Assurant (AIZ) 9 Feb 222021 Q4 Earnings call transcript

00:04 Welcome to Assurant’s Fourth Quarter and Full-Year 2021 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]. 00:41 It is now my pleasure to turn the floor over to Suzanne Shepherd, Senior Vice President of Investor Relations and Sustainability.

You may begin your conference.

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

Chief and Joining me President Dziadzio, after Officer; our our closed, release we for Keith are XX:XX issued our the Richard a market start for Assurant’s moving and the conference Keith XXXX. Chief release XX:XX fourth the call Financial Yesterday Officer. are announcing news Demmings, a results Executive assurant.com. We'll supplement and session. and available from remarks before financial and today's corresponding The Some with full statements into are year Q&A made Richard call forward-looking. on of today quarter

actual our by are statements risks, factors uncertainties statements. based upon current cause materially and other subject to those from historical results Forward-looking these differ contemplated to and expectations and are may performance that

information factors Additional performance. are XX:XX refer release, we measures, in as SEC yesterday's today's which as found to call, earnings be reports. the in company's we in will evaluating our financial During these well can non-GAAP important regarding believe

more most measures of will the reconciliation turn I a refer supplement. over comparable X, call Keith. financial on to details the please and and yesterday's the these to now GAAP XX:XX news For release measures,

everyone. Thank XX:XX good Suzanne, you, and morning

consumers as connected the I'm nearly support of world, lifestyles. I our begin As my tenure to ever opportunity the we CEO, as lead extremely proud XX,XXX across employees

and are to growth strong globally. have not million our more serving expanded have a drive I evolved continued businesses over the As generated years, and Collectively, and Today, our past business only of offerings oriented XX:XX customer XXX Assurant expected we service transformation growth higher model, reflect businesses of on returns. also our breadth consumer Assurant’s connected our P&C group consumers several profitable and base. specialty but represents significantly the cohesive than

XX:XX geographies enable brands will to our consumer compelling in us deliver particularly As the require Ongoing the meet global when their will on and empower for To convergence we people sustain and success will long-term connected and they how, connected us the on believe, to superior Assurant critical connect, markets leading to continue to our adapting our achieving changing in operate. to and opportunities we a customers to for lifestyles. XXXX met, needs success our than support of experience. our vision differentiating see be to in X connected of Continued through beyond, more new capabilities to protect the which XX:XX opportunities, investments require offerings where to be and want customer we consumer the growth, the future our growth. Continuously ever focus I capture will priorities. customers position with

first cover and strong our communities XX:XX investments strategy housing and mobile the ability attracting, Assurant. businesses made commitment helped on while further throughout solution with successfully our build in embed differentiate has CDP in and a market continued and offerings has also This Second, services digital now lifecycle differentiate our we Bloomberg and to our the to progress our that's monthly XXXX device trade-in our in our operations best we in capabilities the continued year, offerings. already Equality an unlock a lifestyle with accelerating technology; our We that device First, At for and Corporate million support and Equality talent expand mobile potential; further to pace our superior Telekom continue to future of prioritizing trade take Connected experience; across increased and developing management inclusion sustainability we and more major stakeholders we've XXXX deepening all programs. protection and year-end, executed by value-added plans developing Living, delivering launched alone. to mobile share XX doubled proud Indices. in I and to highlight environmental this continuing device finally, XX:XX the inclusivity Deutsche a and in devices. objective XX:XX and Within of our XXXX. protection partnership sustainable enhanced program recognition want and of moment And almost benefit Gender Assurant; clients phone operate. partnerships XX% Third since retaining which I'm impact to to and a Germany to how upgrade our program. and Fourth, the innovation the customer and necessary prospects innovative our A figure introduce And provide worldwide, and capabilities and

and by been offerings partners to reflect customer label another a Telekom our responsible our sustainability services XX:XX already Assurant’s use hash to Magenta tag with into our commitment drive the value and products worldwide our growth positive example a recognized has and for the to of investments more differentiate Throughout year resources. a integrating and Assurant critical Deutsche and experience. how highlighting further for business climate make This consumers. is for Green contribution operations continued ESG of drive

