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NEW YORK--(BUSINESS WIRE)--Nov 1, 2022--
Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the third quarter ended September 30, 2022.
(Unaudited) | Q3'22 |
| Q3'21 |
| Change |
| 9M'22 |
| 9M'21 |
| Change |
$ in millions, except per share data |
|
|
|
|
| ||||||
GAAP net income | 7.3 |
| 151.0 |
| (95)% |
| 208.5 |
| 478.9 |
| (56)% |
Adjusted EBITDA 1 | 116.0 |
| 168.5 |
| (31)% |
| 682.0 |
| 713.4 |
| (4)% |
Adjusted EBITDA, ex. reportable catastrophes 2 | 239.6 |
| 270.3 |
| (11)% |
| 832.0 |
| 864.5 |
| (4)% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted share | 0.14 |
| 2.54 |
| (94)% |
| 3.78 |
| 7.87 |
| (52)% |
Adjusted earnings per diluted share 3 | 1.01 |
| 1.69 |
| (40)% |
| 7.90 |
| 7.45 |
| 6% |
Adjusted earnings, ex. reportable catastrophes, per diluted share 4 | 2.81 |
| 3.04 |
| (8)% |
| 10.05 |
| 9.41 |
| 7% |
“We remain confident in Assurant’s strategy and our ability to drive profitable growth despite disappointing third quarter results,” said Assurant President and CEO Keith Demmings. “To deliver on our vision, we have continued to strengthen our relationships with industry-leading brands while attracting and retaining the very best talent to maintain our steadfast focus on innovation. As we continue to navigate the challenging macroeconomic environment, we are implementing additional actions to simplify our business portfolio and realize greater expense efficiencies. We believe these actions position us to deliver profitable growth in 2023 and increase shareholder value long term.”
2022 to reflect certain changes. More information and a full reconciliation of certain historical revised key measures of performance and metrics can be found in the second quarter 2022 Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx.
References to net income, including to net income per diluted share, throughout this press release refer to net income from continuing operations. 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.
Third Quarter 2022 Summary
2022 Outlook
The company expects:
Third Quarter 2022 Consolidated Results
(Unaudited) | Q3'22 |
| Q3'21 |
| Change |
| 9M'22 |
| 9M'21 |
| Change |
$ in millions |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income | 7.3 |
| 151.0 |
| (95)% |
| 208.5 |
| 478.9 |
| (56)% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle | 165.9 |
| 176.3 |
| (6)% |
| 587.3 |
| 546.0 |
| 8% |
Global Housing | (25.0) |
| 15.2 |
| (264)% |
| 166.7 |
| 235.2 |
| (29)% |
Corporate and Other | (24.9) |
| (23.0) |
| (8)% |
| (72.0) |
| (67.8) |
| (6)% |
Adjusted EBITDA 1 | 116.0 |
| 168.5 |
| (31)% |
| 682.0 |
| 713.4 |
| (4)% |
Reportable catastrophes | 123.6 |
| 101.8 |
|
|
| 150.0 |
| 151.1 |
|
|
Adjusted EBITDA, ex. reportable catastrophes |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle 2 | 165.4 |
| 176.4 |
| (6)% |
| 586.7 |
| 546.3 |
| 7% |
Global Housing 2 | 99.1 |
| 116.9 |
| (15)% |
| 317.3 |
| 386.0 |
| (18)% |
Corporate and Other | (24.9) |
| (23.0) |
| (8)% |
| (72.0) |
| (67.8) |
| (6)% |
Adjusted EBITDA, ex. reportable catastrophes 2 | 239.6 |
| 270.3 |
| (11)% |
| 832.0 |
| 864.5 |
| (4)% |
Note: 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. 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
Third Quarter 2022 Consolidated Results
Note: Throughout this press release, revenue refers to net earned premiums, fees and other income. GAAP revenue is equal to net earned premiums, fees and other income, net investment income and net realized gains (losses) on investments.
