We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Assurant Inc | NYSE:AIZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 175.47 | 0 | 01:00:00 |
Delivered Significant Earnings and EPS Growth in 2023 Led by Global Housing, with Continued Profitable Growth Expected in 2024
Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the fourth quarter and full year ended December 31, 2023.
“We are pleased with our exceptionally strong results in 2023, representing Assurant’s seventh consecutive year of profitable growth. Our success was driven by our intense focus on strategic, financial and operational outperformance, allowing us to strengthen our competitive positioning across our global businesses and ultimately create meaningful shareholder value,” said Assurant President and CEO Keith Demmings.
“We expect earnings growth to continue into 2024 as we enter the year from a position of strength. Our targeted investments in our talent, technology and product innovation continue to strengthen our client partnerships and attract key prospects across the globe. This momentum, combined with an unwavering focus on operational excellence, position us well to deliver on our financial objectives,” Demmings added.
Note: The metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
(Unaudited)
Q4'23
Q4'22
Change
12M'23
12M'22
Change
$ in millions, except per share data
GAAP net income
182.5
68.1
168%
642.5
276.6
132%
Adjusted EBITDA1
360.8
274.2
32%
1,257.5
956.2
32%
Adjusted EBITDA, ex. reportable catastrophes2
382.4
296.3
29%
1,369.3
1,128.3
21%
GAAP net income per diluted share
3.42
1.27
169%
11.95
5.05
137%
Adjusted earnings per diluted share3
4.58
3.23
42%
15.49
11.13
39%
Adjusted earnings, ex. reportable catastrophes, per diluted share4
4.90
3.56
38%
17.13
13.61
26%
Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.
Full Year 2023 Summary
2024 Outlook
The company expects:
Note: The metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
Fourth Quarter and Full Year 2023 Consolidated Results
(Unaudited)
Q4'23
Q4'22
Change
12M'23
12M'22
Change
$ in millions
GAAP net income
182.5
68.1
168%
642.5
276.6
132%
Adjusted EBITDA
Global Lifestyle
204.6
182.3
12%
792.3
809.4
(2)%
Global Housing
186.1
119.1
56%
574.2
246.0
133%
Corporate and Other
(29.9)
(27.2)
(10)%
(109.0)
(99.2)
(10)%
Adjusted EBITDA1
360.8
274.2
32%
1,257.5
956.2
32%
Reportable catastrophes
21.6
22.1
111.8
172.1
Adjusted EBITDA, ex. reportable catastrophes
Global Lifestyle2
204.3
183.3
11%
793.1
810.1
(2)%
Global Housing2
208.0
140.2
48%
685.2
417.4
64%
Corporate and Other
(29.9)
(27.2)
(10)%
(109.0)
(99.2)
(10)%
Adjusted EBITDA, ex. reportable catastrophes2
382.4
296.3
29%
1,369.3
1,128.3
21%
Note: Adjusted EBITDA of the Global Lifestyle, Global Housing and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable catastrophes. Additional details regarding key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx
Fourth Quarter 2023 Consolidated Results
Full Year 2023 Consolidated Results
Global Lifestyle
$ in millions
Q4'23
Q4'22
Change
12M'23
12M'22
Change
Adjusted EBITDA
204.6
182.3
12%
792.3
809.4
(2)%
Net earned premiums, fees and other income
2,306.4
2,038.1
13%
8,561.4
8,061.9
6%
Global Housing
$ in millions
Q4'23
Q4'22
Change
12M'23
12M'22
Change
Adjusted EBITDA
186.1
119.1
56%
574.2
246.0
133%
Reportable catastrophes
21.9
21.1
111.0
171.4
Adjusted EBITDA, ex. reportable catastrophes2
208.0
140.2
48%
685.2
417.4
64%
Net earned premiums, fees and other income
545.8
509.1
7%
2,142.9
1,884.6
14%
Corporate and Other
$ in millions
Q4'23
Q4'22
Change
12M'23
12M'22
Change
Adjusted EBITDA
(29.9)
(27.2)
(10)%
(109.0)
(99.2)
(10)%
Holding Company Liquidity Position
2024 Company Outlook6
Note: Some of the metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
Based on current market conditions, for full-year 2024, the company expects:
$ in millions, except per share data
FY 2023
2024 Outlook6
Adjusted EBITDA, ex. reportable catastrophes2
1,369.3
Mid-single-digit growth
Adjusted earnings, ex. reportable catastrophes, per diluted share4
$17.13
Growth rate modestly below Adjusted EBITDA, ex. reportable catastrophes growth rate
Earnings Conference Call
The fourth quarter 2023 earnings conference call and webcast will be held on Wednesday, February 7, 2024 at 8:00 a.m. ET. The slide presentation used by management during the webcast includes supplemental information and will be available on Assurant’s Investor Relations website prior to the conference call. The live and archived webcast, along with supplemental information, will also be available on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products.
