Get Cash Back and $0 Commissions
+ The Power of TradeStation
Business Wire 6-Aug-2024 4:15 PM
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
Assurant, Inc. (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the second quarter ended June 30, 2024.
"Our second quarter and year-to-date results demonstrate the continued strength of our portfolio of businesses, led by strong performance in Global Housing. Our performance highlights the compelling products and services we provide to our clients and end-consumers as well as the attractiveness of Assurant as an investment. As we enter the second half of 2024, we will continue to strengthen our position as a market leader throughout our businesses by investing in new client partnerships and launching innovative solutions," said Assurant President and CEO Keith Demmings.
"Given our strong year-to-date performance, we are increasing our 2024 enterprise outlook. We now expect Adjusted EBITDA to increase high single-digits and Adjusted earnings per share to grow low double-digits, both excluding reportable catastrophes. In addition, we expect to be on the high end of our $200-$300 million share repurchase range, reflecting our strong capital position and comprehensive catastrophe reinsurance program," 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) |
Q2'24 |
|
Q2'23 |
|
Change |
|
6M'24 |
|
6M'23 |
|
Change |
$ in millions, except per share data |
|
|
|
|
|
||||||
GAAP net income |
188.7 |
|
156.3 |
|
21% |
|
425.1 |
|
269.9 |
|
58% |
Adjusted EBITDA1 |
323.4 |
|
323.1 |
|
—% |
|
694.1 |
|
566.0 |
|
23% |
Adjusted EBITDA, ex. reportable catastrophes2 |
369.1 |
|
336.5 |
|
10% |
|
752.8 |
|
629.8 |
|
20% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted share |
3.58 |
|
2.90 |
|
23% |
|
8.05 |
|
5.01 |
|
61% |
Adjusted earnings per diluted share3 |
4.08 |
|
3.89 |
|
5% |
|
8.86 |
|
6.64 |
|
33% |
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
4.77 |
|
4.09 |
|
17% |
|
9.74 |
|
7.57 |
|
29% |
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.
Second Quarter 2024 Summary
2024 Outlook
The company now expects:
Second Quarter 2024 Consolidated Results
(Unaudited) |
Q2'24 |
|
Q2'23 |
|
Change |
|
6M'24 |
|
6M'23 |
|
Change |
$ in millions |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
188.7 |
|
156.3 |
|
21% |
|
425.1 |
|
269.9 |
|
58% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle |
189.7 |
|
197.0 |
|
(4)% |
|
397.4 |
|
395.9 |
|
—% |
Global Housing |
160.9 |
|
154.6 |
|
4% |
|
353.4 |
|
223.0 |
|
58% |
Corporate and Other |
(27.2) |
|
(28.5) |
|
5% |
|
(56.7) |
|
(52.9) |
|
(7)% |
Adjusted EBITDA1 |
323.4 |
|
323.1 |
|
—% |
|
694.1 |
|
566.0 |
|
23% |
Reportable catastrophes |
45.7 |
|
13.4 |
|
|
|
58.7 |
|
63.8 |
|
|
Adjusted EBITDA, ex. reportable catastrophes |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle2 |
189.9 |
|
197.0 |
|
(4)% |
|
397.7 |
|
396.8 |
|
—% |
Global Housing2 |
206.4 |
|
168.0 |
|
23% |
|
411.8 |
|
285.9 |
|
44% |
Corporate and Other |
(27.2) |
|
