Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the fourth quarter and full-year ended December 31, 2022.
"In 2022, we continued to execute on our vision to be the leading global business services provider supporting the advancement of the connected world. We delivered high single-digit growth in Global Lifestyle, while taking decisive actions in Global Housing to simplify our business and improve financial results," said Assurant President and CEO Keith Demmings. "I am especially pleased with our strong fourth quarter segment results, which demonstrate our focus on driving outperformance over the long term. We also acted with urgency to mitigate the impact of global macroeconomic headwinds by streamlining our real estate footprint and increasing efficiency in our organizational structure, all while strengthening the business for the future through targeted investments in key product offerings and capabilities to sustain our competitive advantage."
"For 2023, we expect our business to grow Adjusted EBITDA by low single-digits, excluding catastrophe losses, as we realize the benefits from our Global Housing transformation and continue to expand market share within Global Lifestyle. While we expect macroeconomic headwinds to persist near-term, we remain well-positioned to drive long-term shareholder value," Demmings added.
Note: The metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined.
(Unaudited) |
Q4'22 |
|
Q4'21 |
|
Change |
|
12M'22 |
|
12M'21 |
|
Change |
$ in millions, except per share data |
|
|
|
|
|
||||||
GAAP net income |
68.1 |
|
124.0 |
|
(45)% |
|
276.6 |
|
602.9 |
|
(54)% |
Adjusted EBITDA1 |
274.2 |
|
252.5 |
|
9% |
|
956.2 |
|
965.9 |
|
(1)% |
Adjusted EBITDA, ex. reportable catastrophes2 |
296.3 |
|
257.0 |
|
15% |
|
1,128.3 |
|
1,121.5 |
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted share |
1.27 |
|
2.15 |
|
(41)% |
|
5.05 |
|
10.03 |
|
(50)% |
Adjusted earnings per diluted share3 |
3.23 |
|
2.81 |
|
15% |
|
11.13 |
|
10.24 |
|
9% |
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
3.56 |
|
2.87 |
|
24% |
|
13.61 |
|
12.28 |
|
11% |
Note: Effective January 1, 2023, the company realigned the composition of its reportable segments to correspond with changes to its Global Housing operating structure. As a result, the Global Housing segment is now comprised of two key lines of business, Homeowners, and Renters and Other. Certain specialty products, mainly the Leased and Financed business, previously included in the Global Housing segment will now be reported in Global Lifestyle to better align with the company's go-to-market strategy. This realignment has no impact on the company's consolidated results and will be reflected beginning with first quarter 2023 reporting. More information on these changes and a full reconciliation of certain historical revised key measures of performance and metrics can be found in the fourth 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.
Full-Year 2022 Summary
2023 Outlook
The company expects:
Fourth Quarter and Full-Year 2022 Consolidated Results
(Unaudited) |
Q4'22 |
|
Q4'21 |
|
Change |
|
12M'22 |
|
12M'21 |
|
Change |
$ in millions |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
68.1 |
|
124.0 |
|
(45)% |
|
276.6 |
|
602.9 |
|
(54)% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle |
166.1 |
|
156.1 |
|
6% |
|
753.4 |
|
702.1 |
|
7% |
Global Housing |
135.3 |
|
121.9 |
|
11% |
|
