First Quarter Results Driven by Strong
Performance in Global Housing; Global Lifestyle Results Improved
Sequentially
Company Reaffirms 2023 Outlook
Assurant, Inc. (NYSE: AIZ), a leading global business services
company that supports, protects and connects major consumer
purchases, today reported results for the first quarter ended March
31, 2023.
“We are pleased by our first quarter results, which reflected
stronger than expected performance in Global Housing building on
progress in fourth quarter 2022. While down year-over-year, Global
Lifestyle’s results were in-line with our expectations and improved
sequentially, reflecting better mobile performance and the benefit
of expense actions in international,” said Assurant President and
CEO Keith Demmings.
“Overall, our first quarter results reinforced our confidence in
delivering on our financial objectives for 2023 as we continue to
strengthen key client relationships and execute on our
digital-first vision and ongoing expense initiatives. With our
long-standing focus on prudent capital management, we have been
carefully monitoring the broader business and macroeconomic
environment. We now expect to resume share repurchases later in the
second quarter, but at modest levels given ongoing market
volatility,” 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)
Q1'23
Q1'22
Change
$ in millions, except per share
data
GAAP net income
113.6
149.0
(24)%
Adjusted EBITDA1
242.9
308.9
(21)%
Adjusted EBITDA, ex. reportable
catastrophes2
293.3
315.0
(7)%
GAAP net income per diluted share
2.12
2.65
(20)%
Adjusted earnings per diluted share3
2.75
3.89
(29)%
Adjusted earnings, ex. reportable
catastrophes, per diluted share4
3.49
3.98
(12)%
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.
First Quarter 2023
Summary
- GAAP net income decreased 24 percent to $113.6 million
year-over-year, while net income per diluted share decreased 20
percent to $2.12 versus the prior year period
- Adjusted EBITDA, excluding reportable catastrophes2, decreased
7 percent to $293.3 million, or 5 percent on a constant currency
basis5
- Adjusted earnings, excluding reportable catastrophes, per
diluted share4, decreased 12 percent to $3.49
- Holding company liquidity was $383 million
- Returned $37 million to shareholders via common stock
dividends
2023 Outlook
The company continues to expect:
- Adjusted EBITDA, excluding reportable catastrophes6, to
increase low single-digits, driven by improved performance in
Global Housing and more modest growth in Global Lifestyle.
- Adjusted earnings, excluding reportable catastrophes, per
diluted share6, growth rate to be lower than Adjusted EBITDA growth
due to increased depreciation expense and a higher effective tax
rate.
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.
First Quarter 2023 Consolidated Results
(Unaudited)
Q1'23
Q1'22
Change
$ in millions
GAAP net income
113.6
149.0
(24)%
Adjusted
EBITDA
Global Lifestyle
198.9
226.7
(12)%
Global Housing
68.4
104.4
(34)%
Corporate and Other
(24.4)
(22.2)
(10)%
Adjusted EBITDA1
242.9
308.9
(21)%
Reportable catastrophes
50.4
6.1
Adjusted EBITDA, ex.
reportable catastrophes
Global Lifestyle2
199.8
226.6
(12)%
Global Housing2
117.9
110.6
7%
Corporate and Other
(24.4)
(22.2)
(10)%
Adjusted EBITDA, ex. reportable
catastrophes2
293.3
315.0
(7)%
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
- GAAP net income decreased 24 percent to $113.6 million,
compared to first quarter 2022 of $149.0 million. The decline was
primarily due to lower earnings in Global Housing, including higher
reportable catastrophes, and Global Lifestyle, as well as a higher
effective tax rate compared to a favorable rate in the prior year
period. The decline was partially offset by a decrease in net
unrealized losses.
- GAAP net income per diluted share decreased 20
percent to $2.12 compared to first quarter 2022 of $2.65. The
decrease was primarily driven by the factors noted above.
- Adjusted EBITDA1 decreased 21 percent compared to the
prior year period, primarily due to $44.3 million of higher pre-tax
reportable catastrophes. Excluding reportable catastrophes,
Adjusted EBITDA2 decreased 7 percent to $293.3 million, or 5
percent on a constant currency basis5, primarily due to lower
Connected Living results in Global Lifestyle, which were partially
offset by an increase in Homeowners within Global Housing.