Learn more at assurant.com
Safe Harbor Statement
Some of the statements in this news release and its exhibits, including our outlook, business and financial plans and any statements regarding the company’s anticipated future financial performance, business prospects, growth and operating strategies and similar matters, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
You can identify forward-looking statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:
For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission, including the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Non-GAAP Financial Measures
Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non-GAAP financial measures to those of other companies.
(1)Assurant uses Adjusted EBITDA as an important measure of the company’s operating performance. Assurant defines Adjusted EBITDA as net income, excluding net realized losses (gains) on investments and fair value changes to equity securities, non-core operations, restructuring costs related to strategic exit activities, Assurant Health runoff operations, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items. The company believes this metric provides investors with an important measure of the company’s operating performance because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management’s and investors’ ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted EBITDA, revenue generated from such intangible assets is included within the revenue in determining Adjusted EBITDA. The comparable GAAP measure is net income. See Note 2 below for a full reconciliation.
(2)Adjusted EBITDA, Excluding Reportable Catastrophes: Assurant uses Adjusted EBITDA (defined above), excluding reportable catastrophes (which represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company’s operating performance. The company believes this metric provides investors with an important measure of the company’s operating performance for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income.
(UNAUDITED)
4Q
4Q
12 Months
12 Months
($ in millions)
2023
2022
2023
2022
GAAP net income
$
182.5
$
68.1
$
642.5
$
276.6
Less:
Interest expense
26.8
27.9
108.0
108.3
Provision for income taxes
44.1
28.2
164.3
73.3
Depreciation expense
31.7
21.6
109.3
86.3
Amortization of purchased intangible assets
22.3
17.8
77.9
69.7
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity securities
19.0
13.5
68.7
179.7
Non-core operations
11.0
34.4
50.4
79.5
Restructuring costs
16.0
52.9
34.3
53.1
Assurant Health runoff operations
0.3
—
(6.9
)
0.6
Other adjustments(1)
7.1
9.8
9.0
29.1
Adjusted EBITDA
360.8
274.2
1,257.5
956.2
Reportable catastrophes
21.6
22.1
111.8
172.1
Adjusted EBITDA, excluding reportable catastrophes
$
382.4
$
296.3
$
1,369.3
$
1,128.3
(1)
Additional details about the components of Other adjustments and other key financial metrics throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx
(UNAUDITED)
4Q 2023
4Q 2022
Global Lifestyle
Global Housing
Global Lifestyle
Global Housing
($ in millions)
Adjusted EBITDA
$
204.6
$
186.1
$
182.3
$
119.1
Reportable catastrophes
(0.3
)
21.9
1.0
21.1
Adjusted EBITDA, excluding reportable catastrophes
$
204.3
$
208.0
$
183.3
$
140.2
(UNAUDITED)
12 Months 2023
12 Months 2022
Global Lifestyle
Global Housing
Global Lifestyle
Global Housing
($ in millions)
Adjusted EBITDA
$
792.3
$
574.2
$
809.4
$
246.0
Reportable catastrophes
0.8
111.0
0.7
171.4
Adjusted EBITDA, excluding reportable catastrophes
$
793.1
$
685.2
$
810.1
$
417.4
(3)Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important measure of the company’s stockholder value. Assurant defines Adjusted earnings per diluted share as net income, excluding net realized losses (gains) on investments and fair value changes to equity securities, amortization of purchased intangible assets, non-core operations, restructuring costs related to strategic exit activities, Assurant Health runoff operations, as well as other highly variable or unusual items, divided by the weighted average diluted shares outstanding. The company believes this metric provides investors with an important measure of stockholder value because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management’s and investors’ ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted earnings, revenue generated from such intangible assets is included within the revenue in determining Adjusted earnings. The comparable GAAP measure is net income per diluted share, defined as net income, divided by the weighted average diluted shares outstanding. See Note 4 below for a full reconciliation.
