ASSURANT INC

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 7, 2024

AIZ$322.16+1.6%Stored close · as of Nov 10, 2026

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Item 1. Consolidated Balance Sheets (unaudited)

	September 30, 2024	December 31, 2023
(in millions, except number of shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $7,766.4 and $7,292.4 at September 30, 2024 and December 31, 2023, respectively)	$7,596.1	$6,912.1
Equity securities at fair value	219.4	223.0
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.4 and $4.0 at September 30, 2024 and December 31, 2023, respectively)	329.0	328.7
Short-term investments	325.0	258.1
Other investments	501.7	499.0
Total investments	8,971.2	8,220.9
Cash and cash equivalents	1,813.4	1,627.4
Premiums and accounts receivable (net of allowances for credit losses of $6.3 and $9.0 at September 30, 2024 and December 31, 2023, respectively)	1,782.6	2,265.6
Reinsurance recoverables (net of allowances for credit losses of $4.6 and $4.8 at September 30, 2024 and December 31, 2023, respectively)	7,631.8	6,649.2
Accrued investment income	120.3	97.0
Deferred acquisition costs	10,083.8	9,967.2
Property and equipment, net	742.2	685.8
Goodwill	2,625.2	2,608.8
Value of business acquired	11.7	83.9
Other intangible assets, net	545.9	567.1
Other assets (net of allowances for credit losses of $0.7 at September 30, 2024 and December 31, 2023)	1,004.2	862.3
Total assets	$35,332.3	$33,635.2
Liabilities
Future policy benefits and expenses	$504.0	$487.2
Unearned premiums	20,400.0	20,110.4
Claims and benefits payable	3,049.0	1,989.2
Commissions payable	526.2	542.8
Reinsurance balances payable	511.8	430.1
Funds held under reinsurance	257.8	392.7
Accounts payable and other liabilities (including allowances for credit losses of $3.9 and $8.3 at September 30, 2024 and December 31, 2023, respectively, for the unsecured portion of the high deductible recoverables)	2,745.7	2,792.7
Debt	2,082.5	2,080.6
Total liabilities	30,077.0	28,825.7
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,672,292 and 54,252,083 shares issued and 51,376,203 and 51,955,994 shares outstanding at September 30, 2024 and December 31, 2023, respectively	0.5	0.6
Additional paid-in capital	1,683.3	1,668.5
Retained earnings	4,321.5	4,028.2
Accumulated other comprehensive loss	(627.2)	(765.0)
Treasury stock, at cost; 2,296,089 shares at September 30, 2024 and December 31, 2023	(122.8)	(122.8)
Total equity	5,255.3	4,809.5
Total liabilities and equity	$35,332.3	$33,635.2

Consolidated Statements of Operations (unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$2,417.2	$2,357.3	$7,238.3	$6,965.8
Fees and other income	439.1	310.4	1,200.0	888.8
Net investment income	129.7	125.5	381.1	343.6
Net realized losses on investments (including $9.4, $0.8, $21.2 and $6.4 of impairment-related losses for the three and nine months ended September 30, 2024 and 2023, respectively) and fair value changes to equity securities	(18.3)	(19.1)	(46.7)	(49.7)
Total revenues	2,967.7	2,774.1	8,772.7	8,148.5
Benefits, losses and expenses
Policyholder benefits	776.8	644.6	2,096.0	1,922.7
Underwriting, selling, general and administrative expenses	2,012.7	1,873.7	5,919.2	5,564.5
Interest expense	26.7	27.0	80.2	81.2
Gain on extinguishment of debt	—	—	—	(0.1)
Total benefits, losses and expenses	2,816.2	2,545.3	8,095.4	7,568.3
Income before income tax expense	151.5	228.8	677.3	580.2
Income tax expense	17.7	38.7	118.4	120.2
Net income	$133.8	$190.1	$558.9	$460.0
Earnings Per Common Share
Basic	$2.56	$3.55	$10.66	$8.58
Diluted	$2.55	$3.54	$10.60	$8.55
Share Data
Weighted average common shares outstanding used in basic per common share calculations	52,204,057	53,535,982	52,411,457	53,591,495
Plus: Dilutive securities	260,465	209,191	293,417	232,889
Weighted average common shares outstanding used in diluted per common share calculations	52,464,522	53,745,173	52,704,874	53,824,384

