Tiptree Inc. (TIPT), a company known for providing insurance products and related services, saw bullishness in stock on Wednesday. The company’s share price soared up to $9.70, an increase of 0.62%. The company has gained a further 9.38% increase in share price in the premarket. The share price currently stands at $10.61.
Q2 2021 results
The leap of share price in the premarket has come after the company announced the substantive financial results for the second quarter of 2021. According to them, the company has generated revenue of $299.7 million during the quarter, an increase of 50.4% when compared with the same quarter of 2020. Apart from that, the net income for the quarter was $8 million, which is an increase of $3.8 million when compared with the results of 2020. Besides that, the company also reported the financial results for six months of 2021. According to them, the year-to-date revenue of the company is $594.4 million, an increase of 80.7% when compared with the performance of the previous year. All in all, the results have had a massive impact over TIPT stock performance.
Q1 2021 results
The first quarter of 2021 saw a similar trend of growth in the company’s revenue. The first quarterly results of 2021, announced in early May, reported that the company generated revenue of $249.7 million during the quarter, which ended March 31, 2021. The increase in revenue was 127% when compared with the same quarter of the previous year. The company also announced a net income of $28.6 million for the quarter.
Fortegra, a subsidiary of Tiptree, is providing Tiptree with financial strength via its agreements with world-leading companies and implementation of outstanding business strategies. Recently, in mid of July, Fortegra announced that it has entered in an agreement with Motorprint, UK’s largest independent car retailer. According to the details, the company stated that after the agreement, Fortegra would be the exclusive vehicle service contract provider for Motorprint. Last year, in September, the company announced the formation of a new surplus line subsidiary, namely Fortegra Specialty Insurance Company.
As far as the future performance of the company is concerned, it seems well on track to generate record revenues in near future. Tiptree’s business has remained stable throughout the pandemic because of the fact that the two operations upon which it is reliant, i.e. Mortgage and Insurance, were among the least affected sectors from the effects of a pandemic. The company’s business is expected to grow as the effects of pandemics on the general public start subsiding. When considering the future performance of TIPT stock, long-term investment in stock would earn investors a handsome return. So, potential investors should keep a close watch on TIPT stock.