Assurant, Inc. (AIZ)
Financial Supplement as of March 31, 2024
ASSURANT, INC. | |
FINANCIAL SUPPLEMENT | |
(UNAUDITED) | |
As of March 31, 2024 | |
INDEX TO FINANCIAL SUPPLEMENT | |
Page: | |
SUMMARY FINANCIAL HIGHLIGHTS | 1 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | 2 |
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME AND ADJUSTED EARNINGS | 3 |
SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA | 4 |
SEGMENT CONDENSED BALANCE SHEETS | 9 |
INVESTMENTS | 10 |
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS | 12 |
RATINGS SUMMARY | 13 |
REGULATION G - NON-GAAP FINANCIAL MEASURES | 14 |
CONTACT INFORMATION | ||
Corporate Headquarters Address: | Investor Inquiries: | |
260 Interstate North Circle SE | Sean Moshier | Matt Cafarchio |
Atlanta, Georgia 30339 | Vice President | Director |
770-763-1000 | Investor Relations | Investor Relations |
Website Address: | 914-204-2253 | 484-356-4791 |
sean.moshier@assurant.com | matt.cafarchio@assurant.com | |
www.assurant.com |
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.
Assurant, Inc.
Summary Financial Highlights (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
($ in millions, except per share amounts and closing stock price) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||
KEY FINANCIAL METRICS
Segment net earned premiums, fees and other income(1)
Total segment revenues(1)
Net income
Adjusted EBITDA(2)
Adjusted EBITDA, excluding reportable catastrophes(3)(4)
Per share:
Net income, per diluted share Adjusted earnings, per diluted share(3)
Adjusted earnings, excluding reportable catastrophes, per diluted share(3)(4)
Debt to total capital ratio
Debt to total capital ratio, excluding AOCI(3)
Dividends from subsidiaries, net of capital infusions
Share repurchases:
Shares repurchased
Average repurchase price per share
Total cost of share repurchase(5)
Common stock dividends:
Dividend per share
Total paid
Yield(6)
AIZ closing stock price (NYSE)
Share Data:
Weighted average basic common shares outstanding Incremental common shares from:
Performance share units and employee stock purchase plan Weighted average diluted common shares outstanding
$ | 2,760.0 | $ | 2,852.2 | $ | 2,661.0 | $ | 2,645.5 | $ | 2,545.6 | 8.4 % | (3.2)% |
$ | 2,878.7 | $ | 2,989.7 | $ | 2,776.7 | $ | 2,751.6 | $ | 2,643.5 | 8.9 % | (3.7)% |
$ | 236.4 | $ | 182.5 | $ | 190.1 | $ | 156.3 | $ | 113.6 | 108.1 % | 29.5 % |
$ | 370.7 | $ | 360.8 | $ | 330.7 | $ | 323.1 | $ | 242.9 | 52.6 % | 2.7 % |
$ | 383.7 | $ | 382.4 | $ | 357.1 | $ | 336.5 | $ | 293.3 | 30.8 % | 0.3 % |
$ | 4.47 | $ | 3.42 | $ | 3.54 | $ | 2.90 | $ | 2.12 | 110.8 % | 30.7 % |
$ | 4.78 | $ | 4.58 | $ | 4.29 | $ | 3.89 | $ | 2.75 | 73.8 % | 4.4 % |
$ | 4.97 | $ | 4.90 | $ | 4.68 | $ | 4.09 | $ | 3.49 | 42.4 % | 1.4 % |
29.7 % | 30.2 % | 31.7 % | 32.2 % | 32.6 % | (290) bps | (50) bps | |||||
26.6 % | 27.2 % | 27.3 % | 28.2 % | 28.7 % | (210) bps | (60) bps | |||||
$ | 253.5 | $ | 279.5 | $ | 201.6 | $ | 179.5 | $ | 112.0 | 126.3 % | (9.3)% |
225,406 | 801,766 | 359,947 | 157,491 | - | N/A | (71.9)% | |||||
$ | 176.77 | $ | 162.14 | $ | 138.89 | $ | 127.05 | $ | - | N/A | 9.0 % |
$ | 39.9 | $ | 130.0 | $ | 50.0 | $ | 20.0 | $ | - | N/A | (69.3)% |
$ | 0.72 | $ | 0.72 | $ | 0.70 | $ | 0.70 | $ | 0.70 | 2.9 % | - % |
$ | 37.4 | $ | 38.5 | $ | 37.1 | $ | 39.7 | $ | 37.0 | 1.1 % | (2.9)% |
1.53 % | 1.71 % | 1.95 % | 2.23 % | 2.33 % | (80) bps | (18) bps | |||||
$ | 188.24 | $ | 168.49 | $ | 143.58 | $ | 125.72 | $ | 120.07 | 56.8 % | 11.7 % |
52,531,865 | 53,050,518 | 53,535,982 | 53,745,611 | 53,492,413 | (1.8)% | (1.0)% | ||||
340,389 | 383,997 | 209,191 | 144,071 | 205,749 | 65.4 % | (11.4)% | ||||
52,872,254 | 53,434,515 | 53,745,173 | 53,889,682 | 53,698,162 | (1.5)% | (1.1)% | ||||
- Includes net earned premiums, fees and other income and total revenues of the Global Lifestyle and Global Housing operating segments.