repair device you support. Europe, local market XX:XX the our by trade-in a trade-in through rollout XXX our business, with exceptional our for to enhance to of T-Mobile Demonstrating and XXXX to XXXX, store, T-Mobile $XX We consumer leading net And trade-in experience service strong of In by for global significant capability renters. increased XXXX Turning changing through industry provide experiences, the XX% we as across well come expanded to capabilities. will technology to Franchise we experience repair comprehensive in franchisees adapt same period Our repair. rapidly and a share of acquisition Telefonica CPRs capability our XX:XX Telefonica and to Assurant. a revenue our our grew Telefonica customers of seamless from property further X% deliver continue Fixed. overall digital our subscribers of in-store program repair customers. XX%. a in nearly and enable income global to long-standing preferences. first also business asset where XXXX, upgrade ranked leader. options through experience Over successfully strong of T-Mobile and nationwide, key to benefit have services testament customers the channels. mobile drove rollout is by a in and major success months converting HYLA to Assurant nearly future critical The locations and the support technology. our devices alignment record and into provide where should our while and This and our access million, also affinity in with business several and The Sprint repair partnership innovation. to our to offerings continue executed and The market trained to capture a XXX is increased customers Latin recruited, we program testament to in also protected ability our integrate company America inclusive delivery countries performance, to automotive of XX:XX vehicles The processing deployed by day XX customer long-term by now rollout supported as policies over the with operating to X,XXX management recently million in-store to We Mobile disposition the approximately business on store CPR a capability we XX of technicians electronics in nearly through to We've the to million the we to showcasing the success commitment opportunities commitment Entrepreneurial in in will improving is exceptional Assurant they continue growth auto track as ability grew CPR we see relationships. Turning to XX:XX to and leaders ahead. scale continue X XG

partnered to our attractive in automation increase lender our claim year with hit banks placed policy of the policyholders. lunching rollout XX in companies. are also several experience our our multi-year success continue rates loans. And and maintained Technology continued new and Ultimately, expanding including renewals yet new enhance payments. property XX:XX innovation investments years million self that X top offerings, We have industry. enable CoverXXX, market renewed and with of customer sales further invest over US should to insurance, we which our customer to have business. leading to capabilities X.X and machine Investments Additionally, with not XXXX the services clients. the P&C million position portals attachment in tracking technology next learning XX:XX in our included the clients service mature alone, XX we'll management for we facing XX X leverage large components Last this level over critical throughout secured

differentiating As source continue that and platform, on such delivered for have we our centric XXXX our our customer look our pleased to delivered XXXX, in I'm our tracking operations, investments we customers. efficiency. for clients and commitments improving we'll single businesses capabilities as value as XX:XX Overall, processing

We our we unique the as business navigated pandemic resiliency also model inflationary manage further the demonstrated of and pressures.

$XXX XX% generated year grew per XX% of share fifth growth, excluding profitable Net XXXX million, we the of end catastrophes, cats high also to our XX:XX earnings reportable Excluding by income consecutive operating on expectations. making growth. our

allowed approximately $X $XXX remains stock us earnings. the common strong. billion XXX% return billion in return share $X.XX and Our capital dividends dividends sheet of total representing in of a total company, our segment million contributed year businesses to balance X This complete a Combined, to holding our of objective. and repurchases

of thoughts business. share the quarter. We we million the repurchases end initial $XXX through to by addition, like for completed I'd return anticipate the XX% Next, some we second Preneed sale the of of In XXXX. our returning as review to XX:XX part of remainder the committed

future. ahead can our Investor objectives financial an look March, Day we more make vision, compelling long-term case As for in at we the sharing strategy to even and

and to service businesses excluding strong adjusted of operating growth is EBITDA business Given our representation of better rather evaluate strength than Lifestyle, the oriented a of a billion, offerings. to Connected enterprise more Lifestyle, new digits, shift Global in we EBITDA $X.X even segments. we In by well to corporate Within lower be support the Global we driven for XXXX. grow investments by in business, income Automotive In our to how lender we by primarily operating growth XX%, results strategic continued as reflection placed increase portfolio. capabilities. driven in excluding lost. expected adjusted expect XX% increased cats X% specialty to efficiencies the Housing, Living, as investments as operating EBITDA XXXX in net in-store believe and ex-cats Connected values, Segment adjusted XXXX, of Global a particularly EBITDA performance improved X% but including ongoing XX:XX to our fee-based EBITDA will mid expect higher mobile, digits, XX:XX is from to Global Within cats insured driven in make exceed low-double single likely by repair results adjusted our not mobile and particularly growth high we Living, in average had adjusted to

adjusted to allowing us our with corporate line in a Our continue to to expected to component loss invest is expected historical levels. in this is strong flow $XXX generate core of transform of and EBITDA, generation segment Assurant’s and also which is approximately remain Cash is profile, million a company. of XX:XX financial

capital. at we we forward, stewards to of priorities look our going be will capital As management strong continue

Our disciplined to financial creation while our strength through ratings. also long-term deployment, value maintaining and investment is grade to goal maximize continue capital

last balanced well compelling return whether as value us more attractive XX:XX a the targeting for investments time this flexibility who to several levels to holding shareholders. all to growth, opportunities supported given returning of attractiveness and the thank mix, sustain capital may combination through while We generate profitable quarters. mainly over generate I long-term and ensure liquidity recognize higher wanted market also transition of growth see to significant deployment periods CEO than make compelling to our will we M&A, to or in shareholders. ahead, business acknowledge for returns, capital believe Given ongoing the that Lastly, this as buybacks, that capital enable of of our expect We company my stock. through above have have investments organic the we drive we average result to XX:XX