Global Lifestyle
$ in millions | Q3'22 |
| Q3'21 |
| Change |
| 9M'22 |
| 9M'21 |
| Change |
Adjusted EBITDA | 165.9 |
| 176.3 |
| (6)% |
| 587.3 |
| 546.0 |
| 8% |
Revenue | 1,990.3 |
| 1,961.2 |
| 1% |
| 5,933.5 |
| 5,757.0 |
| 3% |
Global Housing
$ in millions | Q3'22 |
| Q3'21 |
| Change |
| 9M'22 |
| 9M'21 |
| Change |
Adjusted EBITDA | (25.0) |
| 15.2 |
| (264)% |
| 166.7 |
| 235.2 |
| (29)% |
Reportable catastrophes | 124.1 |
| 101.7 |
|
|
| 150.6 |
| 150.8 |
|
|
Adjusted EBITDA, ex. reportable catastrophes 2 | 99.1 |
| 116.9 |
| (15)% |
| 317.3 |
| 386.0 |
| (18)% |
Revenue | 484.1 |
| 471.1 |
| 3% |
| 1,465.8 |
| 1,447.6 |
| 1% |
Corporate and Other
$ in millions | Q3'22 |
| Q3'21 |
| Change |
| 9M'22 |
| 9M'21 |
| Change |
Adjusted EBITDA | (24.9) |
| (23.0) |
| (8)% |
| (72.0) |
| (67.8) |
| (6)% |
Holding Company Liquidity Position
2022 Company Outlook 5
$ in millions, except per share data | FY 2021 | Q3'22 YTD | 2022 Outlook 5 | ||||||
Adjusted EBITDA, ex. reportable catastrophes 2 | 1,121.5 | 832.0 | Modest decline to flat | ||||||
Global Lifestyle | 702.1 | 587.3 | High single-digit growth | ||||||
Global Housing, ex. reportable catastrophes 2 | 512.2 | 317.3 | Low- to mid-teens decline | ||||||
Corporate and Other | (93.3) | (72.0) | ~(105.0) | ||||||
Adjusted earnings, ex. reportable catastrophes, per diluted share 4 | $12.28 | $10.05 | High single-digit growth |
Based on current market conditions, for full-year 2022, the company expects:
Earnings Conference Call
The third quarter 2022 earnings conference call and webcast will be held on Wednesday, November 2, 2022 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 specialty 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 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 from continuing operations, excluding net realized losses (gains) on investments and fair value changes to equity securities, COVID-19 direct and incremental expenses, loss on extinguishment of debt, non-core operations, net income (loss) attributable to non-controlling interests, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), 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 from continuing operations. 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 $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company’s performance. The company believes this metric provides investors with an important measure of the company’s performance for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income from continuing operations. | |
(UNAUDITED) | 3Q |
| 3Q |
| 9 Months |
| 9 Months |
|
| FY 2021 | ||||||||
($ in millions) |
| 2022 |
|
| 2021 |
|
|
| 2022 |
|
| 2021 |
|
|
|
| ||
GAAP net income from continuing operations | $ | 7.3 |
| $ | 151.0 |
|
| $ | 208.5 |
| $ | 478.9 |
|
|
| $ | 602.9 |
|
Less: |
|
|
|
|
|
|
|
|
|
| ||||||||
Interest expense |
| 26.3 |
|
| 27.5 |
|
|
| 80.4 |
|
| 84.7 |
|
|
|
| 111.8 |
|
Provision for income taxes |
| 1.2 |
|
| 37.2 |
|
|
| 45.1 |
|
| 133.8 |
|
|
|
| 168.4 |
|
