Assurant (AIZ) 10-K Summary — Year Ended Dec 31, 2023
Assurant reported revenue growth for the fiscal year ended December 31, 2023, with net income and operating cash flow both positive. The company operates through two segments: Global Lifestyle and Global Housing, serving clients across North America, Latin America, Europe, and Asia Pacific.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Assurant reported revenue growth for the fiscal year ended December 31, 2023, with net income and operating cash flow both positive. The company operates through two segments: Global Lifestyle and Global Housing, serving clients across North America, Latin America, Europe, and Asia Pacific.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.1B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$642.5M
Net income reported for the year.
Operating cash flow
$1.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2022 | $2.5B | n/a |
| Dec 31, 2022 | $10.2B | +300.1% |
| Dec 31, 2023 | $11.1B | +9.2% |
Business overview
Assurant is a global business services company that supports, protects, and connects major consumer purchases. It operates through two segments: Global Lifestyle, which provides mobile device solutions, extended service contracts, vehicle protection, and related services; and Global Housing, which offers lender-placed homeowners, manufactured housing, flood insurance, and renters insurance. The company partners with leading brands to deliver innovative solutions and enhanced customer experiences across multiple regions.
Financial performance
Revenue increased compared to the prior year, while net income and operating cash flow were reported as positive. The company's financial strength is supported by a strong balance sheet and operating cash flows.
Material risks
The filing references risk factors but does not provide specific details in the supplied context. General risks may include market conditions, regulatory changes, and operational challenges inherent in the insurance and services industries.
Liquidity and capital
The company leases office space and device care centers globally, with lease terms ranging from month-to-month to thirteen years. Management believes owned and leased properties are sufficient to support current business operations.
What to watch
Monitor the company's revenue growth trajectory and any changes in segment performance in the next filing.