Assurant Inc Stock Research

Market Summary

USD114.36+1.59

Market Closed

1.41%

AIZ Alerts

Big fall in earnings (Y/Y)

AIZ Stock Price

AIZ RSI Chart

AIZ Valuation

Market Cap

6.0B

Price/Earnings (Trailing)

21.54

Price/Sales (Trailing)

0.58

EV/EBITDA

6.91

Price/Free Cashflow

14.51

AIZ Price/Sales (Trailing)

AIZ Profitability

EBT Margin

3.43%

Return on Equity

6.54%

Return on Assets

0.84%

Free Cashflow Yield

6.89%

AIZ Fundamentals

AIZ Revenue

Revenue (TTM)

10.2B

Revenue Y/Y

3.03%

Revenue Q/Q

4.12%

AIZ Earnings

Earnings (TTM)

276.6M

Earnings Y/Y

-43.67%

Earnings Q/Q

832.88%

Price Action

52 Week Range

104.49190.49

(Low)(High)

Last 7 days

1.6%

Last 30 days

-13.1%

Last 90 days

-9.8%

Trailing 12 Months

-37.5%

AIZ Financial Health

AIZ Investor Care

Dividend Yield

2.43%

Dividend/Share (TTM)

2.74

Buy Backs (1Y)

5.24%

Diluted EPS (TTM)

5.01

Peers (Alternatives to Assurant)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PGR	82.1B	49.6B	-1.45%	23.08%	113.76	1.65	4.00%	-78.47%
MET	42.3B	69.9B	-23.30%	-20.83%	16.68	0.61	-1.66%	-61.26%
AFL	39.6B	19.5B	-8.02%	-0.58%	9.42	2.03	-11.78%	-2.87%
TRV	38.3B	36.9B	-11.40%	-9.04%	13.47	1.04	5.94%	-22.39%
PFG	17.4B	17.5B	-18.79%	0.52%	3.62	1	22.64%	181.28%
MID-CAP
RGA	10.0B	16.3B	-13.53%	18.41%	37	0.61	-2.40%	0.97%
UNM	7.6B	12.0B	-9.63%	24.94%	5.75	0.63	-0.19%	59.45%
AIZ	6.0B	10.2B	-13.09%	-37.50%	21.54	0.58	0.05%	-79.62%
CNO	2.4B	3.6B	-15.59%	-15.74%	6.09	0.68	-13.23%	-10.02%
GNW	2.4B	7.5B	-20.83%	27.35%	3.86	0.31	-4.15%	-32.63%
TRUP	1.6B	905.2M	-29.71%	-58.57%	-35.21	1.74	29.50%	-25.73%
SMALL-CAP
HMN	1.4B	1.4B	-10.42%	-18.96%	-523.07	0.98	3.97%	-101.82%
PLMR	1.3B	327.1M	-8.98%	-16.27%	25.76	4.11	39.88%	13.79%
JRVR	776.0M	813.7M	-6.42%	-3.67%	25.05	0.95	5.28%	117.92%

Financials for Assurant

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.8%	10,193	10,115	10,205	10,238	10,188
S&GA Expenses	32.3%	4,296	3,246	-	-	-
EBITDA	-9.3%	640	706	886	1,049	-
EBITDA Margin	-9.9%	0.06*	0.07*	0.10*	0.10*	-
Earnings Before Taxes	-15.1%	350	412	592	762	771
EBT Margin	-15.8%	0.03*	0.04*	0.07*	0.07*	-
Interest Expenses	0.7%	108	108	109	110	112
Net Income	-16.0%	277	329	1,202	1,356	1,357
Net Income Margin	-16.7%	0.03*	0.03*	0.14*	0.13*	-
Free Cahsflow	6.8%	411	385	-264	510	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.4%	33,124	33,246	31,729	33,023	33,921
Cash Equivalents	7.5%	1,537	1,430	1,182	1,251	2,041
Net PPE	4.5%	645	618	609	585	561
Goodwill	2.2%	2,603	2,547	2,558	2,569	2,572
Liabilities	-0.9%	28,895	29,147	27,269	28,002	28,457
Shareholder's Equity	3.2%	4,229	4,099	4,460	4,999	5,464
Retained Earnings	0.6%	3,699	3,679	3,774	3,977	4,041
Additional Paid-In Capital	0.7%	1,638	1,627	1,630	1,652	1,695
Shares Outstanding	-0.1%	53.00	53.00	53.00	55.00	56.00
Minority Interest	-	-	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.9%	597	575	-75.40	699	782
Share Based Compensation	-4.1%	63.00	65.00	66.00	66.00	67.00
Cashflow From Investing	-1772.1%	-262	-14.00	231	130	158
Cashflow From Financing	25.6%	-818	-1,099	-1,693	-1,214	-1,089
Dividend Payments	-1.1%	150	152	154	157	158
Buy Backs	-32.8%	573	853	1,083	1,027	839

Risks for AIZ

What is the probability of a big loss on AIZ?