Depreciation expense |
| 22.6 |
|
| 18.1 |
|
|
| 64.7 |
|
| 52.4 |
|
|
|
| 73.8 |
|
Amortization of purchased intangible assets |
| 17.3 |
|
| 15.7 |
|
|
| 51.9 |
|
| 50.0 |
|
|
|
| 65.8 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
| 27.4 |
|
| (112.1 | ) |
|
| 166.2 |
|
| (123.2 | ) |
|
|
| (128.2 | ) |
COVID-19 direct and incremental expenses |
| 1.1 |
|
| 2.0 |
|
|
| 3.6 |
|
| 7.2 |
|
|
|
| 10.0 |
|
Loss on extinguishment of debt |
| — |
|
| 20.7 |
|
|
| 0.9 |
|
| 20.7 |
|
|
|
| 20.7 |
|
Non-core operations |
| 2.9 |
|
| 8.2 |
|
|
| 45.1 |
|
| 2.6 |
|
|
|
| 14.4 |
|
Other adjustments (1) |
| 9.9 |
|
| 0.2 |
|
|
| 15.6 |
|
| 6.3 |
|
|
|
| 26.3 |
|
Adjusted EBITDA |
| 116.0 |
|
| 168.5 |
|
|
| 682.0 |
|
| 713.4 |
|
|
|
| 965.9 |
|
Reportable catastrophes |
| 123.6 |
|
| 101.8 |
|
|
| 150.0 |
|
| 151.1 |
|
|
|
| 155.6 |
|
Adjusted EBITDA, excluding reportable catastrophes | $ | 239.6 |
| $ | 270.3 |
|
| $ | 832.0 |
| $ | 864.5 |
|
|
| $ | 1,121.5 |
|
| (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) | 3Q 2022 |
| 3Q 2021 |
| ||||||||||
| Global |
| Global |
| Global |
| Global |
| ||||||
($ in millions) |
|
|
|
| ||||||||||
Adjusted EBITDA | $ | 165.9 |
|
| $ | (25.0 | ) |
| $ | 176.3 |
| $ | 15.2 |
|
Reportable catastrophes |
| (0.5 | ) |
|
| 124.1 |
|
|
| 0.1 |
|
| 101.7 |
|
Adjusted EBITDA, excluding reportable catastrophes | $ | 165.4 |
|
| $ | 99.1 |
|
| $ | 176.4 |
| $ | 116.9 |
|
|
|
|
|
|
|
|
|
| ||||||
(UNAUDITED) | 9 Months 2022 |
| 9 Months 2021 |
| ||||||||||
| Global |
| Global |
| Global |
| Global |
| ||||||
($ in millions) |
|
|
|
| ||||||||||
Adjusted EBITDA | $ | 587.3 |
|
| $ | 166.7 |
|
| $ | 546.0 |
| $ | 235.2 |
|
Reportable catastrophes |
| (0.6 | ) |
|
| 150.6 |
|
|
| 0.3 |
|
| 150.8 |
|
Adjusted EBITDA, excluding reportable catastrophes | $ | 586.7 |
|
| $ | 317.3 |
|
| $ | 546.3 |
| $ | 386.0 |
|
(UNAUDITED) |
| FY 2021 |
| |
|
| Global |
| |
($ in millions) |
|
| ||
Adjusted EBITDA |
| $ 357.1 |
| |
Reportable catastrophes |
| 155.1 |
| |
Adjusted EBITDA, excluding reportable catastrophes |
| $ 512.2 |
| |
| (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 from continuing operations, excluding net realized losses (gains) on investments and fair value changes to equity securities, amortization of purchased intangible assets, COVID-19 direct and incremental expenses, loss on extinguishment of debt, non-core operations, net income (loss) attributable to non-controlling interests, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items, plus any dilutive preferred stock dividends, 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 from continuing operations per diluted share, defined as net income from continuing operations plus any dilutive preferred stock dividends less net income from non-controlling interests, 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 from continuing operations per diluted share (defined above). | |
| (UNAUDITED) | 3Q |
| 3Q |
| 9 Months |
| 9 Months |
| ||||||||
($ in millions) |
