Financial Data and Key Metrics Changes - Adjusted EBITDA grew 21% to nearly $1.4 billion and adjusted EPS increased by 26%, both excluding reportable catastrophes [6][19] - For Q4, adjusted EBITDA grew 29% to $382 million and adjusted EPS increased by 38% to $4.90, both excluding reportable catastrophes [19] Business Line Data and Key Metrics Changes - Global Lifestyle earnings were relatively flat on a constant currency basis, with connected living growing 3% in earnings [10] - Global Lifestyle adjusted EBITDA grew 12% to $205 million in Q4, led by a 23% increase in connected living [20] - Global Housing adjusted EBITDA was $186 million in Q4, which included $22 million of reportable catastrophes; excluding these, adjusted EBITDA increased by nearly 50% to $208 million [25] Market Data and Key Metrics Changes - In the US, high single-digit EBITDA growth was driven by mobile protection programs [11] - In Europe, earnings stabilized despite ongoing macroeconomic challenges [12] - In Asia-Pacific, a new partnership with Telstra was announced, enhancing market presence [12] Company Strategy and Development Direction - The company is focused on strengthening its business portfolio and driving operational excellence while accelerating innovation [9] - Active portfolio management has led to exiting non-core businesses, simplifying the portfolio [9] - Technology innovation is seen as a key driver for future growth and value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued profitable growth in 2024, albeit at a lower rate than 2023 [15] - The company expects adjusted EBITDA growth in the mid-single digits for 2024, with similar growth rates for Global Lifestyle and Global Housing [16] - Management highlighted the importance of monitoring macroeconomic conditions and foreign exchange impacts on growth [24] Other Important Information - The company returned over $350 million to shareholders in 2023, including $200 million in share repurchases [7] - The company received multiple recognitions for its commitment to innovation and sustainability in 2023 [8] Q&A Session Summary Question: What is the expected placement rate for the Bank of America deal? - The placement rate for the Bank of America block of business is expected to be lower than the current average of 1.8% due to the nature of the loans [36][37] Question: What drove the favorable reserve development in the homeowners business? - The positive reserve development was primarily due to settling inflationary estimates rather than weather-related factors [38][39] Question: What contributed to the substantial increase in fee income in Lifestyle? - The increase in fee income was mainly driven by higher trade-in volumes and the addition of new programs [42][43] Question: Can you discuss the geography of the expense reduction program? - The expense efficiencies are a blend of employee actions and facility efficiencies, with a significant reduction in the expense ratio from 46% to about 40% [44][46] Question: How does the company plan to recoup elevated auto input costs? - The company has implemented significant rate adjustments over the past 18 months and expects improvement in 2024 [47][49] Question: What are the expectations for investment income in 2024? - Investment income is expected to be relatively flat to slightly up, with a current portfolio book yield of just under 5% [53][54] Question: How is the situation in Japan expected to evolve? - Japan is expected to remain under pressure in 2024, but new contracts and structures are anticipated to moderate this pressure [56][58]

Assurant, Inc. (AIZ) reported fourth-quarter 2023 net operating income of $4.58 per share, which beat the Zacks Consensus Estimate by 23.4%. The bottom line surged 41.8% year over year.The results reflected solid performance at Global Housing.Total revenues increased 12.4% year over year to $3 billion due to higher net earned premiums, fees and other income and net investment income. The top line beat the Zacks Consensus Estimate by 7.9%.Adjusted EBITDA, excluding reportable catastrophes, increased 29% to $ ...

For the quarter ended December 2023, Assurant (AIZ) reported revenue of $3 billion, up 12.6% over the same period last year. EPS came in at $4.58, compared to $3.23 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.78 billion, representing a surprise of +7.92%. The company delivered an EPS surprise of +23.78%, with the consensus EPS estimate being $3.70.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they c ...

Company Performance - Assurant reported quarterly earnings of $4.58 per share, exceeding the Zacks Consensus Estimate of $3.70 per share, and up from $3.23 per share a year ago, representing an earnings surprise of 23.78% [1] - The company achieved revenues of $3 billion for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 7.92%, compared to $2.67 billion in the same quarter last year [1] - Over the last four quarters, Assurant has consistently surpassed consensus EPS and revenue estimates [1] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $3.83 on revenues of $2.77 billion, and for the current fiscal year, it is $15.12 on revenues of $11.39 billion [4] - The estimate revisions trend for Assurant is currently favorable, leading to a Zacks Rank 2 (Buy), indicating expected outperformance in the near future [4] Industry Context - The Insurance - Multi line industry, to which Assurant belongs, is currently ranked in the top 42% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [5] - Another company in the same industry, Radian, is expected to report quarterly earnings of $0.83 per share, reflecting a year-over-year decline of 21%, with revenues projected at $296.1 million, up 1.3% from the previous year [5][6]

