Q3 2024 Assurant Inc Earnings Call Transcript
Key Points
- Assurant Inc (AIZ) reported a 15% increase in adjusted EBITDA and a 21% growth in adjusted EPS for the first nine months of 2024, excluding catastrophes.
- The company has seen strong performance in its Global Housing segment, with earnings increasing by 34% year-to-date, excluding reportable catastrophes.
- Assurant Inc (AIZ) has successfully launched new programs, such as the partnership with Chase Card Services, enhancing its card benefits business.
- The company has made significant investments in innovation, including a new device care center in Nashville, which supports its mobile business and enhances its global supply chain.
- Assurant Inc (AIZ) has maintained a strong capital position, allowing for $300 million in share repurchases in 2024, demonstrating robust shareholder returns.
- The Global Automotive segment experienced elevated claims costs, particularly in the vehicle service contract business and GAP product, impacting overall earnings.
- Unfavorable foreign exchange rates negatively affected the Global Lifestyle segment, reducing its adjusted EBITDA by 4% in the third quarter.
- The company anticipates continued elevated losses in its GAP product, although these are expected to be short-term.
- Assurant Inc (AIZ) has incurred significant investment expenses, approximately $21 million year-to-date, in new partnerships and programs within Connected Living.
- The corporate adjusted EBITDA loss increased by $4 million year-over-year, driven by higher third-party and employee-related expenses.
Welcome to Assurant's third quarter 2024 Conference Call and Webcast. (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 third 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 third 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
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