XX:XX incredibly been the to valuable look Your thank I a XXXX, despite future. I for business build want employees fourth outlook Richard which to the year the in review call over pandemic. challenges again results, of And outperformed we to their for the quarter Assurant upon the our turn our in around the ‘XX ongoing has feedback of trends. to will Richard? and collectively the world dialog efforts we as extraordinary success and

and Keith you, good Thank morning everyone. XX:XX

As and Keith our noted, flow in generation to we earnings businesses. are reinforce pleased strength cash with which XXXX of continue the our performance of

excluding of reported $X.XX, the the net income quarter, from up reportable share operating per XX% year For fourth we period. prior catastrophes

income is was $XXX fourth AFAS segment operating distribution totaled of $XXX by Lifestyle. year-over-year the the reported results, performance Connected of $XXX the year-over-year growth to move Global to EBITDA channels, Global quarter increased XX%. strong items, driven X in income quarter on continued and XX:XX mainly XX% Excluding in $XX from contributions. quarter, based adjusted segment first, increase increase main respectively. cats, XXXX. Automotive million earnings a and In XX% Growth Automotive, across The net increase X%, million, or Living. and including including, US operating starting let's fourth a million organic The net in for million Global with and XX:XX of amounted Now

experienced ancillary in mobile than as increase third, earnings, parts with by or Higher XX% growth XXXX in-store higher hiring items. investing were our a America, fourth North products. And in and and deployment HYLA sourcing the impact million we quarter primarily Connected These from XX:XX volumes, quarter costs X promotions; investment international with in and trading full Living’s and initial Living’s associated Connected there operator and the implementation including in-store repair from are increased higher related further our Europe cable year-over-year, more from including carrier earnings services will loss technician T-Mobile. capabilities. selected to earnings of XX:XX performance $X in partners. Second, driven improved growth primarily Pacific; Connected costs income. was Asia Living continue offsetting The including contributions of by subscriber continued in device

Lifestyle in and Adjusted XX% This million. from quarter tax increased higher EBITDA Automotive. the amortization more we Lifestyles Global depreciation look as IT XX:XX earnings. As EBITDA Automotive $XXX from recent revenues Global well period vehicle T-Mobile administrators, mainly from results deal the modest quarter from intangibles also service distribution Living. XX:XX Global and improved in automotive prior increased million or included by increased benefit and Living OEMs. the contracts while For from we across expansion the benefited was internationally national reflecting continued In US, we revenue volumes This saw Connected investments, transactions $XXX network, higher as segments resulting by of Connected sales higher growth Automotive, a all adjusted global third-party to our channels. related eliminates with continued revenues, X%. dealer In that driven at XX% increased and strong

a As written remain expected, metric, sales but the elevated. third to continue net quarter, compared our premiums, key to normalize

expect by subscribers programs from fourth was due North driven previously declines introductions nearly Connected be to increased driven volumes, the promotions legacy mobile phone continued new XX:XX of strong primarily subscribers We Within year, the the by continue offset X%, mobile volumes was XX:XX that Trading to For contributions from grew and in supported of XXXX. into including subscribers. by run-off revenue million, Living $XX fee HYLA. income the devices. XX% in carrier trading in normalization elevated to in mentioned. revenue growth by including XG growth mobile Higher domestic transition introduction America, Sprint quarter, mobile

trade-in Growth global protection digits. programs. be mobile, and ahead transition, expect in will to healthy and device continued declines new Looking in and XX:XX to device and Connected Excluding double a XXXX, up EBITDA particular pace and low across was the by other existing count increase to regions. our adjusted grow Global clients Sprint North upgrade by from driven expansion X% Lifestyle mainly offsetting Living American continued at in we

in-store in non-recurring EBITDA the business we fourth anticipate gains to XXXX quarter $XX of the opportunities, investment In we in operating XX:XX including Net million headwinds not across the to $XX making Housing. lower $XX adjusted the strategic growth rate capabilities, be we to Lifestyle investments catastrophes. absence compared of and of fourth in income stable growth million the we Global quarter half for Global repair income reportable compared Automotive to of XXXX. do exceed to XXXX, in XX% support Given service million as first new XXXX XX:XX recorded in by was we're overcome and driven had to Moving the XXXX. expect we

$X due Non-cat losses, our offerings. increase, Excluding our P&C Specialty run-off decreased higher to losses non-cat for catastrophe earnings reserve an million, book. in mainly small million $X.X to related commercial within losses included primarily strengthening claims

of manage was placed losses. certain getting continue non-cat book reserve in Absent this growth stopped historical were insured moratoriums. to processing levels. placement. driven we the a quarter this of We catastrophe of in-force our and XXXX and not continue reinsurance to be partially cat prior non-cat XXXX reinsurance we the by years, lender in In representative any XXXX, the to claims. but first increase, do flat by of Recall, higher placed will around impact value multiple factors the similar loss existing consider by mid-year. continued be average efficiencies, periods and Earnings offset offset lender reinsurance of As were January, representing We year. mitigate in reminder, XX:XX in reinsurance XXXX able trends. remainder earnings insurance pricing future placing placed higher changes of covering to which growth reinsurance those the XX:XX relatively modestly was open foreclosure temporarily were as policies our to of depressed the in in our claims one policies And X/X program replaced coverage, years of

