Tiptree's share price appreciation plus dividends produced a total return of 12.6% for 2024.
The Investor Letter highlighted management's consistent objectives of allocating capital toward high-conviction investment opportunities for long-term value creation. It emphasized patience and discipline as hallmarks of their management style, aiming to minimize friction from fees and taxes. Directors, officers, employees, and related family trusts owned more than 34% of Tiptree as of year-end, aligning management's interests with shareholders.
Fortegra, the specialty insurance business, achieved record premium and premium equivalent growth of 12% and an adjusted return on equity of 29% for 2024. The mortgage origination and servicing business, Reliance First Capital, operated profitably in a challenging environment due to stable origination volumes and the sustained market value of its retained servicing portfolio. Tiptree Capital also opportunistically invested in a broad range of assets.
The company reiterated its confidence in the long-term outlook and its commitment to well-established investment objectives. The 2024 Proxy Statement also announced the Annual Meeting of Stockholders to be held virtually on Tuesday, April 29, 2025, for the election of directors and ratification of the independent registered public accounting firm.
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