Assurant (NYSE: AIZ) reported Q3 EPS of $1.41, $0.41 better than the analyst estimate of $1.00. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.44 billion.

2020 Company Outlook

The company’s outlook for 2020 is based on its current assumptions regarding market and business conditions, including the impacts of COVID-19, and does not reflect Assurant’s pending acquisition of HYLA Mobile and related financing, nor the company’s ongoing evaluation of strategic alternatives for Global Preneed.

For full-year 2020, the company now expects:

Assurant net operating income per diluted share, excluding reportable catastrophes7, to increase 17 percent to 21 percent from $9.21 in 2019. This will be driven by profitable growth and ongoing expense management across all business segments. Mandatory convertible shares are expected to be dilutive for the year versus anti-dilutive in 2019.

Double-digit growth in net operating income, excluding reportable catastrophes, mainly driven by Global Lifestyle and Global Housing. Within Global Lifestyle, earnings growth to be driven by Connected Living as well as Global Automotive, partially offset by continued declines in legacy Global Financial Services and investments to support growth. Global Housing earnings, excluding catastrophe losses, to expand, mainly from lower non-catastrophe losses, improved results in specialty and other, and growth in multifamily housing. Global Housing growth to be partially offset by the previously disclosed loss of loans from a financially insolvent client and lower real estate owned volumes in lender-placed insurance. Continued pressure from lower investment income and foreign exchange volatility are also expected to impact results.

Corporate and Other full-year net operating loss7 to approximate $90 million, reflecting reduced investment income primarily from lower yields partially offset by lower general expenses. Interest expense and preferred dividends are expected to be approximately $81 million and $19 million, respectively.

Business segment dividends from Global Lifestyle, Global Housing and Global Preneed to approximate segment net operating income, including catastrophe losses. This is subject to the growth of the businesses, rating agency and regulatory capital requirements, and investment portfolio performance.

Capital to be deployed to support business growth, fund investments and return capital to shareholders in the form of share repurchases and dividends, subject to Board approval and market conditions.

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