(28.5) |
|
5% |
|
(56.7) |
|
(52.9) |
|
(7)% |
Adjusted EBITDA, ex. reportable catastrophes2 |
369.1 |
|
336.5 |
|
10% |
|
752.8 |
|
629.8 |
|
20% |
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
Second Quarter 2024 Consolidated Results
Global Lifestyle
$ in millions |
Q2'24 |
|
Q2'23 |
|
Change |
|
6M'24 |
|
6M'23 |
|
Change |
Adjusted EBITDA |
189.7 |
|
197.0 |
|
(4)% |
|
397.4 |
|
395.9 |
|
—% |
Net earned premiums, fees and other income |
2,183.5 |
|
2,108.9 |
|
4% |
|
4,371.3 |
|
4,149.2 |
|
5% |
Global Housing
$ in millions |
Q2'24 |
|
Q2'23 |
|
Change |
|
6M'24 |
|
6M'23 |
|
Change |
Adjusted EBITDA |
160.9 |
|
154.6 |
|
4% |
|
353.4 |
|
223.0 |
|
58% |
Reportable catastrophes |
45.5 |
|
13.4 |
|
|
|
58.4 |
|
62.9 |
|
|
Adjusted EBITDA, ex. reportable catastrophes2 |
206.4 |
|
168.0 |
|
23% |
|
411.8 |
|
285.9 |
|
44% |
Net earned premiums, fees and other income |
633.6 |
|
536.6 |
|
18% |
|
1,205.8 |
|
1,041.9 |
|
16% |
Corporate and Other
$ in millions |
Q2'24 |
|
Q2'23 |
|
Change |
|
6M'24 |
|
6M'23 |
|
Change |
Adjusted EBITDA |
(27.2) |
|
(28.5) |
|
5% |
|
(56.7) |
|
(52.9) |
|
(7)% |
Holding Company Liquidity Position
Dividends paid by the operating segments to the holding company in second quarter 2024 totaled $142 million.
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 now expects:
$ in millions, except per share data |
FY 2023 |
6M'24 |
2024 Outlook6 |
Adjusted EBITDA, ex. reportable catastrophes2 |
1,369.3 |
752.8 |
High single-digit growth |
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
$17.13 |
$9.74 |
Low double-digit growth |
Earnings Conference Call
The second quarter 2024 earnings conference call and webcast will be held on Wednesday, August 7, 2024 at 8:00 a.m. E.T. 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 $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company's operating performance. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income. |
(UNAUDITED) |
2Q |
|
2Q |
|
6 Months |
|
6 Months |
|
12 Months |
||||||||||
($ in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
GAAP net income |
$ |
188.7 |
|
|
$ |
156.3 |
|
|
$ |
425.1 |
|
|
$ |
269.9 |
|
|
$ |
642.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
26.7 |
|
|
|
27.2 |
|
|
|
53.5 |
|
|
|
54.2 |
|
|
|
108.0 |
|
Provision for income taxes |
|
44.2 |
|
|
|
48.0 |
|
|
|
100.7 |
|
|
|
81.5 |
|
|
|
164.3 |
|
Depreciation expense |
|
30.0 |
|
|
|
25.4 |
|
|
|
60.6 |
|
|
|
51.8 |
|
|
|
109.3 |
|
Amortization of purchased intangible assets |
|
17.3 |
|
|
|
18.7 |
|
|
|
34.9 |
|
|
|
37.4 |
|
|
|
77.9 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on investments and fair value changes to equity securities |
|
19.6 |
|
|
|
20.0 |
|
|
|
28.4 |
|
|
|
30.6 |
|
|
|
68.7 |
|
Non-core operations |
|
3.7 |
|
|
|
30.2 |
|
|
|
6.3 |
|
|
|
42.4 |
|
|
|
50.4 |
|
Restructuring costs |
|
1.2 |
|
|
|
(1.3 |
) |
|
|
1.2 |
|
|
|
5.1 |
|
|
|
34.3 |
|
Assurant Health runoff operations |
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
|
|
(7.5 |
