NEW YORK–(BUSINESS WIRE)–Assurant, Inc. (NYSE: AIZ), a number one world enterprise providers firm that helps, protects and connects main shopper purchases, immediately reported outcomes for the primary quarter ended March 31, 2022.
“Our first quarter results were led by strong performance from our fee-based and capital-light offerings within Global Lifestyle, which came in ahead of our expectations,” stated Assurant President and CEO Keith Demmings. “While Global Housing results were weaker in the first quarter, we continue to believe we are well-positioned to deliver on our financial objectives for 2022 as we focus on driving profitable growth while delivering market-leading innovation for our clients and their customers,” Demmings added.
(Unaudited) |
Q1’22 |
|
Q1’21 |
|
Change |
|
$ in tens of millions, besides the place famous |
|
|
||||
GAAP internet earnings |
145.5 |
|
148.5 |
|
(2)% |
|
Adjusted EBITDA1 |
299.0 |
|
258.6 |
|
16% |
|
Adjusted EBITDA, ex. reportable catastrophes2 |
302.0 |
|
302.2 |
|
0% |
|
|
|
|
|
|
|
|
GAAP internet earnings per diluted share |
2.59 |
|
2.41 |
|
7% |
|
Adjusted earnings per diluted share3 |
3.75 |
|
2.69 |
|
39% |
|
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
3.80 |
|
3.24 |
|
17% |
First Quarter 2022 Summary:
- GAAP internet earnings decreased 2 % versus prior 12 months interval, whereas internet earnings per diluted share elevated 7 %
- Adjusted EBITDA, excluding reportable catastrophes2, was in-line with the prior 12 months interval at $302.0 million
- Adjusted earnings, excluding reportable catastrophes, per diluted share4, elevated 17 % to $3.80
- Holding firm liquidity was $738 million, together with the remaining Global Preneed sale proceeds
- Share repurchases and customary inventory dividends totaled $280 million
2022 Outlook
In 2022, the corporate continues to anticipate:
- 8 to 10 % development in Adjusted EBITDA, excluding reportable catastrophes5, pushed by worthwhile development throughout Global Lifestyle and Global Housing
-
16 to twenty % development in Adjusted earnings, excluding reportable catastrophes, per diluted share5, pushed by continued worthwhile development and share buybacks
Note: References to internet earnings, together with in internet earnings per diluted share, all through this press launch seek advice from internet earnings from persevering with operations. Some of the metrics all through this press launch are non-GAAP measures of efficiency. A full reconciliation of every non-GAAP measure to essentially the most comparable GAAP measure could be discovered within the Non-GAAP Financial Measures part.
First Quarter Consolidated Results
(Unaudited) |
Q1’22 |
|
Q1’21 |
|
Change |
|
$ in tens of millions |
|
|
||||
|
|
|
|
|
|
|
GAAP internet earnings |
145.5 |
|
148.5 |
|
(2)% |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
Global Lifestyle |
217.4 |
|
193.0 |
|
13% |
|
Global Housing |
103.8 |
|
93.5 |
|
11% |
|
Corporate and Other |
(22.2) |
|
(27.9) |
|
20% |
|
Adjusted EBITDA1 |
299.0 |
|
258.6 |
|
16% |
|
Reportable catastrophes |
3.0 |
|
43.6 |
|
|
|
Adjusted EBITDA, ex. reportable catastrophes |
|
|
|
|
|
|
Global Lifestyle2 |
217.3 |
|
193.0 |
|
13% |
|
Global Housing2 |
106.9 |
|
137.1 |
|
(22)% |
|
Corporate and Other |
(22.2) |
|
(27.9) |
|
20% |
|
Adjusted EBITDA, ex. reportable catastrophes2 |
302.0 |
|
302.2 |
|
0% |
|
Note: Some of the metrics all through this press launch are non-GAAP measures of efficiency. A full reconciliation of every non-GAAP measure to essentially the most comparable GAAP measure could be discovered within the Non-GAAP Financial Measures part. Adjusted EBITDA of the Global Lifestyle, Global Housing and Corporate and Other segments is the phase measure of profitability in our GAAP monetary statements and consists of reportable catastrophes. Adjusted EBITDA, excluding reportable catastrophes, of the Corporate and Other phase is the same as GAAP Adjusted EBITDA since there are not any reportable catastrophes. Additional particulars relating to key monetary metrics are included within the Financial Supplement situated on Assurant’s Investor Relations web site: https://ir.assurant.com/investor/default.aspx |
First Quarter 2022 Consolidated Results
- GAAP internet earnings was $145.5 million, in comparison with first quarter 2021 of $148.5 million. The decline was primarily pushed by a lower in internet unrealized positive aspects from adjustments in truthful worth of fairness securities, partially offset by decrease reportable catastrophes.
