Insurance company Assurant (NYSE:AIZ) on Tuesday reported preliminary Q3 adj. EPS of $1.01 compared to $1.69 a year ago.
AIZ reported preliminary Q3 adj. EPS, excluding reportable catastrophes, of $2.81 compared to $3.04 a year ago.
The consensus EPS estimate for Q3 is $1.99.
"Preliminary third quarter 2022 results came in below our expectations in Global Lifestyle, reflecting the challenging global macroeconomic environment," AIZ CEO Keith Demmings said in a statement.
"Foreign exchange remained a headwind in the quarter, and the combination of lower program volumes and higher claims costs in select regions reduced profitability," Demmings added.
AIZ also slashed its FY 2022 outlook for adj. EBITDA and adj. EPS, both excluding reportable catastrophes.
The company now sees FY adj. EBITDA, excluding reportable catastrophes, to be modestly down to flat vs. 2021. The company had previously guided for a 3-6% growth.
FY adj. EPS, excluding reportable catastrophes, is now expected to grow in high single-digits vs. a prior outlook of 14-18% growth.
The FY 2022 consensus EPS estimate is for 28.08% Y/Y growth to $11.99.
AIZ will report its Q3 results on Nov. 1 after the bell.
Assurant (AIZ) stock earlier closed +1.4% at $152.74.