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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 (NYSE: AIZ) reported that mobile device trade-in programs returned $1.09 billion to consumers in Q3 2024, marking the first-ever third-quarter to exceed $1 billion in returns. The iPhone 13 became the most traded-in device, representing 23.2% of top five trade-ins, while the Galaxy S22 Ultra 5G led Android trade-ins. The average age of traded devices decreased for the first time in 2024, with iPhones averaging 3.69 years and Android devices 3.38 years at trade-in. Notably, 5G devices became the top traded models across both Android and Apple platforms.
Assurant (NYSE: AIZ) has appointed Kevin Warren, former chief marketing and customer experience officer at UPS, to its Board of Directors, effective January 15, 2025. Warren will serve on the company's Compensation and Talent committee. He brings extensive experience from UPS and Xerox in customer experience, supply chain management, digital enablement, and strategic growth initiatives. Warren currently serves on Fiserv's Board of Directors. The announcement also includes the planned departures of Board members Lawrence Jackson and Paget Alves, with Jackson retiring at the 2025 annual shareholder meeting and Alves leaving on January 15, 2025, to become CEO of Sorensen.
Assurant (NYSE: AIZ) has announced an 11% increase in its quarterly dividend, raising it by $0.08 to $0.80 per share of common stock. The dividend will be paid on December 30, 2024, to stockholders of record as of December 9, 2024. This marks the company's 20th consecutive year of dividend increases since its IPO. CFO Keith Meier emphasized that this increase reflects Assurant's strong capital position and confidence in long-term cash generation from their Global Lifestyle and Global Housing businesses.
Assurant (NYSE: AIZ) has been named to Forbes' America's Best Employers for Veterans 2024 list. The recognition follows an independent survey of over 24,000 U.S. veterans, evaluating factors including workplace atmosphere, development opportunities, working conditions, and veteran-specific topics. The company was among 150 organizations recognized for their commitment to veterans' employment and success.
Through its Veterans@Assurant Employee Resource Group, the company focuses on attracting and developing veteran talent. Recently, Assurant demonstrated its commitment to veterans by donating its fourth mobility-modified vehicle to U.S. Army veteran Stephanie Johnson through a partnership with Wounded Warriors Family Support.
Assurant (NYSE: AIZ) reported Q3 2024 results with GAAP net income of $133.8 million, down 30% year-over-year, while Adjusted EBITDA excluding catastrophes increased 8% to $385.1 million. The company increased its 2024 outlook, now expecting low double-digit growth in Adjusted EBITDA and mid- to high-teens growth in Adjusted EPS, both excluding catastrophes. Global Housing showed strong performance with growing revenues, while Global Lifestyle performed as expected. The company plans to return $300 million in share repurchases in 2024.
Assurant (NYSE: AIZ) has launched a new Heavy Truck Extended Service Contract for Class 8 trucks, offering comprehensive coverage options including roadside assistance and towing. The protection solution features flexible terms, broad eligibility for trucks up to 15 model years old and one million miles, and multiple deductible options. Key benefits include emergency travel expense reimbursement, servicing at any licensed repair facility, no component-based liability limits, and no labor rate caps. The service contract is part of Assurant's growing suite of products supporting heavy truck dealers, which includes Physical Damage Insurance, Non-Trucking Liability, and GAP Protection.
Assurant (NYSE:AIZ) and Wounded Warriors Family Support (WWFS) presented U.S. Army veteran Stephanie Johnson with a specially modified 2024 Chevy Tahoe SUV on October 28, 2024. The vehicle, featuring an Electronic Left Foot Accelerator, was presented through WWFS's Mobility is Freedom program, which has been providing modified vehicles to combat-wounded veterans since 2015.
Johnson, who suffered injuries from rocket-propelled grenades in Afghanistan in 2012, underwent a below-knee amputation in 2016 after a lengthy recovery at Walter Reed National Military Medical Center. This marks the fourth mobility-modified vehicle presented through Assurant's partnership with WWFS, addressing the needs of approximately 350 veterans requiring modified vehicles due to combat-related injuries.
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.
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