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Assurant, Inc. (NYSE: AIZ) is a leading global business services company that specializes in providing specialty protection products and related services. As a Fortune 500 company, Assurant works with industry leaders to help consumers gain financial security and peace of mind by safeguarding against various risks. The company's extensive portfolio includes mobile device protection, extended service products for consumer electronics, appliances, and vehicles, pre-funded funeral insurance, lender-placed homeowners insurance, flood insurance, renters insurance, credit insurance, and numerous group insurance products, including dental, disability, and life insurance.
Assurant operates through three main segments: Global Housing, Global Lifestyle, and Corporate and Other. The Global Housing segment offers products like lender-placed homeowners insurance, voluntary homeowners insurance, and other specialty products. The Global Lifestyle segment, which is the key revenue generator, focuses on mobile device solutions, vehicle protection, and credit protection. The Corporate and Other segment includes various administrative and support functions.
In recent years, Assurant has achieved significant milestones and continued growth across its business lines. For instance, in 2023, the company reported substantial earnings and EPS growth, driven largely by its Global Housing segment. The company also returned a record $4.3 billion to U.S. consumers through mobile device trade-in programs, emphasizing its role in the burgeoning secondary device market.
Assurant's ongoing projects include the integration of acquired businesses like iSmash, a leading UK tech repair brand, which strengthens its capabilities in mobile device solutions. Additionally, the company has partnered with Lloyds Banking Group to offer mobile and device trade-in services, further expanding its reach in the European market.
Financially, Assurant remains robust, with approximately $30 billion in assets and $8 billion in annual revenue. The company's strategic focus on innovation, operational excellence, and maintaining strong client relationships has positioned it well for continued growth and shareholder value creation.
Assurant has officially opened its new Innovation and Device Care Center in Mt. Juliet, Tennessee, near Nashville. The 259,000-square-foot facility, double the size of its previous location, will serve as a key hub for Assurant's Device Lifecycle Solutions business. In 2023, this division repurposed 22 million devices, avoiding approximately 495,000 metric tons of carbon emissions.
The new center employs about 800 people who process, test, and refurbish connected devices. It features advanced technologies, including automation, robotics, AI, and machine learning, to enhance operational efficiency and support the global secondary device market. The facility currently services virtually every mobile device brand and model for a wide range of clients.
To mark the opening, the Assurant Foundation has awarded a $100,000 grant to Middle Tennessee State University to support the construction of a new Assurant Engineering Innovation Lab and expand their partnership with the university's Mechatronics Engineering program.
Assurant, Inc. (NYSE: AIZ), a global business services company, has announced it will release its third quarter 2024 financial results on Tuesday, November 5, 2024, after market close. The news release will be available on the company's website. Following this, Assurant will host a conference call on Wednesday, November 6, 2024, at 8:00 a.m. ET.
The call will feature Keith Demmings (President and CEO), Keith Meier (Executive VP and CFO), and Sean Moshier (VP of Investor Relations), who will review the Q3 2024 results. A live audio webcast of the call will be accessible to the public, along with an investor presentation and supplemental information in the Investor Relations section of Assurant's website. An archived replay will also be available after the event.
Assurant, Inc. (NYSE: AIZ) has been named the 2024 Frost & Sullivan Customer Value Leader in the U.S. mobile and device trade-in and upgrade industry. The award recognizes Assurant's superior products and services in terms of price, performance, and quality. The company was selected for its broad portfolio of device life cycle solutions that help clients manage rapid, flexible, and transparent trade-in programs consistently every year.
In 2023, Assurant serviced more than 25 million devices for seven of the top 10 global telecommunications brands through its network of Device Care Centers worldwide. The company's ability to tailor solutions, competitive pricing, technology-led approach, established operational model, and extensive use of AI and machine learning set it apart in the industry.
Assurant, Inc. (NYSE: AIZ) has been included in the TIME World's Best Companies 2024 ranking, presented by TIME and Statista. The ranking evaluates companies based on three key dimensions: employee satisfaction, revenue growth, and sustainability. The assessment involved surveys in over 50 countries, with approximately 170,000 participants providing feedback on employer image, atmosphere, working conditions, salary, and equality.
