Assurant (NYSE:AIZ) Piotroski F-Score

: 5 (As of Today)

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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Assurant has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Assurant's Piotroski F-Score or its related term are showing as below:

AIZ' s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Assurant was 8. The lowest was 4. And the median was 6.

Assurant Piotroski F-Score Historical Data

The historical data trend for Assurant's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Assurant Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Piotroski F-Score

4.00

8.00

6.00

7.00

5.00

Assurant Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Piotroski F-Score																7.00	7.00	6.00	5.00	5.00

Competitive Comparison

For the Insurance - Specialty subindustry, Assurant's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

Assurant Piotroski F-Score Distribution

For the Insurance industry and Financial Services sector, Assurant's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Assurant's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Net Income was 145.5 + 52.2 + 7.3 + 68.1 = $273 Mil.
Cash Flow from Operations was -501.1 + 173 + 647.9 + 277.1 = $597 Mil.
Revenue was 2482.7 + 2509.7 + 2547.8 + 2652.8 = $10,193 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was
(33920.6 + 33022.6 + 31728.7 + 33245.7 + 33123.8) / 5 = $33008.28 Mil.
Total Assets at the begining of this year (Dec21) was $33,921 Mil.
Long-Term Debt & Capital Lease Obligation was $2,130 Mil.
Total Assets was $33,124 Mil.
Total Liabilities was $28,895 Mil.

Net Income was 163 + 205.8 + 879.8 + 120.9 = $1,370 Mil.

Revenue was 2432.6 + 2542.3 + 2637.8 + 2574.9 = $10,188 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was
(44649.9 + 44410.6 + 45994.8 + 33624.8 + 33920.6) / 5 = $40520.14 Mil.
Total Assets at the begining of last year (Dec20) was $44,650 Mil.
Long-Term Debt & Capital Lease Obligation was $2,203 Mil.
Total Assets was $33,921 Mil.
Total Liabilities was $28,457 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Assurant's current Net Income (TTM) was 273. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Assurant's current Cash Flow from Operations (TTM) was 597. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Dec21)
	=	273.1	/	33920.6
	=	0.00805115

ROA (Last Year)	=	Net Income	/	Total Assets (Dec20)
	=	1369.5	/	44649.9
	=	0.03067196

Assurant's return on assets of this year was 0.00805115. Assurant's return on assets of last year was 0.03067196. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Assurant's current Net Income (TTM) was 273. Assurant's current Cash Flow from Operations (TTM) was 597. ==> 597 > 273 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec21 to Dec22
	=	2129.9	/	33008.28
	=	0.06452623

Gearing (Last Year: Dec21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec20 to Dec21
	=	2202.5	/	40520.14
	=	0.05435569

Assurant's gearing of this year was 0.06452623. Assurant's gearing of last year was 0.05435569. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec22)	=	Total Assets	/	Total Liabilities
	=	33123.8	/	28895.1
	=	1.14634661

Current Ratio (Last Year: Dec21)	=	Total Assets	/	Total Liabilities
	=	33920.6	/	28456.5
	=	1.19201588

Assurant's current ratio of this year was 1.14634661. Assurant's current ratio of last year was 1.19201588. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Assurant's number of shares in issue this year was 53.756. Assurant's number of shares in issue last year was 57.929. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)	=	Net Income	/	Revenue
	=	273.1	/	10193
	=	0.0267929

Net Margin (Last Year: TTM)	=	Net Income	/	Revenue
	=	1369.5	/	10187.6
	=	0.13442813

Assurant's net margin of this year was 0.0267929. Assurant's net margin of last year was 0.13442813. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Dec21)
	=	10193	/	33920.6
	=	0.30049586

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec20)
	=	10187.6	/	44649.9
	=	0.22816624

Assurant's asset turnover of this year was 0.30049586. Assurant's asset turnover of last year was 0.22816624. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

Que. 1

Que. 2

Que. 3

Que. 4

Que. 5

Que. 6

Que. 7

Que. 8

Que. 9

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Assurant has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Assurant (NYSE:AIZ) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

Assurant Piotroski F-Score Related Terms

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Assurant (NYSE:AIZ) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Insurance » Assurant Inc (NYSE:AIZ) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

AIZP.PFD:USA ZAS:Germany

Address

55 Broadway, Suite 2901, New York, NY, USA, 10006

Website

https://www.assurant.com

Assurant Inc offers a range of property-casualty, health, employee benefit, and warranty insurance to a client base made up of individuals and institutions. Its segments are Global Housing, Global Lifestyle, Corporate and Other. Global Housing segment, the key revenue-generating segment, provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance; renters insurance and related products; and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products. Global Lifestyle provides mobile device solutions and extended service products and related services for mobile devices, consumer electronics and appliances; vehicle protection; and credit protection and other insurance products.

Executives

Sari Beth Granat	director	C/O MARKIT LTD, 4TH FL, ROPEMAKER PLACE, 25 ROPEMAKER STREET, LONDON X0 EC2Y 9LY
Keith Meier	officer: EVP, COO	C/O ASSURANT, INC., 55 BROADWAY, SUITE 2901, NEW YORK NY 10006
Dimitry Dirienzo	officer: SVP, CAO, Controller	C/O ASSURANT, INC., 28 LIBERTY ST. 41 F., NEW YORK NY 10005
Jay Rosenblum	officer: EVP and CLO	C/O ASSURANT, INC., 28 LIBERTY ST, 41ST FL., NEW YORK NY 10005
Francesca Luthi	officer: EVP, CAO	1180 NORTH TOWN CENTER DRIVE, SUITE 100, LAS VEGAS NV 89144
Carter J Braxton Ii	director	C/O T-MOBILE US, INC., 12920 SE 38TH STREET, BELLEVUE WA 98006
Paget Leonard Alves	director	SPRINT NEXTEL, 6200 SPRINT PARKWAY KSOPHF0410 - 4A403, OVERLAND PARK KS 66251
Ognjen Redzic	director	C/O ASSURANT, INC., 28 LIBERTY STREET, 41ST FL., NEW YORK NY 10005
Tammy L. Schultz	officer: EVP	C/O ASSURANT, INC.,28 LIBERTY STREET, 41ST FLOOR, NEW YORK NY 10005
Robert Lonergan	officer: EVP, other: Chief Strategy Officer	C/O ASSURANT, INC.,28 LIBERTY STREET, 41ST FLOOR, NEW YORK NY 10005
Michael P. Campbell	officer: EVP	C/O ASSURANT, INC.,28 LIBERTY STREET, 41ST FLOOR, NEW YORK NY 10005
Keith Demmings	officer: EVP	C/O ASSURANT, INC.,28 LIBERTY STREET, NEW YORK NY 10005
Peter Mcgoohan	director	301 COMMERCE STREET,SUITE 3300, FORT WORTH TX 76102
Eric W Leathers	director	54 THOMPSON ST, NEW YORK NY 10012
Tpg Advisors Vi-aiv, Inc.	10 percent owner	301 COMMERCE STREET, FORT WORTH TX 76102