Double-Digit Growth in Global Lifestyle from
Connected Living and Global Automotive
Reaffirm 2022 Outlook for Adjusted EBITDA and
Adjusted EPS, Both Ex. Catastrophes
Assurant, Inc. (NYSE: AIZ), a leading global business services
company that supports, protects and connects major consumer
purchases, today reported results for the first 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,” said 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 millions, except where
noted
GAAP net income
145.5
148.5
(2)%
Adjusted EBITDA1
299.0
258.6
16%
Adjusted EBITDA, ex. reportable
catastrophes2
302.0
302.2
0%
GAAP net income 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 net income decreased 2 percent versus prior year period,
while net income per diluted share increased 7 percent
- Adjusted EBITDA, excluding reportable catastrophes2, was
in-line with the prior year period at $302.0 million
- Adjusted earnings, excluding reportable catastrophes, per
diluted share4, increased 17 percent to $3.80
- Holding company liquidity was $738 million, including the
remaining Global Preneed sale proceeds
- Share repurchases and common stock dividends totaled $280
million
2022 Outlook
In 2022, the company continues to expect:
- 8 to 10 percent growth in Adjusted EBITDA, excluding reportable
catastrophes5, driven by profitable growth across Global Lifestyle
and Global Housing
- 16 to 20 percent growth in Adjusted earnings, excluding
reportable catastrophes, per diluted share5, driven by continued
profitable growth and share buybacks Note: References to net
income, including in 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.
First Quarter Consolidated Results
(Unaudited)
Q1'22
Q1'21
Change
$ in millions
GAAP net income
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 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. Adjusted EBITDA, excluding reportable
catastrophes, of the Corporate and Other segment is equal to GAAP
Adjusted EBITDA since there are no 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
First Quarter 2022 Consolidated Results
- GAAP net income was $145.5 million, compared to first
quarter 2021 of $148.5 million. The decline was primarily driven by
a decrease in net unrealized gains from changes in fair value of
equity securities, partially offset by lower reportable
catastrophes.
- GAAP net income per diluted share was $2.59,
compared to first quarter 2021 of $2.41. The increase was primarily
driven by ongoing share repurchases.
- Adjusted EBITDA1 increased 16 percent compared to the
prior year period, primarily due to a $40.6 million pre-tax
decrease in reportable catastrophes. Excluding reportable
catastrophes, Adjusted EBITDA2 was in-line with the prior year
period. Double-digit growth in Global Lifestyle and a lower
Corporate and Other loss were offset by higher non-cat loss
experience in Global Housing mainly within specialty products.
- Adjusted earnings, excluding reportable catastrophes, per
diluted share4, increased 17 percent to $3.80, primarily driven
by ongoing share repurchases and a $9.0 million one-time tax
benefit.
- Revenue from the Global Lifestyle and Global Housing
segments totaled $2.46 billion compared to $2.36 billion in first
quarter 2021, up 4 percent, primarily due to Global Automotive
growth within Global Lifestyle. 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
Q1'22
Q1'21
Change
Adjusted EBITDA
217.4
193.0
13%
Revenue
1,961.6
1,862.3
5%
- Adjusted EBITDA increased compared to the prior year
period, due to strong results across Connected Living and Global
Automotive. In Connected Living, mobile increased primarily from
device protection performance in North America, including more
favorable loss experience and subscriber growth, as well as an
increase in global mobile devices serviced, mainly from higher
trade-in volumes. Global Automotive increased from higher
investment income, favorable loss experience in select ancillary
products and expansion across distribution channels.
- Revenue increased compared to the prior year period, led
by Global Automotive premium increases from strong prior period
sales. Connected Living increased modestly as mobile fee income
growth from service and repair and trade-in was partially offset by
premium declines in runoff mobile programs.
Global Housing
$ in 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 increased compared to the prior year
period primarily due to a $40.5 million pre-tax decrease in
reportable catastrophes. Excluding reportable catastrophes,
Adjusted EBITDA2 decreased due to higher non-cat loss experience,
including a $13.8 million year-over-year increase within sharing
economy offerings primarily related to a reserve adjustment and
adverse development from policies previously written under less
favorable terms. Lender-placed also experienced higher non-cat
losses mainly from elevated fire claims.
- Revenue increased modestly year-over-year, as growth in
lender-placed from higher average insured values and premium rates
and multifamily housing was partially offset by a decline in
specialty products from client runoff.