- GAAP internet earnings per diluted share was $2.59, in comparison with first quarter 2021 of $2.41. The improve was primarily pushed by ongoing share repurchases.
- Adjusted EBITDA1 elevated 16 % in comparison with the prior 12 months interval, primarily on account of a $40.6 million pre-tax lower in reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 was in-line with the prior 12 months interval. Double-digit development in Global Lifestyle and a decrease Corporate and Other loss have been offset by increased non-cat loss expertise in Global Housing primarily inside specialty merchandise.
- Adjusted earnings, excluding reportable catastrophes, per diluted share4, elevated 17 % to $3.80, primarily pushed by ongoing share repurchases and a $9.0 million one-time tax profit.
-
Revenue from the Global Lifestyle and Global Housing segments totaled $2.46 billion in comparison with $2.36 billion in first quarter 2021, up 4 %, primarily on account of Global Automotive development inside Global Lifestyle.
Note: Throughout this press launch, income refers to internet earned premiums, charges and different earnings. GAAP income is the same as internet earned premiums, charges and different earnings, internet funding earnings and internet realized positive aspects (losses) on investments.
Global Lifestyle
$ in tens of millions |
Q1’22 |
|
Q1’21 |
|
Change |
|
Adjusted EBITDA |
217.4 |
|
193.0 |
|
13% |
|
Revenue |
1,961.6 |
|
1,862.3 |
|
5% |
- Adjusted EBITDA elevated in comparison with the prior 12 months interval, on account of sturdy outcomes throughout Connected Living and Global Automotive. In Connected Living, cellular elevated primarily from gadget safety efficiency in North America, together with extra favorable loss expertise and subscriber development, in addition to a rise in world cellular units serviced, primarily from increased trade-in volumes. Global Automotive elevated from increased funding earnings, favorable loss expertise in choose ancillary merchandise and growth throughout distribution channels.
- Revenue elevated in comparison with the prior 12 months interval, led by Global Automotive premium will increase from sturdy prior interval gross sales. Connected Living elevated modestly as cellular price earnings development from service and restore and trade-in was partially offset by premium declines in runoff cellular packages.
Global Housing
$ in tens of millions |
Q1’22 |
|
Q1’21 |
|
Change |
|
Adjusted EBITDA |
103.8 |
|
93.5 |
|
11% |
|
Reportable catastrophes |
3.1 |
|
43.6 |
|
|
|
Adjusted EBITDA, ex. reportable catastrophes2 |
106.9 |
|
137.1 |
|
(22)% |
|
Revenue |
496.8 |
|
493.0 |
|
1% |
- Adjusted EBITDA elevated in comparison with the prior 12 months interval primarily on account of a $40.5 million pre-tax lower in reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 decreased on account of increased non-cat loss expertise, together with a $13.8 million year-over-year improve inside sharing economic system choices primarily associated to a reserve adjustment and antagonistic growth from insurance policies beforehand written below much less favorable phrases. Lender-placed additionally skilled increased non-cat losses primarily from elevated fireplace claims.
- Revenue elevated modestly year-over-year, as development in lender-placed from increased common insured values and premium charges and multifamily housing was partially offset by a decline in specialty merchandise from shopper runoff.
Corporate and Other
$ in tens of millions |
Q1’22 |
|
Q1’21 |
|
Change |
|
Adjusted EBITDA |
(22.2) |
|
(27.9) |
|
20% |
- Adjusted EBITDA loss decreased in first quarter 2022 in comparison with the prior 12 months interval, primarily pushed by decrease employee-related bills and a rise in funding earnings from increased asset balances.
Holding Company Liquidity Position
- Share repurchases and customary inventory dividends totaled $280 million in first quarter 2022. During first quarter 2022, Assurant repurchased 1.5 million shares of widespread inventory for $242 million and paid $37 million in widespread inventory dividends. From April 1 by way of May 1, 2022, the corporate repurchased a further 460 thousand shares for about $86 million, with $514 million remaining below the present repurchase authorization.