45.8%

Probability that Assurant stock will be more than 20% underwater in next one year

26.5%

Probability that Assurant stock will be more than 30% underwater in next one year.

0.8%

Probability that Assurant stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does AIZ drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Assurant was unfortunately bought at previous high price.

Drawdowns

Returns for AIZ

Cumulative Returns on AIZ

12.1%

10-Year Cumulative Returns

7.7%

7-Year Cumulative Returns

7.2%

5-Year Cumulative Returns

6.6%

3-Year Cumulative Returns

What are the long-term rolling returns for AIZ?

FIve years rolling returns for Assurant.

Annualized Returns

Which funds bought or sold AIZ recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-2.29	-328,924	1,742,340	0.01%
2023-03-17	American Portfolios Advisors	added	3,364	121,483	125,804	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-96.79	-13,570,400	385,560	-%
2023-03-07	Nordwand Advisors, LLC	new	-	649,437	649,437	0.08%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-22.5	-82,000	160,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-81.82	-43,914,600	8,149,410	0.01%
2023-02-24	SRS Capital Advisors, Inc.	sold off	-100	-1,000	-	-%
2023-02-24	NATIXIS	reduced	-21.89	-1,038,600	2,130,400	0.01%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-110,000	673,000	0.01%
2023-02-21	Empowered Funds, LLC	new	-	721,471	721,471	0.05%

Latest Funds Activity

Are funds buying AIZ calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own AIZ

No. of Funds

AIZ Alerts

Big fall in earnings (Y/Y)

Assurant News

Schedule 13G FIlings of Assurant

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	t. rowe price investment management, inc.	10.8%	5,694,084	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	13.34%	7,048,915	SC 13G/A
Feb 08, 2023	state street corp	5.39%	2,848,731	SC 13G/A
Jan 26, 2023	blackrock inc.	10.7%	5,662,762	SC 13G/A
Jan 20, 2023	blackrock inc.	10.7%	5,662,762	SC 13G/A
Sep 08, 2022	blackrock inc.	10.1%	5,386,534	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	10.7%	6,144,501	SC 13G/A
Feb 10, 2022	state street corp	5.44%	3,100,539	SC 13G/A
Feb 09, 2022	vanguard group inc	12.05%	6,864,464	SC 13G/A

AIZ Fair Value

Assurant fair value in different scenarios

The table shows the Fair Value estimates for Assurant for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	107.89 -5.66%	137.87 20.56%	210.04 83.67%	322.62 182.11%	439.91 284.67%
Current Inflation	99.91 -12.64%	125.96 10.14%	186.81 63.35%	281.07 145.78%	379.15 231.54%
Very High Inflation	89.92 -21.37%	111.35 -2.63%	159.31 39.31%	233.08 103.81%	309.73 170.84%

Historical Assurant Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Assurant

View All Filings

Date Filed	Form Type	Document
Mar 23, 2023	ARS	ARS
Mar 23, 2023	DEF 14A	DEF 14A
Mar 23, 2023	DEFA14A	DEFA14A
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading

Latest Insider Trading transactions for AIZ

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-16	Lonergan Robert	acquired	-	-	8,534	evp
2023-03-16	Lonergan Robert	sold (taxes)	-314,822	110	-2,837	evp
2023-03-16	DiRienzo Dimitry	acquired	-	-	597	svp, cao, controller
2023-03-16	MEIER KEITH	acquired	-	-	8,826	evp, coo
2023-03-16	DiRienzo Dimitry	sold (taxes)	-17,977	110	-162	svp, cao, controller
2023-03-16	Demmings Keith	acquired	-	-	23,743	president and ceo
2023-03-16	Demmings Keith	sold (taxes)	-673,366	110	-6,068	president and ceo
2023-03-16	Luthi Francesca	acquired	-	-	9,125	evp, cao
2023-03-16	DZIADZIO RICHARD S	sold (taxes)	-838,933	110	-7,560	evp and cfo
2023-03-16	Rosenblum Jay	sold (taxes)	-100,428	110	-905	evp and clo

About Assurant

Keith W. Demmings

www.assurant.com

15600

Assurant, Inc., together with its subsidiaries, provides lifestyle and housing solutions that support, protect, and connect consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service products and related services for mobile devices, consumer electronics, and appliances; vehicle protection and related services; and credit protection and other insurance products. The Global Housing segment provides lender-placed homeowners insurance, manufactured housing, and flood insurance; and renters insurance and related products, as well as voluntary manufactured housing insurance, voluntary homeowners insurance, and other specialty products. The company was formerly known as Fortis, Inc. and changed its name to Assurant, Inc. in February 2004. Assurant, Inc. was founded in 1892 and is headquartered in New York, New York.

