Assurant (AIZ) Q4 2024 earnings summary

Executive summary

• Achieved second consecutive year of double-digit adjusted EBITDA and EPS growth in 2024, with 15% adjusted EBITDA and 19% adjusted EPS growth, both excluding catastrophes.

• Strategic investments in technology, partnerships, and operational efficiency drove strong performance and client momentum across all segments, including major renewals and new business wins.

• Returned $456M to shareholders in 2024 through buybacks and dividends, and generated $805M in segment dividends.

• Outperformed the S&P 1500 P&C Index median in adjusted earnings and EPS growth, with eight consecutive years of profitable growth.

• Focus for 2025 is on scaling partnerships, product innovation, and accelerating growth opportunities.

Financial highlights

• Full-year 2024 adjusted EBITDA (excluding catastrophes) reached $1.57B, up from $1.37B in 2023; adjusted EPS (excluding catastrophes) was $20.35, up from $17.13 in 2023.

• Fourth quarter 2024 adjusted EBITDA and EPS increased 13% year-over-year, excluding catastrophes.

• Returned over $450M to shareholders in 2024, including $300M in share repurchases; increased common stock dividend by 11% for 20 consecutive years.

• Ended 2024 with $673M in holding company liquidity.

• GAAP net income rose 18% year-over-year to $760.2M; net earned premiums, fees, and other income from Global Lifestyle and Global Housing rose 7% to $11.42B.

Outlook and guidance

• 2025 outlook projects modest to high-single-digit growth in adjusted EBITDA and EPS, excluding significant prior-year reserve development and catastrophes.

• Global Lifestyle growth to be driven by Connected Living and Global Automotive; Global Housing EBITDA (ex-catastrophes) expected to decline modestly due to prior-year reserve development, but underlying growth remains strong.

• Share repurchases for 2025 expected in the $200–$300 million range, with continued strong segment cash generation.

• Corporate and Other adjusted EBITDA loss expected to improve to approximately $115M.

• Capital deployment to prioritize financial strength, business growth, and shareholder returns.