Assurant (AIZ) FY2014 results: revenue $10.4 billion, up 14.7% on the year
Assurant, Inc. (AIZ) reported revenue of $10.4 billion for fiscal 2014, the year ended 31 December 2014, up 14.7% on the year before. Net income was $471 million, down 3.7%, and diluted earnings per share $6.44. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$10.4 billion
+14.7% on the year
FY2007FY2014
Operating margin
7.2%
8.7% a year earlier
FY2007FY2014
Net income
$471 million
-3.7% on the year
FY2007FY2014
Diluted EPS
$6.44
+2.2% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,382
9,048
8,508
+14.7%
Selling, general and administrative
3,688
3,034
2,632
+21.5%
Operating income
744
790
758
-5.8%
Operating margin
7.2%
8.7%
8.9%
Interest expense
58.4
77.7
60.3
-24.9%
Pre-tax income
744
790
758
-5.8%
Income tax
273
301
274
-9.2%
Effective tax rate
36.7%
38.1%
36.2%
Net income
471
489
484
-3.7%
Net margin
4.5%
5.4%
5.7%
Diluted EPS
$6.44
$6.30
$5.67
+2.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
394
1,028
680
-61.7%
Capital expenditure
83.6
52.3
56.5
+59.8%
Free cash flow
310
975
623
-68.2%
Free cash flow margin
3.0%
10.8%
7.3%
Cash from investing
n/a
n/a
-450
Cash from financing
n/a
n/a
-481
Depreciation and amortisation
132
125
124
+5.9%
Share-based compensation
49.4
50.0
37.6
-1.3%
Buybacks
215
393
412
-45.2%
Dividends paid
77.5
74.1
69.4
+4.5%
Dividend per share
$1.06
$0.96
$0.81
+10.4%
Diluted shares, weighted
73m
78m
85m
-5.8%
Shares outstanding at period end
69m
72m
79m
-3.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,181
4,833
5,185
+7.2%
Other liabilities
26,381
24,881
23,761
+6.0%
Total liabilities and equity
31,562
29,715
28,947
+6.2%
Fixed assets
278
254
251
+9.5%
Goodwill
841
785
641
+7.2%
Intangible assets
382
355
263
+7.7%
Securities held for sale or to maturity
11,263
11,292
12,172
-0.3%
Cash and equivalents
1,319
1,717
909
-23.2%
Other assets
17,480
15,313
14,711
+14.2%
Total assets
31,562
29,715
28,947
+6.2%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.