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Mar 31, 2020
Assurant Q1 2020 Earnings Report
Year-over-year earnings growth was driven by Global Lifestyle and improved Global Housing results. Company suspended 2020 outlook due to COVID-19 uncertainty.
Key Takeaways
Assurant reported solid first-quarter results largely unaffected by COVID-19, with net income of $150.0 million and net operating income of $163.1 million. The company has suspended its 2020 outlook due to the ongoing uncertainty related to the COVID-19 pandemic.
Net income of $150.0 million, or $2.43 per share, down 7 percent and 4 percent, respectively
Net operating income of $163.1 million, or $176.0 million excluding reportable catastrophes, up 16 percent and 18 percent, respectively
Net operating income per diluted share of $2.64, or $2.84 excluding reportable catastrophes, up 19 percent and 22 percent, respectively
$433 million of holding company liquidity available at quarter end
Assurant
Assurant
Assurant Revenue by Segment
Revenue by Segment
Global Lifestyle Revenue
CapyFin.comGlobal Housing Revenue
CapyFin.com Forward Guidance
Assurant is suspending its 2020 outlook given the uncertainty regarding the duration of the COVID-19 pandemic and its impact on the broader economy.
Positive Outlook
- Executing cost saving measures including the deferral of certain discretionary expenses
- Strengthening its liquidity position and capital flexibility, including the $200 million draw of its revolving credit facility
- Exercising additional caution relative to capital deployment in light of the current economic environment and the start of catastrophe season on June 1, 2020
Revenue & Expenses
Visualization of income flow from segment revenue to net income