Q2 2024 Assurant Inc Earnings Call Transcript
Key Points
- Assurant Inc (AIZ) reported a 20% year-to-date increase in adjusted EBITDA and a 29% growth in adjusted EPS, excluding reportable catastrophes.
- The Connected Living segment saw a 6% increase in adjusted EBITDA, driven by new partnerships and programs, with a 14% growth on a constant currency basis when excluding first-half investments.
- Global Housing's earnings increased nearly 45% year-to-date, excluding reportable catastrophes, demonstrating strong performance and operational efficiencies.
- The company completed long-term contract extensions with major US mobile device protection clients, including T-Mobile, ensuring continued support and innovation.
- Assurant Inc (AIZ) expanded its relationship with Chase, securing a multi-year contract to provide coverage to millions of Chase cardholders, which is expected to drive long-term growth.
- Global Automotive earnings have been pressured by ongoing inflation impacts on motor vehicle repair costs, with expectations of continued elevated loss experience in the second half of 2024.
- The GAP product within Global Automotive is experiencing elevated losses due to declining used car prices, higher interest rates, and an increase in total loss declarations by primary insurers.
- Trade-in results in the Connected Living segment were down due to a decline in carrier volumes and business mix, including lower promotional activity.
- Unfavorable foreign exchange impacted Lifestyle's adjusted EBITDA growth by 2 percentage points in the quarter.
- The company anticipates continued investments over the second half of the year, which may temper growth in the short term.
(audio in progress) -- (Operator Instructions)
It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may begin.
Thank you, operator, and good morning, everyone. We look forward to discussing our second quarter 2024 results with you today. Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.
Yesterday after the market closed, we issued a news release announcing our results for the second quarter 2024. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants.
Some of the statements made today are forward-looking. Forward-looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those
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