Core Insights - Assurant reported a record $4.3 billion returned to U.S. consumers through mobile device trade-in programs in 2023, marking a 13% increase from 2022 [1] - In Q4 2023, $1.6 billion was returned to consumers via trade-in programs, representing a 25% increase from Q4 2022 [4] Industry Trends - The Assurant 2023 Mobile Trade-in and Upgrade Industry Trends Report indicates continuous growth in the secondary device market, combining data from Assurant's Device IQ analytics platform and industry market data [2] - The report highlights the top smartphones turned in, average trade-in values, and trends for Apple watches [2] Device Popularity - The iPhone 11 was the most turned-in device, followed by the iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro, with variations of the iPhone 12 making up 51% of the top five devices [3] - The Samsung Galaxy S21 was the leading Android device turned in during 2023 [3] Trade-in Values and Trends - The average age of devices at trade-in was 3.46 years, with a 10% year-over-year increase in online trades compared to 2022 [3] - In Q4 2023, iPhone trade-in values reached a record high of $218, up from $186 in Q3 2023 [4] Future Outlook - The company anticipates continued growth in demand for trade-in and upgrade options, emphasizing the importance of collaboration among carriers, OEMs, retailers, and MSOs to enhance trade-in promotions and expand the secondary device market [5]

Core Insights - Lexitas has appointed Sriram Venkateswaran as Chief Financial Officer, bringing over 20 years of global executive experience in finance and strategy [1][2] Company Overview - Lexitas is a leading national provider of technology-enabled litigation services, founded in 1987, offering services such as court reporting, record retrieval, process service, legal staffing, and document review [2] Executive Background - Sriram Venkateswaran previously served as CFO at Everise, a business process outsourcing provider with $450 million in revenue and over 17,000 employees [1] - Prior to Everise, he was CFO for APAC & Japan at Assurant Inc., and held senior finance roles at Cognizant, Citigroup, and AIG [2]

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find s ...

Fourth Quarter & Full-Year 2023 Results © 2024 Assurant, Inc. All rights reserved. Company confidential. 1 Keith Demmings President & Chief Executive Officer Keith Meier Executive Vice President & Chief Financial Officer © 2024 Assurant, Inc. All rights reserved. Company confidential. 2 2 Cautionary Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth and operati ...

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]

Core Insights - Assurant, Inc. reported a fourth-quarter 2023 net operating income of $4.58 per share, exceeding the Zacks Consensus Estimate by 23.4% and reflecting a year-over-year increase of 41.8% [1] - Total revenues for the quarter rose 12.4% year over year to $3 billion, driven by higher net earned premiums, fees, and net investment income, surpassing the Zacks Consensus Estimate by 7.9% [1] - Adjusted EBITDA, excluding reportable catastrophes, increased 29% to $382.4 million [1] Segmental Performance - Global Housing's net earned premiums, fees, and other income increased 7% to $545.8 million, although it fell short of the Zacks Consensus Estimate of $553 million [2] - Adjusted EBITDA for Global Housing was $186.1 million, up 56% year over year, with adjusted EBITDA excluding reportable catastrophes rising 48% to $208 million [2] - Global Lifestyle's net earned premiums, fees, and other income grew 13% to $2.3 billion, exceeding the Zacks Consensus Estimate of $2.1 billion [2] Full-Year Highlights - Adjusted earnings for 2023 increased 39% to $15.49 per share [4] - Total net earned premiums, fees, and other income from Global Lifestyle and Global Housing segments reached $10.7 billion, an 8% increase [4] - Adjusted EBITDA, excluding reportable catastrophes, rose 21% to $1.4 billion [4] Financial Position - As of December 31, 2023, liquidity stood at $606 million, significantly above the targeted minimum level of $225 million [5] - Total assets increased by 1.6% to $33.6 billion from the end of 2022 [5] - Debt decreased by 2% to $2.1 billion [5] Share Repurchase and Dividend Update - In 2023, Assurant repurchased approximately 1.3 million shares for $200 million, with an additional 0.06 million shares repurchased for $20 million from January 1 to February 2, 2024 [6] - Total dividends amounted to $152 million in 2023 [6] 2024 Guidance - Assurant anticipates adjusted EBITDA, excluding reportable catastrophes, to grow by mid-single digits, driven by both Global Lifestyle and Global Housing [7] - Adjusted EPS, excluding catastrophes, is expected to grow modestly below adjusted EBITDA growth due to increased depreciation expenses [7] - The effective tax rate is projected to be between 20% and 22% [7]

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 ...