in specialty run-off. from Housing offset from to insured expenses, Global our underlying For primarily to Housing X% higher and by was rewards Global channels mainly lower and to continue client Housing. XXXX. experience, values is driven year-over-year, XX:XX additional including by by we revenue was risks as rates X that average growth further our premium high to expect compared revenues meaningfully alternatives and Housing's increased placed increased strengthen XX:XX customer capabilities. EBITDA digital more cats lender in be partially in as our investments and mid excluding offset grow Multifamily factors. the evaluate could Multifamily to P&C expected digits affinity reinsurance, We adjusted our growth well will by single This In purchasing risk. XXXX This reduce to

easing investment to REO partially higher and expense and the First, our growth average in offset year. higher costs. albeit higher by third, XXXX. efforts asset $XX Growth housing. Preneed. particularly $X a offset partially related an including income be fourth mainly by net insured initiatives the in Global focused corporate, in And offerings of balances, from in compared quarter placed investment expected million, the the insurance higher impact to of continued proceeds Second, Digital is by specialty experience lender loss from This positive operating moratoriums gradually will including due volumes continued from have throughout to values XX:XX sale on multifamily commercial. impact, loss the small automation of material foreclosure first the driven our savings labor initiatives, was quarter improvement was At improved million to of higher

We with million. dividends our to fourth from from Preneed expect over we $XXX XXXX, loss In proceeds year the totaled to with corporate our billion, slightly XX:XX operating levels. liquidity. the the ended Turning segments, the business. of million, line EBITDA more to $XXX adjusted holding in sale historical due $X the primarily quarter, company For approximate

corporate share common to Assurant dividends, interest our expenses outflows $X had and Investments. in stock Ventures million of to related $XXX addition million and $XX items. from million X quarterly main repurchases, we In

to expect adjusted similar generate X/X the we a net segment to dividends adjusted at This years. including segment continue translates prior operating EBITDA, approximately roughly segment of of businesses cash expect With to rate income. our we transition catastrophes. to EBITDA, be to to XXXX, and XXX% strong For XX:XX flow

of at performance. per on of we outlook our Investor XXXX, As to As capital regarding adjusted the and share always, and that that Keith a with detail mentioned, color XX:XX provide basis including long-term for additional segment dividends along regulatory expect growth month. investment support with view are Day Assurant’s agency subject the requirements rating financial portfolio to direction further metrics next strategic EBITDA, aligns our businesses,

highlighted As to the of our brought for we're today. share conditions And a please despite expected really exceed difficult adjusted our have with And the call we on operator, open we the wanted questions. basis with our per for that to that we business objectives significantly XX:XX result excited XXXX note positive operating entering of expect excited EBITDA the share we growth. XXXX growth are by pandemic. In to a repurchases, met that, will on level closing, be XX:XX the momentum

from Our XX:XX open Instructions] KBW. the The now floor is first question of McJoynt Tommy line from questions. [Operator comes for

Your line is open.

morning question. XX:XX my Thanks for Hey, good guys. taking

talk So business. device wages. could about off parts impact there's factors inflation you higher the of guys repair upgrade with and different on start just your Obviously, and and and replacement labor

you kind just risks? those if of you're could managing So touch on how

inflation XX:XX morning. -- about about on overall. more little talk a neutral the can financials. start our say, then Maybe it Sure Richard, a business broadly you and I'd mobile bit had relatively on impact mobile good and talk I'll

talked As the reinsured business shared about is largely clients. and profit with we've our before,

a the of over got but end last also levels the the many fairly think from inventory. the we see loss as look little service perspective, and consumer say, to we've making about we we're I course also do our when on would you risk, immaterial delivering of months. it's of impact right ratios been bit sure on XX:XX So

say important might or a versus scores how So doubt, this we true repair. XX:XX and what market, parts time in to of businesses in terms it that equally repair the we've teams world. really of sure the little delivery. service us From home. customer in has doing device but are we've claim inventory, excellent I to remains lead terms overall that's replace the NPS got overall, But really been sometimes from pandemic sure no from all the challenging, really done market, make just not customers job a say, that's the of around I’m we're take telling and time good means of is the navigated, really delivering a proud some do would have really, labor delays longer might I'd labor fulfillment, for stocking have time and good work So see more across side. been to strong. have a the making parts with

I We've we and an incredible job because we've do obviously, every hired we day. hear And fact employees of of haven't XXX base. we health the leadership kept very in culture that employee everything think great we I we stores that from protecting organization staff repairs. about including did X,XXX a at decision challenging resignation well an perspective, of in done and think safety positions within T-Mobile to the you extremely a the did making market. the built front incredible seen a lot And our to that

macro we of But as So think that business just have. Richard, is of more maybe, XX:XX inflation the advantages And our we we've a think talent really the well. proud little one on housing as how I navigated labor. bit about