302.0 |
|
357.1 |
|
(15)% |
Corporate and Other |
(27.2) |
|
(25.5) |
|
(7)% |
|
(99.2) |
|
(93.3) |
|
(6)% |
Adjusted EBITDA1 |
274.2 |
|
252.5 |
|
9% |
|
956.2 |
|
965.9 |
|
(1)% |
Reportable catastrophes |
22.1 |
|
4.5 |
|
|
|
172.1 |
|
155.6 |
|
|
Adjusted EBITDA, ex. reportable catastrophes |
|
|
|
|
|
|
|
|
|
|
|
Global Lifestyle2 |
166.1 |
|
156.3 |
|
6% |
|
752.8 |
|
702.6 |
|
7% |
Global Housing2 |
157.4 |
|
126.2 |
|
25% |
|
474.7 |
|
512.2 |
|
(7)% |
Corporate and Other |
(27.2) |
|
(25.5) |
|
(7)% |
|
(99.2) |
|
(93.3) |
|
(6)% |
Adjusted EBITDA, ex. reportable catastrophes2 |
296.3 |
|
257.0 |
|
15% |
|
1,128.3 |
|
1,121.5 |
|
1% |
Note: 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
Fourth Quarter 2022 Consolidated Results
Full-Year 2022 Consolidated Results
Global Lifestyle
$ in millions |
Q4'22 |
|
Q4'21 |
|
Change |
|
12M'22 |
|
12M'21 |
|
Change |
Adjusted EBITDA |
166.1 |
|
156.1 |
|
6% |
|
753.4 |
|
702.1 |
|
7% |
Net earned premiums, fees and other income |
2,002.6 |
|
1,983.1 |
|
1% |
|
7,936.1 |
|
7,740.1 |
|
3% |
Global Housing
$ in millions |
Q4'22 |
|
Q4'21 |
|
Change |
|
12M'22 |
|
12M'21 |
|
Change |
Adjusted EBITDA |
135.3 |
|
121.9 |
|
11% |
|
302.0 |
|
357.1 |
|
(15)% |
Reportable catastrophes |
22.1 |
|
4.3 |
|
|
|
172.7 |
|
155.1 |
|
|
Adjusted EBITDA, ex. reportable catastrophes2 |
157.4 |
|
126.2 |
|
25% |
|
474.7 |
|
512.2 |
|
(7)% |
Net earned premiums, fees and other income |
544.6 |
|
493.8 |
|
10% |
|
2,010.4 |
|
1,941.4 |
|
4% |
Corporate and Other
$ in millions |
Q4'22 |
|
Q4'21 |
|
Change |
|
12M'22 |
|
12M'21 |
|
Change |
Adjusted EBITDA |
(27.2) |
|
(25.5) |
|
(7)% |
|
(99.2) |
|
(93.3) |
|
(6)% |
Holding Company Liquidity Position
2023 Company Outlook6
Note: The company's 2023 outlook corresponds to the new composition of its segments effective January 1, 2023, with no impact on consolidated results. The metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
$ in millions, except per share data |
FY 2022 |
2023 Outlook6 |
Adjusted EBITDA, ex. reportable catastrophes2 |
1,128.3 |
Low single-digit
|
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
$13.61 |
Lower growth
|
Based on current market conditions, for full-year 2023, the company expects:
Earnings Conference Call
The fourth quarter and full year 2022 earnings conference call and webcast will be held on Wednesday, February 8, 2023 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 outlook, 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 $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company's performance. The company believes this metric provides investors with an important measure of the company's performance for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income from continuing operations. |
(UNAUDITED) |
4Q |
|
4Q |
|
12
|
|
12
|
||||||
($ in millions) |
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||
GAAP net income from continuing operations |
$ |
68.1 |
|
$ |
124.0 |
|
|
$ |
276.6 |
|
$ |
602.9 |
|
Less: |
|
|
|
|
|
|
|
||||||
Interest expense |
|
27.9 |
|
|
27.1 |
|
|
|
108.3 |
|
|
111.8 |
|
Provision for income taxes |
|
28.2 |
|
|
34.6 |
|
|
|
73.3 |
|
|
168.4 |
|
Depreciation expense |
|
21.6 |
|
|
21.4 |
|
|
|
86.3 |
|
|
73.8 |
|
Amortization of purchased intangible assets |
|
17.8 |
|
|
15.8 |
|
|
|
69.7 |
|
|
65.8 |
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
|
13.5 |
|
|
(5.0 |
) |
|
|
179.7 |
|
|
(128.2 |
) |