Companies with revenue of at least $100 million in 2023 and positive growth from 2021 to 2023 were considered. Sustainability was evaluated using standardized ESG key performance indicators. Assurant's CEO, Keith Demmings, emphasized the company's strong culture and its role in fostering innovation and sustainable growth in the mobile device, auto, and housing markets.
AM Best has affirmed the credit ratings of Assurant, Inc. (NYSE: AIZ) and its subsidiaries. The Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" (Superior) were affirmed for Assurant's property/casualty subsidiaries. The Long-Term ICR of "a-" (Excellent) was affirmed for Assurant, Inc. itself. For Assurant's credit and life/health subsidiaries, the FSR of A (Excellent) and Long-Term ICRs of "a" (Excellent) were affirmed.
The ratings reflect Assurant P&C's very strong balance sheet, strong operating performance, favorable business profile, and appropriate enterprise risk management. The company's risk-adjusted capitalization is at the strongest level, supported by very strong earnings power and positive cash flows. Assurant's operating performance benefits from its specialized niche businesses and earnings diversification.
Assurant, Inc. (NYSE: AIZ) has announced that Greystar, a global real estate leader, will implement Assurant® TechPro in select U.S. properties. This innovative amenity provides residents with dedicated technical support for connected devices, marking the first tech support solution specifically designed for multifamily housing. Greystar residents will have 24/7 access to expert tech support via call, chat, or a self-help app.
The partnership aims to enhance resident experience and alleviate the growing burden of tech-related maintenance tickets for property management. Consumer research by Assurant revealed that nearly 20% of residents regularly need tech assistance, highlighting the increasing demand for smart amenities in rental properties. This collaboration builds on the longstanding relationship between Assurant and Greystar in providing premium, innovative solutions for the multifamily industry.
Assurant's Q2 2024 Mobile Trade-In and Upgrade Industry Trends Report reveals significant shifts in consumer behavior and device values. The average age of traded-in mobile devices reached an all-time high of 3.7 years, while the average trade-in value increased by nearly 28% quarter-over-quarter to $141.02. Consumers received an estimated $829M in value from trade-ins.
Key highlights include:
- Android trade-in values rose 37%, Apple devices 20%
- iPhone 11 was the top traded device (31% of top 5)
- Samsung Galaxy S21 remained the top Android trade-in
- iPhone trade-in age increased to 3.8 years, Android decreased to 3.5 years
The report also notes that trade-in programs helped avoid approximately 385,000 metric tons of carbon emissions in Q2 2024.
Assurant (NYSE: AIZ), a global business services company, has announced a quarterly dividend of $0.72 per share of common stock. The dividend will be payable on September 30, 2024 to stockholders of record as of the close of business on September 3, 2024. This decision was made by Assurant's Board of Directors. The company emphasizes that future dividend declarations will be at the board's discretion, considering factors such as earnings, financial condition, capital requirements, future prospects, and regulatory restrictions.
Assurant (NYSE: AIZ) reported strong Q2 2024 results, with GAAP net income up 21% to $188.7 million and Adjusted EBITDA, excluding catastrophes, up 10% to $369.1 million. The company increased its 2024 outlook, now expecting high single-digit growth in Adjusted EBITDA and low double-digit growth in Adjusted EPS, both excluding catastrophes. Key highlights include:
- Global Housing segment showed strong performance, with Adjusted EBITDA ex-catastrophes up 23%
- Global Lifestyle segment saw a 4% decrease in Adjusted EBITDA
- Net earned premiums, fees and other income increased 6% to $2.82 billion
- Company returned $80 million to shareholders via share repurchases and dividends
Assurant's strong performance was attributed to its compelling products and services, as well as new client partnerships and innovative solutions.
Assurant (NYSE: AIZ) has donated $175,000 to Move For Hunger to combat food insecurity across North America. The donation stems from Assurant's Moving to Fight Hunger challenge, which encouraged employees globally to exercise in exchange for donations. The initiative, supported by The Assurant Foundation, saw employees cover over 225,000 miles in May alone.
Move For Hunger, a non-profit organization, partners with moving companies to redirect food waste to local food banks. Assurant's contribution has bolstered these efforts, particularly within the property management sector. Over its 15-year history, Move For Hunger has delivered more than 40 million meals to the food insecure. The collaboration aims to support the 44 million Americans and 7 million Canadians who face hunger daily.
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