Tiptree Financial (TIPT) 2019年年度报告「NASDAQ」.pdf

1、 2019 Annual Report to Shareholders April 22,2020 1 To Our Fellow Shareholders,Tiptrees book value per-share as of year-end 2019 was$11.52,which combined with dividends,resulted in a total return for the year of 8.2%.Investors who participated in our June 2007 initial capital raise have experienced

2、a compounded annual return of 9.5%through the end of 2019(as measured by growth in book value per share plus dividends received),as compared to 8.6%for the S&P 500 and 7.3%for the Russell 2000 over the same period.In 2019,we increased the amount of annual cash dividends for the third consecutive yea

3、r to 15.5 cents per share(a 14.8%increase).More recently,as investors struggle to fully understand the impact of Covid-19 on different business sectors,there has been extraordinary market price volatility.This uncertainty is likely to continue for some time,and may result in unanticipated risks and

4、challenges.Although no industry is unaffected from the dramatic social constraints enacted globally to contain the virus,we currently see a modest direct impact to our own businesses and liquidity positions and believe we are positioned to absorb the significant changing outlooks for interest rates,

5、commodity prices,global trade and consumer demand.In short,we believe we are positioned to ride out this storm as it evolves but continue to closely monitor the ever changing crisis as it relates to our businesses.For the 2019 year,we earned$18.4 million of net income and$63.6 million of Operating E

6、BITDA1 from our operations and investing activities.After deducting corporate interest expense,that equates to a 10.0%cash earnings return on our invested capital.Most importantly,we made significant progress on our strategic goals of expanding our insurance operations,improving our returns on insur