Assurant, Inc. (AIZ) has been favored by investors on the back of its well-performing Global Lifestyle business, growth of fee-based capital-light businesses, solid capital management, favorable estimates and effective capital deployment.Earnings EstimatesThe Zacks Consensus Estimate for Assurant’s 2024 earnings per share indicates a year-over-year increase of 4.5%. The consensus estimate for revenues is pegged at $11.68 billion, implying a year-over-year improvement of 4.2%.The consensus estimate for 2025 ...

Core Viewpoint - Assurant, Inc. (AIZ) is experiencing growth driven by its Global Lifestyle business, fee-based capital-light businesses, effective capital management, and positive earnings estimates [1] Earnings Estimates - The Zacks Consensus Estimate for Assurant's 2024 earnings per share indicates a year-over-year increase of 4.3% with revenues projected at $11.66 billion, reflecting a 4.1% improvement [2] - For 2025, earnings per share and revenues are expected to increase by 5% and 3.3%, respectively, compared to 2024 estimates [2] - Earnings have improved by 20.2% over the past five years, surpassing the industry average of 8.7% [2] Earnings Surprise History - Assurant has consistently beaten earnings estimates in the last four quarters, with an average surprise of 42.47% [3] Northbound Estimate Revision - The Zacks Consensus Estimate for 2024 and 2025 earnings has increased by nearly 3.2% and 1%, respectively, in the past 30 days, indicating investor optimism [4] Zacks Rank - Assurant currently holds a Zacks Rank 3 (Hold), with shares gaining 32.5% over the past year compared to the industry's growth of 24.7% [5] Style Score - AIZ has a VGM Score of A, indicating attractive value, strong growth, and promising momentum [7] Business Tailwinds - Assurant's focus on fee-based capital-light businesses, which currently account for 52% of segmental revenues, is expected to grow in double digits over the long term [8] - Improved performance in Homeowners and growth in Connected Living and Global Automotive are anticipated to enhance results in Global Lifestyle [9] Capital Management - Assurant has a robust capital management policy, increasing dividends for 19 consecutive years, and repurchased shares worth $40 million in Q1 2024 [10] - The company plans to repurchase shares in the range of $200-$300 million for 2024, with a free cash flow conversion exceeding 100% in recent quarters [10] - The return on equity (ROE) stands at 20.1%, improving by 760 basis points year over year, outperforming the industry average of 14.1% [10]

Core Insights - Zacks Premium offers various tools to help investors make informed decisions, including daily updates on Zacks Rank and Style Scores [1][5] - The Zacks Style Scores categorize stocks based on value, growth, momentum, and a combined VGM Score, aiding investors in selecting stocks with high potential [2][3][4] Zacks Style Scores - Value Score identifies attractive stocks using ratios like P/E and Price/Sales, appealing to value investors [2] - Growth Score focuses on a company's future prospects, analyzing earnings and sales to find sustainable growth stocks [2] - Momentum Score capitalizes on price trends, using recent price changes and earnings estimates to identify high-momentum stocks [3] - VGM Score combines the three Style Scores, helping investors find stocks with the best overall characteristics [4] Zacks Rank and Style Scores Integration - The Zacks Rank uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988 [5] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for higher return potential [6] Company Spotlight: Assurant Inc. (AIZ) - Assurant Inc. is a global risk management provider, operating in multiple regions including North America and Europe [7] - AIZ holds a Zacks Rank of 3 (Hold) and a VGM Score of A, with a Value Style Score of B due to a forward P/E ratio of 11 [7] - Recent earnings estimates for AIZ have been revised upward, with the Zacks Consensus Estimate increasing by $0.03 to $16.05 per share, and an average earnings surprise of 42.5% [7][8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-31978 Assurant, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (I.R.S. Employer ...

Assurant, Inc. (NYSE:AIZ) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET Company Participants Sean Moshier - Vice President of Investor Relations. Keith Demmings - President & Chief Executive Officer Keith Meier - Executive Vice President, Chief Financial Officer Conference Call Participants Mark Hughes - Truist Securities Brian Meredith - UBS Tommy McJoynt - KBW Operator Welcome to Assurant's First Quarter 2024 Conference Call and Webcast. [Operator Instructions] It is now my pleasure to turn the ...

Investor Presentation First Quarter 2024 ...

Assurant, Inc. (AIZ) reported first-quarter 2024 net operating income of $4.78 per share, which beat the Zacks Consensus Estimate by 23.5%. The bottom line surged 73.8% year over year.Quarterly results benefited from higher net earned premiums, fees and other income and net investment income, solid performance in the Global Housing and Global Lifestyle segments. It was partially offset by higher expenses and weakness in the Corporate & Other segment.Total revenues increased 8.9% year over year to $2.8 billi ...