2022 Company Outlook5
$ in tens of millions, except in any other case famous |
FY 2021 |
|
Q1’22 YTD |
|
2022 Outlook5 |
|
Adjusted EBITDA, ex. reportable catastrophes2 |
1,107.5 |
|
302.0 |
|
8 to 10 % development |
|
Global Lifestyle |
714.2 |
|
217.4 |
|
Low double-digit development |
|
Global Housing, ex. reportable catastrophes2 |
486.4 |
|
106.9 |
|
Mid-single-digit development |
|
Corporate and Other |
(93.3) |
|
(22.2) |
|
~(105.0) |
|
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
$12.12 |
|
$3.80 |
|
16 to twenty % development |
For full-year 2022, the corporate expects:
- Adjusted EBITDA, excluding reportable catastrophes, to develop 8 to 10 %, pushed by development throughout Global Lifestyle and Global Housing. Global Lifestyle Adjusted EBITDA is anticipated to extend by low double-digits, pushed primarily by cellular in Connected Living from world growth in present and new purchasers throughout gadget safety and trade-in and improve packages. This will probably be partially offset by strategic investments to help new enterprise alternatives, together with in-store cellular service and restore capabilities, in addition to unfavorable impacts of overseas trade. Global Automotive is anticipated to extend, now pushed by increased funding earnings and enterprise efficiency. Global Housing Adjusted EBITDA, excluding reportable catastrophes, is now anticipated to extend by mid-single-digits, primarily from development in lender-placed from expense initiatives and better common insured values, that are anticipated to greater than offset increased claims and reinsurance prices. Corporate and Other Adjusted EBITDA loss is anticipated to be roughly $105.0 million, reflecting decrease internet funding earnings as in comparison with 2021.
- Adjusted earnings, excluding reportable catastrophes, per diluted share to extend 16 to twenty %, pushed by continued Global Lifestyle and Global Housing development in addition to share repurchases, together with returning the remaining proceeds from the sale of Global Preneed. Assurant’s consolidated efficient tax charge is anticipated to be roughly 22 to 24 %, which displays the impression of the primary quarter tax profit.
- Business phase dividends to approximate three quarters of phase Adjusted EBITDA, together with reportable catastrophes, which represents roughly the identical historic conversion ranges to the holding firm. This is topic to the expansion of the companies, ranking company and regulatory capital necessities, and funding portfolio efficiency.
- Capital to be deployed to help enterprise development by funding investments and M&A, and to return capital to shareholders within the type of share repurchases and dividends, topic to Board approval and market circumstances.
Earnings Conference Call
The first quarter 2022 earnings convention name and webcast will probably be held Wednesday, May 4, 2022 at 8:00 a.m. ET. The reside and archived webcast, together with supplemental info, will probably be obtainable on Assurant’s Investor Relations web site:
https://ir.assurant.com/investor/default.aspx
About Assurant
Assurant, Inc. (NYSE: AIZ) is a number one world enterprise providers firm that helps, protects and connects main shopper purchases. A Fortune 300 firm with a presence in 21 nations, Assurant helps the development of the related world by partnering with the world’s main manufacturers to develop progressive options and to ship an enhanced buyer expertise by way of cellular gadget options, prolonged service contracts, automobile safety providers, renters insurance coverage, lender-placed insurance coverage merchandise and different specialty merchandise.
Learn extra at assurant.com or on Twitter @Assurant.
Safe Harbor Statement
Some of the statements included on this information launch and its displays, together with our enterprise and monetary plans and any statements relating to the corporate’s anticipated future monetary efficiency, enterprise prospects, development and working methods and related issues, could represent forward-looking statements inside the that means of the U.S. Private Securities Litigation Reform Act of 1995.
