AIZ - Earnings call transcript Q3 2024

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Operator

Welcome to Assurant's Third Quarter 2024 Conference Call and Webcast. [Operator Instructions] It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations.

You may begin.

Sean Moshier

Thank you, operator, and good morning, everyone. We look forward to discussing our third quarter 2024 results with you today.

we conference Officer; Keith Chief the and after market Assurant's and our Financial third for release the Executive news Chief Keith closed, quarter me XXXX. call results Demmings, are President Officer. Yesterday, announcing Joining our a for issued Meier, our The corresponding are financial available assurant.com. release and supplement on our website presentation Also a on for our slide is webcast participants.

made Some forward-looking. of today the are statements

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

can Additional information well regarding found earnings these supplement website reports. factors release, financial presentation as on SEC our be and the our in as in

in we today's will performance. refer call, are which During important the evaluating financial company's non-GAAP measures, to we believe

comparable call on and now Q&A. I before to the will details these measures Keith Demmings. of two, materials. most supporting with call turn today's and the the measures, We'll please GAAP the more start remarks, news refer over reconciliation to a into For moving release

Keith Demmings

and Thanks, everyone. morning, good Sean,

foreign underlying third outperformance Housing both within unfavorable our were adjusted performance. grew X XX%, the which first led by XX% Results catastrophes. year, sustained strong our of increased as growth EPS well Connected muted incremental exchange. Global and results supported investments and partnerships programs the as by within was Our Through months and business, adjusted Living by year-to-date EBITDA further in new excluding quarter by

Our our expectations. year-to-date previous momentum has us positioned exceed to

share industry, model. business outperformed Once strong business mid- high and of we've catastrophes, differentiated the repurchases. the double earnings consecutive Housing unique increase term, reflecting and digits short increase low now and again, broader nature for to EBITDA per second adjusted by year, share growth long P&C to led combined our Lifestyle Excluding the both and adjusted teens, and we expect to

X% million, claims flat reflecting the Let's begin year-to-date prior performance business relatively Lifestyle, elevated highlights. from experience adjusted and or above growth. Automotive we unfavorable on basis in as $XX to as invest from with Global partnerships new year. Within support the well in X% exchange currency a was versus increased impacts as future Living, year-to-date or of constant year-to-date expectations in X% our programs Global earlier period, In foreign continue our Connected to EBITDA

$XX of Connected prime Excluding our growth One Living year, the was of new Nashville, a investments at on located months device the approximately center investments those our XX% million of of adjusted supporting mobile includes outside care X EBITDA innovation just for currency strong business. constant first basis. example and

opportunities and may Similar to to We're to about in addition improve create our with for portfolio. clients, in our these growing per our AI. claims year, in innovation, In facility repurposing global advantage investments Chase incremental millions adding Services card to supply leverage at market. end-to-end customer require value servicing X, automation, Financial through providing launch, and excited several benefits, new growing for as investments. clients benefit within and program will of purchase Services, Card XX device and operate XXXX, approximately we The millions we're program including facility processing of our mobile our we cardholders. driving for with the ways innovative us greater Assurant. Within business. new a targeted competitive Nashville the continuously our to secondary experience demonstrates robotics a to devices on chain, benefits allowing end-to-end 'XX, while state-of-the-art partnerships new October underwriting, travel Chase growth protection employs launched programs This Beginning critical new delivery

Global Moving Automotive. to

both elevated and XXXX. our business GAAP product experienced has auto Our costs vehicle throughout contract business our in claims service

of see anticipated, trends increases ratio higher losses is underlying comparison some X contract loss to to in benefit continue Over we've in our vehicle we've as past business. elevated and Claims beginning rate the our to to the begun we impacts stabilization started claim moderate, inflation early our to severity business. the have with to taken the from term quarters, but positive service claims service over GAAP be past short X expect contract nature continued have years. Within in vehicle signs product,

