文章核心观点 - 公司的Global Lifestyle业务表现良好,费用型轻资本业务增长,资本管理稳健,预估数据良好,资本部署有效 [1] - 公司2024年和2025年的收益和收入预估均呈现同比增长 [2][3] - 公司过去5年的收益增长优于行业平均水平 [3] - 公司过去4个季度连续超预期,平均超预率为42.47% [4] - 过去30天内,公司2024年和2025年收益预估均有上调,反映投资者乐观情绪 [5] - 公司目前评级为持有,过去一年股价涨幅优于行业 [6] - 公司具有良好的价值、成长和动量特征 [7] 公司业务分析 - 公司正在着力发展费用型轻资本业务,占分部收入的52%,预计未来将持续实现两位数增长 [8] - 房主险业务表现良好,带动全球房地产板块业绩改善 [9] - 连接生活和全球汽车业务增长,推动全球生活方式板块发展 [9] - 公司正在加大连接生活平台投入,推出创新产品和服务,拓展新合作伙伴,预计长期内将使该板块利润率提升至8% [10] 财务分析 - 投资收益有望受益于固定收益证券收益率上升 [11] - 公司资本管理政策稳健,连续19年增加派息,同时积极回购股票 [12] - 公司自由现金流转换率长期保持100%以上,反映出良好的盈利能力 [12] - 公司权益回报率优于行业平均水平 [13] 同行业比较 - 瑞典集团(RDN)、老共和国际(ORI)和EverQuote(EVER)等公司表现优于同行 [14] - 瑞典集团过去4个季度连续超预期,平均超预率为22.79% [15] - 瑞典集团2024年和2025年收入预计同比增长8.2%和4.9% [16] - 老共和国际过去4个季度中3个超预期,平均超预率为6.61% [17] - 老共和国际2024年和2025年收入预计同比增长3.8%和4.4% [18] - EverQuote过去4个季度连续超预期,平均超预率为65.16% [19] - EverQuote 2024年和2025年收入预计同比增长98%和550% [20]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-31978 Assurant, Inc. (Exact name of registrant as specified in its charter) Delaware 39-1126612 (State or other jurisdiction of incorporati ...

财务数据和关键指标变化 - 第一季度调整后EBITDA同比增长31%至3.84亿美元,调整后每股收益同比增长42%至4.97美元,均不包括可报告的灾难性损失 [34] - 公司资本状况良好,第一季度产生2.54亿美元的分部股息,并在季度内回购7700万美元股票 [34][35] 各条业务线数据和关键指标变化 全球生活方式 - 第一季度调整后EBITDA增长4%至2.08亿美元,同比增长5%(按固定汇率计算) [36][37] - 连接生活业务表现强劲,调整后EBITDA增长14% [37] - 美国连接生活业务受益于移动保护计划的持续增长和投资收益的提高 [37][38] - 国际连接生活业务受益于日本延保合同的一次性利益,剔除该影响后保持稳定 [39] - 全球汽车业务调整后EBITDA下降9%,受到持续的通胀影响 [40] 全球住房 - 第一季度调整后EBITDA(不含灾难性损失)增长74%至2.05亿美元 [44] - 主要受益于非灾难性损失率改善、保费收入增长和投资收益提高 [44] - 其中有2200万美元的有利前期准备金调整 [44] - 租赁和其他业务受益于物业管理渠道的增长 [45] 各个市场数据和关键指标变化 - 无重大变化 公司战略和发展方向及行业竞争 - 公司在多个有吸引力的专业市场中保持领导地位,拥有规模优势和与客户深度整合的竞争优势 [8] - 连接生活业务通过新的合作伙伴关系如Telstra和Spectrum Mobile的创新产品拓展业务 [12][13][14][15][16] - 汽车业务通过加价和优化理赔流程应对持续的通胀压力,长期前景良好 [19][20] - 住房业务凭借市场领导地位、快速实现费率充足性、规模效应和反周期特性持续强劲表现 [23][24][25][26] 管理层对经营环境和未来前景的评论 - 公司有信心实现2024年中单位数的调整后EBITDA增长目标,其中住房业务有望成为增长的主要驱动力 [29][31] - 连接生活业务预计将继续保持增长,但需要进行一定的投资 [43] - 汽车业务今年预计收益持平,未来几年随着加价措施的推进有望改善 [20][42] - 公司将继续关注宏观经济环境、通胀、汇率和利率水平的变化,以及新业务投资 [30][43] 问答环节重要的提问和回答 问题1 **Mark Hughes 提问** 连接生活业务EBITDA增长强劲,但设备覆盖量相对稳定,未来能否持续推动收入和利润增长 [66] **Keith Demmings 回答** 公司对美国连接生活业务的长期增长前景充满信心,过去7年一直保持双位数增长,尽管日本和预付费业务有所下滑,但主要的美国后付费业务表现出色 [67][68] 问题2 **Brian Meredith 提问** Bank of America和Telstra的启动费用是否已基本完成,以及未来是否还会有更多投资 [79] **Keith Meier 和 Keith Demmings 回答** Bank of America的贷款已经开始跟踪,政策将在二三季度陆续上线,到第三季度末基本完成 [80] Telstra的主要项目已在本月初启动,还有一些后续投资,但整体来看已处于良好的启动阶段 [81][82] 此外,全球连接生活业务在第一季度有大约500万美元的增量投资,预计全年会有2%-3%的影响 [82] 问题3 **Tommy McJoynt 提问** Bank of America等客户的加入是否会对跟踪贷款的投保率和平均投保金额产生影响 [92] **Keith Meier 和 Keith Demmings 回答** 不同客户的投保率存在一定差异,但整体来看到年底公司的投保政策数量应该会有所增加 [93][94]

Investor Presentation First Quarter 2024 ...

Assurant, Inc. (AIZ) reported first-quarter 2024 net operating income of $4.78 per share, which beat the Zacks Consensus Estimate by 23.5%. The bottom line surged 73.8% year over year.Quarterly results benefited from higher net earned premiums, fees and other income and net investment income, solid performance in the Global Housing and Global Lifestyle segments. It was partially offset by higher expenses and weakness in the Corporate & Other segment.Total revenues increased 8.9% year over year to $2.8 billi ...

Assurant (AIZ) reported $2.89 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 8.9%. EPS of $4.78 for the same period compares to $2.75 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.82 billion, representing a surprise of +2.62%. The company delivered an EPS surprise of +23.51%, with the consensus EPS estimate being $3.87.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Assurant (AIZ) came out with quarterly earnings of $4.78 per share, beating the Zacks Consensus Estimate of $3.87 per share. This compares to earnings of $2.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.51%. A quarter ago, it was expected that this insurer would post earnings of $3.70 per share when it actually produced earnings of $4.58, delivering a surprise of 23.78%.Over the last four quarters, the company has surp ...

Exhibit 99.1 Assurant Reports First Quarter 2024 Financial Results Increase in First Quarter Earnings and EPS Led by Continued Strong Performance within Global Housing and Growth within Global Lifestyle ATLANTA, May 7, 2024 — 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, 2024. “Our first quarter performance represented a strong start to 2024. Global Housing del ...

Wall Street analysts forecast that Assurant (AIZ) will report quarterly earnings of $3.87 per share in its upcoming release, pointing to a year-over-year increase of 40.7%. It is anticipated that revenues will amount to $2.82 billion, exhibiting an increase of 6.1% compared to the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 2.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed th ...