- Refer to page 3 for a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income.
- Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
- 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 of March 31, 2024, there was $634.6 million remaining under the total repurchase authorization.
- Common stock dividend yield is calculated by annualizing the quarterly common stock dividend per share and dividing by the quarter's closing stock price.
1
Assurant, Inc.
Consolidated Condensed Statements of Operations (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||
Revenues:
Net earned premiums
Fees and other income
Total net earned premiums, fees and other income
Net investment income
Net realized losses on investments and fair value changes to equity securities Total revenues
Benefits, losses and expenses:
Policyholder benefits
Underwriting, selling, general and administrative expenses
Interest expense
Gain on extinguishment of debt
Total benefits, losses and expenses
Income before provision for income taxes
Provision for income taxes
Net Income
Pre-tax income margin(1)
Net income margin(2)
Effective tax rate for net income
Investment yield(3)
Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax
$ | 2,376.5 | $ | 2,422.2 | $ | 2,357.3 | $ | 2,343.0 | $ | 2,265.5 | 4.9 % | (1.9)% | ||||
385.7 | 434.4 | 310.4 | 295.7 | 282.7 | 36.4 % | (11.2)% | |||||||||
2,762.2 | 2,856.6 | 2,667.7 | 2,638.7 | 2,548.2 | 8.4 % | (3.3)% | |||||||||
126.7 | 145.5 | 125.5 | 112.9 | 105.2 | 20.4 % | (12.9)% | |||||||||
(8.8) | (19.0) | (19.1) | (20.0) | (10.6) | 17.0 % | 53.7 % | |||||||||
2,880.1 | 2,983.1 | 2,774.1 | 2,731.6 | 2,642.8 | 9.0 % | (3.5)% | |||||||||
623.1 | 599.1 | 644.6 | 632.5 | 645.6 | (3.5)% | 4.0 % | |||||||||
1,937.3 | 2,130.6 | 1,873.7 | 1,867.6 | 1,823.2 | 6.3 % | (9.1)% | |||||||||
26.8 | 26.8 | 27.0 | 27.2 | 27.0 | (0.7)% | - % | |||||||||
- | - | - | - | (0.1) | 100.0 % | N/A | |||||||||
2,587.2 | 2,756.5 | 2,545.3 | 2,527.3 | 2,495.7 | 3.7 % | (6.1)% | |||||||||
292.9 | 226.6 | 228.8 | 204.3 | 147.1 | 99.1 % | 29.3 % | |||||||||
56.5 | 44.1 | 38.7 | 48.0 | 33.5 | 68.7 % | 28.1 % | |||||||||
$ | 236.4 | $ | 182.5 | $ | 190.1 | $ | 156.3 | $ | 113.6 | 108.1 % | 29.5 % | ||||
10.6 % | 7.9 % | 8.6 % | 7.7 % | 5.8 % | 480 bps | 270 bps | |||||||||
8.6 % | 6.4 % | 7.1 % | 5.9 % | 4.5 % | 410 bps | 220 bps | |||||||||
19.3 % | 19.5 % | 16.9 % | 23.5 % | 22.8 % | (350) bps | (20) bps | |||||||||
5.01 % | 5.78 % | 5.04 % | 4.58 % | 4.34 % | 67 bps | (77) bps | |||||||||
$ | (0.2) | $ | 18.9 | $ | (3.1) | $ | (4.0) | $ | (4.4) | 95.5 % | (101.1)% | ||||
- Equals income before provision for income taxes divided by total net earned premiums, fees and other income.