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions)
Net income	$133.8	$190.1	$558.9	$460.0
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(56.2), $30.2, $(42.4) and $19.1 for the three and nine months ended September 30, 2024 and 2023, respectively	209.7	(112.9)	154.5	(80.6)
Change in unrealized gains on derivative transactions, net of taxes of $(0.8), $0.3, $0.3 and $(0.3) for the three and nine months ended September 30, 2024 and 2023, respectively	3.0	(1.2)	(1.1)	1.0
Change in foreign currency translation, net of taxes of $2.8, $0.4, $4.6 and $(1.7) for the three and nine months ended September 30, 2024 and 2023, respectively	15.2	(11.3)	(8.4)	22.4
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.7, $0.7, $2.0 and $2.0 for the three and nine months ended September 30, 2024 and 2023, respectively	(2.4)	(2.9)	(7.2)	(7.6)
Total other comprehensive income (loss)	225.5	(128.3)	137.8	(64.8)
Total comprehensive income	$359.3	$61.8	$696.7	$395.2

Consolidated Statements of Changes in Equity (unaudited)

	Three Months Ended September 30, 2024
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensiveLoss	TreasuryStock	Total
(in millions)
Balance at June 30, 2024	$0.5	$1,669.6	$4,309.7	$(852.7)	$(122.8)	$5,004.3
Stock plan exercises	—	7.5	—	—	—	7.5
Stock plan compensation expense	—	23.7	—	—	—	23.7
Common stock dividends ($0.72 per share)	—	—	(37.5)	—	—	(37.5)
Acquisition of common stock	—	(17.5)	(84.5)	—	—	(102.0)
Net income	—	—	133.8	—	—	133.8
Other comprehensive income	—	—	—	225.5	—	225.5
Balance at September 30, 2024	$0.5	$1,683.3	$4,321.5	$(627.2)	$(122.8)	$5,255.3

	Three Months Ended September 30, 2023
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensive Loss	TreasuryStock	Total
(in millions)
Balance at June 30, 2023	$0.6	$1,653.7	$3,877.2	$(922.7)	$(122.8)	$4,486.0
Stock plan exercises	—	7.5	—	—	—	7.5
Stock plan compensation expense	—	23.9	—	—	—	23.9
Common stock dividends ($0.70 per share)	—	—	(37.1)	—	—	(37.1)
Acquisition of common stock	—	(12.0)	(39.5)	—	—	(51.5)
Net income	—	—	190.1	—	—	190.1
Other comprehensive loss	—	—	—	(128.3)	—	(128.3)
Balance at September 30, 2023	$0.6	$1,673.1	$3,990.7	$(1,051.0)	$(122.8)	$4,490.6

	Nine Months Ended September 30, 2024
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensive Loss	TreasuryStock	Total
(in millions)
Balance at December 31, 2023	$0.6	$1,668.5	$4,028.2	$(765.0)	$(122.8)	$4,809.5
Stock plan exercises	—	14.8	—	—	—	14.8
Stock plan compensation expense	—	58.3	—	—	—	58.3
Common stock dividends ($2.16 per share)	—	—	(114.8)	—	—	(114.8)
Acquisition of common stock	(0.1)	(58.3)	(150.8)	—	—	(209.2)
Net income	—	—	558.9	—	—	558.9
Other comprehensive income	—	—	—	137.8	—	137.8
Balance at September 30, 2024	$0.5	$1,683.3	$4,321.5	$(627.2)	$(122.8)	$5,255.3