We and us several clients on of from actions beyond. improve benefiting reduce driving of proactive claims our large addition, over portion remain this business. the a the In excited about most transition partnership results, risk We're to exposure trajectory auto long-term to in with to while moderating XXXX and impacts enable time. our of focused inflation

associated weather want turn months, begin the to U.S. policyholders date to lender-placed let's uninsured critical an We of several provide of supported access thanking risk impacted all removing employees with to role these Now events to to including recent reminder insurance. lenders, policyholders over with approximately and in homeowners by hurricanes. last major plays product in investors claims loss industry, XX,XXX mortgage play our homeowners. important Global crucial by of our processed multiple role as for I the important all our events. It's safeguarding we It's the an who the Housing.

homeowners For that we protection to each continue at with to appropriate state rates. offer closely coverage reason, work to and

strong we've particularly Looking demonstrated our at results, business. performance, within Global Housing's year-to-date homeowners continued

basis our reportable X catastrophes. In including growth lender-placed scale we past partners from from X various benefit to of the included leverage, difficult customer year-to-date our in excluding enhancing XX%, new PMC continue over advantages, EBITDA years first Growth been secure adjusted meaningful our continued product supported shown increased sustain safeguards or process. Overall, has to business and Pro has the earnings competitive voluntary lender-placed also months Assurant its the business, key macroeconomic rate of expense Tech benefited penetration been led and utilizing results, year, unique portfolios our renters, to improvement simplified X.XX%, levers platform, has over Over Company, growth from year-end by CoverXXX and the as sequentially. Policy to address PMC our placement and basis since partnerships states aimed digital channel a as were leading housing has throughout well where This growth driven Property innovation point become higher by rollouts like coverage. Within expansion homeowners to at several by from macroeconomic various inflation. Results the point it's channel. continued supported environments. and X improvement more and has growth, our competitive factors renters, to new resident a resiliency XX as showcasing advantages in by with Management primarily increased policy a experience. the outperformance technology enrollment

Turning to outlook. our enterprise

our double to the catastrophes. mid- results, demonstrating share As both year-to-date our and of an I continued strength year grow expect earnings now expectations, increase per digits, high adjusted This represents teens, our low we metrics financial strength both the performance. earlier, to full to given to adjusted mentioned of EBITDA increase above excluding

fund the modest For as with growth Global year, we Global continue Housing, in we to strong investments Connected growth expected Living. Lifestyle anticipate in incremental within

Our year our ability after of business unique true advantaged to profitable sustain growth model. a and year is reflection

have noncore homes. preneed and automobiles employee advantages health our competitive solutions result specialized secular the multiyear businesses. In selling leadership profile and our through protection a we benefits while significantly positions operate of other on is optimized in, with transformation, tailwinds simplified to markets enhanced and Housing, has the which market and focus within long-term and business Assurant exiting across markets and we attractive and Lifestyle performance Assurant's and positioning. We've devices, mix, risk

our performance due businesses I'm positioned on to on are of for against since work to innovate catastrophes. increasingly the Assurant's EBITDA Lifestyle We we've integrated with current drive excluding outlook create outperformance, are X-year for the of highly XX% and adjusted the to long-term and capital-efficient long-term more profile double-digit scaled P&C for rates partnerships, within expected enhanced capital growth. well a time, and EPS, clients sophisticated outperformance XXXX our XXXX, our focusing XX broader consumers. At achieved BXBXC proud to our purposeful both demonstrates adjusted flexible where deeply Housing. Through attract growth history solutions end win annual risk by large, same grow cash and clients we and including for our enhanced and efficient. with average generation, transformation, we've XX% become ability Based market. Slide to historical we've partnerships and their

growth trends believe we performance represents Assurant. Overall, and the turn compelling broad upside, Assurant Meier index S&P for in and path Keith of XXXX ahead, to results as review model, attractive investment. I'll and outlook. a now we index, it including and members XX our have third P&C to our see compared impacting our we a XXXX meaningful our an particular unique valuation Given differentiated business historical believe over to now quarter business