- Equals net income divided by total net earned premiums, fees and other income.
- Equals annualized net investment income divided by average investments and cash and cash equivalents.
2
Assurant, Inc.
Reconciliation of Adjusted EBITDA to Net Income and Adjusted Earnings (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||||||||||||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||||||||||||||||
GAAP net income | $ | 236.4 | $ | 182.5 | $ | 190.1 | $ | 156.3 | $ | 113.6 | 108.1 % | 29.5 % | ||||||||||||
Less: | ||||||||||||||||||||||||
Interest expense | 26.8 | 26.8 | 27.0 | 27.2 | 27.0 | (0.7)% | - % | |||||||||||||||||
Provision for income taxes | 56.5 | 44.1 | 38.7 | 48.0 | 33.5 | 68.7 % | 28.1 % | |||||||||||||||||
Depreciation expense | 30.6 | 31.7 | 25.8 | 25.4 | 26.4 | 15.9 % | (3.5)% | |||||||||||||||||
Amortization of purchased intangible assets | 17.6 | 22.3 | 18.2 | 18.7 | 18.7 | (5.9)% | (21.1)% | |||||||||||||||||
Adjustments, pre-tax: | ||||||||||||||||||||||||
Net realized losses on investments and fair value changes to equity securities | 8.8 | 19.0 | 19.1 | 20.0 | 10.6 | (17.0)% | (53.7)% | |||||||||||||||||
Non-core operations | 2.6 | 11.0 | (3.0) | 30.2 | 12.2 | (78.7)% | (76.4)% | |||||||||||||||||
Restructuring costs | - | 16.0 | 13.2 | (1.3) | 6.4 | (100.0)% | (100.0)% | |||||||||||||||||
Assurant Health runoff operations | (0.4) | 0.3 | 0.3 | - | (7.5) | 94.7 % | (233.3)% | |||||||||||||||||
Other adjustments(1) | (8.2) | 7.1 | 1.3 | (1.4) | 2.0 | (510.0)% | (215.5)% | |||||||||||||||||
Adjusted EBITDA | $ | 370.7 | $ | 360.8 | $ | 330.7 | $ | 323.1 | $ | 242.9 | 52.6 % | 2.7 % | ||||||||||||
Segment Adjusted EBITDA | ||||||||||||||||||||||||
Global Lifestyle | $ | 207.7 | $ | 204.6 | $ | 191.8 | $ | 197.0 | $ | 198.9 | 4.4 % | 1.5 % | ||||||||||||
Global Housing | 192.5 | 186.1 | 165.1 | 154.6 | 68.4 | 181.4 % | 3.4 % | |||||||||||||||||
Corporate and Other | (29.5) | (29.9) | (26.2) | (28.5) | (24.4) | (20.9)% | 1.3 % | |||||||||||||||||
Total | $ | 370.7 | $ | 360.8 | $ | 330.7 | $ | 323.1 | $ | 242.9 | 52.6 % | 2.7 % | ||||||||||||
Adjusted EBITDA(2) | $ | 370.7 | $ | 360.8 | $ | 330.7 | $ | 323.1 | $ | 242.9 | 52.6 % | 2.7 % | ||||||||||||
Interest expense | (26.8) | (26.8) | (27.0) | (27.2) | (27.0) | 0.7 % | - % | |||||||||||||||||
Provision for income taxes | (60.7) | (57.4) | (47.3) | (61.0) | (41.6) | (45.9)% | (5.7)% | |||||||||||||||||
Depreciation expense | (30.6) | (31.7) | (25.8) | (25.4) | (26.4) | (15.9)% | 3.5 % | |||||||||||||||||
Adjusted earnings(2) | 252.6 | 244.9 | 230.6 | 209.5 | 147.9 | 70.8 % | 3.1 % | |||||||||||||||||
Reportable catastrophes, pre-tax | 13.0 | 21.6 | 26.4 | 13.4 | 50.4 | (74.2)% | (39.8)% | |||||||||||||||||
Tax impact of reportable catastrophes | (2.7) | (4.6) | (5.5) | (2.8) | (10.6) | 74.5 % | 41.3 % | |||||||||||||||||
Adjusted earnings, excluding reportable catastrophes(2) | $ | 262.9 | $ | 261.9 | $ | 251.5 | $ | 220.1 | $ | 187.7 | 40.1 % | 0.4 % | ||||||||||||
- Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for detail of what is included in Other adjustments.
- Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
3
Global Lifestyle
Condensed Statements of Operations and Selected Data (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||
Revenues:
Net earned premiums
Fees and other income
Total net earned premiums, fees and other income
Net investment income
Total revenues
Benefits, losses and expenses:
Policyholder benefits
Underwriting, selling, general and administrative expenses
Total benefits, losses and expenses
Global Lifestyle Adjusted EBITDA
Adjusted EBITDA margin(1)
Supplemental financial information:
Income tax expense Effective tax rate Depreciation expense
Amortization of purchased intangible assets
Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax
Key Metrics:
Global mobile devices protected (in millions)(2)
Global mobile devices serviced (in millions)(3)
Global protected vehicles (in millions)(4)
Investment yield(5)
$ | 1,834.3 | $ | 1,905.5 | $ | 1,828.7 | $ | 1,840.3 | $ | 1,788.1 | 2.6 % | (3.7)% | ||||||
353.5 | 400.9 | 277.1 | 268.6 | 252.2 | 40.2 % | (11.8)% | |||||||||||
2,187.8 | 2,306.4 | 2,105.8 | 2,108.9 | 2,040.3 | 7.2 % | (5.1)% | |||||||||||
90.2 | 103.8 | 86.1 | 80.9 | 76.7 | 17.6 % | (13.1)% | |||||||||||
2,278.0 | 2,410.2 | 2,191.9 | 2,189.8 | 2,117.0 | 7.6 % | (5.5)% | |||||||||||
417.7 | 412.7 | 421.9 | 402.3 | 371.0 | 12.6 % | 1.2 % | |||||||||||
1,652.6 | 1,792.9 | 1,578.2 | 1,590.5 | 1,547.1 | 6.8 % | (7.8)% | |||||||||||
2,070.3 | 2,205.6 | 2,000.1 | 1,992.8 | 1,918.1 | 7.9 % | (6.1)% | |||||||||||
$ | 207.7 | $ | 204.6 | $ | 191.8 | $ | 197.0 | $ | 198.9 | 4.4 % | 1.5 % | ||||||
9.5 % | 8.9 % | 9.1 % | 9.3 % | 9.7 % | (20) bps | 60 bps |
$ | 35.1 | $ | 28.1 | $ | 22.0 | $ | 36.2 | $ | 35.1 | - % | 24.9 % |
20.8 % | 17.1 % | 14.0 % | 22.3 % | 21.4 % | (60) bps | 370 bps | |||||
$ | 21.5 | $ | 23.1 | $ | 17.0 | $ | 17.0 | $ | 17.3 | 24.3 % | (6.9)% |
$ | 17.3 | $ | 17.4 | $ | 17.4 | $ | 17.9 | $ | 17.9 | (3.4)% | (0.6)% |
$ | - | $ | 15.3 | $ | (2.4) | $ | (3.1) | $ | (3.4) | 100.0 % | (100.0)% |
60.9 | 61.3 | 61.1 | 61.5 | 61.8 | (1.5)% | (0.7)% |
6.1 | 7.5 | 5.5 | 5.8 | 6.6 | (7.6)% | (18.7)% |
55.0 | 55.0 | 54.8 | 54.5 | 54.2 | 1.5 % | - % |
5.33 % | 6.19 % | 5.26 % | 4.97 % | 4.71 % | 62 bps | (86) bps |
- Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
- Global mobile devices protected includes insurance and upgrade contracts inforce for mobile phones, tablets, e-readers and accessories.