COVID-19 direct and incremental expenses |
|
1.1 |
|
|
2.8 |
|
|
|
4.7 |
|
|
10.0 |
|
Loss on extinguishment of debt |
|
? |
|
|
? |
|
|
|
0.9 |
|
|
20.7 |
|
Non-core operations |
|
34.4 |
|
|
11.8 |
|
|
|
79.5 |
|
|
14.4 |
|
Restructuring costs |
|
52.9 |
|
|
6.8 |
|
|
|
53.1 |
|
|
11.8 |
|
Other adjustments(1) |
|
8.7 |
|
|
13.2 |
|
|
|
24.1 |
|
|
14.5 |
|
Adjusted EBITDA |
|
274.2 |
|
|
252.5 |
|
|
|
956.2 |
|
|
965.9 |
|
Reportable catastrophes |
|
22.1 |
|
|
4.5 |
|
|
|
172.1 |
|
|
155.6 |
|
Adjusted EBITDA, excluding reportable catastrophes |
$ |
296.3 |
|
$ |
257.0 |
|
|
$ |
1,128.3 |
|
$ |
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) |
4Q 2022 |
|
4Q 2021 |
|
|||||||||
|
Global
|
|
Global
|
|
Global
|
|
Global
|
|
|||||
($ in millions) |
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
166.1 |
|
|
$ |
135.3 |
|
$ |
156.1 |
|
$ |
121.9 |
|
Reportable catastrophes |
|
? |
|
|
|
22.1 |
|
|
0.2 |
|
|
4.3 |
|
Adjusted EBITDA, excluding reportable catastrophes |
$ |
166.1 |
|
|
$ |
157.4 |
|
$ |
156.3 |
|
$ |
126.2 |
|
|
|
|
|
|
|
|
|
|
|||||
(UNAUDITED) |
12 Months 2022 |
|
12 Months 2021 |
|
|||||||||
|
Global
|
|
Global
|
|
Global
|
|
Global
|
|
|||||
($ in millions) |
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
753.4 |
|
|
$ |
302.0 |
|
$ |
702.1 |
|
$ |
357.1 |
|
Reportable catastrophes |
|
(0.6 |
) |
|
|
172.7 |
|
|
0.5 |
|
|
155.1 |
|
Adjusted EBITDA, excluding reportable catastrophes |
$ |
752.8 |
|
|
$ |
474.7 |
|
$ |
702.6 |
|
$ |
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) |
4Q |
|
4Q |
|
12
|
|
12
|
|
||||||||
($ in millions) |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
||||||||
GAAP net income from continuing operations |
$ |
68.1 |
|
|
$ |
124.0 |
|
|
$ |
276.6 |
|
|
$ |
602.9 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
||||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
|
13.5 |
|
|
|
(5.0 |
) |
|
|
179.7 |
|
|
|
(128.2 |
) |
|
Amortization of purchased intangible assets |
|
17.8 |
|
|
|
15.8 |
|
|
|
69.7 |
|
|
|
65.8 |
|
|
COVID-19 direct and incremental expenses |
|
1.1 |
|
|
|
2.8 |
|
|
|
4.7 |
|
|
|
10.0 |
|
|
Loss on extinguishment of debt |
|
? |
|
|
|
? |
|
|
|
0.9 |
|
|
|
20.7 |
|
|
Non-core operations |
|
34.4 |
|
|
|
11.8 |
|
|
|
79.5 |
|
|
|
14.4 |
|
|
Restructuring costs |
|
52.9 |
|
|
|
8.1 |
|
|
|
53.1 |
|
|
|
13.1 |
|
|
Other adjustments |
|
8.7 |
|
|
|
14.2 |
|
|
|
24.1 |
|
|
|
18.2 |
|
|
Benefit for income taxes |
|
(22.7 |
) |
|
|
(9.6 |
) |
|
|
(78.8 |
) |
|
|
(1.3 |
) |
|
Preferred stock dividends |
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
(4.7 |
) |
|
Adjusted earnings |
|
173.8 |
|
|
|
162.1 |
|
|
|
609.5 |
|
|
|
610.9 |
|
|
Reportable catastrophes, pre-tax |
|
22.1 |
|
|
|
4.5 |
|
|
|
172.1 |
|
|
|
155.6 |
|
|
Tax impact of reportable catastrophes |
|
(4.7 |
) |
|
|
(0.9 |
) |
|
|
(36.2 |
) |
|
|
(32.7 |
) |
|
Adjusted earnings, excluding reportable catastrophes |
$ |
191.2 |
|
|
$ |
165.7 |
|
|
$ |
745.4 |
|
|
$ |
733.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
(UNAUDITED) |
4Q |
|
4Q |
|
12
|
|
12
|
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
||||||||
GAAP net income from continuing operations per diluted share(1) |
$ |
1.27 |
|
|
$ |
2.15 |
|
|
$ |
5.05 |
|
|
$ |
10.03 |
|
|
Adjustments, pre-tax: |
|
|
|
|
|
|
|
|
||||||||
Net realized losses (gains) on investments and fair value changes to equity securities |
|
0.25 |
|
|
|
(0.09 |
) |
|