You can establish forward-looking statements by way of phrases reminiscent of “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the unfavorable model of these phrases and different phrases and phrases with the same that means. Any forward-looking statements contained on this information launch or its displays are based mostly upon our historic efficiency and on present plans, estimates and expectations. The inclusion of this forward-looking info shouldn’t be considered a illustration by us or another individual that our future plans, estimates or expectations will probably be achieved. Our precise outcomes may differ materially from these projected within the forward-looking statements. We undertake no obligation to replace or overview any forward-looking assertion, whether or not because of new info, future occasions or different developments. The following components may trigger our precise outcomes to vary materially from these at present estimated by administration, together with these projected within the firm outlook:
(i) |
the lack of vital purchasers, distributors or different events with whom we do enterprise, or if we’re unable to resume contracts with them on favorable phrases, or if these events face monetary, reputational or regulatory points; |
|
(ii) |
vital aggressive pressures, adjustments in buyer preferences and disruption; |
|
(iii) |
the failure to execute our technique, together with by way of the persevering with service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce; |
|
(iv) |
the failure to search out appropriate acquisitions at enticing costs, combine acquired companies successfully or establish new areas for natural development; |
|
(v) |
our incapacity to recuperate ought to we expertise a enterprise continuity occasion; |
|
(vi) |
the failure to handle distributors and different third events on whom we rely to conduct enterprise and supply providers to our purchasers; |
|
(vii) |
dangers associated to our worldwide operations; |
|
(viii) |
declines within the worth of cellular units, or export compliance or different dangers in our cellular enterprise; |
|
(ix) |
our incapacity to develop and keep distribution sources or appeal to and retain gross sales representatives and executives with key shopper relationships; |
|
(x) |
dangers related to joint ventures, franchises and investments wherein we share possession and administration with third events; |
|
(xi) |
the impression of disaster and non-catastrophe losses, together with because of local weather change; |
|
(xii) |
unfavorable publicity referring to our enterprise or trade; |
|
(xiii) |
the impression of basic financial, monetary market and political circumstances and circumstances within the markets wherein we function, together with the battle in Ukraine and the present inflationary atmosphere; |
|
(xiv) |
the impression of the COVID-19 pandemic and measures taken in response thereto; |
|
(xv) |
the adequacy of reserves established for claims and our incapacity to precisely predict and value for claims; |
|
(xvi) |
a decline in monetary power rankings of our insurance coverage subsidiaries or in our company senior debt rankings; |
|
(xvii) |
fluctuations in trade charges; |
|
(xviii) |
an impairment of goodwill or different intangible belongings; |
|
(xix) |
the failure to take care of efficient inside management over monetary reporting; |
|
(xx) |
unfavorable circumstances within the capital and credit score markets; |
|
(xxi) |
a lower within the worth of our funding portfolio, together with on account of market, credit score and liquidity dangers, and adjustments in rates of interest; |
|
(xxii) |
an impairment within the worth of our deferred tax belongings; |
|
(xxiii) |
the unavailability or inadequacy of reinsurance protection and the credit score threat of reinsurers, together with these to whom now we have bought enterprise by way of reinsurance; |
|
(xxiv) |
the credit score threat of a few of our brokers, third-party directors and purchasers; |
|
(xxv) |
the shortcoming of our subsidiaries to pay ample dividends to the holding firm and limitations on our potential to declare and pay dividends or repurchase shares; |
|
(xxvi) |
limitations within the analytical fashions we use to help in our decision-making; |
|
(xxvii) |
the failure to successfully keep and modernize our info expertise programs and infrastructure, or the failure to combine these of acquired companies; |
|
(xxviii) |
breaches of our info programs or these of third events with whom we do enterprise, or the failure to guard the safety of information in such programs, together with on account of cyberattacks and because of working remotely; |
|
(xxix) |
the prices of complying with, or the failure to adjust to, in depth legal guidelines and laws to which we’re topic, together with these associated to privateness, knowledge safety, knowledge safety or tax; |
|
(xxx) |
the impression of litigation and regulatory actions; |
|
(xxxi) |
reductions or deferrals within the insurance coverage premiums we cost; |
|
(xxxii) |
adjustments in insurance coverage, tax and different laws; |
|
(xxxiii) |
volatility in our widespread inventory value and buying and selling quantity; and |
|
(xxxiv) |
worker misconduct. |
For extra info on components that might have an effect on our precise outcomes, please seek advice from the components recognized within the stories we file with the U.S. Securities and Exchange Commission (the “SEC”), together with the danger components recognized in our most up-to-date Annual Report on Form 10-Ok and Quarterly Reports on Form 10-Q, every as filed with the SEC.
