Assurant (AIZ) Tops Q1 EPS by 22c

Assurant (NYSE: AIZ) reported Q1 EPS of $2.64, $0.22 better than the analyst estimate of $2.42. Revenue for the quarter came in at $2.57 billion versus the consensus estimate of $2.59 billion.

2020 Company Outlook:

While Assurant continues to believe that its long-term business fundamentals remain strong, the company is suspending its 2020 outlook given the uncertainty regarding the duration of the COVID-19 pandemic and its impact on the broader economy. The company will continue to monitor this evolving situation and take additional steps as appropriate to sustain its strong financial position for the long-term. Assurant is taking a number of actions, including the following precautionary measures:

• Executing cost saving measures including the deferral of certain discretionary expenses;
• Strengthening its liquidity position and capital flexibility, including the $200 million draw of its revolving credit facility; and
• Exercising additional caution relative to capital deployment in light of the current economic environment and the start of catastrophe season on June 1, 2020.

For earnings history and earnings-related data on Assurant (AIZ) click here.

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