XX:XX Sure, Tommy. And morning, Yeah. Thanks, sure. good Keith.

in the seen overall, have headwind, claim a business other increase average an little -- have about insured terms we value. increase we on in in remarks, the and hand, our as a but costs bit Just seen we talked of in that's of housing we've some

is, short-term the do feel while to I say from XX:XX we certain So it. pressure would that some pressure extent other guess there. thing too a offset the I

investment what would the through into on made that gave. consider to to in of terms be of positive that interest it inflation will will also factored the we businesses today flow rising we in our And be comments income. we rates have in XXXX outlook impact the We

both and and helpful, So the on premiums term cash a hand coming will the have we that So money don't higher we or actually longer today, impact invested. be as you. overall, as see in in XX:XX the new short-term in in, material Thank we coming further short on go off. a we rates on also

switching outlook little the feedback. on gears a into And guidance Appreciate just bit XX:XX the the Thanks. EBITDA. to then and

margin years, on where if or XX% rate. past has long-term look So do you When I the the to think think of long-term EBITDA build of kind good EBITDA go, couple some a to been margin of kind should of XX% in is over you range. EBITDA you in XX% should expansion the think that do XX% of you kind

of couple guess XX:XX comments. Yeah. I a

We obviously in outlook. coming on XX will at a -- March out with Day Investor be longer-term

be the So with longer-term to coming we X will market year financial projections.

be us great lay you EBITDA for strong and that'll outlook our X% for So at a vision to signaled we X% to we've XXXX. out for And growth, look XX% time if certainly ’XX, future. our the saw in

the So growth continued emerging to well a we strong up as think back and And weeks. and EBITDA also we we'll get driving trajectory those in try about momentum a future. in long-term together as investments more investing growth. we're And would of set I say terms of talk more how few organically lot about some

forward speaking I XX:XX Thanks. look to Thanks. on.

XX:XX Thank you.

line question Morgan next Stanley. from the Phillips comes Your of XX:XX from Michael

Your line open. is

X% much, how the I a what just done I just Actually, was guess, if I for overall touched was say, I'll we morning. you as nothing year that And Good maybe being maybe Thanks. on about EBITDA. XX:XX curious to guess investment the look at again, more but as that done you -- last guide than amount year you should say on could little XX% but on for bit relative we deeper think guidance this to, curious. EBITDA. said, it,

do repair the overall taking more expect a across to standing T-Mobile, that, was company say some XXXX in would than investments at the business. We look lift obviously with I Sprint to Yeah. make XX:XX there in significant material a had XXXX. we up, investments obviously, you converting when

of we're investments invest longer the organization. for to We we're but I organic launches in deliver. the term term, client new really I would drive make a continue priority. opportunities, Certainly, drives that's of important big home, ’XX. repair a lot that say connected a execute areas. get further XX:XX new that there more service the Europe planned investment prepared little would obviously investments that's would of to sure highlight long-term of in a across product the there's were Japan. capability out around a probably several first improves cross-selling to innovation amount remarks, line. in XX:XX we There a significant that to capabilities, I got are efficiency is growth. So in growth, the couple new capabilities a trying And investment bit And and in integrations. significant in bundles, technology of and scaling the Obviously, and signal really drive around areas longer about certainly experience, energy all digital going So growth platform, take We've to product right building radically on. customer priority talked a new it potential to and then and so our and it amount the focus

I say, pretty set So a would opportunities. of balanced

I’m XX:XX more we weeks. a will Okay, all, details but thanks. get sure few That's a lot in

this as more comments XQ issue some expenses year. that that incurred XQ Is here. Is XXXX? maybe little this kind get You of that and same continue end now, past rollout the detail opening from level of in that more the XQ was at mentioned going of as into a to be well, or you've the a that T-Mobile we pushed

to company as I lot months only repair. or the just onboarding you We the XX:XX course did thing changing a staffing underscores of can effort. it then all I our [indiscernible] First our really incredible X Yeah, up staffing all not saw well all great we and of and to I [indiscernible] was launch imagine, over all business XXX we a from preferences, drive stores focus business significant did while adapt on and separate job, the X consumer manage as up repair execution It’s fourth moderate what we say, that leadership, technicians. of the ability would training, we were of but our in as work while would of say it to Sprint -- the were from migrating Sprint will then quarter. would of an a

say, would the it second get get line the the and broadly certainly going to XXXX see as will quarter expectations we I we'll moderate certainly through of into more we forward lift, significant as in in it investment quarter. and year. a it -- certainly will taper with came So in and quarter, look in the rest we as fourth first

more XX:XX Keith. last and a One Okay. one I if Thanks, question high level could.