Corporate and Other
$ in millions
Q1'22
Q1'21
Change
Adjusted EBITDA
(22.2)
(27.9)
20%
- Adjusted EBITDA loss decreased in first quarter 2022
compared to the prior year period, primarily driven by lower
employee-related expenses and an increase in investment income from
higher asset balances.
Holding Company Liquidity Position
- Holding company liquidity totaled $738 million as of
March 31, 2022, or $513 million above the company’s current
targeted minimum level of $225 million, which includes the
remaining proceeds from the sale of Global Preneed. Dividends paid
by operating segments to the holding company in first quarter 2022
totaled $129 million.
- Share repurchases and common stock dividends totaled
$280 million in first quarter 2022. During first quarter 2022,
Assurant repurchased 1.5 million shares of common stock for $242
million and paid $37 million in common stock dividends. From April
1 through May 1, 2022, the company repurchased an additional 460
thousand shares for approximately $86 million, with $514 million
remaining under the current repurchase authorization.
2022 Company Outlook5
$ in millions, unless otherwise
noted
FY 2021
Q1'22 YTD
2022 Outlook5
Adjusted EBITDA, ex. reportable
catastrophes2
1,107.5
302.0
8 to 10 percent growth
Global Lifestyle
714.2
217.4
Low double-digit growth
Global Housing, ex. reportable
catastrophes2
486.4
106.9
Mid-single-digit growth
Corporate and Other
(93.3)
(22.2)
~(105.0)
Adjusted earnings, ex. reportable
catastrophes, per diluted share4
$12.12
$3.80
16 to 20 percent growth
For full-year 2022, the company expects:
- Adjusted EBITDA, excluding reportable catastrophes, to grow 8
to 10 percent, driven by growth across Global Lifestyle and Global
Housing. Global Lifestyle Adjusted EBITDA is expected to increase
by low double-digits, driven mainly by mobile in Connected Living
from global expansion in existing and new clients across device
protection and trade-in and upgrade programs. This will be
partially offset by strategic investments to support new business
opportunities, including in-store mobile service and repair
capabilities, as well as unfavorable impacts of foreign exchange.
Global Automotive is expected to increase, now driven by higher
investment income and business performance. Global Housing Adjusted
EBITDA, excluding reportable catastrophes, is now expected to
increase by mid-single-digits, primarily from growth in
lender-placed from expense initiatives and higher average insured
values, which are expected to more than offset higher claims and
reinsurance costs. Corporate and Other Adjusted EBITDA loss is
expected to be approximately $105.0 million, reflecting lower net
investment income as compared to 2021.
- Adjusted earnings, excluding reportable catastrophes, per
diluted share to increase 16 to 20 percent, driven by continued
Global Lifestyle and Global Housing growth as well as share
repurchases, including returning the remaining proceeds from the
sale of Global Preneed. Assurant’s consolidated effective tax rate
is expected to be approximately 22 to 24 percent, which reflects
the impact of the first quarter tax benefit.
- Business segment dividends to approximate three quarters of
segment Adjusted EBITDA, including reportable catastrophes, which
represents roughly the same historical conversion levels to the
holding company. This is subject to the growth of the businesses,
rating agency and regulatory capital requirements, and investment
portfolio performance.
- Capital to be deployed to support business growth by funding
investments and M&A, and to return capital to shareholders in
the form of share repurchases and dividends, subject to Board
approval and market conditions.
