Assurant - AIZ STOCK NEWS

Assurant, Inc. (AIZ) has released preliminary third quarter 2022 results, indicating a decline in profitability due to a challenging macroeconomic environment and elevated catastrophe losses, particularly from Hurricane Ian. Key figures include a GAAP net income of $7 million and adjusted EBITDA of $116 million, down from $169 million year-over-year. The company updated its 2022 outlook, forecasting modestly lower adjusted EBITDA and high single-digit growth in Global Lifestyle. Actions for expense efficiencies are being implemented to improve future profitability.

Assurant, Inc. (NYSE: AIZ) will release its third quarter 2022 financial results on November 1, 2022, after market close. A conference call will follow on November 2, 2022, at 8:00 a.m. ET, accessible via live audio webcast on the company's website. Key executives, including CEO Keith W. Demmings, will present the results. The archived webcast will be available post-event. Assurant operates in 21 countries, providing services that enhance consumer purchases.

CPR Cell Phone Repair partners with MobileSentrix to become their primary distributor for aftermarket parts. This collaboration aims to enhance the quality and availability of parts for CPR franchisees, providing them with competitive pricing and higher in-stock rates. Key benefits include a dedicated ordering site, discounted prices, and access to a large catalog of parts from various manufacturers. CPR, rated the top franchise in electronics repair, boasts over 500 locations in North America and is owned by Assurant, Inc. (NYSE: AIZ).

Assurant, Inc. (NYSE: AIZ) has announced a multiyear extension of its partnership with T-Mobile, enhancing mobile device protection solutions. The collaboration has evolved over ten years, now including device repair services through Assurant's nearly 500 Cell Phone Repair locations. CEO Keith Demmings emphasized their shared commitment to customer experience and innovation. The transition is expected to have a neutral impact on 2022 operating results, with prospects for greater scale in the future.

Assurant (NYSE:AIZ) reported a significant 34% year-over-year increase in trade-in values, totaling $767 million returned to US consumers in Q2 2022. The average age of smartphones turned in has also risen, reaching 3.51 years for iPhones and 3.62 years for Androids. Notably, the iPhone 11 became the most traded device, representing 35% of top trade-ins. The average trade-in value increased from $123 to $137. Online trades surged by 63% compared to last year, highlighting sustained growth in the secondary device market.

Assurant (NYSE:AIZ) has entered a strategic partnership with BuyBack Booth, enhancing its trade-in technology for mobile devices. This collaboration introduces self-service kiosks that leverage AI for device diagnostics and assessments. The kiosks are designed for efficiency, allowing consumers to trade in devices seamlessly across various platforms. This partnership aims to bolster customer experience and sustainability in the mobile device ecosystem.

AM Best has upgraded the outlooks of Assurant, Inc. (NYSE: AIZ) to positive from stable while affirming an FSR of A (Excellent) and Long-Term ICRs of “a+” (Excellent) for its property/casualty subsidiaries. Concurrently, the outlook for Assurant's life/health subsidiaries was also revised to positive, with upgrades in their ratings. The strong financial fundamentals, risk management, and capital generation potential contributed to these positive revisions.

Assurant, Inc. (NYSE: AIZ) announced a quarterly dividend of $0.68 per share, payable on September 19, 2022, to shareholders of record as of August 29, 2022. Future dividend amounts will depend on the company's financial health, earnings, capital needs, and regulatory factors. As a Fortune 500 company operating in 21 countries, Assurant provides essential business services, including vehicle protection, renters insurance, and mobile device solutions, enhancing consumer experiences worldwide.

Assurant reported Q2 2022 results, showing a 72% decline in GAAP net income to $52.2 million, with a net income per share drop of 69% to $0.95. Adjusted EBITDA decreased 14% to $257.1 million, reflecting inflationary pressures and higher costs in Global Housing, while adjusted earnings per share slightly fell by 9% to $2.95. The company revised its 2022 outlook, projecting 3-6% growth in Adjusted EBITDA and 14-18% growth in adjusted EPS, driven by performance in Global Lifestyle, despite anticipated declines in Global Housing.