Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Extended Sale! Save on premium data with Claim 60% OFF
Assurant profit beats on global housing unit strength, higher investment returns
Published Aug 01, 2023 06:36PM ET
© Reuters. FILE PHOTO: A row of residential houses stands in Brooklyn's neighborhood of Bushwick, New York, U.S., September 16, 2022. REUTERS/Amr Alfiky/File Photo
(Reuters) - Insurer Assurant Inc (NYSE:AIZ) sailed past Wall Street estimates for profit in the second quarter on Tuesday, on the back of growth in its global housing unit and higher investment income.
Shares of the company rose 1.1% in extended trading, after results. The stock is up roughly 8% year-to-date, through the previous close.
The company's global housing segment, which offers lender-placed insurance, multi-family housing and mortgage services, saw adjusted EBITDA surge 153% in the quarter to $154.6 million, driving the market-beating earnings report.
Meanwhile, investment returns at major insurers have also rebounded this year as jitters around a looming economic downturn and rising interest rates subside, driving a rally across Wall Street's main indexes.
Net investment income climbed to $112.9 million in the second quarter ended June 30, compared with $92 million last year.
The company reported net earned premiums of $2.34 billion in the quarter, up from $2.17 billion in the year-ago quarter.
Net income in the quarter surged to $156.3 million, up from $52.2 million a year earlier.
On an adjusted basis, Assurant reported a profit of $3.89 per share in the second quarter, easily surpassing analysts' estimates of $2.57 per share, according to Refinitiv IBES data.
"We resumed share repurchases in the second quarter and expect to continue share repurchase activity for the remainder of the year, as we generate strong cash flows," CEO Keith Demmings said.
Total revenue in the quarter rose to $2.73 billion, from $2.51 billion a year earlier.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.