Assurant, Inc. · NYSE:AIZ
Assurant — Q4 2020 Earnings Presentation
24 slides from Assurant's earnings presentation, Feb 10, 2021
Slide 1: Assurant, Inc. (AIZ) Financial Supplement as of December 31, 2020
Assurant, Inc. (AIZ) Financial Supplement as of December 31, 2020
Slide 2: Financial Supplement Index
ASSURANT, INC. FINANCIAL SUPPLEMENT (UNAUDITED) As of December 31, 2020 INDEX TO FINANCIAL SUPPLEMENT Page: SUMMARY FINANCIAL HIGHLIGHTS 1 RECONCILIATION OF NET OPERATING INCOME TO NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 3 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND SELECTED DATA 4 SE
Slide 3: Summary Financial Highlights
Assurant, Inc. Summary Financial Highlights (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions, except per share amounts and closing stock price) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change KEY FINANCIAL METRICS (1) Segment net earned premiums, fees a
Slide 4: Summary Financial Highlights (continued)
Assurant, Inc. Summary Financial Highlights (continued) (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions, except per share amounts) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Book value per diluted share $ 96.30 $ 94.62 $ 94.27 $ 84.58 $ 88.59 $ 87
Slide 5: Reconciliation of Net Operating Income to Net Income Attributable to Common Stockholders
Assurant, Inc. Reconciliation of Net Operating Income to Net Income (Loss) Attributable to Common Stockholders(1) (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions, net of tax) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Global Lifestyle $ 87.9 $ 106
Slide 6: Consolidated Condensed Statements of Operations
Assurant, Inc. Consolidated Condensed Statements of Operations (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions, except per share data) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Revenues: Net earned premiums $ 2,119.7 $ 2,102.8 $ 2,036.4 $ 2,083.8
Slide 7: Global Lifestyle Condensed Statements of Operations and Selected Data
Global Lifestyle Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Revenues: Net earned premiums $ 1,643.2 $ 1,633.2 $ 1,568.1 $ 1,597.7 $ 1,574.6 $ 1,5
Slide 8: Global Lifestyle (continued) Condensed Statements of Operations and Selected Data
Global Lifestyle (continued) Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Net written premiums: Connected Living $ 780.3 $ 773.6 $ 658.3 $ 765.7 $
Slide 9: Global Housing Condensed Statements of Operations and Selected Data
Global Housing Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Revenues: Net earned premiums $ 459.0 $ 453.6 $ 453.2 $ 467.8 $ 478.0 $ 475.2 $ 471.8 $
Slide 10: Global Housing (continued) Condensed Statements of Operations and Selected Data
Global Housing (continued) Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change (1) Renters policies (in millions) 2.404 2.392 2.342 2.265 2.222 2.190 2.119 2.065 2.404 2.
Slide 11: Global Preneed Condensed Statements of Operations and Selected Data
Global Preneed Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Revenues: Net earned premiums $ 17.5 $ 16.0 $ 15.1 $ 18.3 $ 14.9 $ 15.1 $ 15.4 $ 15.8 $
Slide 12: Total Corporate and Other Condensed Statements of Operations and Selected Data
Total Corporate and Other Condensed Statements of Operations and Selected Data (Unaudited) 2020 2019 Twelve Months 4Q20-4Q19 4Q20-3Q20 12M20-12M19 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2020 2019 % Change % Change % Change Revenues: Net earned premiums $ - $ - $ - $ - $ 0.0 $ - $ - $ - $ - $ 0.0 (1
Slide 13: Segment Condensed Balance Sheets
Assurant, Inc. Segment Condensed Balance Sheets (Unaudited) As of December 31, 2020 Total Corporate and Global Lifestyle Global Housing Global Preneed Other(1) Consolidated ($ in millions) Assets Investments and cash and cash equivalents $ 6,725.4 $ 2,248.6 $ 6,076.8 $ 2,857.2 $ 17,908.0 (2) Reinsur
Slide 14: Investments
Assurant, Inc. Investments (Unaudited) As of December 31, As of December 31, ($ in millions) 2020 2019 Investments by type Fixed maturity securities available for sale, at fair value $ 13,449.0 75.2 % $ 12,322.4 75.0 % Equity securities, at fair value Preferred stock 339.2 1.9 % 319.5 1.9 % Common s
Slide 15: Investments (continued)
Assurant, Inc. Investments (continued) (Unaudited) As of December 31, 2020 As of December 31, 2019 Allowance Net Net Book for credit Fair % of Fair Unrealized Book Fair % of Fair Unrealized ($ in millions) Value losses Value Value Gain (Loss) Value Value Value Gain (Loss) Fixed Maturity Securities b
Slide 16: Investment Results by Asset Category and Annualized Yields
Assurant, Inc. Investment Results by Asset Category and Annualized Yields (Unaudited) Quarter Ended December 31 Quarter Ended December 31 2020 2019 Investment Net realized Investment Net realized ($ in millions) Yield Income gain (loss) Yield Income gain (loss) Fixed maturity securities, available f
Slide 17: Summary of Net Operating Income (Loss) Disclosed Items
Assurant, Inc. Summary of Net Operating Income (Loss) (1) Disclosed Items(2) Income / (Expense) Items (Unaudited) 2020 2019 ($ in millions except per share amounts, after-tax) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Diluted Diluted Diluted Diluted Diluted Diluted Diluted Diluted $ EPS $ EPS $ EPS $ EPS $ EPS $ EPS
Slide 18: Ratings Summary
Assurant, Inc. Ratings Summary* (Unaudited) As of December 31, 2020 Standard & A.M. Best Moody's Poor's Company American Bankers Insurance Company of Florida A A3 A American Bankers Life Assurance Company of Florida A- Baa1 A American Memorial Life Insurance Company A- N/A A American Security Insura
Slide 19: Regulation G – Non GAAP Financial Measures
Regulation G – Non GAAP Financial Measures Assurant uses the following non-GAAP financial measures to analyze the Company’s operating performance. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Ass
Slide 20: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (2) Net Operating Income, Excluding Reportable Catastrophes: Assurant uses net operating income (defined above), excluding reportable catastrophes (which represents catastrophe losses net of reinsurance and client profit sharing adjustments and
Slide 21: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (3) Net Operating Income per Diluted Share: Assurant uses net operating income per diluted share as an important measure of the Company’s stockholder value. Net operating income per diluted share equals net operating income (defined above) plus
Slide 22: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (4) Net Operating Income, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses net operating income per diluted share, excluding reportable catastrophes, as another important measure of the Company's stockholder value. The Company
Slide 23: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (5) Annualized Operating Return On Common Stockholders' Equity, Excluding AOCI: Assurant uses operating return on common stockholders' equity ("Operating ROE"), excluding AOCI, as an important measure of the Company’s operating performance. Oper
Slide 24: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (7) Corporate and Other Net Operating Loss: Assurant uses Corporate and Other net operating loss as an important measure of the corporate segment’s performance. Corporate and Other net operating loss equals Corporate and Other segment net loss a