Non-GAAP Financial Measures
Assurant makes use of the next non-GAAP monetary measures to research the corporate’s working efficiency. Assurant’s non-GAAP monetary measures shouldn’t be thought-about in isolation or as an alternative choice to GAAP monetary measures. Because Assurant’s calculation of those measures could differ from related measures utilized by different corporations, buyers needs to be cautious when evaluating Assurant’s non-GAAP monetary measures to these of different corporations.
(1) |
Assurant makes use of Adjusted EBITDA as an essential measure of the corporate’s working efficiency. Assurant defines Adjusted EBITDA as internet earnings from persevering with operations, excluding internet realized losses (positive aspects) on investments and truthful worth adjustments to fairness securities, COVID-19 direct and incremental bills, loss on extinguishment of debt, internet earnings (loss) attributable to non-controlling pursuits, curiosity expense, provision (profit) for earnings taxes, depreciation expense, amortization of bought intangible belongings, restructuring prices associated to strategic exit actions (outdoors of regular periodic restructuring and value administration actions), in addition to different extremely variable or uncommon gadgets. The firm believes this metric offers buyers with an essential measure of the corporate’s working efficiency as a result of it excludes gadgets that don’t symbolize the continued operations of the corporate, and subsequently (i) enhances administration’s and buyers’ potential to research the continued operations of its companies and (ii) facilitates comparisons of its working efficiency over a number of durations, together with as a result of the amortization expense related to bought intangible belongings could fluctuate from interval to interval based mostly on the timing, measurement, nature and variety of acquisitions. Although the corporate excludes amortization of bought intangible belongings from Adjusted EBITDA, income generated from such intangible belongings is included inside the income in figuring out Adjusted EBITDA. The comparable GAAP measure is internet earnings from persevering with operations. See Note 2 beneath for a full reconciliation. |
|
(2) |
Adjusted EBITDA, Excluding Reportable Catastrophes: Assurant makes use of Adjusted EBITDA (outlined above), excluding reportable catastrophes (which represents particular person catastrophic occasions that generate losses in extra of $5.0 million, pre-tax, internet of reinsurance and shopper revenue sharing changes and together with reinstatement and different premiums), as one other essential measure of the corporate’s efficiency. The firm believes this metric offers buyers with an essential measure of the corporate’s efficiency for the explanations famous above, and since it excludes reportable catastrophes, which could be unstable. The comparable GAAP measure is internet earnings from persevering with operations. |
(UNAUDITED) |
1Q |
|
1Q |
|
12 Months |
||||||
($ in tens of millions) |
2022 |
|
2021 |
|
2021 |
||||||
GAAP internet earnings from persevering with operations |
$ |
145.5 |
|
|
$ |
148.5 |
|
|
$ |
613.5 |
|
Less: |
|
|
|
|
|
||||||
Interest expense |
|
26.9 |
|
|
|
28.4 |
|
|
|
111.8 |
|
Provision for earnings taxes |
|
25.3 |
|
|
|
44.6 |
|
|
|
169.5 |
|
Depreciation expense |
|
20.3 |
|
|
|
16.8 |
|
|
|
73.8 |
|
Amortization of bought intangible belongings |
|
17.6 |
|
|
|
17.0 |
|
|
|
65.8 |
|
Adjustments, pre-tax: |
|
|
|
|
|
||||||
Net realized losses (positive aspects) on investments and truthful worth adjustments to fairness securities |
|
62.4 |
|
|
|
(0.8 |
) |
|
|
(128.2 |
) |
COVID-19 direct and incremental bills |
|
1.4 |
|
|
|
3.0 |
|
|