Assurant (AIZ) reported $2.89 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 8.9%. EPS of $4.78 for the same period compares to $2.75 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.82 billion, representing a surprise of +2.62%. The company delivered an EPS surprise of +23.51%, with the consensus EPS estimate being $3.87.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Assurant (AIZ) came out with quarterly earnings of $4.78 per share, beating the Zacks Consensus Estimate of $3.87 per share. This compares to earnings of $2.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.51%. A quarter ago, it was expected that this insurer would post earnings of $3.70 per share when it actually produced earnings of $4.58, delivering a surprise of 23.78%.Over the last four quarters, the company has surp ...

Performance Overview Assurant reported a strong start to 2024, with significant increases in GAAP net income and Adjusted EBITDA, driven by exceptional Global Housing and Global Lifestyle growth - Key Financial Metrics | Metric | Q1'24 ($M) | Q1'23 ($M) | Change | | :--- | :--- | :--- | :--- | | GAAP net income | $236.4 | $113.6 | +108% | | Adjusted EBITDA | $370.7 | $242.9 | +53% | | Adjusted EBITDA, ex. catastrophes | $383.7 | $293.3 | +31% | | GAAP net income per diluted share | $4.47 | $2.12 | +111% | | Adjusted earnings per diluted share | $4.78 | $2.75 | +74% | - CEO Keith Demmings highlighted a strong start to the year, attributing the success to exceptional results in Global Housing and ongoing momentum in the U.S. Connected Living business within Global Lifestyle[3](index=3&type=chunk) - The company is increasingly confident in its ability to deliver on its 2024 financial objectives, focusing on investing for growth, accelerating innovation, and effectively deploying capital[4](index=4&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Consolidated GAAP net income more than doubled and Adjusted EBITDA grew significantly in Q1 2024, driven by Global Housing and increased net earned premiums - Consolidated Financial Performance | Metric | Q1'24 ($M) | Q1'23 ($M) | Change | | :--- | :--- | :--- | :--- | | GAAP net income | $236.4 | $113.6 | +108% | | Adjusted EBITDA | $370.7 | $242.9 | +53% | | Adjusted EBITDA, ex. catastrophes | $383.7 | $293.3 | +31% | - The increase in Adjusted EBITDA was driven primarily by Global Housing, which saw a **181% increase**, while Global Lifestyle grew by **4%**[9](index=9&type=chunk) - Net earned premiums, fees and other income from Global Lifestyle and Global Housing segments totaled **$2.76 billion**, an increase of **8%** (**9%** on a constant currency basis) from Q1 2023[11](index=11&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Global Housing significantly increased Adjusted EBITDA due to lower catastrophe losses, while Global Lifestyle grew modestly and Corporate and Other reported a larger loss [Global Lifestyle](index=3&type=section&id=Global%20Lifestyle) Global Lifestyle's Adjusted EBITDA increased **4%** due to Connected Living growth and a one-time client benefit, partially offset by higher Global Automotive claims costs - Global Lifestyle Segment Performance | Metric | Q1'24 ($M) | Q1'23 ($M) | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $207.7 | $198.9 | +4% | | Net earned premiums, fees and other income | $2,187.8 | $2,040.3 | +7% | - Growth in Connected Living was driven by stronger mobile device protection results, higher investment income, and a one-time **$6.9 million** client contract benefit[11](index=11&type=chunk) - Global Automotive results decreased mainly due to ongoing elevated claims costs from inflation and normalization of select ancillary products[11](index=11&type=chunk) [Global Housing](index=3&type=section&id=Global%20Housing) Global Housing's Adjusted EBITDA soared **181%** due to significantly lower catastrophe losses and improved non-catastrophe loss experience - Global Housing Segment Performance | Metric | Q1'24 ($M) | Q1'23 ($M) | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $192.5 | $68.4 | +181% | | Reportable catastrophes | $12.9 | $49.5 | -74% | | Adjusted EBITDA, ex. catastrophes | $205.4 | $117.9 | +74% | | Net earned premiums, fees and other income | $572.2 | $505.3 | +13% | - Excluding catastrophes, Adjusted EBITDA increased **74%**, with over half of the increase driven by lower non-catastrophe loss experience, including a **$15.7 million** favorable impact from prior period reserve development[13](index=13&type=chunk) - Net earned premiums, fees and other income increased **13%**, mainly driven by Homeowners top-line growth from higher average premiums and growth in policies in-force[13](index=13&type=chunk) [Corporate and Other](index=4&type=section&id=Corporate%20and%20Other) The Corporate and Other segment reported an increased Adjusted EBITDA loss of **$29.5 million**, primarily due to higher expenses supporting enterprise growth initiatives - Corporate and Other Segment Performance | Metric | Q1'24 ($M) | Q1'23 ($M) | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA Loss | ($29.5) | ($24.4) | +21% | - The increased loss was primarily driven by higher expenses to support enterprise growth initiatives[14](index=14&type=chunk) [Capital Management and