(4)
Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses Adjusted earnings, excluding reportable catastrophes, per diluted share (each as defined above) as another important measure of the company's stockholder value. The company believes this metric provides investors with an important measure of stockholder value for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share (defined above).
(UNAUDITED)4Q
4Q
12 Months
12 Months
($ in millions)
2023
2022
2023
2022
GAAP net income
$
182.5
$
68.1
$
642.5
$
276.6
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity securities
19.0
13.5
68.7
179.7
Amortization of purchased intangible assets
22.3
17.8
77.9
69.7
Non-core operations
11.0
34.4
50.4
79.5
Restructuring costs
16.0
52.9
34.3
53.1
Assurant Health runoff operations
0.3
—
(6.9
)
0.6
Other adjustments
7.1
9.8
9.0
29.1
Benefit for income taxes
(13.3
)
(22.7
)
(43.0
)
(78.8
)
Adjusted earnings
244.9
173.8
832.9
609.5
Reportable catastrophes, pre-tax
21.6
22.1
111.8
172.1
Tax impact of reportable catastrophes
(4.6
)
(4.7
)
(23.5
)
(36.2
)
Adjusted earnings, excluding reportable catastrophes
$
261.9
$
191.2
$
921.2
$
745.4
(UNAUDITED)
4Q
4Q
12 Months
12 Months
2023
2022
2023
2022
GAAP net income per diluted share(1)
$
3.42
$
1.27
$
11.95
$
5.05
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity securities
0.36
0.25
1.28
3.28
Amortization of purchased intangible assets
0.42
0.33
1.45
1.27
Non-core operations
0.21
0.63
0.94
1.45
Restructuring costs
0.30
0.99
0.64
0.97
Assurant Health runoff operations
—
—
(0.13
)
0.01
Other adjustments
0.12
0.18
0.16
0.54
Benefit for income taxes
(0.25
)
(0.42
)
(0.80
)
(1.44
)
Adjusted earnings, per diluted share
4.58
3.23
15.49
11.13
Reportable catastrophes, pre-tax
0.40
0.41
2.08
3.14
Tax impact of reportable catastrophes
(0.08
)
(0.08
)
(0.44
)
(0.66
)
Adjusted earnings, excluding reportable catastrophes, per diluted share
$
4.90
$
3.56
$
17.13
$
13.61
(1)
Information on the share counts used in the per share calculations throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx
(5)Constant Currency: Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to-period comparisons.
(UNAUDITED)
Constant Currency
4Q 2023
12 Months 2023
Percentage change in Global Lifestyle and Global Housing net earned premiums, fees and other income:
Including FX impact
12.0
%
7.6
%
FX impact
0.2
%
(0.4
) %
Excluding FX impact
11.8
%
8.0
%
Percentage change in Global Lifestyle net earned premiums, fees and other income:
Including FX impact
13.2
%
6.2
%
FX impact
0.2
%
(0.5
) %
Excluding FX impact
13.0
%
6.7
%
Percentage change in GAAP net income, including FX impact
168.0
%
132.3
%
Percentage change in Adjusted EBITDA, including FX impact
31.6
%
31.5
%
Percentage change in Adjusted EBITDA, excluding reportable catastrophes:
Including FX impact
29.1
%
21.4
%
FX impact
—
%
(0.7
) %
Excluding FX impact
29.1
%
22.1
%
Percentage change in Global Lifestyle Adjusted EBITDA:
Including FX impact
12.2
%
(2.1
) %
FX impact
—
%
(1.0
) %
Excluding FX impact
12.2
%
(1.1
) %
(6)The company outlook for Adjusted earnings, excluding reportable catastrophes, per diluted share and Adjusted EBITDA, excluding reportable catastrophes, for Assurant and Global Housing, each constitute forward-looking non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-looking non-GAAP financial measures to the most comparable GAAP measure, the probable significance of which cannot be determined. The company is able to quantify a full-year estimate of depreciation expense, interest expense and amortization of purchased intangible assets, each on a pre-tax basis, and the estimated effective tax rate, which are expected to be approximately $135 million, $107 million, $70 million and 20 to 22 percent, respectively. Business segment dividends include a $155 million assumed annual catastrophe load. Other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation.