|
10.0 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
20.7 |
|
Other changes(1) |
|
(0.4 |
) |
|
|
0.9 |
|
|
|
26.3 |
|
Loss attributable to non-controlling pursuits |
|
— |
|
|
|
0.2 |
|
|
|
— |
|
Adjusted EBITDA |
|
299.0 |
|
|
|
258.6 |
|
|
|
963.2 |
|
Reportable catastrophes |
|
3.0 |
|
|
|
43.6 |
|
|
|
144.3 |
|
Adjusted EBITDA, excluding reportable catastrophes |
$ |
302.0 |
|
|
$ |
302.2 |
|
|
$ |
1,107.5 |
|
(1) Throughout this press launch, extra particulars concerning the parts of Other changes and different key monetary metrics are included within the Financial Supplement situated on Assurant’s Investor Relations web site: https://ir.assurant.com/investor/default.aspx |
(UNAUDITED) |
|
1Q 2022 |
|
|
1Q 2021 |
|
12 Months |
||||||||
|
Global |
|
Global |
|
Global |
|
Global |
|
Global |
||||||
($ in tens of millions) |
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ |
217.4 |
|
|
$ |
103.8 |
|
$ |
193.0 |
|
$ |
93.5 |
|
$ |
342.3 |
Reportable catastrophes |
|
(0.1 |
) |
|
|
3.1 |
|
|
— |
|
|
43.6 |
|
|
144.1 |
Adjusted EBITDA, excluding reportable catastrophes |
$ |
217.3 |
|
|
$ |
106.9 |
|
$ |
193.0 |
|
$ |
137.1 |
|
$ |
486.4 |
(3) |
Adjusted Earnings per Diluted Share: Assurant makes use of Adjusted earnings per diluted share as an essential measure of the corporate’s stockholder worth. Assurant defines Adjusted earnings per diluted share as internet earnings from persevering with operations, excluding internet realized positive aspects (losses) on investments, amortization of bought intangibles, COVID-19 direct and incremental bills, the CARES Act tax profit, loss on extinguishment of debt, internet earnings (loss) attributable to non-controlling pursuits, restructuring prices associated to strategic exit actions (outdoors of regular periodic restructuring and value administration actions), in addition to different extremely variable or uncommon gadgets, plus any dilutive most popular inventory dividends, divided by the weighted common diluted shares excellent. The firm believes this metric offers buyers with an essential measure of stockholder worth as a result of it excludes gadgets that don’t symbolize the continued operations of the corporate, and subsequently (i) enhances administration’s and buyers’ potential to research the continued operations of its companies and (ii) facilitates comparisons of its working efficiency over a number of durations, together with as a result of the amortization expense related to bought intangible belongings could fluctuate from interval to interval based mostly on the timing, measurement, nature and variety of acquisitions. Although the corporate excludes amortization of bought intangible belongings from Adjusted earnings, income generated from such intangible belongings is included inside the income in figuring out Adjusted earnings. The comparable GAAP measure is internet earnings from persevering with operations per diluted share, outlined as internet earnings from persevering with operations plus any dilutive most popular inventory dividends much less internet earnings from non-controlling pursuits, divided by the weighted common diluted shares excellent. See Note 4 beneath for a full reconciliation. |
|
(4) |
Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant makes use of Adjusted earnings, excluding reportable catastrophes, per diluted share (every as outlined above) as one other essential measure of the corporate’s stockholder worth. The firm believes this metric offers buyers with an essential measure of stockholder worth for the explanations famous above, and since it excludes reportable catastrophes, which could be unstable. The comparable GAAP measure is internet earnings from persevering with operations per diluted share, outlined as internet earnings from persevering with operations plus any dilutive most popular inventory dividends much less internet earnings from non-controlling pursuits, divided by the weighted common diluted shares excellent. |
