ATLANTA - Assurant , Inc. (NYSE:AIZ), a global provider of risk management solutions, has reported a robust first quarter for 2024, with earnings and revenue exceeding analyst expectations.
The company's adjusted earnings per share (EPS) for the first quarter came in at $4.97, significantly outpacing the analyst estimate of $3.88. Revenue for the quarter was also strong at $2.88 billion, surpassing the consensus estimate of $2.84 billion.
The impressive performance was primarily driven by exceptional results in Global Housing and continued momentum in the U.S. Connected Living business within Global Lifestyle.
Assurant President and CEO Keith Demmings credited the company's differentiated business model and competitive advantages in attractive markets for the strong start to 2024. "Our unwavering commitment to delivering an outstanding customer experience has enabled us to launch programs with several new clients across our global business lines while expanding our offerings with existing client partners," Demmings explained.
Compared to the first quarter of 2023, GAAP net income surged by 108% to $236.4 million, while net income per diluted share saw an increase of 111% to $4.47. Adjusted EBITDA, excluding reportable catastrophes, climbed by 31% to $383.7 million.
In terms of guidance for the second quarter of 2024, Assurant anticipates an EPS of $4.97, which is well above the analyst consensus of $4.03. For the full year 2024, the company forecasts an EPS of $17.13 against a consensus estimate of $15.66.
Global Housing played a significant role in this quarter's success with a remarkable growth in Adjusted EBITDA by 181%, attributed mainly to lower non-catastrophe loss experience and top-line growth within Homeowners insurance products.
Demmings expressed confidence in meeting financial objectives for 2024: "Following our strong first quarter performance, we feel increasingly confident in our ability to deliver on our financial objectives for 2024." He emphasized that Assurant remains focused on investing for growth while driving financial and operational excellence.
Looking ahead, Assurant expects mid-single-digit growth in Adjusted EBITDA for full-year 2024, with Global Housing expected to lead this increase following significant growth in 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.