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
|
GAAP net income from continuing operations | $ | 7.3 |
|
| $ | 151.0 |
|
| $ | 208.5 |
|
| $ | 478.9 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
| ||||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
| 27.4 |
|
|
| (112.1 | ) |
|
| 166.2 |
|
|
| (123.2 | ) |
|
Amortization of purchased intangible assets |
| 17.3 |
|
|
| 15.7 |
|
|
| 51.9 |
|
|
| 50.0 |
|
|
COVID-19 direct and incremental expenses |
| 1.1 |
|
|
| 2.0 |
|
|
| 3.6 |
|
|
| 7.2 |
|
|
Loss on extinguishment of debt |
| — |
|
|
| 20.7 |
|
|
| 0.9 |
|
|
| 20.7 |
|
|
Non-core operations |
| 2.9 |
|
|
| 8.2 |
|
|
| 45.1 |
|
|
| 2.6 |
|
|
Other adjustments |
| 9.9 |
|
|
| 1.1 |
|
|
| 15.6 |
|
|
| 9.0 |
|
|
(Benefit) provision for income taxes |
| (11.2 | ) |
|
| 13.7 |
|
|
| (56.1 | ) |
|
| 8.3 |
|
|
Preferred stock dividends |
| — |
|
|
| — |
|
|
| — |
|
|
| (4.7 | ) |
|
Adjusted earnings |
| 54.7 |
|
|
| 100.3 |
|
|
| 435.7 |
|
|
| 448.8 |
|
|
Reportable catastrophes, pre-tax |
| 123.6 |
|
|
| 101.8 |
|
|
| 150.0 |
|
|
| 151.1 |
|
|
Tax impact of reportable catastrophes |
| (26.0 | ) |
|
| (21.4 | ) |
|
| (31.5 | ) |
|
| (31.8 | ) |
|
Adjusted earnings, excluding reportable catastrophes | $ | 152.3 |
|
| $ | 180.7 |
|
| $ | 554.2 |
|
| $ | 568.1 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
(UNAUDITED) | 3Q |
| 3Q |
| 9 Months |
| 9 Months |
| ||||||||
|
| 2022 |
|
|
| 2021 |
|
|
| 2022 |
|
|
| 2021 |
|
|
GAAP net income from continuing operations per diluted share (1) | $ | 0.14 |
|
| $ | 2.54 |
|
| $ | 3.78 |
|
| $ | 7.87 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
| ||||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
| 0.51 |
|
|
| (1.88 | ) |
|
| 3.01 |
|
|
| (2.02 | ) |
|
Amortization of purchased intangible assets |
| 0.32 |
|
|
| 0.26 |
|
|
| 0.94 |
|
|
| 0.82 |
|
|
COVID-19 direct and incremental expenses |
| 0.02 |
|
|
| 0.03 |
|
|
| 0.07 |
|
|
| 0.12 |
|
|
Loss on extinguishment of debt |
| — |
|
|
| 0.35 |
|
|
| 0.02 |
|
|
| 0.34 |
|
|
Non-core operations |
| 0.05 |
|
|
| 0.14 |
|
|
| 0.82 |
|
|
| 0.03 |
|
|
Other adjustments |
| 0.18 |
|
|
| 0.02 |
|
|
| 0.28 |
|
|
| 0.15 |
|
|
(Benefit) provision for income taxes |
| (0.21 | ) |
|
| 0.23 |
|
|
| (1.02 | ) |
|
| 0.14 |
|
|
Adjusted earnings, per diluted share |
| 1.01 |
|
|
| 1.69 |
|
|
| 7.90 |
|
|
| 7.45 |
|
|
Reportable catastrophes, pre-tax |
| 2.28 |
|
|
| 1.71 |
|
|
| 2.72 |
|
|
| 2.48 |
|
|
Tax impact of reportable catastrophes |
| (0.48 | ) |
|
| (0.36 | ) |
|
| (0.57 | ) |
|
| (0.52 | ) |
|
Adjusted earnings, excluding reportable catastrophes, per diluted share | $ | 2.81 |
|
| $ | 3.04 |
|
| $ | 10.05 |
|
| $ | 9.41 |
|
|
(UNAUDITED) |
| FY 2021 | ||
($ in millions) |
|
| ||
GAAP net income from continuing operations |
| $ | 602.9 |
|
Adjustments, pre-tax: |
|
| ||
Net realized gains on investments and fair value changes to equity securities |
|
| (128.2 | ) |
Amortization of purchased intangible assets |
|
| 65.8 |
|
COVID-19 direct and incremental expenses |
