Assurant (AIZ) FY2013 results: revenue $9.0 billion, up 6.3% on the year
Assurant, Inc. (AIZ) reported revenue of $9.0 billion for fiscal 2013, the year ended 31 December 2013, up 6.3% on the year before. Net income was $489 million, up 1.1%, and diluted earnings per share $6.30. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2014.
Revenue
$9.0 billion
+6.3% on the year
FY2007FY2013
Operating margin
8.7%
8.9% a year earlier
FY2007FY2013
Net income
$489 million
+1.1% on the year
FY2007FY2013
Diluted EPS
$6.30
+11.1% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
9,048
8,508
8,273
+6.3%
Selling, general and administrative
3,034
2,632
2,429
+15.3%
Operating income
790
758
706
+4.2%
Operating margin
8.7%
8.9%
8.5%
Interest expense
77.7
60.3
60.4
+28.9%
Pre-tax income
790
758
706
+4.2%
Income tax
301
274
167
+9.8%
Effective tax rate
38.1%
36.2%
23.7%
Net income
489
484
539
+1.1%
Net margin
5.4%
5.7%
6.5%
Diluted EPS
$6.30
$5.67
$5.51
+11.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,028
680
855
+51.2%
Capital expenditure
52.3
56.5
35.7
-7.3%
Free cash flow
975
623
820
+56.5%
Free cash flow margin
10.8%
7.3%
9.9%
Cash from investing
n/a
-450
-197
Cash from financing
n/a
-481
-637
Depreciation and amortisation
125
124
129
+0.4%
Share-based compensation
50.0
37.6
36.9
+33.0%
Buybacks
393
412
534
-4.7%
Dividends paid
74.1
69.4
67.4
+6.8%
Dividend per share
$0.96
$0.81
$0.70
+18.5%
Diluted shares, weighted
78m
85m
98m
-9.0%
Shares outstanding at period end
72m
79m
89m
-8.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,833
5,185
4,874
-6.8%
Non-controlling interest
n/a
n/a
153
Other liabilities
24,881
23,761
21,993
+4.7%
Total liabilities and equity
29,715
28,947
27,020
+2.7%
Fixed assets
254
251
243
+1.1%
Goodwill
785
641
639
+22.5%
Intangible assets
355
263
304
+34.8%
Securities held for sale or to maturity
11,292
12,172
11,193
-7.2%
Cash and equivalents
1,717
909
1,167
+88.8%
Other assets
15,313
14,711
13,475
+4.1%
Total assets
29,715
28,947
27,020
+2.7%
10-K for the year ended 31 December 2013, filed 19 February 2014: the filing.