Keith Meier

continuous performance financial automation, everyone. while our efficiencies priorities ensuring strong, growth. including to These digital by and a my this have customer good marks our and morning, first the well as improving and overall product Assurant. efforts driving role, flexibility Keith, my with as as of outlined Thanks, of experience providing drive supported to year the remains priorities, expense conclusion capital and position value create on focus key us November and support differentiation. technologies, long-term When growth been I strong began CFO AI I innovation This with through

year, significant past we the progress. have Over made

performance, of financial the are growth our behind driver at looking First, lifeblood BXBXC model the partnerships our primary our and business growth story. and

carriers of and as XX Mobile; in bank largest mobile Spectrum months, in leading the U.S., capabilities with and existing Telstra like past Australia, lender-placed major U.S. and the such business. new X all programs client announcements including spotlighted X renewing notable Chase, several U.S. Over with mobile new launching our we within the clients, partnerships top another winning clients

the capabilities better we has profitable drive to automation, AI deliver new digital Second, us as experience while invest and customer to continued efficiencies organization on across technologies. discipline a have driving focused in enabled growth. by expense This we've and utilizing

will flows expense operational compliance in compared support in and sustainable we growth leverage, Housing, by percentage compelling Nashville, across at and and the high to an ratios full seen device year-to-date XXs, fast-changing remained we a points while in technology mobile the than approximately customer improve higher combined repurchases amidst $XXX X losses, very XXXX. catastrophes, achieved all the percentage growth to we've Global our shareholders as in share as the we through we've expense capital Lifestyle. In XXXX, position since strong. improving year return with to scale a experience. And the environment, nearly the returns shareholder Global multiple believe we've of the have with opportunities center meaningful robust average our ongoing lastly, to level cat care capital our investments macroeconomic expense as is range achieved. ratio points Despite XXXX, As example, life from X of investing expect cash well position, Housing's million new in is in management continue has top end solutions and balanced resulted is and This capital testament a year. The numerous growth businesses. our efficiencies our a the year cycle, beginning combination through strong made our device and advantaged in support of the investments the of anticipated end-to-end our new focus to strong to Global

execute my to growth. to ahead, continue will focus against to look these we priorities As be drive

Turning million catastrophes. we From a to X% $XXX of and our X% quarter third EBITDA million company the in dividends increased share million, both $XXX ending per by liquidity. with to capital grew Adjusted quarter, $XXX perspective, results. over third reportable to earnings generated $X.XX, of quarter holding segment the adjusted excluding

position capital $XXX million share repurchases. to shareholders $XXX return Our to quarter, including in strong the of million allowed us

to the shares amounts month In year-to-date. million $XX of of $XXX October. share addition, we during This repurchased repurchases of million

operators newer we Pacific of protected growth partnerships in unfavorable flat $X Looking volumes results activity million driving the focus carrier mobile another lower programs. growth subscribers client Asia decreased new results across currency as on protection offset expected foreign from volumes exchange, EBITDA stable on by by in promotional in quarter remained in were by basis new programs, at future approximately Global of are investments Living, over growth. International clients. but million In saw and to X%. and devices global all as Connected capabilities declines largely we by This results were that from offset a impacted cable was constant X Lifestyle, increasing U.S. adjusted drive and Trading quarter were in regions.

have from inflation experience income. elevated business previously our our Turning was was to costs. implemented moderate Global ancillary mainly investment higher from of stable, repair across contract within begun Auto. modestly our GAAP offset higher products, Earnings were rate base year-over-year, partially losses vehicle in the increases Claims to by service as which impacts client down

new Living, to Moving the which clients. primarily X%. was XX%, Global premiums, earned mobile trade-in Connected and $XXX and income. from net including of by Lifestyle benefiting up fees programs million other Growth by grew subscribers, driven was rollout new additional or

exchange by be by grow expect lower Living. modestly Lifestyle's adjusted continue Global will foreign results year, Auto driven to EBITDA Growth Connected within for the and rates. Global We to offset unfavorable

quarter, in higher trends, mobile expect the from seasonal trade-in For device introductions including Connected we new fourth carrier promotions. from a volumes increase Living sequential and favorable

contributions higher expected anticipate and programs as to Auto sequentially. we addition, earnings new from earn. Living In Connected they Global stable to remain are begin partners

to Global move quarter let's Now performance. Housing's third

including catastrophes, $XX adjusted of EBITDA, reportable quarter million $XXX Third was million.

