Assurant Inc
AIZ
ISIN US04621X1081 / Valor 1708841
Assurant Inc
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About company
Assurant Inc is a global entity specializing in providing a wide array of risk management solutions, particularly focusing on the auto, lifestyle, and housing protection markets. The company plays a pivotal role in aiding businesses to navigate through various risks including property damage, liability, financial loss, theft, and natural disasters. Notably, Assurant stands out as a market leader in lender-placed insurance, offering significant outsourcing solutions and forming partnerships with a vast majority of financial institutions and mortgage servicers across the United States. Additionally, the firm extends its expertise to the manufactured housing industry by supplying a range of insurance products and extended service programs, coupled with unparalleled support services. This comprehensive approach to risk management underscores Assurant's commitment to safeguarding its clients' interests across multiple sectors.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (18.12.2024):
Net Income Decline
Assurant Inc. reported a decrease in GAAP net income for the third quarter of 2024, totaling $133.8 million, down 30% from the previous year's $190.1 million. This decline was primarily attributed to higher reportable catastrophes within the Global Housing segment, although it was partially offset by increased top-line growth in Homeowners.
Adjusted EBITDA Performance
For the third quarter of 2024, Assurant Inc.'s Adjusted EBITDA decreased to $246.9 million from $330.7 million in the prior year period. Despite this decrease, Adjusted EBITDA, excluding reportable catastrophes, saw an 8% increase, reaching $385.1 million, driven mainly by higher earnings in Global Housing.
Global Lifestyle Segment
Assurant Inc.'s Global Lifestyle segment experienced a 4% decrease in Adjusted EBITDA for the third quarter of 2024, totaling $184.3 million. However, net earned premiums, fees, and other income increased by 7% to $2.25 billion, primarily due to growth in mobile device protection programs and new trade-in programs.
Global Housing Segment Growth
In the third quarter of 2024, Assurant Inc.'s Global Housing segment saw a 44% decrease in Adjusted EBITDA due to higher reportable catastrophes. Excluding these catastrophes, Adjusted EBITDA increased by 20%, supported by growth in Homeowners policies and favorable prior period reserve development.
Shareholder Returns and Liquidity
Assurant Inc. maintained a strong liquidity position with $636 million at the holding company level as of September 30, 2024. The company returned $138 million to shareholders through share repurchases and common stock dividends during the third quarter, reflecting its robust capital management strategy.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
11139 M
Market cap (USD)
59,757
Daily traded volume (Shares)
216.21 / 212.1
1 day high/low (USD)
52 weeks high/low (USD)
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EPS (USD)
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Ratings & reviews
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