Tiptree Inc. (NASDAQ:TIPT) Q2 2024 Earnings Conference Call August 1, 2024 10:30 AM ET
Company Participants
Scott McKinney - CFO
Michael Barnes - Executive Chairman
Conference Call Participants
Operator
Greetings, and welcome to Tiptree Inc. Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Scott McKinney, Chief Financial Officer. Thank you, Mr. McKinney. You may begin.
Scott McKinney
Good morning, and welcome to our second quarter 2024 earnings call. Joining me today are Michael Barnes, our Executive Chairman; and Jonathan Ilany, CEO. 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. In today's call, we will discuss non-GAAP financial metrics, which are described in more detail in our presentation.
Reconciliations of these metrics and additional disclosures can be found in our SEC filings, the appendix to our presentation and on our website.
With that, I will turn the call over to Michael.
Michael Barnes
Thank you, Scott, and good morning to everyone.
We are extremely pleased with Tiptree's first half results. Revenues year-to-date have increased by 33% from the prior year and our collective businesses producing 21% adjusted return on equity. Our specialty insurance company, Fortegra posted record results in the first half with revenue growth of 34% and adjusted net income growth of 40% from the prior year. Gross written premiums and equivalents were $1.4 billion, while delivering a combined ratio of 90%, demonstrating the ability to generate consistent growth and consistent underwriting performance over time.
As we look to the future, we remain bullish on Fortegra's growth given the continued hard market environment and the strong level of submission activity within our specialty sectors. The investment portfolio, which is overseen by our asset management subsidiary, Tiptree Advisors, ended the quarter at $1.4 billion of investable assets.
As the book of paid in premiums continues to grow, we remain focused on investments in primarily high-quality liquid fixed income securities, coupled with select higher-yielding investment opportunities to enhance overall returns. Portfolio duration was just under three years at quarter's end, which gives us room to modestly extend duration given anticipated interest rate cuts in the second half of 2024 and 2025. The team at our residential mortgage origination and servicing business, Reliance has shown resilience in navigating the challenges posed by elevated mortgage rates.