Core Insights - Assurant has been recognized as one of America's Most JUST Companies, highlighting its commitment to serving various stakeholders including workers, customers, communities, the environment, and shareholders [1][3]. Company Overview - Assurant, Inc. is a global business services company that supports major consumer purchases and operates in 21 countries, offering services such as mobile device solutions, extended service contracts, vehicle protection, and renters' insurance [7]. JUST Capital Rankings - JUST Capital, in partnership with CNBC, released the annual JUST 100 list, which evaluates the performance of the largest U.S. corporations based on public priorities regarding responsible corporate behavior [2][4]. - The rankings are based on a comprehensive polling process that identifies key issues such as fair wages, workforce training, customer privacy, and sustainable practices [2][4]. Performance Metrics - Companies in the JUST 100 outperform their Russell 1000 peers in several areas: - 78.3% of their workers receive a family-sustaining living wage, which is 11.8 percentage points higher [4]. - They provide 7.2 more hours of career development training per employee [4]. - They offer 2 additional weeks of paid parental leave for caregivers [4]. - They use 99% less water per revenue dollar and emit 42% less CO2 per revenue dollar [4]. - They utilize 29.6 percentage points more renewable energy compared to their total energy use [4]. - They have a 4% higher profit margin, 2.9% higher return on equity, and 1.2% higher dividend yield [4]. JUST Capital's Mission - JUST Capital aims to demonstrate that prioritizing stakeholder interests leads to better business outcomes, advocating for a shift in corporate behavior towards more just practices [3][8].

Assurant, Inc. (AIZ) is slated to report fourth-quarter 2023 earnings on Feb 6, after the closing bell. AIZ delivered an earnings surprise in each of the last four quarters, the average beat being 42.38%.Factors to NoteRevenues are likely to have benefited from improved net earned premiums and higher net investment income. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $2.78 billion, suggesting growth of 4.3% from the year-ago quarter’s levels.Net earned premiums are expected to have ...

Core Insights - The article emphasizes the importance of value investing as a strategy to identify strong stocks, particularly through fundamental analysis and traditional valuation metrics [1] - Assurant (AIZ) is highlighted as a company to watch, currently holding a Zacks Rank of 2 (Buy) and an A for Value [2] - AIZ's P/B ratio of 1.98 is noted to be favorable compared to the industry average of 2.67, indicating potential undervaluation [2] - The P/S ratio for AIZ is 0.82, which is lower than the industry average of 1, further supporting the notion that AIZ may be undervalued [2][3] - Overall, AIZ's strong earnings outlook and valuation metrics suggest it is an impressive value stock at the moment [3] Company Metrics - Assurant's P/B ratio has fluctuated between 1.31 and 2.01 over the past 12 months, with a median of 1.64 [2] - The P/S ratio of AIZ is considered a reliable performance indicator due to the difficulty of manipulating sales figures on income statements [2] - The combination of AIZ's high Zacks Rank and strong Value grade positions it as one of the highest-quality value stocks available [1][3]

ATLANTA--(BUSINESS WIRE)--Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, announced today that its Board of Directors declared a quarterly dividend of $0.72 per share of common stock. The dividend will be payable on March 25, 2024 to stockholders of record as of the close of business on February 5, 2024. Future dividend declarations will be made at the discretion of the Assurant Board of Directors and will be dependent up ...

Group 1 - AZZ is a global provider of metal coating services, welding solutions, and specialty electrical equipment, with a Zacks Rank 1 (Strong Buy) and a 2.2% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1] - AZZ has a PEG ratio of 0.99 compared to the industry average of 1.61 and possesses a Growth Score of A [1] - Enersys manufactures, markets, and distributes various industrial batteries, also holding a Zacks Rank 1, with an 8.3% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] Group 2 - Enersys has a PEG ratio of 0.85 compared to the industry average of 1.61 and possesses a Growth Score of B [2] - Assurant is a global provider of risk management solutions in housing and lifestyle markets, with a Zacks Rank 1 (Strong Buy) and a 0.2% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - Assurant has a PEG ratio of 0.74 compared to the industry average of 0.81 and possesses a Growth Score of B [2]

Group 1: Novo Nordisk - Novo Nordisk is a global healthcare leader in the diabetes market with a full portfolio of GLP-1 receptor agonists, modern insulins, and human insulins [1] - The company has a Zacks Rank of 1 (Strong Buy) and a PEG ratio of 1.24, which is lower than the industry average of 2.10 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 0.4% over the last 60 days [1] - Novo Nordisk possesses a Growth Score of A [1] Group 2: Assurant - Assurant is a global provider of risk management solutions in the housing and lifestyle markets [2] - The company has a Zacks Rank of 1 (Strong Buy) and a PEG ratio of 0.74, compared to the industry average of 0.81 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 0.2% over the last 60 days [2] - Assurant possesses a Growth Score of B [2] Group 3: Patria Investments Limited - Patria Investments Limited offers asset management services focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds [2] - The company has a Zacks Rank of 1 and a PEG ratio of 0.57, which is lower than the industry average of 1.09 [2] - The Zacks Consensus Estimate for its next year earnings has increased by 6.0% over the last 60 days [2] - Patria Investments Limited possesses a Growth Score of B [2]