(UNAUDITED) |
1Q |
|
1Q |
|
12 Months |
||||||
($ in tens of millions) |
2022 |
|
2021 |
|
2021 |
||||||
GAAP internet earnings from persevering with operations |
$ |
145.5 |
|
|
$ |
148.5 |
|
|
$ |
613.5 |
|
Adjustments, pre-tax: |
|
|
|
|
|
||||||
Net realized losses (positive aspects) on investments and truthful worth adjustments to fairness securities |
|
62.4 |
|
|
|
(0.8 |
) |
|
|
(128.2 |
) |
Amortization of bought intangible belongings |
|
17.6 |
|
|
|
17.0 |
|
|
|
65.8 |
|
COVID-19 direct and incremental bills |
|
1.4 |
|
|
|
3.0 |
|
|
|
10.0 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
20.7 |
|
Other changes |
|
(0.4 |
) |
|
|
1.8 |
|
|
|
31.3 |
|
(Benefit) provision for earnings taxes |
|
(15.6 |
) |
|
|
(3.8 |
) |
|
|
1.5 |
|
Net loss attributable to non-controlling pursuits |
|
— |
|
|
|
0.2 |
|
|
|
— |
|
Preferred inventory dividends |
|
— |
|
|
|
(4.7 |
) |
|
|
(4.7 |
) |
Adjusted earnings |
|
210.9 |
|
|
|
161.2 |
|
|
|
609.9 |
|
Reportable catastrophes, pre-tax |
|
3.0 |
|
|
|
43.6 |
|
|
|
144.3 |
|
Tax impression of reportable catastrophes |
|
(0.6 |
) |
|
|
(9.1 |
) |
|
|
(30.2 |
) |
Adjusted earnings, excluding reportable catastrophes |
$ |
213.3 |
|
|
$ |
195.7 |
|
|
$ |
724.0 |
|
|
|
|
|
|
|
||||||
(UNAUDITED) |
1Q |
|
1Q |
|
12 Months |
||||||
|
2022 |
|
2021 |
|
2021 |
||||||
GAAP internet earnings from persevering with operations per diluted share(1) |
$ |
2.59 |
|
|
$ |
2.41 |
|
|
$ |
10.20 |
|
Adjusted, pre-tax: |
|
|
|
|
|
||||||
Net realized losses (positive aspects) on investments and truthful worth adjustments to fairness securities |
|
1.11 |
|
|
|
(0.02 |
) |
|
|
(2.13 |
) |
Amortization of bought intangible belongings |
|
0.31 |
|
|
|
0.28 |
|
|
|
1.10 |
|
COVID-19 direct and incremental bills |
|
0.02 |
|
|
|
0.05 |
|
|
|
0.17 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
0.34 |
|
Other changes |
|
(0.01 |
) |
|
|
0.03 |
|
|
|
0.52 |
|
(Benefit) provision for earnings taxes |
|
(0.27 |
) |
|
|
(0.06 |
) |
|
|
0.02 |
|
Adjusted earnings, per diluted share(1) |
|
3.75 |
|
|
|
2.69 |
|
|
|
10.22 |
|
Reportable catastrophes, pre-tax |
|
0.05 |
|
|
|
0.71 |
|
|
|
2.40 |
|
Tax impression of reportable catastrophes |
|
— |
|
|
|
(0.16 |
) |
|
|
(0.50 |
) |
Adjusted earnings, excluding reportable catastrophes, per diluted share |
$ |
3.80 |
|
|
$ |
3.24 |
|
|
$ |
12.12 |
|
(1) Throughout this press launch, info on the share counts used within the per share calculations are included within the Financial Supplement situated on Assurant’s Investor Relations web site https://ir.assurant.com/investor/default.aspx |
(5) |
The firm outlook for Adjusted earnings, excluding reportable catastrophes, per diluted share and Adjusted EBITDA, excluding reportable catastrophes, for Assurant and Global Housing every represent forward-looking info and the corporate believes that it can not reconcile such forward-looking info to essentially the most comparable GAAP measure with out unreasonable efforts. Many of the GAAP parts can’t be reliably quantified because of the mixture of variability and volatility of such parts and will, relying on the scale of the parts, have a big impression on the reconciliation. The firm is ready to quantify a full-year estimate of curiosity expense, depreciation expense and amortization of bought intangible belongings, every on a pre-tax foundation, that are anticipated to be roughly $109 million, $85 million and $70 million, respectively. The curiosity expense estimate assumes no extra debt is incurred or extinguished within the forecast interval and excludes after-tax curiosity bills included in debt extinguishment and different associated prices. |