|
| 10.0 |
|
Loss on extinguishment of debt |
|
| 20.7 |
|
Non-core operations |
|
| 14.4 |
|
Other adjustments |
|
| 31.3 |
|
Benefit for income taxes |
|
| (1.3 | ) |
Preferred stock dividends |
|
| (4.7 | ) |
Adjusted earnings |
|
| 610.9 |
|
Reportable catastrophes, pre-tax |
|
| 155.6 |
|
Tax impact of reportable catastrophes |
|
| (32.7 | ) |
Adjusted earnings, excluding reportable catastrophes |
| $ | 733.8 |
|
|
|
| ||
(UNAUDITED) |
| FY 2021 | ||
|
|
| ||
GAAP net income from continuing operations per diluted share (1) |
| $ | 10.03 |
|
Adjustments, pre-tax: |
|
| ||
Net realized gains on investments and fair value changes to equity securities |
|
| (2.14 | ) |
Amortization of purchased intangible assets |
|
| 1.10 |
|
COVID-19 direct and incremental expenses |
|
| 0.17 |
|
Loss on extinguishment of debt |
|
| 0.34 |
|
Non-core operations |
|
| 0.23 |
|
Other adjustments |
|
| 0.53 |
|
Benefit for income taxes |
|
| (0.02 | ) |
Adjusted earnings, per diluted share |
|
| 10.24 |
|
Reportable catastrophes, pre-tax |
|
| 2.59 |
|
Tax impact of reportable catastrophes |
|
| (0.55 | ) |
Adjusted earnings, excluding reportable catastrophes, per diluted share |
| $ | 12.28 |
|
| (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) | 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 reconcile such forward-looking information to the most comparable GAAP measure without unreasonable efforts. Many of the 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. 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 $107 million, $88 million and $70 million, respectively. The interest expense estimate assumes no additional debt is incurred or extinguished in the forecast period and excludes after-tax interest expenses included in debt extinguishment and other related costs. | |
Assurant, Inc. | ||||||||||||||
| 3Q |
| 9 Months | |||||||||||
|
| 2022 |
|
|
| 2021 |
|
| 2022 |
|
|
| 2021 |
|
($ in millions except number of shares and per share amounts) | ||||||||||||||
Revenues |
|
|
|
|
|
|
| |||||||
Net earned premiums | $ | 2,197.1 |
|
| $ | 2,140.1 |
| $ | 6,502.4 |
|
| $ | 6,396.3 |
|
Fees and other income |
| 294.6 |
|
|
| 309.6 |
|
| 942.2 |
|
|
| 858.0 |
|
Net investment income |
| 83.5 |
|
|
| 76.0 |
|
| 261.8 |
|
|
| 235.2 |
|
Net realized (losses) gains on investments and fair value changes to equity securities |
| (27.4 | ) |
|
| 112.1 |
|
| (166.2 | ) |
|
| 123.2 |
|
Total revenues |
| 2,547.8 |
|
|
| 2,637.8 |
|
| 7,540.2 |
|
|
| 7,612.7 |
|
Benefits, losses and expenses |
|
|
|
|
|
|
| |||||||
Policyholder benefits |
| 670.5 |
|
|
| 617.4 |
|
| 1,760.5 |
|
|
| 1,684.2 |
|
Underwriting, selling, general and administrative expenses |
| 1,842.5 |
|
|
| 1,784.0 |
|
| 5,444.8 |
|
|
| 5,210.4 |
|
Interest expense |
| 26.3 |
|
|
| 27.5 |
|
| 80.4 |
|
|
| 84.7 |
|
Loss on extinguishment of debt |
| — |
|
|
| 20.7 |
|
| 0.9 |
|
|
| 20.7 |
|
Total benefits, losses and expenses |
| 2,539.3 |
|
|
| 2,449.6 |
|
| 7,286.6 |
|
|
| 7,000.0 |
|