Liquidity](index=4&type=section&id=Capital%20Management%20and%20Liquidity) Assurant maintained strong liquidity with **$622 million** at the holding company, **$397 million** above target, and returned **$77 million** to shareholders in Q1 2024 - Holding company liquidity totaled **$622 million**, which is **$397 million** above the company's targeted minimum level of **$225 million**[15](index=15&type=chunk) - Returned **$77 million** to shareholders in Q1 2024, consisting of **$40 million** in share repurchases (approx. **225 thousand** shares) and **$37 million** in common stock dividends[15](index=15&type=chunk) - As of May 3, 2024, **$625 million** remained under the current share repurchase authorizations[15](index=15&type=chunk) [Full-Year 2024 Outlook](index=2&type=section&id=Full-Year%202024%20Outlook) Assurant updated its full-year 2024 outlook, expecting mid-single-digit growth in Adjusted EBITDA (ex-catastrophes) towards the higher end, with similar growth for Adjusted EPS - The company expects Adjusted EBITDA, excluding reportable catastrophes, to increase by **mid-single-digits**, with growth now trending towards the higher end of the outlook[9](index=9&type=chunk)[17](index=17&type=chunk) - Adjusted earnings, excluding reportable catastrophes, per diluted share growth rate is expected to approximate the growth rate in Adjusted EBITDA, excluding reportable catastrophes[9](index=9&type=chunk)[17](index=17&type=chunk) - Global Housing's growth is expected to be driven by improving non-catastrophe loss experience and top-line growth, while Global Lifestyle's growth will be led by Connected Living programs[17](index=17&type=chunk) - The Corporate and Other Adjusted EBITDA loss is forecasted to be approximately **$110 million** for the full year[17](index=17&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) This section presents unaudited consolidated financial statements for Q1 2024 and Q1 2023, detailing the company's financial performance and position [Consolidated Statement of Operations](index=13&type=section&id=Consolidated%20Statement%20of%20Operations) For Q1 2024, total revenues increased to **$2.88 billion**, and net income rose to **$236.4 million** or **$4.47** per diluted share - Consolidated Statement of Operations (Unaudited) | Metric | Q1 2024 ($M) | Q1 2023 ($M) | | :--- | :--- | :--- | | Total revenues | $2,880.1 | $2,642.8 | | Net income | $236.4 | $113.6 | | Diluted net income per share | $4.47 | $2.12 | [Consolidated Condensed Balance Sheets](index=14&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of March 31, 2024, Assurant's total assets were **$33.23 billion**, liabilities **$28.31 billion**, and equity **$4.92 billion**, with equity increasing from year-end 2023 - Consolidated Condensed Balance Sheets (Unaudited) | Metric | March 31, 2024 ($M) | December 31, 2023 ($M) | | :--- | :--- | :--- | | Total assets | $33,225.4 | $33,635.2 | | Total liabilities | $28,305.4 | $28,825.7 | | Total equity | $4,920.0 | $4,809.5 | [Appendix](index=6&type=section&id=Appendix) This appendix provides supplementary information, including a Safe Harbor Statement and detailed reconciliation of Non-GAAP financial measures [Safe Harbor Statement](index=6&type=section&id=Safe%20Harbor%20Statement) This statement cautions that forward-looking statements are subject to various risks and uncertainties, including client loss, competitive pressures, and catastrophe losses - The report contains forward-looking statements which are based on current plans and expectations and are not guarantees of future performance[21](index=21&type=chunk)[22](index=22&type=chunk) - Key risks that could cause actual results to differ materially include loss of significant clients, competitive pressures, catastrophe losses, economic and political conditions, and regulatory changes[23](index=23&type=chunk)[26](index=26&type=chunk) [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Assurant uses non-GAAP measures like Adjusted EBITDA and Adjusted EPS to analyze operating performance by excluding volatile or non-recurring items, with detailed reconciliations provided - The company uses non-GAAP measures like Adjusted EBITDA and Adjusted Earnings per Diluted Share to provide investors with a view of ongoing operating performance by excluding items that are highly variable or do not represent core operations[25](index=25&type=chunk)[27](index=27&type=chunk)[30](index=30&type=chunk) - Reconciliation of GAAP Net Income to Adjusted EBITDA (Q1 2024, $ in millions) | Line Item | Amount ($M) | | :--- | :--- | | GAAP net income | $236.4 | | *Less/Add Adjustments* | | | Interest expense | $26.8 | | Provision for income taxes | $56.5 | | Depreciation expense | $30.6 | | Amortization of purchased intangible assets | $17.6 | | Other pre-tax adjustments | $1.0 | | **Adjusted EBITDA** | **$370.7** | | Reportable catastrophes | $13.0 | | **Adjusted EBITDA, ex. catastrophes** | **$383.7** | - Reconciliation of GAAP EPS to Adjusted EPS (Q1 2024) | Line Item | Amount | | :--- | :--- | | GAAP net income per diluted share | $4.47 | | *Adjustments (per share)* | | | **Adjusted earnings, per diluted share** | **$4.78** | | *Catastrophe Adjustments (per share)* | | | **Adjusted earnings, ex. catastrophes, per diluted share** | **$4.97** |