Financial Data and Key Metrics Changes - In 2024, the company achieved a 15% growth in adjusted EBITDA, reaching over $1.5 billion, and a 19% increase in adjusted earnings per share, exceeding $20, both excluding catastrophes [8][27] - The fourth quarter saw a 13% increase in adjusted EBITDA and earnings per share, both excluding catastrophes, driven primarily by Global Housing [29] Business Line Data and Key Metrics Changes - Global Lifestyle's Connected Living segment grew 9% excluding $25 million of investments and $12 million of unfavorable foreign exchange [28] - Global Auto experienced an 11% decline in results compared to the previous year, primarily due to lower real estate joint venture partnership income [36] - Global Housing's adjusted EBITDA was $225 million in the fourth quarter, with a 32% increase excluding catastrophes, benefiting from robust policy growth in homeowners [38][39] Market Data and Key Metrics Changes - The company reported a year-over-year increase of 16% in policies in force for the lender-placed homeowners business, driven by hard insurance markets [54] - The company has renewed significant client relationships, including major mobile carriers and financial institutions, enhancing its market position [17] Company Strategy and Development Direction - The company is focused on executing and scaling new partnerships and program launches, particularly in lifestyle and housing, with expectations of a one-year payback on investments made in 2024 [23] - The company aims to leverage its B2B2C business model to enhance customer experiences and drive growth through innovative solutions [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for Global Automotive, citing stabilization in earnings due to targeted actions [12] - The company anticipates modest growth in adjusted EBITDA and earnings per share for 2025, driven by strong underlying trends despite foreign exchange headwinds [41][43] Other Important Information - The company returned over $450 million to shareholders in 2024, including $300 million in share repurchases, and has increased its common stock dividend by 11% [31][32] - The company was added to the S&P High Yield Dividend Aristocrats Index, highlighting its strong capital returns [32] Q&A Session Summary Question: Can you talk about the Homeowners business and the placement rate? - Management noted a 16% year-over-year increase in policies in force, with strong growth driven by client growth and market conditions in California [54][55] Question: How do you see top-line growth in Global Lifestyle? - Management expressed excitement about growth in Connected Living, emphasizing the importance of securing mobile clients and optimizing customer experience [58][60] Question: Are you seeing elevated losses in Global Auto? - Management indicated that losses have stabilized, with expectations for growth in 2025 [74][76] Question: What is the outlook for reinsurance renewal costs? - Management expects to maintain a consistent program structure with favorable pricing due to strong relationships with reinsurers [103][106] Question: How do tariffs impact input costs? - Management has not included tariffs in their guidance due to uncertainty but is monitoring potential impacts on consumer demand and input costs [109][111] Question: What is the outlook for the combined ratio in the Housing segment? - Management expects a mid-80s combined ratio for 2025, even with anticipated losses from California wildfires [91][125] Question: How can the company be better appreciated in the market? - Management emphasized the strength and resilience of the housing business and the need to communicate its unique value proposition more effectively [128][130]

Keith Meier Executive Vice President & Chief Financial Officer Cautionary Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability and resiliency of enterprise and segm ...