- Adjusted earnings, excluding reportable catastrophes, per
diluted share4, decreased 12 percent to $3.49, primarily from
lower segment earnings, a higher effective tax rate compared to a
favorable rate in the prior year period and an increase in
depreciation expense, partially offset by share repurchases from
previous quarters.
- Net earned premiums, fees and other income from the
Global Lifestyle and Global Housing segments totaled $2.55 billion
compared to $2.45 billion in first quarter 2022, up 4 percent or 5
percent on a constant currency basis5, mainly from Global
Automotive growth within Global Lifestyle and an increase in
Homeowners within Global Housing.
Global Lifestyle
$ in millions
Q1'23
Q1'22
Change
Adjusted EBITDA
198.9
226.7
(12)%
Net earned premiums, fees and other
income
2,040.3
1,988.6
3%
- Adjusted EBITDA decreased 12 percent compared to the
first quarter 2022, or 10 percent on a constant currency basis5.
The decrease was primarily driven by lower Connected Living results
mainly from an increase in claims costs within extended service
contracts compared to favorable loss experience in first quarter
2022, as well as weaker international performance mainly from Asia
Pacific and the unfavorable impact of foreign exchange. Global
Automotive also declined from ongoing higher claims costs. The
decline in Global Lifestyle was partially offset by higher
investment income.
- Net earned premiums, fees and other income increased 3
percent compared to first quarter 2022, or 4 percent on a constant
currency basis5, driven by prior period sales in Global Automotive.
Connected Living decreased mainly from the approximately $65
million impact from previously disclosed mobile contract changes,
as well as runoff mobile programs, which were partially offset by
growth in extended service contracts and North American mobile
subscribers.
Global Housing
$ in millions
Q1'23
Q1'22
Change
Adjusted EBITDA
68.4
104.4
(34)%
Reportable catastrophes
49.5
6.2
Adjusted EBITDA, ex. reportable
catastrophes2
117.9
110.6
7%
Net earned premiums, fees and other
income
505.3
457.3
11%
- Adjusted EBITDA decreased 34 percent compared to the
first quarter 2022, primarily due to a $43.3 million increase in
reportable catastrophes from severe weather and tornado events.
Excluding reportable catastrophes, Adjusted EBITDA2 increased 7
percent primarily due to Homeowners from higher lender-placed net
earned premiums, which was partially offset by $32.0 million of
higher non-catastrophe loss experience across all major products
and increased catastrophe reinsurance costs.
- Net earned premiums, fees and other income increased 11
percent year-over-year, largely driven by Homeowners from an
increase in lender-placed policies in-force as well as higher
average insured values and premium rates.
Corporate and Other
$ in millions
Q1'23
Q1'22
Change
Adjusted EBITDA
(24.4)
(22.2)
(10)%
- Adjusted EBITDA loss increased in first quarter 2023
compared to the prior year period, primarily due to lower
investment income from lower asset balances.
Holding Company Liquidity Position
- Holding company liquidity totaled $383 million as of
March 31, 2023, or $158 million above the company’s targeted
minimum level of $225 million. Dividends paid by operating segments
to the holding company in first quarter 2023 totaled $112 million.
The net proceeds from the first quarter 2023 debt offering were
used as part of the $175 million redemption of Senior Notes due
September 2023, of which $50 million aggregate principal amount
remains outstanding.
- Common stock dividends totaled $37 million in first
quarter 2023. During first quarter 2023 and through April 28, 2023,
Assurant did not repurchase common stock; $274 million remains
under the current repurchase authorization.
2023 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.
$ in millions, except per share
data
FY 2022
Q1’23
2023 Outlook6
Adjusted EBITDA, ex. reportable
catastrophes2
1,128.3
293.3
Low single-digit growth
Adjusted earnings, ex. reportable
catastrophes, per diluted share4
$
13.61
$
3.49
Lower growth rate than Adjusted
EBITDA, ex. reportable catastrophes
Based on current market conditions, for full-year 2023, the
company continues to expect:
- Adjusted EBITDA, excluding reportable catastrophes, to
increase by low single-digits, with results improving as the year
progresses, led by improved performance in Global Housing and more
modest growth in Global Lifestyle.
