Investors looking for stocks in the Insurance - Multi line sector might want to consider either Assurant (AIZ) or Oscar Health, Inc. (OSCR) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positiv ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited interim financial statements and management's analysis of the company's financial performance and condition [Item 1. Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for Assurant, Inc. as of June 30, 2024, and for the three and six-month periods then ended. It includes the balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows, along with accompanying notes detailing accounting policies and segment information [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This subsection presents the unaudited consolidated balance sheets, detailing assets, liabilities, and equity as of June 30, 2024, and December 31, 2023 Consolidated Balance Sheet Highlights (as of June 30, 2024) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Investments | $8,524.9M | $8,220.9M | | Cash and cash equivalents | $1,713.1M | $1,627.4M | | Total Assets | $33,773.0M | $33,635.2M | | Total Liabilities | $28,768.7M | $28,825.7M | | Total Equity | $5,004.3M | $4,809.5M | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) This subsection provides the unaudited consolidated statements of operations, outlining revenues, expenses, and net income for the three and six-month periods ended June 30, 2024 and 2023 Consolidated Statements of Operations Highlights | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $2,924.9M | $2,731.6M | $5,805.0M | $5,374.4M | | Net Income | $188.7M | $156.3M | $425.1M | $269.9M | | Diluted EPS | $3.58 | $2.90 | $8.05 | $5.01 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This subsection details the unaudited consolidated statements of cash flows, categorizing cash movements from operating, investing, and financing activities for the six-month periods ended June 30, 2024 and 2023 Consolidated Cash Flow Summary (Six Months Ended June 30) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $793.4M | $445.0M | | Net cash used in investing activities | ($521.6M) | ($483.8M) | | Net cash used in financing activities | ($177.0M) | ($100.4M) | | **Change in cash and cash equivalents** | **$85.7M** | **($135.0M)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This subsection provides detailed notes to the unaudited consolidated financial statements, explaining significant accounting policies, segment information, and other relevant disclosures - The company operates through two main segments: Global Lifestyle (Connected Living and Global Automotive) and Global Housing (Homeowners and Renters)[21](index=21&type=chunk) Adjusted EBITDA by Segment (Six Months Ended June 30) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | Global Lifestyle | $397.4M | $395.9M | | Global Housing | $353.4M | $223.0M | | Corporate and Other | ($56.7M) | ($52.9M) | Net Earned Premiums, Fees and Other Income by Segment (Six Months Ended June 30) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | Global Lifestyle | $4,371.3M | $4,149.2M | | Global Housing | $1,205.8M | $1,041.9M | - For the six months ended June 30, 2024, the company experienced net favorable prior year loss development of **$65.0 million**, compared to **$15.0 million** in the same period of 2023. Global Housing was the primary contributor with **$48.4 million** in favorable development[77](index=77&type=chunk)[79](index=79&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations for the second quarter and first half of 2024. The analysis covers consolidated results, detailed performance of the Global Lifestyle and Global Housing segments, investment portfolio performance, and liquidity and capital resources. The company highlights increased net income driven by Global Housing's performance and lower losses from non-core operations [Executive Summary](index=40&type=section&id=Executive%20Summary) This subsection provides a high-level overview of the company's financial performance, highlighting key drivers for changes in consolidated net income and segment-level Adjusted EBITDA - Consolidated net income for Q2 2024 increased **21% YoY** to **$188.7 million**, primarily due to lower after-tax losses from non-core operations and a lower effective tax rate[115](index=115&type=chunk) - Global Lifestyle Adjusted EBITDA decreased **4%** in Q2 2024, driven by lower Global Automotive results from inflation-related claims costs and investments in new programs[116](index=116&type=chunk) - Global Housing Adjusted EBITDA grew **4%** in Q2 2024, despite a **$32.1 million** increase in reportable catastrophes, driven by top-line growth in Homeowners[118](index=118&type=chunk) [Global Lifestyle Segment Analysis](index=43&type=section&id=Global%20Lifestyle%20Segment%20Analysis) This subsection analyzes the financial performance of the Global Lifestyle segment, detailing changes in Adjusted EBITDA and total revenues, along with contributing factors Global Lifestyle Financial Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $189.7M | $197.0M | -4% | | Total Revenues | $2,269.2M | $2,189.8M | +4% | - The decrease in Adjusted EBITDA was primarily driven by elevated claims costs in Global Automotive due to inflation on labor and parts, investments in new client programs, and lower mobile trade-in volumes[131](index=131&type=chunk) - Revenue growth was driven by a **20% increase** in fees and other income, mainly from newly launched mobile trade-in programs, and a **1% increase** in net earned premiums from global mobile device protection programs[132](index=132&type=chunk) [Global Housing Segment Analysis](index=45&type=section&id=Global%20Housing%20Segment%20Analysis) This subsection examines the financial performance of the Global Housing segment, focusing on changes in Adjusted EBITDA, total revenues, and the impact of reportable catastrophes Global Housing Financial Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $160.9M | $154.6M | +4% | | Total Revenues | $663.5M | $561.8M | +18% | | Reportable Catastrophes | $45.5M | $13.4M | +240% | - Adjusted EBITDA increased despite significantly higher reportable catastrophes, driven by strong growth in the Homeowners business from new lender-placed programs, higher insured values, and operational efficiencies[139](index=139&type=chunk) - The segment experienced **$17.0 million** of favorable non-catastrophe prior period reserve development in Q2 2024, compared to **$27.7 million** in Q2 2023[139](index=139&type=chunk) [Investments Analysis](index=48&type=section&id=Investments%20Analysis) This subsection provides an analysis of the company's investment portfolio, detailing total investments and net investment income, along with factors influencing changes - Total investments increased to **$8.52 billion** as of June 30, 2024, from **$8.22 billion** at year-end 2023[154](index=154&type=chunk) Net Investment Income | Period | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Investment Income | $124.7M | $112.9M | $251.4M | $218.1M | - The increase in net investment income was primarily driven by higher yields and asset balances in fixed maturity securities[155](index=155&type=chunk)[157](index=157&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) This subsection discusses the company's liquidity position, capital resources, and capital deployment activities, including holding company liquidity and share repurchases - As of June 30, 2024, the company had approximately **$734.7 million** in holding company liquidity, which is **$509.7 million** above its targeted minimum level of **$225.0 million**[167](index=167&type=chunk) - During the first six months of 2024, the company returned capital to shareholders through **$80.0 million** in common stock repurchases and dividend payments totaling **$77.3 million**[169](index=169&type=chunk)[171](index=171&type=chunk) - The company consolidated its main reinsurance purchases into a single placement date of April 2024, with estimated 2024 premiums of **$188.1 million**, down from **$207.2 million** in 2023[160](index=160&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the company's 2023 Annual Report on Form 10-K and the Investments section within this report for disclosures about market risk - The company's disclosures about market risk are referenced to 'Item 7A—Quantitative and Qualitative Disclosures About Market Risk' in the 2023 Annual Report and the 'Investments' section of the MD&A in this Q2 2024 report[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024. The company also noted the ongoing multi-year implementation of a new global financial system (GFS), which became operational in Q2 2024 and resulted in modifications to internal controls - Management concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[191](index=191&type=chunk) - The company is in the process of a multi-year implementation of an integrated global financial system (GFS), with the first phase becoming operational in Q2 2024, leading to modifications in internal controls over financial reporting[192](index=192&type=chunk) [PART II OTHER INFORMATION](index=54&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides additional information beyond the financial statements, including legal proceedings, risk factors, equity security sales, and a list of exhibits [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 of the Consolidated Financial Statements for information on material pending legal proceedings. Management does not believe pending matters are likely to have a material adverse effect on the company's financial condition - For details on legal proceedings, the report refers to Note 14, 'Commitments and Contingencies—Legal and Regulatory Matters'[196](index=196&type=chunk) - Management does not currently believe that pending legal matters will have a material adverse effect on the company's financial condition[106](index=106&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section states that there are no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - The report refers to 'Item 1A—Risk Factors' in the 2023 Annual Report for a discussion of potential risks and uncertainties[197](index=197&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides details on the company's common stock repurchases during the second quarter of 2024. A total of 234,276 shares were repurchased at an average price of $171.35 per share Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2024 | 56,426 | $176.91 | | May 2024 | 57,011 | $170.05 | | June 2024 | 120,839 | $169.37 | | **Total** | **234,276** | **$171.35** | - As of June 30, 2024, **$594.5 million** remained available for repurchase under the November 2023 share repurchase authorization[198](index=198&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and the Interactive Data File (XBRL) - Exhibits filed with the report include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and the financial statements formatted in XBRL[201](index=201&type=chunk)[202](index=202&type=chunk)