the continue You significantly. to ramp growth about long that can growth something Maybe It's think pretty in renters term? can outpace the and you market you there that. And in continue do that you to talk the market over versus general. pretty significant is policies and

should you've –and that quite But we the So future. it for a while. guess expect for continue done I to foreseeable

good I'm a is trends deliver digital seen renters. to the on services going can Investor in have But relationships expect year, gone rates as companies. for XX:XX That's business then talk investments up as with technology, we've We've this market time overall continue share. growth services. add the grown lot say, about evolve gains look attachment XX:XX products with you investing us mean relevant helping. strong forward. integration experience, our -- to how management investments over we well. that over over to certainly I pleased in customer mean, I thinking Yeah. about trying we sure that and and revenue growing Thinking as growth certainly also growth property partners we'll and and the And in of other that we're drive consistent that's if policy performance our in really we've are another product back significantly been Day that, but market. really I years, more And really well. the time good the and about at you The strong share with

business long really excited move that So, and we momentum to term about forward. certainly expect as continue

XX:XX Thank appreciate you. it. I

XX:XX Great, thank you.

from Tom question comes Sandler. next of Your from XX:XX Piper Shimp line the

Your open. line is

on Hi, strong XX:XX the good quarter. Congrats morning.

the Global high So, growth the given rates from increase about Automotive the 'XXs, attachment technology. you've past, very in the and 'XXs spoken to strong increase in in prices in high the

paying the we've used cars, for prices as chip XX%. new of as reports much there of shortage, buyers and a over has Given been number got up sticker car

getting the bigger you having just a an both? the pie, you give thoughts do And some rates? getting is whether is effect attachment pie piece is this bigger? Assurant So, general on Whether could believe of on maybe or

XX:XX Yeah.

of would definitely seen because see pie. attachment business of the on I we've to new more that, mix higher think bigger drifted that have getting piece of a and rates attach say used tend I rates up is probably between vehicles. slightly Assurant shift the a and used we

used historically, between roughly a new. had cars. XX% it's new think and used, mix you XX:XX Today, probably we've XX% if So

large little digital big a a that seen overall otherwise, they're rate. seen in significantly it's large of publics, car would attach performance. say lot in and for higher a as the a used no investing that directly And then that the share So more consumers. seen think in partnered publics. through share, also of we've consistent And we've acquisitions I bit consolidation in groups always, also market We're with of create have dealers a XXXX in we've our heavily lot strong inventory lot change clients. I and doubt, dealer lot franchise industry. of gained the acquisition, market wouldn't We've more from gaining sourcing a our been good terms it's focus blended

then a of So say improvement won the it's a our terms I'd And very pretty and new market fragmented significant the well we've performance as in also clients in of today. clients. market

opportunity of time. over lot gain a share still for there's So

we is XG delay seems catalyst, There the had but been There mobile. then pieces to XG an in that in in delayed FAA. has implementation around like moving Maybe of great. recently uptick what lot after promotions Okay, XG and due the XX:XX potential a to a moving activity rollout.

think how about to the it's covered earnings of that ‘XX from maybe count benefit So should in about to and could trade device How the XG? volumes? frame cadence years potential follow? mobile you or Whether benefit us the total for we think the

XX to all-time And HYLA of that's we factors. the XX:XX other in due trade in then highs. volumes significant acquisition a Yeah, certainly and at had of with partly success due to number a

is point promotional which migration Obviously, provides affordable rate. consumers clients also It at more in. trade obviously, the access got benefits, XG, digital and more focus seen to really the put to activity on sustainability energy important. it's You clients, out from we've

category. So interest is We're trade-in world there's would I the seeing growing with partners. lot around a say more different of a a lot reasons why generally as

perspective, good XG, I of feel terms from And So say then in cycle. still about really we're in I'd specifically early that fairly that trend the continuing. XX:XX

markets customers that migrated to have XG operate You've key the to of we postpaid XX% got maybe XX% that networks. in

a consumers opportunity and adopt devices to as continue still lot So there's more upgrade XG.

our globally continues our So we lot continued volume we'll this underpins as see of activity And a with XXXX focused. promotional see we will through and see get growth. think Living more then I certainly Connected as some we'll move thinking of trade-in to that

Great. your answers. for you XX:XX Thank

Thank XX:XX you.

of next Truist XX:XX Securities. Your question from comes Hughes from Mark the line

line Your open. is

XX:XX Good morning, Mark.

Yeah. XX:XX Thank morning. Good you.

you're You lay in had evaluate off of mentioned portion exposure. Global maybe Housing, perhaps that looking strategies alternative catastrophe to material a risk your

As working it. you're had to what that it, be? you're I been on understood like How bed. put sounds is evaluating might kind about serious of thought initiative still you to thinking Could talk there? say, still it you had that I But

highlight, just and question. about address start I'll a bit I I'll reinforce I it's business really maybe little high-performing then a business. just the And Sure. mean, your would XX:XX unique

think the housing about and play mortgage the cash generate important in role that flows value of chain. out our you we business the If that

I of talk and a the you load. proud result of normal We would cat to that’s about say really targeting after look at XX% we're ROE XX% housing So business delivered. if the And overall.