- Global mobile devices serviced includes number of devices for which we provide value to our consumers and partners, through trade-ins and upgrades, technology, claims fulfillment, repair capabilities, logistics, and asset disposition.
- Global protected vehicles includes insurance and service contracts inforce for vehicles, RVs, powersports and ancillary products.
- Equals annualized net investment income divided by average investments and cash and cash equivalents.
4
Global Lifestyle (continued)
Condensed Statements of Operations and Selected Data (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||
Net written premiums:
Connected Living
Global Automotive
Total
Net earned premiums, fees and other income:
Connected Living
Global Automotive
Total
Adjusted EBITDA:
Connected Living
Global Automotive
Total
Line of business supplemental financial information:
Connected Living:
Income tax expense
Depreciation expense
Amortization of purchased intangible assets
Global Automotive:
Income tax expense
Depreciation expense
Amortization of purchased intangible assets
Constant Currency(1):
Percentage change in net earned premiums, fees and other income: Including foreign currency translation ("FX") impact
FX impact
Excluding FX impact
Percentage change in Global Lifestyle Adjusted EBITDA:
Including FX impact
FX impact
Excluding FX impact
Percentage change in Connected Living net earned premiums, fees and other income:
Including FX impact
FX impact
Excluding FX impact
Percentage change in Connected Living Adjusted EBITDA:
Including FX impact
FX impact
Excluding FX impact
Net earned premiums, fees and other income:
Domestic
International
Total
$ | 843.2 | $ | 838.7 | $ | 817.4 | $ | 792.8 | $ | 788.2 | 7.0 % | 0.5 % | ||||
1,040.1 | 1,047.9 | 1,096.6 | 1,143.3 | 928.4 | 12.0 % | (0.7)% | |||||||||
$ | 1,883.3 | $ | 1,886.6 | $ | 1,914.0 | $ | 1,936.1 | $ | 1,716.6 | 9.7 % | (0.2)% | ||||
$ | 1,140.3 | $ | 1,188.1 | $ | 1,082.9 | $ | 1,079.2 | $ | 1,026.6 | 11.1 % | (4.0)% | ||||
1,047.5 | 1,118.3 | 1,022.9 | 1,029.7 | 1,013.7 | 3.3 % | (6.3)% | |||||||||
$ | 2,187.8 | $ | 2,306.4 | $ | 2,105.8 | $ | 2,108.9 | $ | 2,040.3 | 7.2 % | (5.1)% | ||||
$ | 132.9 | $ | 123.0 | $ | 120.7 | $ | 122.0 | $ | 116.9 | 13.7 % | 8.0 % | ||||
74.8 | 81.6 | 71.1 | 75.0 | 82.0 | (8.8)% | (8.3)% | |||||||||
$ | 207.7 | $ | 204.6 | $ | 191.8 | $ | 197.0 | $ | 198.9 | 4.4 % | 1.5 % | ||||
$ | 22.9 | $ | 16.5 | $ | 14.2 | $ | 22.6 | $ | 20.5 | 11.7 % | 38.8 % |
$ | 15.4 | $ | 18.7 | $ | 13.0 | $ | 12.8 | $ | 13.1 | 17.6 % | (17.6)% |
$ | 7.5 | $ | 7.5 | $ | 7.8 | $ | 8.0 | $ | 8.0 | (6.3)% | - % |
$ | 12.2 | $ | 11.6 | $ | 7.8 | $ | 13.6 | $ | 14.6 | (16.4)% | 5.2 % |
$ | 6.1 | $ | 4.4 | $ | 4.0 | $ | 4.2 | $ | 4.2 | 45.2 % | 38.6 % |
$ | 9.8 | $ | 9.9 | $ | 9.6 | $ | 9.9 | $ | 9.9 | (1.0)% | (1.0)% |
7.2 % | 13.2 % | 4.1 % | 4.8 % | 2.6 % | 460 | bps | (600) bps | |||||||||
(0.2)% | 0.2 % | 0.1 % | (0.8)% | (1.4)% | 120 | bps | (40) bps | |||||||||
7.4 % | 13.0 % | 4.0 % | 5.6 % | 4.0 % | 340 | bps | (560) bps | |||||||||