Assurant, Inc. (AIZ) reported second-quarter 2024 net operating income of $4.08 per share, which beat the Zacks Consensus Estimate by nearly 14%. The bottom line rose 4.9% year over year. Quarterly results benefited from higher net earned premiums, fees and other income and net investment income, and solid performance in the Global Lifestyle segment. These were partially offset by higher expenses and weakness in the Corporate & Other segment.Total revenues increased 7% year over year to $2.9 billion, driven ...

Financial Data and Key Metrics Changes - For the first half of 2024, adjusted EBITDA increased by 20% year-to-date, and adjusted EPS grew by 29%, excluding reportable catastrophes [5][14] - In Q2 2024, adjusted EBITDA grew by 10% to $369 million, and adjusted earnings per share increased by 17% to $4.77, both excluding reportable catastrophes [19][20] Business Line Data and Key Metrics Changes - In Global Lifestyle, first half 2024 adjusted EBITDA was $397 million, consistent with the first half of 2023 [6] - Connected Living's adjusted EBITDA increased by 6% or 8% on a constant currency basis, with year-to-date growth of 14% on a constant currency basis when excluding first half investments of approximately $13 million [6][14] - Global Automotive's earnings were pressured by ongoing inflation impacts, with expectations of continued elevated loss experience within ancillary GAP products [9][10] - Global Housing's earnings increased nearly 45% year-to-date, excluding reportable catastrophes, demonstrating the importance of this business to the overall portfolio [11][12] Market Data and Key Metrics Changes - The lender-placed insurance business in Global Housing has shown growth due to hardening traditional insurance markets in certain states [12] - In the renters' segment, gross written premiums in the Property Management Company channel increased by over 20%, marking eight straight quarters of double-digit growth [13] Company Strategy and Development Direction - The company is focused on specialized markets with growth opportunities and long-term secular tailwinds, contributing to long-term outperformance versus the broader P&C market [15][16] - Investments in customer experience and compliance expertise are seen as critical competitive advantages [12] - The company aims to enhance its risk profile by focusing on capital-efficient businesses within Lifestyle and Housing [15] Management's Comments on Operating Environment and Future Outlook - Management expects full year adjusted EBITDA to grow high-single-digits and adjusted earnings per share to increase low-double-digits, excluding catastrophes [14] - The company anticipates strong growth within Global Housing to lead overall enterprise growth for 2024 [14] - Management expressed confidence in the ability to navigate inflationary pressures and improve performance in the auto segment over time [33][34] Other Important Information - The company published its 2024 Sustainability Report, highlighting progress in advancing its sustainability strategy and initiatives [17] - The company expects Hurricane Beryl to be a reportable catastrophe in Q3, with estimated losses between $30 million to $50 million [28] Q&A Session Summary Question: When will the sustained impact of inflation in Global Auto become less negative? - Management indicated that the first half of the year showed different trends, with expectations for rates to stabilize and improve modestly in the second half of the year [32][34] Question: Can you elaborate on the opportunity in the card benefits business with Chase? - Management highlighted the expansion of the relationship with Chase as a significant opportunity, expecting it to be EBITDA positive entering 2025 [38][39] Question: What is the long-term combined ratio target for Global Housing? - Management stated that a mid-80s combined ratio is the right target, with a focus on maintaining expense management and efficiency [58][59] Question: How much is higher investment income offsetting core weakness in the auto segment? - Management noted that investment income is a significant contributor, with a high-quality portfolio and a duration of about five years [64][66] Question: What gives confidence to increase the outlook for share repurchases despite potential hurricane losses? - Management cited a strong capital position and robust cash flow generation as reasons for confidence in maintaining share repurchase plans [68][69]

Investor Presentation Second Quarter 2024 © 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 Cautionary Statement business drivers, our ability to gain market share, and the strength, diversity, predictability and resiliency of enterprise and segment earnings, cash flows and other results, may constitute forward-l ...

Assurant (AIZ) reported $2.94 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 7%. EPS of $4.08 for the same period compares to $3.89 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.87 billion, representing a surprise of +2.49%. The company delivered an EPS surprise of +13.97%, with the consensus EPS estimate being $3.58.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expe ...

Assurant (AIZ) came out with quarterly earnings of $4.08 per share, beating the Zacks Consensus Estimate of $3.58 per share. This compares to earnings of $3.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.97%. A quarter ago, it was expected that this insurer would post earnings of $3.87 per share when it actually produced earnings of $4.78, delivering a surprise of 23.51%.Over the last four quarters, the company has surp ...

Exhibit 99.1 Assurant Reports Second Quarter 2024 Financial Results Strong Second Quarter Earnings and EPS Growth With Continued Strength in Global Housing Company Increases 2024 Outlook to Deliver High Single-Digit Growth in Adjusted EBITDA with Low Double- Digit Adjusted EPS Growth, Both Ex. Catastrophes ATLANTA, August 6, 2024 — Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the second quarte ...

Assurant, Inc. (AIZ) is slated to report second-quarter 2024 earnings on Aug 6, after the closing bell. AIZ delivered an earnings surprise in each of the last four quarters, the average beat being 42.47%. Factors to Note The continued strength of the Global Housing segment, as well as growth in Global Lifestyle, is likely to have aided the second-quarter performance of Assurant. Revenues are likely to have benefited from improved net earned premiums and higher net investment income. The Zacks Consensus Esti ...

EAST WINDSOR, N.J., July 23, 2024 /PRNewswire/ -- HEVI Corp. ("HEVI" or the "Company"), a manufacturer of all-electric heavy equipment, today announced it is partnering with Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects, and connects major consumer purchases like automobiles, as well as commercial equipment including heavy construction, agriculture and forestry equipment.With more than 30 years of equipment protection expertise, Assurant is a market leader in ...