Assurant’s profit exceeds expectations due to strong global housing unit performance and increased investment returns.

Insurer Assurant Inc Exceeds Profit Expectations in Q2

Insurer⁤ Assurant Inc has​ surpassed profit expectations for the second quarter,⁢ driven by growth in its global housing unit ‌and ⁣higher investment‍ income. The company’s stock rose‍ 1.1%⁣ in extended trading⁤ following the release ‍of the results, and it has seen an overall⁢ increase of approximately 8% year-to-date.

The company’s ⁤global housing segment, which offers lender-placed insurance, multi-family housing, and ‌mortgage services, experienced a significant surge in adjusted EBITDA ⁢of 153% to $154.6 million. This strong performance contributed to the market-beating earnings report.

Furthermore, major insurers⁤ have seen a rebound in investment returns this year, as⁣ concerns about‍ an economic downturn and rising interest rates have subsided. Assurant reported a ⁣net investment⁢ income of ⁤$112.9 million in the second quarter, compared to $92 million in the same ‌period last year.

Assurant’s net earned ⁢premiums ​also showed growth, reaching $2.34 billion in the quarter, up from $2.17 ⁣billion in the previous year’s quarter. Net income‌ surged to ​$156.3 million, a significant increase from $52.2 ‌million⁤ in the same period last year.

On an adjusted⁤ basis, Assurant reported a profit of $3.89 per share in ‍the second quarter, surpassing analysts’ estimates of‍ $2.57 per share.

“We resumed share repurchases in ⁢the ⁢second quarter and‌ expect‍ to continue share repurchase activity for the ⁤remainder of ⁤the year, as we generate strong‍ cash flows,” ⁢said‌ CEO Keith Demmings.

Total revenue for the quarter rose to $2.73 billion, up from $2.51 billion in the previous year’s quarter.

(Reporting by Manya⁢ Saini in Bengaluru;​ Editing by⁣ Pooja Desai)

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