4.4 % | 12.2 % | 6.9 % | (10.9)% | (12.3)% | 1,670 | bps | (780) bps | |||||||||
(1.0)% | - % | - % | (1.3)% | (2.5)% | 150 | bps | (100) bps | |||||||||
5.4 % | 12.2 % | 6.9 % | (9.6)% | (9.8)% | 1,520 | bps | (680) bps | |||||||||
11.1 % | 12.2 % | 2.8 % | 0.8 % | (4.7)% | 1,580 | bps | (110) bps | |||||||||
(0.6)% | 0.1 % | (0.1)% | (1.6)% | (2.3)% | 170 | bps | (70) bps | |||||||||
11.7 % | 12.1 % | 2.9 % | 2.4 % | (2.4)% | 1,410 | bps | (40) bps | |||||||||
13.7 % | 22.8 % | 18.0 % | (4.5)% | (14.7)% | 2,840 | bps | (910) bps | |||||||||
(2.1)% | (1.0)% | (0.8)% | (2.4)% | (3.9)% | 180 | bps | (110) bps | |||||||||
15.8 % | 23.8 % | 18.8 % | (2.1)% | (10.8)% | 2,660 | bps | (800) bps | |||||||||
$ | 1,716.5 | $ | 1,835.8 | $ | 1,633.8 | $ | 1,660.1 | $ | 1,609.8 | 6.6 % | (6.5)% | |||||
471.3 | 470.6 | 472.0 | 448.8 | 430.5 | 9.5 % | 0.1 % | ||||||||||
$ | 2,187.8 | $ | 2,306.4 | $ | 2,105.8 | $ | 2,108.9 | $ | 2,040.3 | 7.2 % | (5.1)% | |||||
- 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.
5
Global Housing
Condensed Statements of Operations and Selected Data (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||
Revenues:
Net earned premiums
Fees and other income
Total net earned premiums, fees and other income
Net investment income
Total revenues
Benefits, losses and expenses:
Policyholder benefits
Underwriting, selling, general and administrative expenses
Total benefits, losses and expenses
Global Housing Adjusted EBITDA
Reportable catastrophes
Global Housing Adjusted EBITDA, excluding reportable catastrophes(1)
Adjusted EBITDA margin(2)
Supplemental financial information:
Income tax expense
Effective tax rate
Depreciation expense
Amortization of purchased intangible assets
Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax
Net earned premiums, fees and other income:
Homeowners
Renters and Other
Total
Gross earned premiums
Gross written premiums
Reconciliation of gross earned premiums to net earned premiums:
Gross earned premiums
Ceded catastrophe reinsurance(3)
Ceded to U.S. Government
Ceded to clients
Net earned premiums
$ | 540.6 | $ | 513.1 | $ | 521.9 | $ | 504.5 | $ | 475.0 | 13.8 % | 5.4 % | ||||||
31.6 | 32.7 | 33.3 | 32.1 | 30.3 | 4.3 % | (3.4)% | |||||||||||
572.2 | 545.8 | 555.2 | 536.6 | 505.3 | 13.2 % | 4.8 % | |||||||||||
28.5 | 33.7 | 29.6 | 25.2 | 21.2 | 34.4 % | (15.4)% | |||||||||||
600.7 | 579.5 | 584.8 | 561.8 | 526.5 | 14.1 % | 3.7 % | |||||||||||
200.3 | 176.6 | 218.7 | 207.8 | 258.9 | (22.6)% | 13.4 % | |||||||||||
207.9 | 216.8 | 201.0 | 199.4 | 199.2 | 4.4 % | (4.1)% | |||||||||||
408.2 | 393.4 | 419.7 | 407.2 | 458.1 | (10.9)% | 3.8 % | |||||||||||
192.5 | 186.1 | 165.1 | 154.6 | 68.4 | 181.4 % | 3.4 % | |||||||||||
12.9 | 21.9 | 26.2 | 13.4 | 49.5 | (73.9)% | (41.1)% | |||||||||||
74.2 % | (1.3)% | ||||||||||||||||
$ | 205.4 | $ | 208.0 | $ | 191.3 | $ | 168.0 | $ | 117.9 | ||||||||
33.6 % | 34.1 % | 29.7 % | 28.8 % | 13.5 % | 2,010 bps | (50) bps |
$ | 36.6 | $ | 35.5 | $ | 31.9 | $ | 30.9 | $ | 12.0 | 205.0 % | 3.1 % |
19.9 % | 20.5 % | 20.4 % | 21.2 % | 20.3 % | (40) bps | (60) bps | |||||
