Assurant Inc (AIZ) said after close Tuesday that it earned $3.89 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $2.7 billion, beating estimates by $92 million.
In the same quarter a year ago, the company earned $2.95 per share on revenue of $2.5 billion.
The stock is up 6.38% to $143.65 after the report.
The firm’s lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Assurant Inc a Bullish Sentiment Rank from InvestorsObserver.
Assurant Inc has performed a little below average during the past few months. Before the report, Assurant Inc received a Long-Term Technical Rank by InvestorsObserver of 48, putting it in the bottom half of stocks. The firm set a 52-week low on March 17, 2023 at $104.49 and set a 52-week high on August 2, 2022 at $175.5.
Assurant Inc offers a range of property-casualty, health, employee benefit, and warranty insurance to a client base made up of individuals and institutions. Its segments are Global Housing, Global Lifestyle, Corporate and Other. Global Housing segment, the key revenue-generating segment, provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance; renters insurance and related products; and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products. Global Lifestyle provides mobile device solutions and extended service products and related services for mobile devices, consumer electronics and appliances; vehicle protection; and credit protection and other insurance products.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.