Assurant Non-GAAP EPS of $2.75 beats by $0.43, revenue of $2.55B misses by $50M
- Assurant press release (NYSE:AIZ): Q1 Non-GAAP EPS of $2.75 beats by $0.43.
- Revenue of $2.55B (+2.8% Y/Y) misses by $50M.
- Adjusted EBITDA, excluding reportable catastrophes2, decreased 7 percent to $293.3 million, or 5 percent on a constant currency basis
- Adjusted earnings, excluding reportable catastrophes, per diluted share, decreased 12 percent to $3.49
- Holding company liquidity was $383 million
- Returned $37 million to shareholders via common stock dividends
- GAAP net income decreased 24 percent to $113.6 million year-over-year, while net income per diluted share decreased 20 percent to $2.12 versus the prior year period
- Adjusted EBITDA, excluding reportable catastrophes, decreased 7 percent to $293.3 million, or 5 percent on a constant currency basis
- Adjusted earnings, excluding reportable catastrophes, per diluted share, decreased 12 percent to $3.49
- Holding company liquidity was $383 million
- Returned $37 million to shareholders via common stock dividends
- Holding company liquidity totaled $383 million as of March 31, 2023, or $158 million above the company’s targeted minimum level of $225 million.
- Dividends paid by operating segments to the holding company in first quarter 2023 totaled $112 million.