$ | 8.6 | $ | 7.9 | $ | 8.0 | $ | 7.9 | $ | 8.5 | 1.2 % | 8.9 % |
$ | 0.3 | $ | 4.9 | $ | 0.8 | $ | 0.8 | $ | 0.8 | (62.5)% | (93.9)% |
$ | (0.2) | $ | 3.4 | $ | (0.7) | $ | (0.9) | $ | (1.0) | 80.0 % | (105.9)% |
$ | 447.4 | $ | 425.6 | $ | 434.1 | $ | 412.3 | $ | 391.4 | 14.3 % | 5.1 % | ||||
124.8 | 120.2 | 121.1 | 124.3 | 113.9 | 9.6 % | 3.8 % | |||||||||
13.2 % | 4.8 % | ||||||||||||||
$ | 572.2 | $ | 545.8 | $ | 555.2 | $ | 536.6 | $ | 505.3 | ||||||
$ | 780.5 | $ | 779.7 | $ | 767.1 | $ | 748.2 | $ | 724.9 | 7.7 % | 0.1 % | ||||
$ | 730.1 | $ | 783.5 | $ | 858.9 | $ | 833.3 | $ | 630.5 | 15.8 % | (6.8)% |
$ | 780.5 | $ | 779.7 | $ | 767.1 | $ | 748.2 | $ | 724.9 | 7.7 % | 0.1 % | ||||
(34.4) | (62.1) | (46.6) | (46.6) | (46.7) | 26.3 % | 44.6 % | |||||||||
(107.7) | (109.1) | (106.7) | (108.8) | (117.1) | 8.0 % | 1.3 % | |||||||||
(97.8) | (95.4) | (91.9) | (88.3) | (86.1) | (13.6)% | (2.5)% | |||||||||
13.8 % | 5.4 % | ||||||||||||||
$ | 540.6 | $ | 513.1 | $ | 521.9 | $ | 504.5 | $ | 475.0 | ||||||
- Represents a non-GAAP financial measure because it excludes reportable catastrophes. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Footnote 2 in Regulation G - Non-GAAP Measures.
- Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
- All periods reflect catastrophe reinsurance premiums.
6
Global Housing (continued)
Condensed Statements of Operations and Selected Data (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | |||||||
1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||
Key Metrics:
Global Housing loss ratio(1)
Global Housing non-catastrophe loss ratio(2)
Global Housing expense ratio(3)
Global Housing combined ratio(4)
Global Housing annualized ROE(5)
Investment yield(6)
Lender-Placed Insurance: Loans tracked (in millions)(7)
Lender-Placed Insurance: Placement rates(8)
Lender-Placed Insurance: Average insured value ("AIV") (in thousands)(7)
Renters policies (in millions)
-
Spread of exposure(9) Region Name
Middle U.S. states Northeastern coastal exposure Northern inland exposure Southern inland exposure Southern and HI coastal exposure Western U.S. states
Total
37.1 %
34.7 %
37.9 %
72.9 %
44.8 %
4.57 %
32.3
1.83 %
$ 270
2.713
12.7 %
17.0 %
10.3 %
11.8 %
17.1 %
31.1 %
100.0 %
34.4 % | 41.9 % | 41.2 % | 54.5 % | (1,740) bps | 270 | bps | ||||
30.1 % | 36.6 % | 38.5 % | 43.8 % | (910) bps | 460 | bps | ||||
42.1 % | 37.8 % | 38.8 % | 41.3 % | (340) bps | (420) bps | |||||
74.4 % | 77.2 % | 77.5 % | 92.5 % | (1,960) bps | (150) bps | |||||
40.5 % | 35.0 % | 33.6 % | 14.6 % | 3,020 bps | 430 | bps | ||||
5.25 % | 4.55 % | 4.01 % | 3.64 % | 93 bps | (68) bps | |||||
30.4 | 30.7 | 31.1 | 31.4 | 2.9 % | 6.3 % | |||||
1.80 % | 1.74 % | 1.71 % | 1.71 % | 12 bps | 3 bps | |||||
$ | 263 | $ | 258 | $ | 247 | $ | 239 | 13.0 % | 2.7 % | |
2.702 | 2.690 | 2.646 | 2.639 | 2.8 % | 0.4 % |
12.5 % | 11.9 % | 11.5 % | 11.2 % | 150 | bps | 20 bps | |||
17.2 % | 17.1 % | 17.0 % | 17.1 % | (10) bps | (20) bps | ||||
9.4 % | 8.3 % | 7.5 % | 7.5 % | 280 | bps | 90 bps | |||