|
3.28 |
|
|
|
(2.14 |
) |
|
Amortization of purchased intangible assets |
|
0.33 |
|
|
|
0.28 |
|
|
|
1.27 |
|
|
|
1.10 |
|
|
COVID-19 direct and incremental expenses |
|
0.02 |
|
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.17 |
|
|
Loss on extinguishment of debt |
|
? |
|
|
|
? |
|
|
|
0.02 |
|
|
|
0.34 |
|
|
Non-core operations |
|
0.63 |
|
|
|
0.21 |
|
|
|
1.45 |
|
|
|
0.23 |
|
|
Restructuring costs |
|
0.99 |
|
|
|
0.14 |
|
|
|
0.97 |
|
|
|
0.22 |
|
|
Other adjustments |
|
0.16 |
|
|
|
0.24 |
|
|
|
0.45 |
|
|
|
0.31 |
|
|
Benefit for income taxes |
|
(0.42 |
) |
|
|
(0.17 |
) |
|
|
(1.44 |
) |
|
|
(0.02 |
) |
|
Adjusted earnings, per diluted share |
|
3.23 |
|
|
|
2.81 |
|
|
|
11.13 |
|
|
|
10.24 |
|
|
Reportable catastrophes, pre-tax |
|
0.41 |
|
|
|
0.08 |
|
|
|
3.14 |
|
|
|
2.59 |
|
|
Tax impact of reportable catastrophes |
|
(0.08 |
) |
|
|
(0.02 |
) |
|
|
(0.66 |
) |
|
|
(0.55 |
) |
|
Adjusted earnings, excluding reportable catastrophes, per diluted share |
$ |
3.56 |
|
|
$ |
2.87 |
|
|
$ |
13.61 |
|
|
$ |
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: | ||
(5) |
Constant Currency: 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. |
(UNAUDITED) |
Constant Currency |
||||
|
4Q 2022 |
|
12 Months 2022 |
||
Percentage change in Global Lifestyle and Global Housing net earned premiums, fees and other income: |
|
|
|
||
Including FX impact |
2.8 |
% |
|
2.7 |
% |
FX impact |
(1.8 |
)% |
|
(1.5 |
)% |
Excluding FX impact |
4.6 |
% |
|
4.2 |
% |
|
|
|
|
||
Percentage change in Global Lifestyle net earned premiums, fees and other income: |
|
|
|
||
Including FX impact |
1.0 |
% |
|
2.5 |
% |
FX impact |
(2.2 |
)% |
|
(1.8 |
)% |
Excluding FX impact |
3.2 |
% |
|
4.3 |
% |
|
|
|
|
||
Percentage change in GAAP net income from
|
(45.1 |
)% |
|
(54.1 |
)% |
Percentage change in Adjusted EBITDA, including FX impact |
8.6 |
% |
|
(1.0 |
)% |
Percentage change in Adjusted EBITDA, excluding reportable catastrophes: |
|
|
|
||
Including FX impact |
15.3 |
% |
|
0.6 |
% |
FX impact |
(3.3 |
)% |
|
(2.4 |
)% |
Excluding FX impact |
18.6 |
% |
|
3.0 |
% |
|
|
|
|
||
Percentage change in Global Lifestyle Adjusted EBITDA: |
|
|
|
||
Including FX impact |
6.4 |
% |
|
7.3 |
% |
FX impact |
(5.5 |
)% |
|
(3.8 |
)% |
Excluding FX impact |
11.9 |
% |
|
11.1 |
% |
(6) |
The metrics included within the company's outlook each constitute forward-looking information and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-looking information to the most comparable GAAP measure, the probable significance of which cannot be determined. 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 $110 million, $114 million and $71 million, respectively. Many of the other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation. |
Assurant, Inc. Consolidated Statement of Operations (unaudited) Three and Twelve Months Ended December 31, 2022 and 2021 |
|||||||||||||||
|
4Q |
|
12 Months |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
($ in millions except number of shares and per share amounts) |
|||||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Net earned premiums |
$ |
2,262.9 |
|
|
$ |
2,175.8 |
|
|
$ |
8,765.3 |
|
|
$ |
8,572.1 |
|
Fees and other income |
|
301.1 |
|
|
|
314.9 |
|
|
|
1,243.3 |
|
|
|
1,172.9 |
|
Net investment income |
|
102.3 |
|
|
|
79.2 |
|
|
|
364.1 |
|
|
|
314.4 |
|
Net realized (losses) gains on investments and fair value changes to equity securities |