- Global Housing Adjusted EBITDA, excluding reportable
catastrophes, is expected to grow, driven by improved
performance in Homeowners reflecting higher lender-placed net
earned premiums along with expense savings to be realized over the
course of the year. Higher 2023 catastrophe reinsurance program
costs as well as continued elevated non-catastrophe loss experience
across all lines of business, particularly in the first half of
2023, are expected to impact the segment.
- Global Lifestyle Adjusted EBITDA, is expected to grow
modestly, driven by Connected Living and Global Automotive,
including contributions from new and existing client programs and
expense savings realized over the course of the year. Lower
contributions from international, including the impact of continued
foreign exchange headwinds, are expected to pressure results
particularly in the first half of 2023.
- Corporate and Other Adjusted EBITDA loss is expected to
be approximately $105 million as the company continues to drive
expense leverage.
- Adjusted earnings, excluding reportable catastrophes, per
diluted share growth rate is expected to be lower than Adjusted
EBITDA, excluding reportable catastrophes growth due to higher
depreciation expense of approximately $114 million and a higher
effective tax rate of approximately 22 to 24 percent, following a
$9 million benefit in 2022. Interest expense is expected to be
approximately $110 million, in-line with 2022.
- Business segment dividends to approximate 65% of segment
Adjusted EBITDA, including reportable catastrophes, which takes
into account the previously announced restructuring plan. This is
subject to the business and investment portfolio performance, and
rating agency and regulatory capital requirements.
Based on current market conditions, the company now expects:
- Capital deployment priorities to focus on maintaining a strong
financial position, supporting organic growth and returning capital
to shareholders through common stock dividends and share
repurchases, subject to Board approval. Given expectations for
continued strong capital generation, the company expects to
gradually resume repurchases later in the second quarter, albeit at
modest levels as it continues to monitor the macroeconomic
environment.
Earnings Conference Call
The first quarter 2023 earnings conference call and webcast will
be held on Wednesday, May 3, 2023 at 8:00 a.m. ET. The live and
archived webcast, along with supplemental information, will 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 products.
Learn more at assurant.com or on
Twitter @Assurant.
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:
i. the loss of significant clients, distributors or other
parties with whom we do business, or if we are unable to renew
contracts with them on favorable terms, or if those parties face
financial, reputational or regulatory issues;
ii. significant competitive pressures, changes in customer
preferences and disruption;
iii. the failure to execute our strategy, including through the
continuing service of key executives, senior leaders,
highly-skilled personnel and a high-performing workforce;
iv. the failure to find suitable acquisitions at attractive
prices, integrate acquired businesses or divest of non-strategic
businesses effectively or identify new areas for organic
growth;
v. our inability to recover should we experience a business
continuity event;
vi. the failure to manage vendors and other third parties on
whom we rely to conduct business and provide services to our
clients;
vii. risks related to our international operations;
viii. declines in the value and availability of mobile devices,
and export compliance or other risks in our mobile business;
ix. our inability to develop and maintain distribution sources
or attract and retain sales representatives and executives with key
client relationships;
x. risks associated with joint ventures, franchises and
investments in which we share ownership and management with third
parties;
xi. the impact of catastrophe and non-catastrophe losses,
including as a result of the current inflationary environment and
climate change;
xii. negative publicity relating to our business, industry or
clients;
xiii. the impact of general economic, financial market and
political conditions and conditions in the markets in which we
operate, including the current inflationary environment;
xiv. the adequacy of reserves established for claims and our
inability to accurately predict and price for claims and other
costs;
xv. a decline in financial strength ratings of our insurance
subsidiaries or in our corporate senior debt ratings;
xvi. fluctuations in exchange rates, including in the current
environment;
xvii. an impairment of goodwill or other intangible assets;
xviii. the failure to maintain effective internal control over
financial reporting;
xix. unfavorable conditions in the capital and credit
markets;
xx. a decrease in the value of our investment portfolio,
including due to market, credit and liquidity risks, and changes in
interest rates;
xxi. an impairment in the value of our deferred tax assets;
xxii. the unavailability or inadequacy of reinsurance coverage
and the credit risk of reinsurers, including those to whom we have
sold business through reinsurance;
xxiii. the credit risk of some of our agents, third-party
administrators and clients;
xxiv. the inability of our subsidiaries to pay sufficient
dividends to the holding company and limitations on our ability to
declare and pay dividends or repurchase shares;
xxv. limitations in the analytical models we use to assist in
our decision-making;
xxvi. the failure to effectively maintain and modernize our
information technology systems and infrastructure, or the failure
to integrate those of acquired businesses;
xvii. breaches of our information technology systems or those of
third parties with whom we do business, or the failure to protect
the security of data in such systems, including due to cyberattacks
and as a result of working remotely;
xviii. the costs of complying with, or the failure to comply
with, extensive laws and regulations to which we are subject,
including those related to privacy, data security, data protection
and tax;
xxix. the impact of litigation and regulatory actions;
xxx. reductions or deferrals in the insurance premiums we
charge;
xxxi. changes in insurance, tax and other regulations, including
the Inflation Reduction Act of 2022;
xxxii. volatility in our common stock price and trading volume;
and
xxxiii. employee misconduct.