12.2 % | 12.5 % | 13.0 % | 12.9 % | (110) bps | (40) bps | ||||
18.6 % | 20.9 % | 22.1 % | 23.1 % | (600) bps | (150) bps | ||||
30.1 % | 29.3 % | 28.9 % | 28.2 % | 290 | bps | 100 bps | |||
100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||
Middle U.S. States
Northeastern Coastal Exposure
Northern Inland Exposure
Southern Inland Exposure
Southern and HI Coastal Exposure
Western U.S. States
- Equals policyholder benefits divided by net earned premiums.
- Represents a non-GAAP financial measure. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
- Equals (i) underwriting, selling, general and administrative expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income.
- Equals (i) total benefits, losses and expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income. Income from processing National Flood Insurance Program claims is reported as a reduction in expenses and is included in the combined ratio.
- Calculated using (i) Global Housing Adjusted EBITDA (including reportable catastrophes) plus income tax expense, depreciation expense and amortization of purchased intangible assets, all annualized, divided by (ii) average stockholders' equity.
- Equals annualized net investment income divided by average investments and cash and cash equivalents.
- Includes tracked hazard loans and other loans serviced.
- Equals hazard policies in force divided by tracked hazard loans.
- Geographical spread of exposure is based on the company's assessment of total insured value for all of Global Housing.
7
Total Corporate and Other
Condensed Statements of Operations and Selected Data (Unaudited)
2024 | 2023 | 1Q24-1Q23 | 1Q24-4Q23 | ||||||||||||||||
($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||||||||
Revenues: | |||||||||||||||||||
Net earned premiums | $ | - | $ | - | $ | - | $ | - | $ | - | N/A | N/A | |||||||
Fees and other income | 0.2 | - | 0.1 | - | 0.1 | 100.0 % | N/A | ||||||||||||
Net investment income | 5.6 | 5.8 | 7.3 | 3.8 | 4.5 | 24.4 % | (3.4)% | ||||||||||||
Total revenues | 5.8 | 5.8 | 7.4 | 3.8 | 4.6 | 26.1 % | - % | ||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||
Policyholder benefits | - | - | - | - | 0.1 | (100.0)% | N/A | ||||||||||||
Underwriting, selling, general and administrative expenses | 35.3 | 35.7 | 33.6 | 32.3 | 28.9 | 22.1 % | (1.1)% | ||||||||||||
Total benefits, losses and expenses | 35.3 | 35.7 | 33.6 | 32.3 | 29.0 | 21.7 % | (1.1)% | ||||||||||||
Corporate and Other Adjusted EBITDA | $ | (29.5) | $ | (29.9) | $ | (26.2) | $ | (28.5) | $ | (24.4) | (20.9)% | 1.3 % | |||||||
Supplemental financial information: | |||||||||||||||||||
Interest expense | $ | 26.8 | $ | 26.8 | $ | 27.0 | $ | 27.2 | $ | 27.0 | (0.7)% | - % | |||||||
Income tax benefit | $ | (15.2) | $ | (19.5) | $ | (15.2) | $ | (19.1) | $ | (13.6) | (11.8)% | 22.1 % | |||||||
Depreciation expense | $ | 0.5 | $ | 0.7 | $ | 0.8 | $ | 0.5 | $ | 0.6 | (16.7)% | (28.6)% | |||||||
8
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Assurant Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 20:48:00 UTC.