|
(13.5 |
) |
|
|
5.0 |
|
|
|
(179.7 |
) |
|
|
128.2 |
|
Total revenues |
|
2,652.8 |
|
|
|
2,574.9 |
|
|
|
10,193.0 |
|
|
|
10,187.6 |
|
Benefits, losses and expenses |
|
|
|
|
|
|
|
||||||||
Policyholder benefits |
|
599.3 |
|
|
|
517.7 |
|
|
|
2,359.8 |
|
|
|
2,201.9 |
|
Underwriting, selling, general and administrative expenses |
|
1,921.5 |
|
|
|
1,871.5 |
|
|
|
7,366.3 |
|
|
|
7,081.9 |
|
Goodwill impairment |
|
7.8 |
|
|
|
? |
|
|
|
7.8 |
|
|
|
? |
|
Interest expense |
|
27.9 |
|
|
|
27.1 |
|
|
|
108.3 |
|
|
|
111.8 |
|
Loss on extinguishment of debt |
|
? |
|
|
|
? |
|
|
|
0.9 |
|
|
|
20.7 |
|
Total benefits, losses and expenses |
|
2,556.5 |
|
|
|
2,416.3 |
|
|
|
9,843.1 |
|
|
|
9,416.3 |
|
Income from continuing operations before provision for income taxes |
|
96.3 |
|
|
|
158.6 |
|
|
|
349.9 |
|
|
|
771.3 |
|
Provision for income taxes |
|
28.2 |
|
|
|
34.6 |
|
|
|
73.3 |
|
|
|
168.4 |
|
Net income from continuing operations |
|
68.1 |
|
|
|
124.0 |
|
|
|
276.6 |
|
|
|
602.9 |
|
Net income from discontinued operations |
|
? |
|
|
|
(3.1 |
) |
|
|
? |
|
|
|
758.9 |
|
Net income |
|
68.1 |
|
|
|
120.9 |
|
|
|
276.6 |
|
|
|
1,361.8 |
|
Less: Preferred stock dividends |
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
(4.7 |
) |
Net income attributable to common stockholders |
$ |
68.1 |
|
|
$ |
120.9 |
|
|
$ |
276.6 |
|
|
$ |
1,357.1 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.27 |
|
|
$ |
2.16 |
|
|
$ |
5.09 |
|
|
$ |
10.11 |
|
Diluted |
$ |
1.27 |
|
|
$ |
2.15 |
|
|
$ |
5.05 |
|
|
$ |
10.03 |
|
|
|
|
|
|
|
|
|
||||||||
Common stock dividends per share |
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
2.74 |
|
|
$ |
2.66 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Share data: |
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding |
|
53,415,238 |
|
|
|
57,274,878 |
|
|
|
54,371,531 |
|
|
|
59,140,861 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
53,773,862 |
|
|
|
57,728,138 |
|
|
|
54,782,528 |
|
|
|
60,123,694 |
|
Assurant, Inc. Consolidated Condensed Balance Sheets (unaudited) At December 31, 2022 and December 31, 2021 |
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2022 |
|
|
|
2021 |
|
|
($ in millions) |
||||||
Assets |
|
|
|
||||
Investments and cash and cash equivalents |
$ |
9,061.2 |
|
|
$ |
10,712.4 |
|
Reinsurance recoverables |
|
7,005.9 |
|
|
|
6,181.2 |
|
Deferred acquisition costs |
|
9,677.1 |
|
|
|
8,811.0 |
|
Goodwill |
|
2,603.0 |
|
|
|
2,571.6 |
|
Value of business acquired |
|
262.8 |
|
|
|
583.4 |
|
Other assets |
|
4,513.8 |
|
|
|
3,984.1 |
|
Assets held for sale |
|
? |
|
|
|
1,076.9 |
|
Total assets |
$ |
33,123.8 |
|
|
$ |
33,920.6 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Policyholder benefits and claims payable |
$ |
2,724.4 |
|
|
$ |
2,018.0 |
|
Unearned premiums |
|
19,802.4 |
|
|
|
18,623.7 |
|
Debt |
|
2,129.9 |
|
|
|
2,202.5 |
|
Accounts payable and other liabilities |
|
4,238.4 |
|
|
|
4,547.5 |
|
Liabilities held for sale |
|
? |
|
|
|
1,064.8 |
|
Total liabilities |
|
28,895.1 |
|
|
|
28,456.5 |
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Equity, excluding accumulated other comprehensive loss |
|
5,214.9 |
|
|
|
5,614.1 |
|
Accumulated other comprehensive loss |
|
(986.2 |
) |
|
|
(150.0 |
) |
Total equity |
|
4,228.7 |
|
|
|
5,464.1 |
|
Total liabilities and equity |
$ |
33,123.8 |
|
|
$ |
33,920.6 |
|
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