Assurant, Inc. (NYSE:AIZ) Q3 2024 Earnings Conference Call November 6, 2024 8:00 AM ET

Company Participants

Sean Moshier - Vice President, Investor Relations
Keith Demmings - President and Chief Executive Officer
Keith Meier - Chief Financial Officer

Conference Call Participants

Brian Meredith - UBS
Mark Hughes - Truist
Tommy McJoynt - KBW
John Barnidge - Piper Sandler

Operator

Welcome to Assurant's Third 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 third 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 third 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 those 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 third quarter results further supported our strong year-to-date performance. Through the first nine months of the year, adjusted EBITDA increased by 15% and adjusted EPS grew by 21%, both excluding catastrophes. Results were led by sustained outperformance within Global Housing, as well as underlying growth within our Connected Living business, which was muted by incremental investments in new partnerships and programs and unfavorable foreign-exchange.

Our year-to-date momentum has positioned us to exceed our previous expectations. Excluding catastrophes, we now expect adjusted EBITDA to increase low-double-digits for the second consecutive year and adjusted earnings per share to increase mid to high teens, led by business growth and strong share repurchases. Once again, we've outperformed the broader P&C industry, both short and long-term, reflecting the unique and differentiated nature of our combined housing and lifestyle business model.