Assurant, Inc.
Consolidated Statement of Operations (unaudited)
Three and Twelve Months Ended December 31, 2023 and 2022
4Q
12 Months
2023
2022
2023
2022
($ in millions except number of shares and per share amounts)
Revenues
Net earned premiums
$
2,422.2
$
2,262.9
$
9,388.0
$
8,765.3
Fees and other income
434.4
301.1
1,323.2
1,243.3
Net investment income
145.5
102.3
489.1
364.1
Net realized losses on investments and fair value changes to equity securities
(19.0
)
(13.5
)
(68.7
)
(179.7
)
Total revenues
2,983.1
2,652.8
11,131.6
10,193.0
Benefits, losses and expenses
Policyholder benefits
599.1
599.3
2,521.8
2,359.8
Underwriting, selling, general and administrative expenses
2,130.6
1,921.5
7,695.1
7,366.3
Goodwill impairment
—
7.8
—
7.8
Interest expense
26.8
27.9
108.0
108.3
Loss (gain) on extinguishment of debt
—
—
(0.1
)
0.9
Total benefits, losses and expenses
2,756.5
2,556.5
10,324.8
9,843.1
Income before provision for income taxes
226.6
96.3
806.8
349.9
Provision for income taxes
44.1
28.2
164.3
73.3
Net income
$
182.5
$
68.1
$
642.5
$
276.6
Net income per share:
Basic
$
3.44
$
1.27
$
12.02
$
5.09
Diluted
$
3.42
$
1.27
$
11.95
$
5.05
Common stock dividends per share
$
0.72
$
0.70
$
2.82
$
2.74
Share data:
Basic weighted average shares outstanding
53,050,518
53,415,238
53,455,139
54,371,531
Diluted weighted average shares outstanding
53,434,515
53,773,862
53,783,069
54,782,528
Assurant, Inc.
Consolidated Condensed Balance Sheets (unaudited)
At December 31, 2023 and 2022
December 31,
December 31,
2023
2022
($ in millions)
Assets
Investments and cash and cash equivalents
$
9,848.3
$
9,061.2
Reinsurance recoverables
6,649.2
6,999.4
Deferred acquisition costs
9,967.2
9,677.1
Goodwill
2,608.8
2,603.0
Value of business acquired
83.9
262.8
Other assets
4,477.8
4,513.8
Total assets
$
33,635.2
$
33,117.3
Liabilities
Policyholder benefits and claims payable
$
2,476.4
$
2,717.9
Unearned premiums
20,110.4
19,802.4
Debt
2,080.6
2,129.9
Accounts payable and other liabilities
4,158.3
4,238.4
Total liabilities
28,825.7
28,888.6
Stockholders’ equity
Equity, excluding accumulated other comprehensive loss
5,574.5
5,214.9
Accumulated other comprehensive loss
(765.0
)
(986.2
)
Total equity
4,809.5
4,228.7
Total liabilities and equity
$
33,635.2
$
33,117.3
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206887479/en/
Media Contact:
Stacie Sherer Vice President, Corporate Communications Phone: 917.420.0980 stacie.sherer@assurant.com
Investor Relations Contacts:
Rebekah Biondo Deputy CFO Phone: 786.374.7283 rebekah.biondo@assurant.com
Sean Moshier Vice President, Investor Relations Phone: 914.204.2253 sean.moshier@assurant.com
Matt Cafarchio Director, Investor Relations Phone: 484.356.4791 matt.cafarchio@assurant.com
1 Year Assurant Chart |
1 Month Assurant Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions