Assurant Reports Trade-In Programs Returned Over $1 Billion to Consumers in Q3 2024, Marking First-Ever Third-Quarter Milestone

Rhea-AI Summary

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.

Positive

• Record-breaking $1.09 billion returned to consumers in Q3 2024
• First time reaching $1 billion milestone in a third quarter
• Decreasing average age of traded devices indicates faster upgrade cycles
• Higher value returns from 5G device trade-ins

Negative

• None.

Insights

Market Research Analyst

The $1.09 billion Q3 milestone in trade-in returns marks a significant shift in consumer behavior and mobile device market dynamics. This unprecedented Q3 performance, typically seen only in Q4 peak seasons, signals robust growth in the secondary device market. The 23.2% share of iPhone 13 trade-ins and the emergence of 5G devices as top trade-in models indicate accelerating technology adoption cycles.

The decreasing device age trend - 3.69 years for iPhones and 3.38 years for Android - suggests consumers are upgrading more frequently, likely driven by carrier incentives and higher trade-in values. This trend positively impacts Assurant's revenue streams from device processing and remarketing services, while strengthening their market position in the growing mobile device lifecycle management sector.

For the First Time, 5G Devices Become Top-Turned in Models for Android and Apple

NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect, and connect major consumer purchases, reported today that a total of $1.09 billion was returned to consumers who traded in their mobile devices in the third quarter of 2024 alone. Historically, the fourth quarter is the peak of the trade-in cycle, when trade-in program returns to customers surpass the $1 billion mark in total returned value to consumers. This milestone, based on Assurant and industry data, represents a significant leap in value which highlights the growing popularity of trade-in programs and the secondary device market.

The latest insights are detailed in the Assurant Q3 2024 Mobile Trade-In and Upgrade Industry Trends Report. The report also showed the acceleration of consumers turning in 5G enabled devices. For the first time, 5G devices led the top devices traded in across both Android and iPhone models.

Additional Report Highlights:

• Shift in Most Traded Devices: The iPhone 13 became the most turned in device from trade-in and upgrade programs this past quarter, surpassing the iPhone 11 and iPhone 12. The iPhone 11 held the top spot for nine consecutive quarters and the iPhone 12 held the number two position four consecutive quarters. The iPhone 13 accounted for 23.2% of the top five trade in devices.
• Leading Samsung Model: The Galaxy S22 Ultra 5G overtook the Galaxy S21 as the most traded in Android device. The S21 had held the top position for the past five quarters.
• Device Age Trends: While consumers generally are holding onto devices for longer year-over-year, the average age of devices turned in from trade-in and upgrade programs decreased for the first time in 2024. The iPhone saw a meaningful decline in average age, while Android devices are trending younger by an average of 4% each quarter in 2024. The average age of iPhone and Android trade-in devices at turn in is 3.69 and 3.38 years respectively.

“While the total value returned to consumers often exceeds $1B in a given year’s fourth quarter, this is the first time that milestone has been reached in any third quarter, demonstrating the ubiquity of 5G technology and the strength of the secondary device market,” said Biju Nair, EVP and President, Global Connected Living & International at Assurant. “With the recent introduction of new devices that feature capabilities such as AI, consumers are trading in newer, 5G enabled devices and benefiting from their higher value – which in turn increases the availability of faster connectivity for secondary device consumers. We’re proud that Assurant plays a vital role in expanding global access to 5G capabilities by helping bridge the digital divide through our mobile trade-in and upgrade programs while promoting circularity.”

The latest report combines data from Assurant’s Device IQ analytics platform and industry-wide trends and provides a comprehensive look at the fast-evolving mobile trade-in and upgrade landscape. To download the full Q3 2024 report, please visit Trade-in and Upgrade Infographic Q3

About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters’ insurance, lender-placed insurance products and other specialty products.

Learn more at assurant.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121685534/en/

Louis Masses

louis.masses@assurant.com

Source: Assurant, Inc.

FAQ

How much did Assurant's trade-in programs return to consumers in Q3 2024?

Assurant's trade-in programs returned $1.09 billion to consumers in Q3 2024, marking the first time this milestone was reached in a third quarter.

What was the most traded-in iPhone model for AIZ's program in Q3 2024?

The iPhone 13 was the most traded-in device, accounting for 23.2% of the top five trade-in devices.

What is the average age of traded-in devices for Assurant (AIZ) in Q3 2024?

The average age of traded-in devices was 3.69 years for iPhones and 3.38 years for Android devices.

Which Android device was most traded-in through Assurant's program in Q3 2024?

The Samsung Galaxy S22 Ultra 5G was the most traded-in Android device in Q3 2024.