adjusted increased due reportable and increased impacts million, to the market EBITDA was voluntary from million. Global net driven by policy Excluding portfolio rates of to cats, insurance and client Housing growing ongoing XX% pressure. $XXX transitions performance higher growth $XX placement mainly

year-over-year In and filed insured rates. addition, average higher premiums increased values from

the is comprised was XXXX. rate in million gross change in a current written Housing million renters compared assumptions. Within from of reserve $XX unfavorable benefited PMC in of related increase channel, growth. drove Global results business, our we The continued in to million offset $XX adjustment the our a $XX earnings reduction third premium where period favorable from in quarter reduction quarter This Lastly, by a year-over-year to pattern partially strong we results double-digit development. of reserve of $XX nonrun prior reserve benefited a million

anticipate in costs. We full for EBITDA loss favorable catastrophe expect homeowners, line and by strong year Housing be in momentum expense catastrophes. growth growth XXXX, continue non-cat We excluding to Global will experience continued lower driven adjusted leverage, reinsurance top

serve to to policyholders claims with million that our $XX we impacts will Early continue quarter settle Lastly, results, Milton. Hurricane and to as indicate we associated range between estimates $XXX ahead look million. fourth

driven and adjusted employee-related higher an in quarter the corporate, year-over-year, $XX by loss increase expenses. EBITDA was For the third $X million, third-party of million

dividends. the deployable be now significant EBITDA to approximately adjusted generated full For $XXX $XXX XXXX, upstreaming year segment expect year-to-date, million million. we We loss the capital corporate in

and the and feel remain to XXXX. With into support call new positioned open very capital we pleased Looking year move the shareholders. Overall, that, strong we're on business we performance and year, return of remainder XXXX forward maintaining for exit year-to-date the operator, balance we growth to as flexibility in focused and our questions. with well the please excess as

Operator

first Our will [Operator Brian question UBS. from Instructions] come with Meredith

Brian Meredith

questions of for couple A you. here

the appear perhaps for seeing, to your cat doesn't head Global one, should about I'm that? any us First that business program, on of on been the should when you be are all catastrophe since have maybe losses XXXX? that thinking into the pricing program, XXXX? how it Housing, assuming to be And we've good a you beneficial, kind little you're give retention So going in color you can reinsurance

Keith Demmings

to start reinsurance feel of tower obviously, Yes. been touched reinsurance Maybe program as at in season, we've it's place. we've year, the this effect good chip then the we but Meier had storms look Keith and But an the have the we you're about point. And we can really not Milton other the active I'll and through in. right, that

us about partners. a over So terms of favorability XX have having in talked of very reinsurance been I reinsurers We've well stable think up with that time. that our panel sets

reinsurance we reinsurance think year, as So obviously, think as non-cat year look rate course losses think the into costs. we'll then good I we costs. And feel at and about the levels, heading of all next over the our expense of cat we process, about

next into at year the to this being So what pricing heading we stable we've seen look year. relatively

will a premium head as there be 'XX. think don't into I we So shift in big

Keith Meier

is of expect that we're XXXX to our program share the tower. haven't this to outlook. But loss February point -- in the evaluate in in details for general, $XXX reinsurance maximum structure continue this we retention, million tower for And We'll is which certainly And Yes. that we I X think probable news our good of our cat our continuing more touched year. we X approach to year. with

a XXXX. And reinsurance to certainly should of we placement we moved our effective with our a April date rates tower that forward programs for think that, as we've X the for just as it in hitting So well. as not onetime be to positive look an reminder,