Earnings Conference Call
The first quarter 2022 earnings conference call and webcast will
be held Wednesday, May 4, 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 300 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 included 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:
(i)
the loss of significant clients,
distributors or other parties with whom we do business, or if we
are unable to renew contracts with them on favorable terms, or if
those parties face financial, reputational or regulatory
issues;
(ii)
significant competitive pressures, changes
in customer preferences and disruption;
(iii)
the failure to execute our strategy,
including through the continuing service of key executives, senior
leaders, highly-skilled personnel and a high-performing
workforce;
(iv)
the failure to find suitable acquisitions
at attractive prices, integrate acquired businesses effectively or
identify new areas for organic growth;
(v)
our inability to recover should we
experience a business continuity event;
(vi)
the failure to manage vendors and other
third parties on whom we rely to conduct business and provide
services to our clients;
(vii)
risks related to our international
operations;
(viii)
declines in the value of mobile devices,
or export compliance or other risks in our mobile business;
(ix)
our inability to develop and maintain
distribution sources or attract and retain sales representatives
and executives with key client relationships;
(x)
risks associated with joint ventures,
franchises and investments in which we share ownership and
management with third parties;
(xi)
the impact of catastrophe and
non-catastrophe losses, including as a result of climate
change;
(xii)
negative publicity relating to our
business or industry;
(xiii)
the impact of general economic, financial
market and political conditions and conditions in the markets in
which we operate, including the conflict in Ukraine and the current
inflationary environment;
(xiv)
the impact of the COVID-19 pandemic and
measures taken in response thereto;
(xv)
the adequacy of reserves established for
claims and our inability to accurately predict and price for
claims;
(xvi)
a decline in financial strength ratings of
our insurance subsidiaries or in our corporate senior debt
ratings;
(xvii)
fluctuations in exchange rates;
(xviii)
an impairment of goodwill or other
intangible assets;
(xix)
the failure to maintain effective internal
control over financial reporting;
(xx)
unfavorable conditions in the capital and
credit markets;
(xxi)
a decrease in the value of our investment
portfolio, including due to market, credit and liquidity risks, and
changes in interest rates;
(xxii)
an impairment in the value of our deferred
tax assets;
(xxiii)
the unavailability or inadequacy of
reinsurance coverage and the credit risk of reinsurers, including
those to whom we have sold business through reinsurance;
(xxiv)
the credit risk of some of our agents,
third-party administrators and clients;
(xxv)
the inability of our subsidiaries to pay
sufficient dividends to the holding company and limitations on our
ability to declare and pay dividends or repurchase shares;
(xxvi)
limitations in the analytical models we
use to assist in our decision-making;
(xxvii)
the failure to effectively maintain and
modernize our information technology systems and infrastructure, or
the failure to integrate those of acquired businesses;
(xxviii)
breaches of our information systems or
those of third parties with whom we do business, or the failure to
protect the security of data in such systems, including due to
cyberattacks and as a result of working remotely;
(xxix)
the costs of complying with, or the
failure to comply with, extensive laws and regulations to which we
are subject, including those related to privacy, data security,
data protection or tax;
(xxx)
the impact of litigation and regulatory
actions;
(xxxi)
reductions or deferrals in the insurance
premiums we charge;
(xxxii)
changes in insurance, tax and other
regulations;
(xxxiii)
volatility in our common stock price and
trading volume; and
(xxxiv)
employee misconduct.
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
(the “SEC”), including the risk factors identified in our most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, each as filed with the SEC.
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, 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 $5.0 million, pre-tax, net of
reinsurance and client profit sharing adjustments and including
reinstatement and other premiums), as another important measure of
the company’s performance. The company believes this metric
provides investors with an important measure of the company’s
performance for the reasons noted above, and because it
excludes reportable catastrophes, which can be volatile. The
comparable GAAP measure is net income from continuing
operations.
(UNAUDITED)
1Q
1Q
12 Months
($ in millions)
2022
2021
2021
GAAP net income from continuing
operations
$
145.5
$
148.5
$
613.5
Less:
Interest expense
26.9
28.4
111.8
Provision for income taxes
25.3
44.6
169.5
Depreciation expense
20.3
16.8
73.8
Amortization of purchased intangible
assets
17.6
17.0
65.8
Adjustments, pre-tax:
Net realized losses (gains) on investments
and fair value changes to equity securities
62.4
(0.8
)
(128.2
)
COVID-19 direct and incremental
expenses
1.4
3.0
10.0
Loss on extinguishment of debt
—
—
20.7
Other adjustments(1)
(0.4
)
0.9
26.3
Loss attributable to non-controlling
interests
—
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 release, additional details about
the components of Other adjustments and other key financial metrics
are included in the Financial Supplement located on Assurant’s
Investor Relations website:
https://ir.assurant.com/investor/default.aspx
(UNAUDITED)
1Q 2022
1Q 2021
12 Months 2021
Global Lifestyle
Global Housing
Global Lifestyle
Global Housing
Global Housing
($ in 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 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 gains (losses) on investments, amortization of purchased
intangibles, COVID-19 direct and incremental expenses, the CARES
Act tax benefit, loss on extinguishment of debt, 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 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.
