Assurant to Share Strategic Vision, 2022 Outlook and Long-term Financial Objectives at Investor Day
March 24, 2022 at 07:00 AM EDT
Company expected to deliver significant earnings growth and continued strong cash generation through 2024
Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today will host its virtual Investor Day where it will share its company vision and provide its financial outlook for 2022 and financial objectives for 2023-2024.
“Our long track record of outperformance gives us confidence in our ability to deliver on our stated financial objectives over the next three years,” said Keith Demmings, President and CEO, Assurant. “Our global business is well-positioned to achieve our vision to become the leading business services company supporting the advancement of the connected world.”
Assurant expects to deliver sustained 8-10 percent growth in adjusted EBITDA, excluding reportable catastrophes(1,2), and nearly $3 billion in segment cash generation(2,3) over the next three years. In addition to adjusted EBITDA, the company will also now include adjusted earnings per diluted share as a key performance metric for the company.
Demmings will be joined by four senior executives to highlight how the company’s market leadership and competitive advantages, along with favorable market and consumer trends, position Assurant to meet evolving needs and to thrive in a connected world.
Management will showcase the company’s progress since its last Investor Day in 2019, including successfully delivering against its enterprise financial objectives while outperforming the S&P 500(4). Presenters include:
“As Assurant continues to evolve into a more fee-based, capital-light and service-oriented enterprise, sustained earnings growth and cash flow generation are expected to continue to provide us with the flexibility to target strategic investments to drive long-term growth while at the same time returning capital to shareholders and maintaining our investment grade and financial strength ratings,” said Demmings. “We have a proven track record of making high-return, strategic investments in our businesses, backed by a long history of returning capital to our shareholders, which we believe in combination will maximize value creation going forward.”
In the eighteen years since going public, Assurant has raised its common stock dividend every year and repurchased 66 percent of its common stock.
Given its ongoing shift to more fee-based businesses, beginning in first quarter 2022, Assurant will introduce adjusted earnings, excluding reportable catastrophes, per diluted share, in addition to adjusted EBITDA, excluding reportable catastrophes, as its performance metric for the enterprise. In addition, the company introduced a new metric within its Connected Living business, global mobile devices serviced, which includes the number of devices for which it provides value to its consumers and partners through trade-in, repair and broader dynamic fulfillment services. To provide investors with an opportunity to review the updated presentation prior to the publication of Assurant’s first quarter 2022 results, the financial supplement as of December 31, 2021 has been revised to reflect these and other changes. The revised financial supplement is available on Assurant’s Investor Relations website: https://ir.assurant.com/investor/default.aspx.
Investor Day Webcast
A live webcast of the event will be held on March 24, 2022 at 9:00 a.m. E.T. A live Q&A session with management will be available for the investment community via the webcast platform as well as phone dial-in. The live and archived replay of the presentation will be available through the Investor Relations section of Assurant's website at www.assurant.com. Slides of the presentation will be posted for viewing before the event begins.
Safe Harbor Statement
You can identify forward-looking statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook and financial objectives:
For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each as filed with the SEC.