Brian Meredith

could and Keith, bunch at tailwind thinking if Global with a us preview they'll You've you're and I'm And wondering assuming new you. maybe look in of may of a to and little makes as XXXX. able a of you about Keith be was have Maybe margin I big nice these bit little growth Lifestyle? hitting, programs we a what from perspective a we what picture expect? bit got a sense. Got That then give XXXX

Keith Demmings

Sure. driving. detailed few need And Yes, et a at growth out to good we strong at provide in think efficiency the investments of then overall. And in well. level, those continue and generate we trends, obviously, and 'XX in, underlying accelerate definitely look stepping I'll guidance Global obviously Obviously, launches I and as in high expect about that investments lot and the we'll cetera. we're QX see where from we've And a 'XX. back to in certainly, expect we performance business would the will 'XX, come highlights client to I growth 'XX. revenue certainly you the Connected think underlying say in then as auto give we then the comes close in Living. We've EBITDA about February. But as auto, we Those will in won't growth Lifestyle got start momentum made in 'XX.

have that not things the 'XX. we're number working 'XX, launches, will We we new market. Similar clients, thing to new then to implemented years, rate from a of the disclosed expect benefit we've yet mention, higher are would stabilizing the incremental of some I earnings the net inflation There actively increases things investments on. that and in additional levels. One over expect program couple that from business last net been do

as well 'XX. that we'll So in preview

and the sunsetting revenue that hopefully, with have through. 'XX investments, we'll flowing things bringing EBITDA about some if the continued really think great momentum big we we'll be have other And exciting then then clients, 'XX it's years just to well. And I'll we'll in really an Housing. Housing close as maybe couple out the incredible XXXX, since I in of market been mean, touch the 'XX on thoughts. last So

As to continued growth the of policy expect seen, 'XX. it the from around counts, of in business. And we've we in and we in momentum in growth I'd Housing do values average prior probably think say year underlying is then way that terms leverage 'XX, in expense the about driven development seen the increases solid say, we've simplest our net insured

come few to but high-level more those So February, in the are a of thoughts.

Operator

Hughes Our question Mark comes from next with Truist.

Mark Hughes

voluntary The you talk markets up, the still Is see can that dislocated? business trend? you're that? that The picking success still you're about building seeing you in How do momentum that voluntary?

Keith Demmings

really, impact rate. And Yes. placement the around we're the highlighting

look the sequentially. at So year-over-year. points basis up points up we It's X basis XX placement rates

seen the onboarded other we've it's existing of to So that. And challenged additional loans, would client probably lot homeowners business. with client major in within are is equal this growth year. because that earlier a then We traditional more bases underlying have acquired parts momentum a new to of coverage. respect seen result find half We've being growth being say placed I obviously a the policies of our acquired portfolios. And voluntary growth

growth. in, more Those factor are in of things. factoring at least placement drivers terms challenges that of about those types hard broadly for at part challenges talked really we've not in this rate of point. So the economy, being market the Less and delinquency so the

the a it's So hard market seeing we're that the we've highlight of country. to function around tried that's what is

Mark Hughes

they acceleration clients. Or growth over device of new come I count, math? about talked a kind will you in the quarter, had nice think some Did Asia In continue? specific this you this

Keith Demmings

in more we QX, saw step at evolution. change is earlier the The in point natural year, this a Yes. this

out and was sort year. blocks earlier step course, the more significant generated our point And building We growth, in steady evolution both had year already of in those domestic then, changed the products earlier one as well partners, with business. continued seen from of that we've of cable at in major natural Asia But our finish So a this QX, some new Pacific. of rolled that's momentum.

