Assurant Q1 2020 Earnings Report
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
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