Q1 for Q1 2024 Investor Presentation 2024
Investor Presentation
First Quarter 2024
© 2024
|
|
|
|
President 
|
Executive Vice President |
|
& Chief Executive Officer |
& Chief Financial Officer |
|
© 2024 |
2 |
Cautionary Statement
Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth and operating strategies and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability and resiliency of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the
Assurant uses non-GAAP financial measures to analyze the company's operating performance. Assurant's non-GAAP financial measures should not be
considered in isolation or as a substitute for GAAP financial measures. Because Assurant's calculation of these measures may differ from similar
measures used by other companies, investors should be careful when comparing Assurant's non-GAAP financial measures to those of other
companies. Refer to Exhibit 2 in the Appendix for more information, including a reconciliation of non-GAAP financial measures to the most comparable
GAAP financial measures.
to Exhibit 3 in the Appendix for additional detail.
© 2024
Delivered a Strong Start to 2024
- Performance driven by continued
|
strength in |
+31% growth |
|
|
growth in Global Lifestyle |
Adjusted EBITDA, |
|
|
Cash generated(2) |
||
|
excl. cats(1) |
||
|
✓ Continued strong cash generation |
+42% growth |
|
|
Adjusted EPS, |
Returned to |
|
|
excl. cats(1) |
Shareholders(3) |
- Maintained a strong balance sheet along with disciplined capital return
Information listed is for the period ended
- Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
- Consists of dividends or returns of capital from subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.
- Includes share repurchases and common stock dividends.
© 2024
Differentiated & Unique Business Model Positions Assurant to Deliver Long-term
B2B2C Model
Aligned with
Industry
Leadership
Leaders
Demonstrated
Differentiated &
Unique
Business Model
Positions in
Attractive
Markets
Ability to Innovate including Add-on Services
Positioned to
Deliver
Long-term
Intensity &
Strong Cash
Generation
Attractive Risk
Profile
with Less Volatility
Ability to
Adjust Pricing
with Client Alignment
© 2024
Global Lifestyle Highlights
Global Lifestyle delivered solid Adjusted EBITDA year-over- year growth led by double-digit growth in Connected Living
Connected Living
|
• |
Strong performance led by domestic mobile device protection and |
|
higher investment income |
|
|
• |
Continued to make strategic investments to support long-term growth, |
|
including: |
|
|
- Recently launched partnership with |
|
|
- Acquisition of iSmash, a leading independent tech repair brand in |
Global Lifestyle
Adjusted EBITDA ($ millions)
|
199 |
208 |
+4% |
|
|
+5% |
|||
|
75 |
constant |
||
|
82 |
currency(1) |
||
|
the |
|
- Multi-year renewal with a large |
|
of a new program |
117
133
- Auto repair costs remain elevated
- Continuing to implement prospective rate increases
- Investment income growth continues to partially offset impacts
Q1'23Q1'24
|
Connected Living |
|
|||
- Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
© 2024
Global Housing Highlights
Global Housing Adjusted EBITDA, excl. cats(1), delivered significant year-over-year growth
- Q1 performance continues to highlight
Global Housing's unique and differentiated P&C businesses
Homeowners
- Improving loss experience, top-line growth, and ongoing expense leverage drove continued strong performance
- Began to onboard loan portfolio of a major
U.S. banking client in
Q1'24
Renters and Other
-
- Grew Renters gross written premiums by over 15%, continuing to benefit from strong growth in our PMC channel
- Leveraged premium technical support capabilities from Connected Living to launch Assurant Tech Pro for PMC channel
- Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
Adjusted EBITDA, excl. cats(1) ($ millions)
205 +74%
118
Q1'23Q1'24
© 2024
2024 Outlook: Continuing
|
2023 |
2024 |
||
|
Baseline |
Outlook |
||
|
Adjusted EBITDA, ex. cats(1), to grow mid-single-digits |
|||
|
Adjusted EBITDA, |
Mid-single-digit |
• Expansion led by |
|
|
|
• Partially offset by continued investments to support growth |
||
|
excl. cats(1) |
growth |
• Given strength of |
|
|
cats(1) growth trending towards higher end of the mid-single-digit |
|||
|
outlook |
|||
|
Growth rate to |
Adjusted EPS, ex. cats(1), growth to approximate Adjusted |
||
|
Adjusted EPS, |
|
approximate Adjusted |
EBITDA, ex. cats(1), growth |
|
excl. cats(1) |
EBITDA, excl. cats, |
• Adjusted EPS, ex. cats(1) growth driven by earnings growth and share |
|
|
growth |
repurchases, partially offset by higher depreciation expense related |
||
|
to strategic technology investments |
|||
|
$773 million |
~2/3 of business |
Segment dividends ~2/3 of segment Adjusted EBITDA, |
|
|
Segment Cash |
Nearly 60% of business |
incl. cats(1)(3) |
|
|
Generation(2) |
segment Adjusted |
• Strong holding company liquidity supported by ongoing cash |
|
|
segment Adjusted |
EBITDA, incl. cats(1)(3) |
||
|
EBITDA, incl. cats |
generation of Global Lifestyle and |
||
- Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
- Consists of dividends or returns of capital from operating subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.