Consolidated Statements of Changes in Equity (unaudited)

	Nine Months Ended September 30, 2023
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensiveLoss	TreasuryStock	Total
(in millions)
Balance at December 31, 2022	$0.6	$1,637.8	$3,699.3	$(986.2)	$(122.8)	$4,228.7
Stock plan exercises	—	14.9	—	—	—	14.9
Stock plan compensation expense	—	53.6	—	—	—	53.6
Common stock dividends ($2.10 per share)	—	—	(113.8)	—	—	(113.8)
Acquisition of common stock	—	(33.2)	(54.8)	—	—	(88.0)
Net income	—	—	460.0	—	—	460.0
Other comprehensive loss	—	—	—	(64.8)	—	(64.8)
Balance at September 30, 2023	$0.6	$1,673.1	$3,990.7	$(1,051.0)	$(122.8)	$4,490.6

Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	2024	2023
(in millions)
Operating activities
Net income	$558.9	$460.0
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:
Deferred tax expense (benefit)	219.9	(69.1)
Depreciation and amortization	159.6	141.2
Net realized losses on investments, including impairment losses	46.7	49.7
Gain on extinguishment of debt	—	(0.1)
Stock based compensation expense	58.3	53.6
Restructuring costs	0.2	18.3
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	1,409.8	66.9
Premiums and accounts receivable	485.7	10.4
Commissions payable	(8.7)	(39.3)
Reinsurance recoverable	(968.2)	330.8
Reinsurance balance payable	83.5	(77.0)
Funds withheld under reinsurance	(134.3)	36.4
Deferred acquisition costs and value of business acquired	(75.0)	(68.4)
Taxes receivable	(167.3)	(45.4)
Other assets and other liabilities	(387.6)	(83.8)
Other	(51.6)	(8.7)
Net cash provided by operating activities	1,229.9	775.5
Investing activities
Sales of:
Fixed maturity securities available for sale	924.6	955.7
Equity securities	73.8	11.1
Other invested assets	71.0	30.0
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	384.2	199.2
Commercial mortgage loans on real estate	35.4	15.4
Purchases of:
Fixed maturity securities available for sale	(1,822.9)	(1,495.6)
Equity securities	(55.4)	(3.4)
Commercial mortgage loans on real estate	(38.1)	(44.4)
Other invested assets	(66.8)	(37.0)
Property and equipment and other	(153.3)	(148.2)
Subsidiaries, net of cash transferred	(12.9)	(0.3)
Change in short-term investments	(68.4)	(124.0)
Other	—	0.7
Net cash used in investing activities	(728.8)	(640.8)
Financing activities
Issuance of debt, net of issuance costs	—	173.2
Repayment of debt	—	(225.0)

Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	2024	2023
Payment of contingent liability	—	(2.5)
Acquisition of common stock	(187.1)	(67.1)
Common stock dividends paid	(114.8)	(113.8)
Employee stock purchases and withholdings	(15.9)	(6.7)
Net cash used in financing activities	(317.8)	(241.9)
Effect of exchange rate changes on cash and cash equivalents	2.7	(4.2)
Change in cash and cash equivalents	186.0	(111.4)
Cash and cash equivalents at beginning of period	1,627.4	1,536.7
Cash and cash equivalents at end of period	$1,813.4	$1,425.3

INDEX OF NOTES

Note	Page Number
1. Nature of Operations	9
2. Basis of Presentation	9
3. Recent Accounting Pronouncements	10
4. Segment Information	12
5. Contract Revenues	14
6. Investments	15
7. Fair Value Disclosures	19
8. Deferred Acquisition Costs	22
9. Reserves	23
10. Accumulated Other Comprehensive Income	26
11. Earnings Per Common Share	28
12. Retirement and Other Employee Benefits	29
13. Restructuring and Related Impairment Charges	30
14. Commitments and Contingencies	31
15. Subsequent Event	31

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.