Assurant, Inc. (NYSE:AIZ) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Sean Moshier - Vice President of Investor Relations.
Keith Demmings - President & Chief Executive Officer
Keith Meier - Executive Vice President, Chief Financial Officer

Conference Call Participants

Mark Hughes - Truist Securities
Brian Meredith - UBS
Tommy McJoynt - KBW

Operator

Welcome to Assurant's First Quarter 2024 Conference Call and Webcast. [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 first quarter 2024 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 first quarter 2024. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation 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 the 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 into Q&A.

I will now turn the call over to Keith Demmings.

Keith Demmings

Thanks, Sean and good morning, everyone. Our first quarter results represent a strong start to 2024 reflecting the position of strength from which Assurant continues to operate. Adjusted EBITDA grew 31% year-over-year to $384 million and adjusted EPS grew 42% year-over-year both excluding reportable catastrophes. Our first quarter results were driven by the continued strength of our Global Housing segment as well as growth in Global Lifestyle. Our ability to continue to drive financial performance and operational excellence has supported strong cash flow generation and a solid capital position.

Before reviewing the highlights across our business segments, I'd like to take a moment to reiterate how our unique and differentiated business model has led us to consistently deliver financial results. Assurant holds market leadership positions across a variety of attractive specialized markets, where we benefit from both scale and deep integration with our B2B2C client base. Our competitive advantages across our businesses have allowed us to be flexible and agile in executing for our partners and for end consumers.