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 $5.0 million,
pre-tax, net of reinsurance and client profit sharing adjustments
and including reinstatement and other premiums), as another
important measure of the company’s operating performance. The
company believes this metric provides investors with an important
measure of the company’s operating performance for the reasons
noted above, and because it excludes reportable catastrophes, which
can be volatile. The comparable GAAP measure is net income.
(UNAUDITED)
1Q
1Q
($ in millions)
2023
2022
GAAP net income
$ 113.6
$ 149.0
Less:
Interest expense
27.0
26.9
Provision for income taxes
33.5
26.2
Depreciation expense
26.4
20.3
Amortization of purchased intangible
assets
18.7
17.6
Adjustments, pre-tax:
Net realized losses on investments and
fair value changes to equity securities
10.6
62.4
Non-core operations
12.2
5.5
Restructuring costs
6.4
—
Assurant Health runoff operations
(7.5)
—
Other adjustments(1)
2.0
1.0
Adjusted EBITDA
242.9
308.9
Reportable catastrophes
50.4
6.1
Adjusted EBITDA, excluding reportable
catastrophes
$ 293.3
$ 315.0
(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)
1Q 2023
1Q 2022
Global Lifestyle
Global Housing
Global Lifestyle
Global Housing
($ in millions)
Adjusted EBITDA
$ 198.9
$ 68.4
$ 226.7
$ 104.4
Reportable catastrophes
0.9
49.5
(0.1)
6.2
Adjusted EBITDA, excluding reportable
catastrophes
$ 199.8
$ 117.9
$ 226.6
$ 110.6
(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)
1Q
1Q
($ in millions)
2023
2022
GAAP net income
$ 113.6
$ 149.0
Adjustments, pre-tax:
Net realized losses on investments and
fair value changes to equity securities
10.6
62.4
Amortization of purchased intangible
assets
18.7
17.6
Non-core operations
12.2
5.5
Restructuring costs
6.4
—
Assurant Health runoff operations
(7.5)
—
Other adjustments
2.0
1.0
Benefit for income taxes
(8.1)
(16.9)
Adjusted earnings
147.9
218.6
Reportable catastrophes, pre-tax
50.4
6.1
Tax impact of reportable catastrophes
(10.6)
(1.3)
Adjusted earnings, excluding reportable
catastrophes
$ 187.7
$ 223.4
(UNAUDITED)
1Q
1Q
2023
2022
GAAP net income per diluted
share(1)
$ 2.12
$ 2.65
Adjustments, pre-tax:
Net realized losses on investments and
fair value changes to equity securities
0.20
1.11
Amortization of purchased intangible
assets
0.35
0.31
Non-core operations
0.23
0.11
Restructuring costs
0.12
—
Assurant Health runoff operations
(0.14)
—
Other adjustments
0.02
0.01
Benefit for income taxes
(0.15)
(0.30)
Adjusted earnings, per diluted
share
2.75
3.89
Reportable catastrophes, pre-tax
0.94
0.11
Tax impact of reportable catastrophes
(0.20)
(0.02)
Adjusted earnings, excluding reportable
catastrophes, per diluted share
$ 3.49
$ 3.98
(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
1Q 2023
Percentage change in Global Lifestyle
and Global Housing net earned premiums, fees and other
income:
Including FX impact
4.1 %
FX impact
(1.1) %
Excluding FX impact
5.2 %
Percentage change in Global Lifestyle
net earned premiums, fees and other income:
Including FX impact
2.6 %
FX impact
(1.4) %
Excluding FX impact
4.0 %
Percentage change in GAAP net income,
including FX impact
(23.8) %
Percentage change in Adjusted EBITDA,
including FX impact
(21.4) %
Percentage change in Adjusted EBITDA,
excluding reportable catastrophes:
Including FX impact
(6.9) %
FX impact
(1.8) %
Excluding FX impact
(5.1) %
Percentage change in Global Lifestyle
Adjusted EBITDA:
Including FX impact
(12.3) %
FX impact
(2.5) %
Excluding FX impact
(9.8) %
(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 information and
the company believes that it cannot, without unreasonable efforts,
forecast certain information needed to reconcile such
forward-looking information 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 interest
expense, depreciation expense and amortization of purchased
intangible assets, each on a pre-tax basis, which are expected to
be approximately $110 million, $114 million and $71 million,
respectively. Many of the other GAAP components cannot be reliably
quantified due to the combination of variability and volatility of
such components and may, depending on the size of the components,
have a significant impact on the reconciliation.