Mark Hughes

When higher-than-expected away get GAAP did or offset the GAAP on the or then when do the that to losses, you run reinsure through? And either experience? price enough Yes. claims that

Keith Meier

Yes.

on or before the partnering claims premium mentioned in we written shorter in with our those to So we is nature XX% businesses. And that XX so. are example, of the to service XX%. participation. XXXX, And versus eliminate just term Those vehicle or down impact reduce in the had business, from months an first some then in a as the usually heavier clients And perspective, the been contracts. GAAP risk it's just risk we've from XXXX,

with our we across into as the auto all GAAP, to that expect service overall, XXXX, look we've vehicle as forward. actions improve So contracts we move and taken we

get certainly think I auto. think we that overall, I declining, pressure a the sense is for

Keith Demmings

just amplify. Yes. And maybe I'll

talked at we think starting I hold going relative the we ago. this that X process to GAAP years risk reshaping about looking back of

as a pretty So we started today. highlighted, this big And writing process of risk Keith early. amount the we're that reduction in

just shorter of off Keith So really, much But running a question the business. it's nature. the part in it's said, unearned term as of

So be we headwind 'XX. think about a as shouldn't

Operator

Our with KBW. from Tommy comes next McJoynt question

Thomas Mcjoynt-Griffith

When customers Asia adding, of traditional a the you different that cable those carrier subscribers guys think sort I in of Pacific in-force we monetization the Is for customer any than that opportunity about long out represented of calling think region. the largely sort the the operators time? your are

Keith Demmings

average well the we're mean, I'd obviously, think But pleased it's aligned. aligned work I see pretty wouldn't the model. very I every of the Obviously, to continuing no, the But dramatically deal standard say then say with Tommy. and in pretty operating I it's total, year-over-year the it's differently. with subscriber than of clients quarter. No, different much growth certainly build material to no, sort

Thomas Mcjoynt-Griffith

investment just that Living, but investment the clarify comments of that? next or this $XX called think sort you spend in year-to-date. spend be going new Can you of replaced year, out sunsetting investment to by then the is million it's year around around comments for additional spend it like programs. I new And your clarify to spend then And it. Got Okay. Connected sounds

Keith Demmings

right. exactly that's Yes,

the had quarter. little to million So We that moderating out quarter, probably million we've where third fourth little a sit the kind your bit about $X in called from of see today. $XX in we we bit more year-to-date. We'll point, got, a

think with I then Think we and that new Telstra, Chase, that client launches, is the of to we've in center. investment device Spectrum, simplifying haven't automate X/X probably of 'XX, that about some And X/X it our is As things invest highlighted. about the really I'm related spend to launches other work new care done

are good to and Those then terms that of -- So strong that point, I all are we new of programs and revenue, get out a and additional have will of thing, those only new we delivered investments, think calling don't payback recur and this the revenue your sort once EBITDA year. they things then all right? in meaningful If to the that are launch. to going we're benefit investments in efficiency. And which really net we're and marketplace are EBITDA launch generate making have designed and is that

we about in February, how So again we'll sense our of think everyone to that But things Tommy, there's give pipeline. in lot that. size a of a

strong. Our particularly Living, commercial incredibly in momentum, is Connected

of we've this a to So similar really we good thing if did another this what be would got year. bucket investment

Thomas Mcjoynt-Griffith

years? fourth can sensitivity quarter and trade-in just is there. quarter? this in just think What we kind upgrade Living. Connected strength unusually Or The And volumes strong this cycle? to future of guide contemplated the repeat perhaps seems of pretty some iPhone around of that imply Should this as something in lastly, fourth good then an around sort

Keith Demmings

to in say seasonality, to we've a the see moderating expect new Yes. when QX, benefit we through. at sequential that second, got in revenues into we but speak that. I'd bit trade-in Living going that look flowing Connected expenses, it can growth little and would We've Keith from launched, definitely clients the probably a

seasonal see loss service also retail We as improvements contract well. the in business

Connected few a talk sequential will a that bit about trade-in. improvement Keith, there's in create a little Living. But maybe, drivers So

Keith Meier

in quarter. you think promotional bit about trade-in, newer think by this Yes. a softness I in some And offset activity, in think programs trade-in I of little saw we as

If think XX, it, on were Apple on XX. XX set you iPhone September out first the but about features launched the Intelligence rolled October of

as So we expect fourth the come promotional into certainly activity quarter. more we

but third was it expect think in the that here up in the bit quarter. I quarter, we muted to little fourth pick a

Operator

raised John from Piper just [Operator Instructions] his Barnidge Sandler hand.

