Q1 2024 Assurant Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA grew 31% year-over-year to $384 million, and adjusted EPS grew 42% year-over-year, both excluding reportable catastrophes.
- Global Housing segment significantly outperformed with earnings up nearly 75%, driven by strong market positions and operational efficiencies.
- Continued growth in Global Lifestyle, with adjusted EBITDA up 4% year-over-year, led by the Connected Living business which delivered double-digit growth.
- Successful new partnerships and program launches, such as with Telstra and Spectrum Mobile, enhancing market presence and customer offerings.
- Strong capital position with $622 million of holding company liquidity, allowing for $77 million returned to shareholders through dividends and share repurchases.
- Global Automotive segment faced challenges with a 9% decline in adjusted EBITDA due to persistent inflation impacts on vehicle parts and labor repair costs.
- Investments in new partnerships and programs, while beneficial long-term, are expected to temper growth in Global Lifestyle in 2024.
- Foreign exchange and broader macroeconomic conditions continue to pose risks, potentially impacting the pace and timing of growth.
- Ongoing adjustments and rate increases required in the Global Automotive segment to address elevated claims inflation.
- Operational expenses related to onboarding new clients like Bank of America and launching new programs with Telstra, although necessary, impact short-term profitability.
Welcome to Assurant's First Quarter 2024 Conference Call and Webcast. (Operator Instructions)
It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may begin.
Thank you, operator, and good morning, everyone. We look forward to discussing our first quarter 2024 results with you today. Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.
Yesterday, after the market closed, we issued a news release announcing our results for the first quarter 2024. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants.
Some of the statements made today are forward-looking. Forward-looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially
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