Assurant, Inc. - AIZ STOCK NEWS

Assurant, Inc. (NYSE: AIZ) has enhanced its Assurant EV One Protection℠ product, specifically designed for U.S. owners of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The updated offering now provides expanded coverage for traction batteries, EV-specific components, wear and tear items, and industry-leading transparency regarding battery health. This product is aimed at providing more value and peace of mind for consumers, enhancing their experience as electric vehicle adoption increases.

Assurant, Inc. (AIZ) reported disappointing Q3 2022 results with GAAP net income plunging 95% to $7.3 million and adjusted earnings per share at $2.81, an 8% decline. Adjusted EBITDA fell 31% to $116 million, impacted by higher catastrophe losses. Global Lifestyle revenue increased slightly by 1% to $1.99 billion, driven by automotive growth, while Global Housing saw EBITDA turn negative. Looking ahead, Assurant expects adjusted EBITDA to be modestly down or flat, with high single-digit growth in earnings per share. Share repurchases totaled $80 million in the quarter.

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.