Assurant, Inc.
Consolidated Statement of Operations
(unaudited)
Three Months Ended March 31, 2023 and
2022
1Q
2023
2022
($ in millions except number
of shares and per share amounts)
Revenues
Net earned premiums
$
2,265.5
$
2,136.4
Fees and other income
282.7
322.4
Net investment income
105.2
86.3
Net realized losses on investments and
fair value changes to equity securities
(10.6
)
(62.4
)
Total revenues
2,642.8
2,482.7
Benefits, losses and expenses
Policyholder benefits
645.6
490.0
Underwriting, selling, general and
administrative expenses
1,823.2
1,790.6
Interest expense
27.0
26.9
Gain on extinguishment of debt
(0.1
)
—
Total benefits, losses and expenses
2,495.7
2,307.5
Income before provision for income
taxes
147.1
175.2
Provision for income taxes
33.5
26.2
Net income
$
113.6
$
149.0
Net income per share:
Basic
$
2.12
$
2.67
Diluted
$
2.12
$
2.65
Common stock dividends per
share
$
0.70
$
0.68
Share data:
Basic weighted average shares
outstanding
53,492,413
55,779,362
Diluted weighted average shares
outstanding
53,698,162
56,180,404
Assurant, Inc.
Consolidated Condensed Balance Sheets
(unaudited)
At March 31, 2023 and December 31,
2022
March 31,
December 31,
2023
2022
($ in millions)
Assets
Investments and cash and cash
equivalents
$
9,346.4
$
9,061.2
Reinsurance recoverables
6,655.1
6,999.4
Deferred acquisition costs
9,683.0
9,677.1
Goodwill
2,603.5
2,603.0
Value of business acquired
210.8
262.8
Other assets
4,416.4
4,513.8
Total assets
$
32,915.2
$
33,117.3
Liabilities
Policyholder benefits and claims
payable
$
2,598.8
$
2,717.9
Unearned premiums
19,671.6
19,802.4
Debt
2,128.8
2,129.9
Accounts payable and other liabilities
4,119.6
4,238.4
Total liabilities
28,518.8
28,888.6
Stockholders’ equity
Equity, excluding accumulated other
comprehensive loss
5,295.9
5,214.9
Accumulated other comprehensive loss
(899.5
)
(986.2
)
Total equity
4,396.4
4,228.7
Total liabilities and equity
$
32,915.2
$
33,117.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230502005298/en/
Media: Linda Recupero Senior Vice President, Global
Enterprise Communications Phone: 201.519.9773
linda.recupero@assurant.com
Stacie Sherer Vice President, Corporate Communications Phone:
917.420.0980 stacie.sherer@assurant.com
Investor Relations: Suzanne Shepherd Senior Vice
President, Investor Relations and Sustainability Phone:
201.788.4324 suzanne.shepherd@assurant.com
Sean Moshier Vice President, Investor Relations Phone:
914.204.2253 sean.moshier@assurant.com
Assurant (NYSE:AIZ)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Assurant (NYSE:AIZ)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024