AIZ Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Net earned premiums	$ 8,765.3	$ 8,572.1	$ 8,277.9
Fees and other income	1,243.3	1,172.9	1,042.3
Net investment income	364.1	314.4	285.6
Net realized (losses) gains on investments (including $(4.6), $0.2 and $(19.7) of impairment-related (losses) gains for the years ended December 31, 2022, 2021 and 2020, respectively) and fair value changes to equity securities	(179.7)	128.2	(8.2)
Total revenues	10,193.0	10,187.6	9,597.6
Benefits, losses and expenses
Policyholder benefits	2,359.8	2,201.9	2,275.2
Underwriting, selling, general and administrative expenses	7,366.3	7,081.9	6,639.8
Goodwill impairment (Note 15)	7.8	0.0	0.0
Interest expense	108.3	111.8	104.5
Loss on extinguishment of debt (Note 19)	0.9	20.7	0.0
Total benefits, losses and expenses	9,843.1	9,416.3	9,019.5
Income from continuing operations before income tax expense	349.9	771.3	578.1
Income tax expense	73.3	168.4	58.7
Net income from continuing operations	276.6	602.9	519.4
Net income (loss) from discontinued operations (Note 4)	0.0	758.9	(77.7)
Net income	276.6	1,361.8	441.7
Less: Net income attributable to non-controlling interest	0.0	0.0	(0.9)
Net income attributable to stockholders	276.6	1,361.8	440.8
Less: Preferred stock dividends	0.0	(4.7)	(18.7)
Net income attributable to common stockholders, basic	276.6	1,357.1	422.1
Net income attributable to common stockholders, diluted	$ 276.6	$ 1,357.1	$ 422.1
Basic
Net income from continuing operations (in dollars per share)	$ 5.09	$ 10.11	$ 8.31
Net income (loss) from discontinued operations (in dollars per share)	0	12.84	(1.29)
Net income attributable to common stockholders (in dollars per share)	5.09	22.95	7.02
Diluted
Net income from continuing operations (in dollars per share)	5.05	10.03	8.21
Net income (loss) from discontinuing operations (in dollars per share)	0	12.63	(1.23)
Net income attributable to common stockholders (in dollars per share)	$ 5.05	$ 22.66	$ 6.98
Share Data
Weighted average shares outstanding used in basic per share calculations (in shares)	54,371,531	59,140,861	60,114,670
Plus: Dilutive securities (in shares)	410,997	982,833	3,065,268
Weighted average shares used in diluted earnings per share calculations (in shares)	54,782,528	60,123,694	63,179,938

AIZ Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost – $6,920.8 and $6,903.9 at December 31, 2022 and 2021, respectively)	$ 6,283.7	$ 7,215.3
Equity securities at fair value	281.3	445.7
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $1.8 and $1.1 at December 31, 2022 and 2021, respectively)	295.6	256.5
Short-term investments	155.5	247.8
Other investments	508.4	506.3
Total investments	7,524.5	8,671.6
Cash and cash equivalents	1,536.7	2,040.8
Premiums and accounts receivable (net of allowances for credit losses of $9.2 and $9.4 at December 31, 2022 and 2021, respectively)	2,406.4	1,942.5
Reinsurance recoverables (net of allowances for credit losses of $5.4 and $5.0 at December 31, 2022 and 2021, respectively)	7,005.9	6,181.2
Accrued investment income	85.1	62.1
Deferred acquisition costs	9,677.1	8,811.0
Property and equipment, net	645.1	561.4
Goodwill	2,603.0	2,571.6
Value of business acquired	262.8	583.4
Other intangible assets, net	638.9	719.2
Other assets (net of allowances for credit losses of $1.7 and $2.5 at December 31, 2022 and 2021, respectively)	738.3	698.9
Assets held for sale (Note 4)	0.0	1,076.9
Total assets	33,123.8	33,920.6
Liabilities
Future policy benefits and expenses	428.5	413.2
Unearned premiums	19,802.4	18,623.7
Claims and benefits payable	2,295.9	1,604.8
Commissions payable	647.5	692.7
Reinsurance balances payable	492.8	446.2
Funds held under reinsurance	366.6	364.2
Accounts payable and other liabilities (net of allowances for credit losses of $10.3 at December 31, 2022)	2,731.5	3,044.4
Debt	2,129.9	2,202.5
Liabilities held for sale (Note 4)	0.0	1,064.8
Total liabilities	28,895.1	28,456.5
Commitments and contingencies (Note 28)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 55,126,470 and 58,050,202 shares issued and 52,830,381 and 55,754,113 shares outstanding at December 31, 2022 and 2021, respectively	0.6	0.7
Additional paid-in capital	1,637.8	1,695.0
Retained earnings	3,699.3	4,041.2
Accumulated other comprehensive (loss) income	(986.2)	(150.0)
Treasury stock, at cost; 2,296,089 shares at December 31, 2022 and 2021	(122.8)	(122.8)
Total equity	4,228.7	5,464.1
Total liabilities and equity	$ 33,123.8	$ 33,920.6