Core Viewpoint - Assurant, Inc. reported strong fourth-quarter 2024 results, with net operating income and total revenues exceeding expectations, driven by growth in Global Housing and Connected Living segments [1][2]. Financial Performance - Fourth-quarter net operating income was $4.79 per share, beating the Zacks Consensus Estimate by 10.6%, and increased 5% year over year [1]. - Total revenues rose 4.4% year over year to $3.1 billion, surpassing the Zacks Consensus Estimate by 2.6% [2]. - Adjusted EBITDA, excluding reportable catastrophes, increased 13% to $431.5 million [2]. Expense Analysis - Total benefits, losses, and expenses increased 3.5% to $2.8 billion, primarily due to higher policyholder benefits and administrative expenses, exceeding the estimate of $2.6 billion [3]. Segmental Performance - Global Housing net earned premiums, fees, and other income increased 19% to $647.4 million, driven by Homeowners' growth, beating the Zacks Consensus Estimate of $607 million [4]. - Adjusted EBITDA for Global Housing was $225.4 million, up 21% year over year, with a 32% increase when excluding reportable catastrophes [5]. - Global Lifestyle net earned premiums, fees, and other income rose 2% to $2.3 billion, driven by Connected Living growth, exceeding the Zacks Consensus Estimate of $2.2 billion [6]. - Adjusted EBITDA for Global Lifestyle decreased 6% year over year to $191.7 million, primarily due to lower results in Global Automotive [7]. Full-Year Highlights - Adjusted earnings for 2024 increased 7% to $16.64 per share, beating the Zacks Consensus Estimate by 2.7% [9]. - Total net earned premiums, fees, and other income from Global Lifestyle and Global Housing segments totaled $11.42 billion, up 7% [9]. - Adjusted EBITDA for the full year, excluding reportable catastrophes, increased 15% to $1.5 billion [9]. Financial Position - As of December 31, 2024, liquidity was $673 million, significantly above the targeted minimum level of $225 million [11]. - Total assets increased 4.1% to $35 billion, while total shareholders' equity rose 6.2% year over year to $5.1 billion [11]. Share Repurchase and Dividend Update - In 2024, Assurant repurchased 1.5 million shares for $300 million and paid $156 million in dividends, with $351 million remaining under the current repurchase authorization [12]. 2025 Guidance - Assurant expects adjusted EBITDA, excluding reportable catastrophes, to increase modestly in 2025, with growth projected in both Global Lifestyle and Global Housing segments [13][14]. - Adjusted earnings per diluted share growth rate is expected to increase modestly, with an effective tax rate projected at approximately 20% to 22% [15].

Core Insights - Assurant (AIZ) reported $3.13 billion in revenue for Q4 2024, a year-over-year increase of 4.4%, with an EPS of $4.79 compared to $4.58 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - Net investment income was $137.80 million, slightly above the average estimate of $134.09 million, but down 5.3% year-over-year [4] - Fees and other income totaled $438.60 million, below the average estimate of $447.09 million, reflecting a year-over-year increase of 1% [4] - Net earned premiums, fees, and other income reached $3 billion, surpassing the average estimate of $2.47 billion, marking a 4.9% year-over-year increase [4] Segment Performance - Global Housing revenues were $684.60 million, exceeding the estimated $636.93 million, with an 18.1% year-over-year increase [4] - Global Lifestyle revenues amounted to $2.44 billion, slightly above the estimated $2.39 billion, with a year-over-year increase of 1.2% [4] - Corporate & Other revenues were reported at $6.70 million, below the estimated $8.15 million, but showed a year-over-year increase of 15.5% [4] Investment Metrics - Global Housing net earned premiums were $603 million, exceeding the average estimate of $560.59 million, reflecting a year-over-year increase of 17.5% [4] - Global Housing fees and other income were $44.40 million, slightly below the average estimate of $46.54 million, with a significant year-over-year increase of 35.8% [4] - Global Lifestyle net investment income was $92.30 million, close to the average estimate of $92.66 million, but down 11.1% year-over-year [4]

Core Viewpoint - Assurant reported quarterly earnings of $4.79 per share, exceeding the Zacks Consensus Estimate of $4.33 per share, and showing an increase from $4.58 per share a year ago, indicating a 10.62% earnings surprise [1][2] Financial Performance - The company achieved revenues of $3.13 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.60% and up from $3 billion year-over-year [2] - Over the last four quarters, Assurant has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance and Outlook - Assurant shares have declined approximately 0.3% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates at $4.69 for the next quarter and $17.95 for the current fiscal year [4][7] Industry Context - The Insurance - Multi line industry, to which Assurant belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Catastrophes and Financial Impact - Assurant expects to record approximately $50 million pre-tax ($40 million after-tax) of reportable catastrophes for Q4 2024, primarily driven by Hurricane Milton[6] - The recent California wildfires are expected to be a reportable catastrophe for Q1 2025[7] Property Sale and Relocation - Assurant entered into a Purchase and Sale Agreement to sell its Miami, Florida campus for $126 million[5] - The transaction is subject to a 90-day due diligence period and development approvals, which could take 18 to 24 months[5] - Assurant plans to relocate its Miami operations to a new leased site by the end of Q2 2025[5]