) |
|
|
(6.9 |
) |
Other adjustments(1) |
|
(8.0 |
) |
|
|
(1.4 |
) |
|
|
(16.2 |
) |
|
|
0.6 |
|
|
|
9.0 |
|
Adjusted EBITDA |
|
323.4 |
|
|
|
323.1 |
|
|
|
694.1 |
|
|
|
566.0 |
|
|
|
1,257.5 |
|
Reportable catastrophes |
|
45.7 |
|
|
|
13.4 |
|
|
|
58.7 |
|
|
|
63.8 |
|
|
|
111.8 |
|
Adjusted EBITDA, excluding reportable catastrophes |
$ |
369.1 |
|
|
$ |
336.5 |
|
|
$ |
752.8 |
|
|
$ |
629.8 |
|
|
$ |
1,369.3 |
|
(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) |
2Q 2024 |
|
2Q 2023 |
||||||||
|
Global Lifestyle |
|
Global Housing |
|
Global Lifestyle |
|
Global Housing |
||||
($ in millions) |
|
|
|
||||||||
Adjusted EBITDA |
$ |
189.7 |
|
$ |
160.9 |
|
$ |
197.0 |
|
$ |
154.6 |
Reportable catastrophes |
|
0.2 |
|
|
45.5 |
|
|
— |
|
|
13.4 |
Adjusted EBITDA, excluding reportable catastrophes |
$ |
189.9 |
|
$ |
206.4 |
|
$ |
197.0 |
|
$ |
168.0 |
|
|
|
|
|
|
|
|
||||
(UNAUDITED) |
6 Months 2024 |
|
6 Months 2023 |
||||||||
|
Global Lifestyle |
|
Global Housing |
|
Global Lifestyle |
|
Global Housing |
||||
($ in millions) |
|
|
|
||||||||
Adjusted EBITDA |
$ |
397.4 |
|
$ |
353.4 |
|
$ |
395.9 |
|
$ |
223.0 |
Reportable catastrophes |
|
0.3 |
|
|
58.4 |
|
|
0.9 |
|
|
62.9 |
Adjusted EBITDA, excluding reportable catastrophes |
$ |
397.7 |
|
$ |
411.8 |
|
$ |
396.8 |
|
$ |
285.9 |
(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) |
2Q |
|
2Q |
|
6 Months |
|
6 Months |
|
12 Months |
||||||||||
($ in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
GAAP net income |
$ |
188.7 |
|
|
$ |
156.3 |
|
|
$ |
425.1 |
|
|
$ |
269.9 |
|
|
$ |
642.5 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on investments and fair value changes to equity securities |
|
19.6 |
|
|
|
20.0 |
|
|
|
28.4 |
|
|
|
30.6 |
|
|
|
68.7 |
|
Amortization of purchased intangible assets |
|
17.3 |
|
|
|
18.7 |
|
|
|
34.9 |
|
|
|
37.4 |
|
|
|
77.9 |
|
Non-core operations |
|
3.7 |
|
|
|
30.2 |
|
|
|
6.3 |
|
|
|
42.4 |
|
|
|
50.4 |
|
Restructuring costs |
|
1.2 |
|
|
|
(1.3 |
) |
|
|
1.2 |
|
|
|
5.1 |
|
|
|
34.3 |
|
Assurant Health runoff operations |
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
|
|
(7.5 |
) |
|
|
(6.9 |
) |
Other adjustments |
|
(8.0 |
) |
|
|
(1.4 |
) |
|
|
(16.2 |
) |
|
|
0.6 |
|
|
|
9.0 |
|
Benefit for income taxes |
|
(7.2 |
) |
|
|
(13.0 |
) |
|
|
(11.4 |
) |
|
|
(21.1 |
) |
|
|
(43.0 |
) |
Adjusted earnings |
|
215.3 |
|
|
|
209.5 |
|
|
|
467.9 |
|
|
|
357.4 |
|
|
|
832.9 |
|
Reportable catastrophes, pre-tax |
|
45.7 |
|
|
|
13.4 |
|
|
|
58.7 |
|
|
|
63.8 |
|
|
|
111.8 |
|
Tax impact of reportable catastrophes |
|
(9.6 |
) |
|
|
(2.8 |
) |
|
|
(12.3 |
) |
|
|
(13.4 |
) |
|
|
(23.5 |
) |
Adjusted earnings, excluding reportable catastrophes |
$ |
251.4 |
|
|
$ |
220.1 |
|
|
$ |
514.3 |
|
|
$ |
407.8 |
|
|
$ |
921.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(UNAUDITED) |
2Q |
|
2Q |
|
6 Months |
|
6 Months |
|
12 Months |
||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
GAAP net income per diluted share(1) |
$ |
3.58 |
|
|
$ |
2.90 |