Income from continuing operations before provision for income taxes |
| 8.5 |
|
|
| 188.2 |
|
| 253.6 |
|
|
| 612.7 |
|
Provision for income taxes |
| 1.2 |
|
|
| 37.2 |
|
| 45.1 |
|
|
| 133.8 |
|
Net income from continuing operations |
| 7.3 |
|
|
| 151.0 |
|
| 208.5 |
|
|
| 478.9 |
|
Net income from discontinued operations |
| — |
|
|
| 728.8 |
|
| — |
|
|
| 762.0 |
|
Net income |
| 7.3 |
|
|
| 879.8 |
|
| 208.5 |
|
|
| 1,240.9 |
|
Less: Preferred stock dividends |
| — |
|
|
| — |
|
| — |
|
|
| (4.7 | ) |
Net income attributable to common stockholders | $ | 7.3 |
|
| $ | 879.8 |
| $ | 208.5 |
|
| $ | 1,236.2 |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
| |||||||
Net income from continuing operations per share: |
|
|
|
|
|
|
| |||||||
Basic | $ | 0.14 |
|
| $ | 2.56 |
| $ | 3.81 |
|
| $ | 7.94 |
|
Diluted | $ | 0.14 |
|
| $ | 2.54 |
| $ | 3.78 |
|
| $ | 7.87 |
|
|
|
|
|
|
|
|
| |||||||
Common stock dividends per share | $ | 0.68 |
|
| $ | 0.66 |
| $ | 2.04 |
|
| $ | 1.98 |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
| |||||||
Share data: |
|
|
|
|
|
|
| |||||||
Basic weighted average shares outstanding |
| 53,717,373 |
|
|
| 59,126,313 |
|
| 54,693,799 |
|
|
| 59,769,690 |
|
|
|
|
|
|
|
|
| |||||||
Diluted weighted average shares outstanding |
| 54,066,605 |
|
|
| 59,479,464 |
|
| 55,124,850 |
|
|
| 60,855,321 |
|
Assurant, Inc. | |||||||
| September 30, |
| December 31, | ||||
|
| 2022 |
|
|
| 2021 |
|
| ($ in millions) | ||||||
Assets |
|
|
| ||||
Investments and cash and cash equivalents | $ | 8,945.9 |
|
| $ | 10,712.4 |
|
Reinsurance recoverables |
| 7,561.8 |
|
|
| 6,181.2 |
|
Deferred acquisition costs |
| 9,577.8 |
|
|
| 8,811.0 |
|
Goodwill |
| 2,547.4 |
|
|
| 2,571.6 |
|
Value of business acquired |
| 323.5 |
|
|
| 583.4 |
|
Other assets |
| 4,289.3 |
|
|
| 3,984.1 |
|
Assets held for sale |
| — |
|
|
| 1,076.9 |
|
Total assets | $ | 33,245.7 |
|
| $ | 33,920.6 |
|
|
|
|
| ||||
Liabilities |
|
|
| ||||
Policyholder benefits and claims payable | $ | 3,429.1 |
|
| $ | 2,018.0 |
|
Unearned premiums |
| 19,554.9 |
|
|
| 18,623.7 |
|
Debt |
| 2,129.3 |
|
|
| 2,202.5 |
|
Accounts payable and other liabilities |
| 4,033.5 |
|
|
| 4,547.5 |
|
Liabilities held for sale |
| — |
|
|
| 1,064.8 |
|
Total liabilities |
| 29,146.8 |
|
|
| 28,456.5 |
|
|
|
|
| ||||
Stockholders’ equity |
|
|
| ||||
Equity, excluding accumulated other comprehensive loss |
| 5,183.8 |
|
|
| 5,614.1 |
|
Accumulated other comprehensive loss |
| (1,084.9 | ) |
|
| (150.0 | ) |
Total equity |
| 4,098.9 |
|
|
| 5,464.1 |
|
Total liabilities and equity | $ | 33,245.7 |
|
| $ | 33,920.6 |
|
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101006200/en/
CONTACT: Media Contacts:
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 Contacts:
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
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: Assurant, Inc.
Copyright Business Wire 2022.
PUB: 11/01/2022 04:15 PM/DISC: 11/01/2022 04:17 PM
http://www.businesswire.com/news/home/20221101006200/en