February 11, 2025 04:15 PM Eastern Standard Time

ATLANTA--(BUSINESS WIRE)--Assurant, Inc. (NYSE: AIZ), a premier global protection company that safeguards and services connected devices, homes and automobiles in partnership with the world’s leading brands, today announced results for the fourth quarter and full-year ended December 31, 2024.

“2024 was a testament to the power of our differentiated business model as we delivered strong results, led by continued outperformance in Global Housing as well as underlying Connected Living growth within Global Lifestyle. Our momentum with clients is at an all-time high following significant multi-year contract renewals and the addition of several new partnerships with industry leaders – demonstrating the trust placed in Assurant and the value of our products and services for our clients and their customers,” said Assurant President and CEO Keith Demmings.

“As we enter 2025, Assurant is focused on executing our growth strategy as we scale new partnerships, invest in product innovation, and accelerate emerging growth opportunities. As we further elevate the customer experience, we believe we are well-positioned to continue our track record of growth,” Demmings added.

Note: The metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Note: Adjusted EBITDA of the Global Lifestyle, Global Housing and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable catastrophes. Additional details regarding key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx

Fourth Quarter 2024 Consolidated Results

• GAAP net income increased 10 percent to $201.3 million, compared to fourth quarter 2023 of $182.5 million, primarily due to higher Global Housing segment earnings, lower impact of foreign exchange and lower restructuring costs. The increase was partially offset by higher reportable catastrophes, lower Global Lifestyle results and higher net realized losses on investments.
• GAAP net income per diluted share increased 13 percent to $3.87 compared to fourth quarter 2023 of $3.42. The increase was primarily driven by the factors noted above as well as higher share repurchases.
• Adjusted EBITDA increased 6 percent to $381.4 million compared to the prior year period of $360.8 million. Results included $28.5 million of higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 13 percent, or 14 percent on a constant currency basis, to $431.5 million, driven by higher earnings in Global Housing.
• Adjusted earnings, excluding reportable catastrophes, per diluted share increased 13 percent to $5.54 compared to the prior year period of $4.90, mainly from higher Global Housing earnings and the impact of share repurchases, partially offset by higher depreciation expense.
• Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $2.99 billion compared to $2.85 billion in fourth quarter 2023, up 5 percent, or 6 percent on a constant currency basis, mainly driven by growth in Global Housing.

Full-Year 2024 Consolidated Results

• GAAP net income increased 18 percent to $760.2 million, compared to full year 2023 net income of $642.5 million primarily due to higher Global Housing segment earnings, lower impact of foreign exchange, lower losses from non-core operations and lower restructuring costs, partially offset by higher reportable catastrophes and higher depreciation expense.
• GAAP net income per diluted share increased 21 percent to $14.46 compared to full year 2023 of $11.95. The increase was primarily driven by the factors noted above as well as higher share repurchases.
• Adjusted EBITDA increased 5 percent to $1,322.4 million compared to the prior year period of $1,257.5 million, primarily due to significant growth in Global Housing, partially offset by $135.2 million in higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 15 percent, or 16 percent on a constant currency basis, to $1,569.4 million, primarily due to continued top-line growth in Homeowners and more favorable prior year reserve development within Global Housing.
• Adjusted earnings, excluding reportable catastrophes, per diluted share increased 19 percent to $20.35 compared to the prior year period of $17.13, primarily from higher Global Housing segment earnings and share repurchases, partially offset by higher depreciation expense.
• Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $11.42 billion compared to $10.70 billion for the prior year period, up 7 percent, on both a reported and constant currency basis, driven by an increase in Global Lifestyle from Connected Living and growth in Global Housing from Homeowners.

Global Lifestyle

Global Housing