ROEs losses, a If we our of XXXX, strong million and $XXX of you really generates delivered actually look what cat ROE. cat load it at and ton consider flow. than broadly still more XX.X% So, XX:XX would we had normal cash so a business, great

like business lot of we So a for really reasons. different the

of always terms comments looking I would cat the exposure, the for the we're ways to In around cat optimize exposure. say,

we've You've risk million et the then parts record multi-year as parts cetera. other and over then lot the a just obviously Lifestyle, a dramatically strong much track per exposure and years of reduced any don't pretty cat that's exiting million event other seen around have company, coverage, we've over housing of markets, of grown We've which of grown all. to of reducing cat-prone not our and certain exposure decisions the years at also $XXX $XX from non-strategic significantly

discipline the if can a trade-off but are see a different the we to move imminent way reinsurance -- optimize. say continue anything wouldn't And we're us further in doing we our important about continue that you've look try always doubt So risk efficient course to than Is to there this drive risk-reward outcome. optimal other that further and seen as for time. mitigate it's reinsurance we we're to lot will of right are most normal the to cat and the work going very ways forward, no looking our there's partners I a to further for risk, us mitigate that. is volatility to at be XX:XX with and that thinking there all

a M&A. share look think, you share XXXX I is and it then buyback, made, buyback. free saying you a the had in person for point retained simple or if did mix for of balanced I investments cash And at for half XX:XX investments of If were that you said, looking half flow

Yeah. XX:XX

a more spend philosophy, say couple things. Day. will at capital would certainly point I our number management, shift We time not Investor of that's in We're one. trying dramatic signal on a to

We disciplined capital about continue be we extremely to think as management.

ultimately, going to returns. that's we're not So change. trying maximize to And

but evaluate think best value drive little more try more to disciplined opportunities maintaining an signal about greater think trying There growth a alternatives, with we being obviously in I lots we have is in to and what creation. we're of to want extremely to market the is how and flexibility interest long-term the attractive flexibility.

bigger but from we'll weeks, takeaway a for a So capital deployment probably about in that few talk little more the our bit me. expectations be would

then And I may. one just Yeah. XX:XX if

You broader a talked an appetite or about exposure? expanding suggest the maybe Connected home that warranty Home, does

There are think within market. that's around I play a technology, -- players home Connected competitive Home connected We strong side many business. Yeah, the is don't in the more around and today, electronics XX:XX portfolio we the really that that have space. today our big warranty the we're of appliances, the where

subscription So to have and consumers an as services connected is there we I protect building more more their they uniquely for broadly technology products about that homes. think think in bundled other opportunity us

angle definitely future. can with think We operate interesting interesting a the And that we Investor Day, is consumers. of see trends, the connected appropriate from sort for about of more lot so but more bring to Assurant. partners, the is of of broad we talk bundled that's that services of appetite we lot a at think a range So bear there for we consumer that distribution of we'll

you. XX:XX Thank Great.

XX:XX Thank you.

UBS from Brian Meredith XX:XX question comes of line the from [Operator Financial. Your Instructions] next

Your line open. is

XX:XX Good Brian. morning,

XX:XX couple here. of A morning. questions Good

of that on the that? exclusive really you what of roll Firstly, curious interested an you deal? T-Mobile be a perceived on type kind in that would And to is Is stores. a repair program. of doing I’m in out could centers the that I just Or lot the in other customers? think that other inquiries customers

-- seen invested certainly with a dating XX:XX called Yeah, right. back a investments I our it company we've think years, you're CPR. bought And you've We in and right? few and

Fix. bought also We

We've think got Definitely as as well repair to claims come around repair about T-Mobile they from think and operating strategy the within I store. and lock strategy repair for the interest technicians operated and facilities have So fulfillment we'll their each brand. see more you we appropriate in more world for now Assurant. clients by

they client So, over what's I servicing consumers, to client appetite definitely most do what want expect and vision definitely appropriate terms see for in of it's by to create time. more but

It I'm was What about costs the with program. structure catastrophe one it? fairly associated reinsurance the renewal. it? quick additional like curious, program one XX:XX of And Great. to on then the What cost similar just the sounds

And we we're say I got. Yeah. Richard. it, know would that maybe pleased couple of closely on really XX:XX renewal I the Richard a share works And with thoughts,

the profits as to before we've so renewals I date. to have time. we And mean, beginning, invest. as in said well along make date, really on Yeah, I it's XX:XX we think gone to over we go then And

better our for with doing. what deliver partners we're solutions Our can customers

it place the of So as rest would success pricing not service covered just probably through it X/X of I year, about being the And year in of we've in most of the know. we the placed. we're you the coverage say we'll repair. end had in And it's today of it. the

had look who We out we the to anywhere the the trouble in and X% reinsurers stable has end as if at of XXX%, we low we that a placing. -- XX% reinsurance. market it insurance placed We from on have reinsurers market from some some It have placed pretty well. ranges

job. good really a done we've So

got you, Got you. XX:XX

So towards the low end of the market. Great.