(UNAUDITED)
1Q
1Q
12 Months
($ in millions)
2022
2021
2021
GAAP net income from continuing
operations
$
145.5
$
148.5
$
613.5
Adjustments, pre-tax:
Net realized losses (gains) on investments
and fair value changes to equity securities
62.4
(0.8
)
(128.2
)
Amortization of purchased intangible
assets
17.6
17.0
65.8
COVID-19 direct and incremental
expenses
1.4
3.0
10.0
Loss on extinguishment of debt
—
—
20.7
Other adjustments
(0.4
)
1.8
31.3
(Benefit) provision for income taxes
(15.6
)
(3.8
)
1.5
Net loss attributable to non-controlling
interests
—
0.2
—
Preferred stock dividends
—
(4.7
)
(4.7
)
Adjusted earnings
210.9
161.2
609.9
Reportable catastrophes, pre-tax
3.0
43.6
144.3
Tax impact 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 net income from continuing
operations per diluted share(1)
$
2.59
$
2.41
$
10.20
Adjusted, pre-tax:
Net realized losses (gains) on investments
and fair value changes to equity securities
1.11
(0.02
)
(2.13
)
Amortization of purchased intangible
assets
0.31
0.28
1.10
COVID-19 direct and incremental
expenses
0.02
0.05
0.17
Loss on extinguishment of debt
—
—
0.34
Other adjustments
(0.01
)
0.03
0.52
(Benefit) provision for income 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 impact 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 release, information on the share
counts used in the per share calculations 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 $109 million, $85
million and $70 million, respectively. The interest expense
estimate assumes no additional debt is incurred or extinguished in
the forecast period and excludes after-tax interest expenses
included in debt extinguishment and other related costs.
Assurant, Inc.
Consolidated Statement of Operations
(unaudited)
Three Months Ended March 31, 2022 and
2021
1Q
2022
2021
($ in millions except number
of shares and per share amounts)
Revenues
Net earned premiums
$
2,136.4
$
2,105.6
Fees and other income
322.4
249.9
Net investment income
86.3
76.3
Net realized (losses) gains on investments
and fair value changes to equity securities
(62.4
)
0.8
Total revenues
2,482.7
2,432.6
Benefits, losses and expenses
Policyholder benefits
494.5
528.7
Underwriting, selling, general and
administrative expenses
1,790.5
1,682.4
Interest expense
26.9
28.4
Total benefits, losses and expenses
2,311.9
2,239.5
Income from continuing operations before
provision for income taxes
170.8
193.1
Provision for income taxes
25.3
44.6
Net income from continuing operations
145.5
148.5
Net income from discontinued
operations
—
14.3
Net income
145.5
162.8
Less: Net loss attributable to
non-controlling interests
—
0.2
Net income attributable to
stockholders
145.5
163.0
Less: Preferred stock dividends
—
(4.7
)
Net income attributable to common
stockholders
$
145.5
$
158.3
Net income from continuing operations
per share:
Basic
$
2.61
$
2.43
Diluted
$
2.59
$
2.41
Common stock dividends per
share
$
0.68
$
0.66
Share data:
Basic weighted average shares
outstanding
55,779,362
59,192,880
Diluted weighted average shares
outstanding
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 millions)
Assets
Investments and cash and cash
equivalents
$
9,470.0
$
10,712.4
Reinsurance recoverables
6,068.3
6,178.9
Deferred acquisition costs
9,025.4
8,811.0
Goodwill
2,569.4
2,571.6
Value of business acquired
484.3
583.4
Assets held in separate accounts
11.1
11.9
Other assets
4,343.5
3,965.4
Assets held for sale
1,050.6
1,076.9
Total assets
$
33,022.6
$
33,911.5
Liabilities
Policyholder benefits 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 related to separate
accounts
11.1
11.9
Accounts payable and other liabilities
4,103.4
4,509.8
Liabilities held for sale
1,037.0
1,064.8
Total liabilities
28,001.5
28,421.8
Stockholders’ equity
Equity, excluding accumulated other
comprehensive income
5,506.4
5,639.7
Accumulated other comprehensive (loss)
income
(485.3
)
(150.0
)
Total equity
5,021.1
5,489.7
Total liabilities and equity
$
33,022.6
$
33,911.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503005468/en/
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 Assistant
Vice President, Investor Relations Phone: 914.204.2253
sean.moshier@assurant.com
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