Assurant, Inc. (NYSE:AIZ) Q4 2023 Results Earnings Conference Call February 7, 2024 8:00 AM ET

Company Participants

Sean Moshier - Vice President, Investor Relations

Keith Demmings - President and Chief Executive Officer

Keith Meier - Executive Vice President, Chief Financial Officer

Conference Call Participants

Mark Hughes - Truist Securities

John Barnidge - Piper Sandler

Thomas McJoyntt - Keefe, Bruyette & Woods

Brian Meredith - UBS

Operator

Welcome to Assurant's Fourth Quarter and Full-Year 2023 Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode and the floor will be opened for your questions following management's prepared remarks. [Operator Instructions].

It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may begin.

Sean Moshier

Thank you, operator. And good morning, everyone. We look forward to discussing our fourth quarter and full-year 2023 results with you today.

Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer, and Keith Meier, our Chief Financial Officer.

Yesterday, after the market closed, we issued a news release announcing our results for the fourth quarter and full-year 2023. The release and corresponding financial supplements are available on assurant.com. Also on our website is a slide presentation that we introduced this quarter for our webcast participants.

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, presentation and financial supplement on our website 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 the news release and supporting materials.

We'll start today's call with remarks before moving in to Q&A. I will now turn the call over to Keith Demmings. Keith?

Keith Demmings

Thanks, Sean. And good morning, everyone. 2023 was an extraordinary year for Assurant, our seventh consecutive year of profitable growth. We drove shareholder value by delivering financial outperformance, maintaining a strong capital position and generating significant momentum throughout our businesses.

Adjusted EBITDA grew 21% to nearly $1.4 billion and adjusted EPS increased by 26%, both excluding reportable catastrophes. Our results were driven by the strength of our homeowners business within Global Housing, which delivered adjusted EBITDA growth of nearly 65% excluding cats.