Assurant reports Q3 2024 results

Assurant held its Q3 2024 earnings call on Nov 6. Key highlights include:

• On October 1, Assurant launched a new program with Chase Card Services, delivering end-to-end services for 15 travel and purchase protection benefits, including underwriting, claims processing, and servicing for millions of Chase cardholders. Several new clients and programs are expected in 2025, likely requiring incremental investments similar to 2024.
• The auto business faced elevated claims costs in the vehicle service contract and GAAP product lines throughout 2024. However, in the past two quarters, underlying claim severity trends have started to stabilize, with claims inflation impacts moderating and the loss ratio improving due to rate increases implemented over the past two years.
• Global Housing performed well year-to-date, with homeowners’ earnings up 34% over the first nine months, excluding major catastrophes.
• Adjusted EBITDA in renters has grown year-to-date, driven by expansion in our Property Management Company (PMC) channel. This growth is supported by tech innovations like Assurant Tech Pro and the Cover360 platform, which have simplified resident enrollment and increased penetration.
• In Global Housing, the scale achieved through growth and ongoing investments in technology and compliance led to operational efficiencies and cost control. The expense ratio reached a sustainable level in the high 30s, improving by about 3 percentage points this year and nearly 9 points since 2022, alongside improvements to customer experience.
• A new innovation and device care center near Nashville was established to support Assurant’s mobile business.
• In the UK, banks offer mobile protection as part of their packaged bank accounts.