Assurant ( (AIZ) ) has released its Q3 earnings. Here is a breakdown of the information Assurant presented to its investors.
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Assurant, Inc. is a global business services company that provides solutions to support, protect, and connect major consumer purchases, including mobile device solutions, extended service contracts, and vehicle protection. Operating in the insurance sector, it is a Fortune 500 company with a presence in 21 countries.
In its latest earnings report for the third quarter of 2024, Assurant reported strong year-to-date double-digit growth in earnings, driven primarily by its Global Housing segment. The company has increased its outlook for 2024, expecting low double-digit growth in Adjusted EBITDA and mid- to high-teens growth in Adjusted EPS, excluding catastrophes.
Key financial metrics from the report show a decrease in GAAP net income by 30% to $133.8 million compared to the previous year, while Adjusted EBITDA excluding reportable catastrophes increased by 8% to $385.1 million. Global Housing Adjusted EBITDA, excluding catastrophes, rose by 20% due to growth in Homeowners policies and favorable reserve developments. Despite foreign exchange challenges, Global Lifestyle saw a modest decline in Adjusted EBITDA, but net earned premiums increased by 7%.
Assurant’s management remains optimistic about future growth, focusing on strong performance in Global Housing and steady progress in Global Lifestyle. They have highlighted plans to return $300 million to shareholders through share repurchases and maintain a robust capital position.
Looking ahead, Assurant aims to sustain its growth trajectory by leveraging strategic investments and partnerships, with an emphasis on maintaining its financial strength and continuing to provide value to clients and stakeholders.