single Yeah. it the XX:XX put in overall. Single – to mid I’d digits of kind the

really place. good So in a

this XX:XX that XX% revenue And my last EBITDA touching margin be Good about you’ll maybe Terrific. about think your I and in outcome. driven more think is I Day. then X% I driven? guess to Investor this or guidance XXXX, When is ex-cat for should

we're – but grown mean of that also our typically margins ways certainly grow profitability just we I at pace if I the business. mean, a you expanding revenue have grown than We makeup a the we've based quicker company, on about as the P&L. of we're revenues some through XX:XX flows are revenue, think both.

of the I do see we to time. services deliver breadth margin expect clients terms of expansion that to in over So

growing revenue been than So revenues growing case. the typically but defiantly margins quicker which is

you. Great. XX:XX Thank

Thank XX:XX you.

Grace XX:XX Carter from of Bank the America. from And your comes question of line final

Your line is open.

XX:XX Good morning. Grace.

good XX:XX morning. Hi,

recent could And included now we ago? could estimate? valuations any a about just they more I was outlook any are attractive year. are months for just for the And in business? were the regarding M&A at given than assumptions clarify next guidance volatility, Looking Lifestyle if if intangibles market few opportunities amortization in we of bolt-on talk wondering the that M&A that bolt-on if

to Maybe Keith, you [indiscernible]. first the XX:XX want part, and take

XX:XX Perfect.

it's in XX:XX that the rolls buy, the we've numbers future the the with doesn't mean, numbers. and really acquisitions of it any Yeah, done forward. how just I doesn't include acquisitions start kind it really given current to -- we've outlook earnings we

end last say, where going have running that's be remember, at just HYLA And done to and of deals year the So we I AFAS. would we've through.

certainly M&A, XX:XX definitely more times move than capabilities. at in for acquiring would expectations Yeah. attractive looking and around. I valuations always tempered and say, really but And seen interested high in strategic in we're we're market terms the opportunities We've obviously, others, of

You've seen Warranty us And edge The HYLA, acquisitions. the back current AFAS, front global gave in trade-in. big acquisition ways Fixed us of some our do I win. execution important look of capabilities services to good and If really scaled of acquisition complement new clearly to find auto. get integration, the what I doing overlap new position wrap The multiple for around clients then we a the real global market of performance. new as that great and risk to then XX:XX play, of acquisition I the that gave can So acquisitions XG which capabilities auto with to continue today CPR strength always mobile and talked around those financial think in geographies think foundation on we're just think leader cycle, scale a of the provide was a and super for do And we're that already Warranty the to or try really going terms the types channels, with to strong the in really some access T-Mobile. you set which leading Group, us The How low and I foundational we the us for about, acquisitions. US Group. looking distribution saw Right to of we really

for of seen, looking drive will strategic find types as and disciplined continue those we flexibility. growth. will be That's But deals. opportunities to to really we So you've we're we to maintain to why want always try that

you. XX:XX one. another just Thank And

like Housing housing the how And historical year. ratio wondering XX%. the combined going guidance placed? could about changes might a ratio should was of maybe of little mix next just sounds below Multifamily I combined sustainable a XX% at forward, of given with that the guidance ongoing Looking to in think we below that Kind drift just be? outgrowing just how It for adjusted that EBITDA business lender

to minute that? XX:XX do a want And on you talk Richard,

is, gave XX% as on important forbearance which is a we see is we the to think that combined And as it. of waiting base as I one on measure. right, we And on it what's that. we the have a moratorium see grows the would there comes long-term the inflation premiums. you're XX:XX markets But the operating think to is depends more there Obviously part XX% which exactly ratio, XX% whatever. average mix the off of part in guidance the [indiscernible] things I that see historical within is And and the think I multifamily time, we is second kind to over Yeah, running changing business. the into XX%, kind I is and XX:XX

going we're premiums up as to think well. I move see

-- is that, And overall. addition in are as in to terms help for non-cat ratio performance of staying the higher about go loss lender So example, higher line helping efficiencies that placed, that of as next current that operation about talking average going we to values, cited we the about profitability looking our working profitability, will better at we're levels driven along obviously, and And by are in bottom when at talking expenses year. we be insured we're and well. the

you. Thank XX:XX

XXXX. multi-year Grace. Day the We're have strategy our to the to opportunity call. And Thanks, vision, on and objectives. another everyone our in looking excited March Great. XXXX forward Assurant participating we'll today's financial Investor year growth XX:XX pleased you upcoming thank also very where performance virtual for in our in for We're profitable share XX, of and with

you a the tuned any out and And stay please in Moshier soon. Shepherd to So for registration much. reach details Sean questions. thank And out Have with coming follow-up great Suzanne very day. meantime,

time you. does disconnect and Please your conference. Thank a have lines conclude day. at wonderful This XX:XX today's this