- 2024 business segment (Global Lifestyle and
Global Housing ) cash generation includes a$155M assumed annual catastrophe load.
© 2024
Enterprise Q1'24 Financial
Highlights
Significant Adjusted EBITDA and Adjusted EPS growth, both excl. cats(1)
- Adjusted EBITDA, excl.cats(1) up 31% year-over-year
- Adjusted EPS(1) outpaced Adjusted EBITDA growth, both excl. cats
Continued strong balance sheet and liquidity
- Holding company liquidity of
$622 million
Disciplined capital return
- Share repurchases of
$40 million - Common stock dividends of
$37 million
Information listed is for the period ended
- Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
Adjusted EBITDA, excl. cats(1) ($ millions)
|
384 |
+31% |
|
|
Growth |
||
|
293 |
||
|
Q1'23 |
Q1'24 |
Adjusted EPS, excl. cats(1) ($ per share)
|
4.97 |
+42% |
|
|
Growth |
||
|
3.49 |
||
|
Q1'23 |
Q1'24 |
© 2024
Global Lifestyle Q1'24 Financial
Highlights and 2024 Outlook
Q1 2024 Highlights
- Adjusted EBITDA growth of 4%, or 5% on a constant currency basis(1)
-
- Connected Living Adjusted EBITDA increased14%
- Global Automotive Adjusted EBITDA decreased 9%
2024 Adjusted EBITDA Outlook: Expect Growth
|
• Connected Living expected to increase from organic growth and |
|
improved profitability |
Global Lifestyle Adjusted EBITDA ($ millions)
|
199 |
208 |
+4% |
|
|
+5% |
|||
|
82 |
75 |
||
|
constant |
|||
|
currency(1) |
|||
|
117 |
133 |
||
|
Q1'23 |
Q1'24 |
||
|
Connected Living |
|
||
Global Lifestyle 2024 Adjusted EBITDA Outlook
($ millions)
|
- |
Growth partially offset by investments for new clients and |
|
programs |
|
|
• |
|
|
income is offset by continued loss pressure from inflation |
|
|
- |
Implemented rate actions expected to drive improvement |
792
Growth
|
over time |
|
(1) Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including |
|
reconciliations to the most directly comparable GAAP measures. |
2023 2024 Outlook
© 2024
Attachments
Disclaimer
ModeSlavery and Human Trafficking Statement 2023
Louisiana ushers in controversial changes to address insurance crisis. See what passed.
Advisor News
- How PEPs compare with traditional 401(k)s
- Allianz studies why 42% of Americans retire sooner than expected
- Why advisors should be talking about life settlements
- Millennials are ready to bring their advisor to the family table
- How healthcare inflation can eat up a client’s retirement income
More Advisor NewsAnnuity News
- NAIC regulators continue pushing for annuity illustration updates
- Wink: Flat first-quarter annuity sales fall just short of $100B
- 26North Re Agrees to Acquire 100% of Independent Insurance Group
- Matthew Michelini named Athene president, with an eye on annuity growth
- Lincoln Financial Announces Executive Leadership Transitions
More Annuity NewsHealth/Employee Benefits News
- Tom Campbell: We're paying too much for poor health care
- Self-pay and dental care: Can paying cash without insurance help you save?
- These Connecticut-based companies made this year's Fortune 500 list with revenue up to $275 billion
- Surgery transforms epilepsy patient's life
- Arizona AG accuses health insurance companies of illegal price fixing
More Health/Employee Benefits NewsLife Insurance News
- Prudential announces more layoffs as insurer continues to restructure
- Pradip Patiath Joins Securian Financial Board of Directors
- Over $107 million in life insurance benefits located for Tennesseans in 2025
- Study Data from National Institutes of Health Provide New Insights into Law and the Biosciences (Taking actuarial fairness seriously: what is required for the ethical use of genetics in insurance?): Legal Issues – Law and the Biosciences
- 26North Re Agrees to Acquire 100% of Independent Insurance Group
More Life Insurance News