John Barnidge

got in. of have questions. appreciate fit I couple I a Sorry. you me

here Auto? got having we've I'm on meaningfully profitability, lessons Global are to that impact reserve of expect can all? With Housing, period time favorable be we improving business past experience transferred be of Given should in rate to increases if an profitability at a Global that over wondering there some in there development

Keith Demmings

Yes. We're I things. cycles losses through couple for are of in -- periods. where think been maybe I'd a elevated I say these probably mean variety we've before reasons different a of different

exceptionally of our The through is think this I track interest, alignment got clients with working record strong. of the contract in place.

nature. the So Auto nature it's product, term in because is the longer of little different a of

back a Housing. the Housing there's takes doubt, is it kind effort no longer an of lessons annual profitability to to through get it policy. But So where learned

look If the rate efficiency, from the a a amount drive the tremendous business, operational same drove simplified and core, back Auto you to think couple of on doing to but expense things attack efficiency, issue perspective, ago, didn't just I we're on side. the think a years focus of those

time, that So We're we're some that. speak there'll addressing create reserving making. result we'll it the I'll strengthening fundamental confident think of don't major of but changes tailwinds. let to a we're over longer-term feel terms Keith we of some ways. releases in business I And multiple in be changes level step the a as at

Keith Meier

say, the actions And we of I just would make rigor us types Yes. that take these in terms in general, challenges the that and just stronger of in business.

impacts as provide always us positive some think does I So that look you forward.

think now rate total for you changes XX Just implemented with our if clients. Auto, about we

we've effective working do more then been clients to we redesigned for that. well. them with products our the to And as make consumer So also

being think a to similar I think we that levers mentioned, as in I Auto, have, lot it's element. levers, pull of able examples I but versus that all are So the Housing think, there's Keith different of

reserves for over the Auto, for it's the And that there little rates provides earnings next of those bit years through that not of tailwind so be the much few so it's business. coming us Auto a our of will more

John Barnidge

my a success you've quite lot taking one other another question, business of then in had And and business. wins winning in

be example coverage if mobile? that was and where offer Chase business? with or mobile Housing Apple and there think Netflix from a opportunity Is I there get know to year. housing wondering TV clients of mobile a that won can my I card other you've device, I coverage this to good bundling Hulu, global an into

Keith Demmings

definitely we mean I about the the we've across with you got. that always how the it's distribution a we thought, of certainly, major business. Assurant, think think interesting we BXBXC the wide leverage And strength major, number brands. But nature of it's operate of about that fact channels an relationships Yes. and the do

how clients think reinvent to we're well capitalize on as positioned they bring are So looking that. to to services market, I

think packaged I the Obviously, market, logic example, scale as question at So operators. the mobile a the with sense. dramatic the come we banks accounts. U.K. we partnerships makes U.K. work amount protection bank perfect in mobile though, your offer for their part with of of If through of major has look that

we think can look So for those deliver we and we positioned where scale. we're at definitely opportunities best

Keith Meier

Yes.

relationships I example did program and And Assurant, very like for executives some came on institutions their think check with of leverage is, their positive. have was doing with large back A the meeting with positive when were reference they opportunity Chase these a checks they us good month, I to said it's definitely we that and these they basically, launching they counterparts. Chase. we're last

certainly and us expand things very of relationships. long for go types way those are positive so And to a

Operator

I it back queue. no closing the to one Keith remarks. pass is in will for There

Keith Demmings

thanks, in February. we certainly out forward look to Okay. for for share will discussion we the Wonderful. XXXX. everybody, joining, closed another and Well, and year We'll some how provide guidance

So thanks season. very a much, great and have holiday

Assurant (AIZ) 6 Nov 242024 Q3 Earnings call transcript