Assurant (AIZ) FY2011 results: revenue $8.3 billion, down 3.0% on the year
Assurant, Inc. (AIZ) reported revenue of $8.3 billion for fiscal 2011, the year ended 31 December 2011, down 3.0% on the year before. Net income was $539 million, up 93.1%, and diluted earnings per share $5.51. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2013.
Revenue
$8.3 billion
-3.0% on the year
FY2007FY2011
Operating margin
8.5%
7.1% a year earlier
FY2007FY2011
Net income
$539 million
+93.1% on the year
FY2007FY2011
Diluted EPS
$5.51
+120.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
8,273
8,528
8,701
-3.0%
Selling, general and administrative
2,429
2,392
2,377
+1.5%
Operating income
706
606
710
+16.4%
Operating margin
8.5%
7.1%
8.2%
Interest expense
60.4
60.6
60.7
-0.5%
Pre-tax income
706
913
793
-22.6%
Income tax
167
327
279
-48.9%
Effective tax rate
23.7%
35.8%
35.2%
Net income
539
279
431
+93.1%
Net margin
6.5%
3.3%
4.9%
Diluted EPS
$5.51
$2.50
$3.63
+120.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
855
541
270
+58.2%
Capital expenditure
35.7
51.2
55.9
-30.2%
Free cash flow
820
490
214
+67.4%
Free cash flow margin
9.9%
5.7%
2.5%
Cash from investing
-197
-8.9
141
Cash from financing
-637
-699
-143
Depreciation and amortisation
129
127
114
+2.2%
Share-based compensation
36.9
n/a
n/a
Buybacks
534
523
31.9
+2.2%
Dividends paid
67.4
69.6
69.6
-3.2%
Dividend per share
$0.70
$0.63
$0.59
+11.1%
Diluted shares, weighted
98m
111m
118m
-12.3%
Shares outstanding at period end
89m
102m
117m
-13.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
4,874
4,633
4,707
+5.2%
Non-controlling interest
153
147
146
+3.8%
Other liabilities
21,993
21,616
20,989
+1.7%
Total liabilities and equity
27,020
26,397
25,842
+2.4%
Fixed assets
243
267
275
-9.1%
Goodwill
639
620
926
+3.1%
Intangible assets
304
312
n/a
-2.5%
Securities held for sale or to maturity
11,193
10,613
9,967
+5.5%
Cash and equivalents
1,167
1,151
1,319
+1.4%
Other assets
13,475
13,435
13,355
+0.3%
Total assets
27,020
26,397
25,842
+2.4%
10-K for the year ended 31 December 2011, filed 20 February 2013: the filing.