Core Viewpoint - Assurant, Inc. (AIZ) is expected to report fourth-quarter 2024 earnings on February 11, with a history of earnings surprises averaging 20.32% over the last four quarters [1] Group 1: Performance Expectations - The Global Housing segment and growth in Global Lifestyle are anticipated to positively impact fourth-quarter performance [2] - Revenues are projected to reach $3.05 billion, reflecting a 1.7% increase from the same quarter last year [2] - Net earned premiums are expected to be $2.4 billion, with fees and other income estimated to rise by 2.7% to $446.2 million [3] Group 2: Investment Income and Segment Performance - Net investment income is forecasted at $142.8 million, benefiting from higher yields and asset balances [4] - The Global Housing segment's revenues are estimated at $607.8 million, indicating a 9.8% growth year-over-year [5] - Global Lifestyle revenues are expected to be $2.3 billion, driven by mobile growth and new trade-in programs [6] Group 3: Expense and Earnings Outlook - Total expenses are projected to be $2.6 billion, influenced by increased underwriting and administrative costs [7] - The consensus estimate for fourth-quarter earnings is $3.96 per share, representing a 13.5% decline from the previous year [7] Group 4: Earnings Prediction Model - The earnings prediction model indicates a likelihood of an earnings beat for Assurant, supported by a positive Earnings ESP of +9.37% and a Zacks Rank of 2 (Buy) [8][9]

The upcoming report from Assurant (AIZ) is expected to reveal quarterly earnings of $3.96 per share, indicating a decline of 13.5% compared to the year-ago period. Analysts forecast revenues of $3.05 billion, representing an increase of 1.8% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces its earnings, it is essen ...

The market expects Assurant (AIZ) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 11, 2025, might help the stock move higher if these key numbers are ...

Core Insights - The Finance sector's fourth-quarter 2024 earnings are expected to improve by 24.3%, with revenues estimated to rise by 11.2% [1] Group 1: Industry Performance - Fourth-quarter results for the insurance industry are likely to reflect better pricing, exposure growth, accelerated digitalization, and favorable interest rates, although catastrophe losses may have negatively impacted profitability [1][3] - Underwriting results are expected to benefit from improved pricing, increased exposure, solid retention, new business growth, portfolio repositioning, proper segmentation, reinsurance covers, and favorable reserve development [3] - Catastrophe losses, particularly from Hurricane Milton, are estimated at $34 billion, with insured losses between $17 billion and $28 billion, significantly affecting Florida insurers [4] Group 2: Pricing and Premiums - Higher catastrophe losses are driving policy renewal rates and pricing, with the commercial insurance sector seeing a composite rate increase of 2.64% and personal lines composite rate increasing by 4% in Q4 2024 [5] - Increased travel is likely to have raised auto premiums, although the loss ratio may have been affected by higher vehicle repair and medical costs [6] Group 3: Company-Specific Insights - Palomar Holdings (PLMR) is expected to benefit from new business, strong premium retention, and an increase in investment income, despite rising expenses due to higher incurred losses [9] - Assurant Inc. (AIZ) is likely to see performance improvements from its Global Housing and Global Lifestyle segments, with net investment income benefiting from higher yields [12] - Brighthouse Financial Inc. (BHF) is expected to report a 52.1% increase in earnings, driven by improving life insurance sales and a well-diversified investment portfolio [14][15] - Unum Group (UNM) anticipates a 19% increase in earnings, supported by favorable persistency and better sales in its operating segments [16][17]