|
|
$ |
8.05 |
|
|
$ |
5.01 |
|
|
$ |
11.95 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on investments and fair value changes to equity securities |
|
0.37 |
|
|
|
0.37 |
|
|
|
0.54 |
|
|
|
0.57 |
|
|
|
1.28 |
|
Amortization of purchased intangible assets |
|
0.33 |
|
|
|
0.35 |
|
|
|
0.66 |
|
|
|
0.69 |
|
|
|
1.45 |
|
Non-core operations |
|
0.07 |
|
|
|
0.56 |
|
|
|
0.12 |
|
|
|
0.79 |
|
|
|
0.94 |
|
Restructuring costs |
|
0.02 |
|
|
|
(0.03 |
) |
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.64 |
|
Assurant Health runoff operations |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.14 |
) |
|
|
(0.13 |
) |
Other adjustments |
|
(0.16 |
) |
|
|
(0.02 |
) |
|
|
(0.31 |
) |
|
|
0.01 |
|
|
|
0.16 |
|
Benefit for income taxes |
|
(0.13 |
) |
|
|
(0.24 |
) |
|
|
(0.21 |
) |
|
|
(0.38 |
) |
|
|
(0.80 |
) |
Adjusted earnings, per diluted share |
|
4.08 |
|
|
|
3.89 |
|
|
|
8.86 |
|
|
|
6.64 |
|
|
|
15.49 |
|
Reportable catastrophes, pre-tax |
|
0.87 |
|
|
|
0.25 |
|
|
|
1.11 |
|
|
|
1.18 |
|
|
|
2.08 |
|
Tax impact of reportable catastrophes |
|
(0.18 |
) |
|
|
(0.05 |
) |
|
|
(0.23 |
) |
|
|
(0.25 |
) |
|
|
(0.44 |
) |
Adjusted earnings, excluding reportable catastrophes, per diluted share |
$ |
4.77 |
|
|
$ |
4.09 |
|
|
$ |
9.74 |
|
|
$ |
7.57 |
|
|
$ |
17.13 |
|
(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 |
|
|
2Q 2024 |
|
Percentage change in Global Lifestyle and Global Housing net earned premiums, fees and other income: |
|
|
Including FX impact |
6.5 |
% |
FX impact |
(0.3 |
)% |
Excluding FX impact |
6.8 |
% |
|
|
|
Percentage change in Global Lifestyle net earned premiums, fees and other income: |
|
|
Including FX impact |
3.5 |
% |
FX impact |
(0.5 |
)% |
Excluding FX impact |
4.0 |
% |
|
|
|
Percentage change in GAAP net income, including FX impact |
20.7 |
% |
Percentage change in Adjusted EBITDA, including FX impact |
0.1 |
% |
Percentage change in Adjusted EBITDA, excluding reportable catastrophes: |
|
|
Including FX impact |
9.7 |
% |
FX impact |
(0.8 |
)% |
Excluding FX impact |
10.5 |
% |
|
|
|
Percentage change in Global Lifestyle Adjusted EBITDA: |
|
|
Including FX impact |
(3.7 |
)% |
FX impact |
(1.4 |
)% |
Excluding FX impact |
(2.3 |
)% |
(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 $130 million, $107 million, $70 million and 19 to 21 percent, respectively. Business segment dividends include a $155 million assumed annual catastrophe load as of February 6, 2024. Other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation. |
Assurant, Inc. |
|||||||||||||||
Consolidated Statement of Operations (unaudited) |
|||||||||||||||
Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||
|
2Q |
|
6 Months |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
($ in millions except number of shares and per share amounts) |
|||||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Net earned premiums |
$ |
2,444.6 |
|
|
$ |
2,343.0 |
|
|
$ |
4,821.1 |
|
|
$ |
4,608.5 |
|
Fees and other income |
|
375.2 |
|
|
