Assurant (AIZ) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 3, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Assurant’s First Quarter 2023 Conference Call and Webcast. [Operator Instructions] It is now my pleasure to turn the floor over to Suzanne Shepherd, Senior Vice President of Investor Relations and Sustainability. You may begin.

Suzanne Shepherd

Thank you, operator, and good morning, everyone. We look forward to discussing our first quarter 2023 results with you today. Joining me for Assurant’s conference call are Keith Demmings, our President and Chief Executive Officer; and Richard Dziadzio, our Chief Financial Officer.

Yesterday, after the market closed, we issued a news release announcing our results for the first quarter of 2023. The release and corresponding financial supplement are available on assurant.com. We will start today’s call with remarks from Keith and Richard before moving into a Q&A session.

Some of the statements made today are forward-looking. Forward-looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these factors can be found in yesterday’s earnings release and financial supplement as well as in our SEC reports.

During today’s call, we will refer to non-GAAP financial measures which we believe are important in evaluating the company’s performance. For more details on these measures, the most comparable GAAP measures and a reconciliation of the two, please refer to yesterday’s news release and financial supplement.

I will now turn the call over to Keith.

Keith Demmings

Thanks, Suzanne and good morning everyone. We are pleased by our first quarter results, which reflected better-than-expected performance within our Global Housing business and our ongoing focus on driving operating excellence across Assurant. The actions we announced in 2022 to simplify our business and real estate portfolio realign our organizational structure and accelerate the deployment of digital-first experiences are beginning to yield measurable results.

While early, gross savings generated from these initiatives are helping to mitigate the impact of broader macroeconomic headwinds and fund additional critical investments in innovation and our talent. This was reflected in Global Lifestyle’s results for the quarter, which improved sequentially in line with our expectations. Our first quarter results also continued to demonstrate the leadership advantages of our well-diversified business portfolio and our global client base. We believe we are well-positioned to deliver on our financial objectives for 2023 and we will continue to prudently manage our capital to drive shareholder value.