Assurant, Inc. |
|||||||
Consolidated Statement of Operations (unaudited) |
|||||||
Three Months Ended March 31, 2022 and 2021 |
|||||||
|
1Q |
||||||
|
2022 |
|
2021 |
||||
($ in tens of millions besides variety of shares and per share quantities) |
|||||||
Revenues |
|
|
|
||||
Net earned premiums |
$ |
2,136.4 |
|
|
$ |
2,105.6 |
|
Fees and different earnings |
|
322.4 |
|
|
|
249.9 |
|
Net funding earnings |
|
86.3 |
|
|
|
76.3 |
|
Net realized (losses) positive aspects on investments and truthful worth adjustments to fairness securities |
|
(62.4 |
) |
|
|
0.8 |
|
Total revenues |
|
2,482.7 |
|
|
|
2,432.6 |
|
Benefits, losses and bills |
|
|
|
||||
Policyholder advantages |
|
494.5 |
|
|
|
528.7 |
|
Underwriting, promoting, basic and administrative bills |
|
1,790.5 |
|
|
|
1,682.4 |
|
Interest expense |
|
26.9 |
|
|
|
28.4 |
|
Total advantages, losses and bills |
|
2,311.9 |
|
|
|
2,239.5 |
|
Income from persevering with operations earlier than provision for earnings taxes |
|
170.8 |
|
|
|
193.1 |
|
Provision for earnings taxes |
|
25.3 |
|
|
|
44.6 |
|
Net earnings from persevering with operations |
|
145.5 |
|
|
|
148.5 |
|
Net earnings from discontinued operations |
|
— |
|
|
|
14.3 |
|
Net earnings |
|
145.5 |
|
|
|
162.8 |
|
Less: Net loss attributable to non-controlling pursuits |
|
— |
|
|
|
0.2 |
|
Net earnings attributable to stockholders |
|
145.5 |
|
|
|
163.0 |
|
Less: Preferred inventory dividends |
|
— |
|
|
|
(4.7 |
) |
Net earnings attributable to widespread stockholders |
$ |
145.5 |
|
|
$ |
158.3 |
|
|
|
|
|
||||
|
|
|
|
||||
Net earnings from persevering with operations per share: |
|
|
|
||||
Basic |
$ |
2.61 |
|
|
$ |
2.43 |
|
Diluted |
$ |
2.59 |
|
|
$ |
2.41 |
|
|
|
|
|
||||
Common inventory dividends per share |
$ |
0.68 |
|
|
$ |
0.66 |
|
|
|
|
|
||||
|
|
|
|
||||
Share knowledge: |
|
|
|
||||
Basic weighted common shares excellent |
|
55,779,362 |
|
|
|
59,192,880 |
|
|
|
|
|
||||
Diluted weighted common shares excellent |
|
56,180,404 |
|
|
|
61,783,392 |
|
Assurant, Inc. |
|||||||
Consolidated Condensed Balance Sheets (unaudited) |
|||||||
At March 31, 2022 and December 31, 2021 |
|||||||
|
March 31, |
|
December 31, |
||||
|
2022 |
|
2021 |
||||
|
($ in tens of millions) |
||||||
Assets |
|
|
|
||||
Investments and money and money equivalents |
$ |
9,470.0 |
|
|
$ |
10,712.4 |
|
Reinsurance recoverables |
|
6,068.3 |
|
|
|
6,178.9 |
|
Deferred acquisition prices |
|
9,025.4 |
|
|
|
8,811.0 |
|
Goodwill |
|
2,569.4 |
|
|
|
2,571.6 |
|
Value of enterprise acquired |
|
484.3 |
|
|
|
583.4 |
|
Assets held in separate accounts |
|
11.1 |
|
|
|
11.9 |
|
Other belongings |
|
4,343.5 |
|
|
|
3,965.4 |
|
Assets held on the market |
|
1,050.6 |
|
|
|
1,076.9 |
|
Total belongings |
$ |
33,022.6 |
|
|
$ |
33,911.5 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Policyholder advantages and claims payable |
$ |
1,944.1 |
|
|
$ |
2,009.1 |
|
Unearned premiums |
|
18,702.9 |
|
|
|
18,623.7 |
|
Debt |
|
2,203.0 |
|
|
|
2,202.5 |
|
Liabilities associated to separate accounts |
|
11.1 |
|
|
|
11.9 |
|
Accounts payable and different liabilities |
|
4,103.4 |
|
|
|
4,509.8 |
|
Liabilities held on the market |
|
1,037.0 |
|
|
|
1,064.8 |
|
Total liabilities |
|
28,001.5 |
|
|
|
28,421.8 |
|
|
|
|
|
||||
Stockholders’ fairness |
|
|
|
||||
Equity, excluding collected different complete earnings |
|
5,506.4 |
|
|
|
5,639.7 |
|
Accumulated different complete (loss) earnings |
|
(485.3 |
) |
|
|
(150.0 |
) |
Total fairness |
|
5,021.1 |
|
|
|
5,489.7 |
|
Total liabilities and fairness |
$ |
33,022.6 |
|
|
$ |
33,911.5 |
|