|
295.7 |
|
|
|
760.9 |
|
|
|
578.4 |
|
Net investment income |
|
124.7 |
|
|
|
112.9 |
|
|
|
251.4 |
|
|
|
218.1 |
|
Net realized losses on investments and fair value changes to equity securities |
|
(19.6 |
) |
|
|
(20.0 |
) |
|
|
(28.4 |
) |
|
|
(30.6 |
) |
Total revenues |
|
2,924.9 |
|
|
|
2,731.6 |
|
|
|
5,805.0 |
|
|
|
5,374.4 |
|
Benefits, losses and expenses |
|
|
|
|
|
|
|
||||||||
Policyholder benefits |
|
696.1 |
|
|
|
632.5 |
|
|
|
1,319.2 |
|
|
|
1,278.1 |
|
Underwriting, selling, general and administrative expenses |
|
1,969.2 |
|
|
|
1,867.6 |
|
|
|
3,906.5 |
|
|
|
3,690.8 |
|
Interest expense |
|
26.7 |
|
|
|
27.2 |
|
|
|
53.5 |
|
|
|
54.2 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Total benefits, losses and expenses |
|
2,692.0 |
|
|
|
2,527.3 |
|
|
|
5,279.2 |
|
|
|
5,023.0 |
|
Income before provision for income taxes |
|
232.9 |
|
|
|
204.3 |
|
|
|
525.8 |
|
|
|
351.4 |
|
Provision for income taxes |
|
44.2 |
|
|
|
48.0 |
|
|
|
100.7 |
|
|
|
81.5 |
|
Net income |
$ |
188.7 |
|
|
$ |
156.3 |
|
|
$ |
425.1 |
|
|
$ |
269.9 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
3.59 |
|
|
$ |
2.91 |
|
|
$ |
8.09 |
|
|
$ |
5.03 |
|
Diluted |
$ |
3.58 |
|
|
$ |
2.90 |
|
|
$ |
8.05 |
|
|
$ |
5.01 |
|
|
|
|
|
|
|
|
|
||||||||
Common stock dividends per share |
$ |
0.72 |
|
|
$ |
0.70 |
|
|
$ |
1.44 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Share data: |
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding |
|
52,500,727 |
|
|
|
53,745,611 |
|
|
|
52,516,296 |
|
|
|
53,619,711 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
52,717,736 |
|
|
|
53,889,682 |
|
|
|
52,814,956 |
|
|
|
53,843,035 |
|
Assurant, Inc. |
|||||||
Consolidated Condensed Balance Sheets (unaudited) |
|||||||
At June 30, 2024 and December 31, 2023 |
|||||||
|
June 30, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
|
($ in millions) |
||||||
Assets |
|
|
|
||||
Investments and cash and cash equivalents |
$ |
10,238.0 |
|
|
$ |
9,848.3 |
|
Reinsurance recoverables |
|
6,727.9 |
|
|
|
6,649.2 |
|
Deferred acquisition costs |
|
10,041.0 |
|
|
|
9,967.2 |
|
Goodwill |
|
2,618.4 |
|
|
|
2,608.8 |
|
Value of business acquired |
|
20.8 |
|
|
|
83.9 |
|
Other assets |
|
4,126.9 |
|
|
|
4,477.8 |
|
Total assets |
$ |
33,773.0 |
|
|
$ |
33,635.2 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Policyholder benefits and claims payable |
$ |
2,626.7 |
|
|
$ |
2,476.4 |
|
Unearned premiums |
|
20,245.3 |
|
|
|
20,110.4 |
|
Debt |
|
2,081.8 |
|
|
|
2,080.6 |
|
Accounts payable and other liabilities |
|
3,814.9 |
|
|
|
4,158.3 |
|
Total liabilities |
|
28,768.7 |
|
|
|
28,825.7 |
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Equity, excluding accumulated other comprehensive loss |
|
5,857.0 |
|
|
|
5,574.5 |
|
Accumulated other comprehensive loss |
|
(852.7 |
) |
|
|
(765.0 |
) |
Total equity |
|
5,004.3 |
|
|
|
4,809.5 |
|
Total liabilities and equity |
$ |
33,773.0 |
|
|
$ |
33,635.2 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806329432/en/