Assurant (AIZ) FY2016 results: revenue $7.5 billion, down 27.1% on the year
Assurant, Inc. (AIZ) reported revenue of $7.5 billion for fiscal 2016, the year ended 31 December 2016, down 27.1% on the year before. Net income was $565 million, up 299.4%, and diluted earnings per share $9.13. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2017.
Revenue
$7.5 billion
-27.1% on the year
FY2009FY2016
Operating margin
11.3%
1.9% a year earlier
FY2009FY2016
Net income
$565 million
+299.4% on the year
FY2009FY2016
Diluted EPS
$9.13
+345.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
7,532
10,325
10,382
-27.1%
Selling, general and administrative
3,443
3,924
3,688
-12.3%
Operating income
849
201
744
+321.8%
Operating margin
11.3%
1.9%
7.2%
Interest expense
57.6
55.1
58.4
+4.5%
Pre-tax income
849
201
744
+321.8%
Income tax
283
59.6
273
+375.0%
Effective tax rate
33.4%
29.6%
36.7%
Net income
565
142
471
+299.4%
Net margin
7.5%
1.4%
4.5%
Diluted EPS
$9.13
$2.05
$6.44
+345.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
109
230
394
-52.8%
Capital expenditure
85.2
115
83.6
-25.8%
Free cash flow
23.4
115
310
-79.7%
Free cash flow margin
0.3%
1.1%
3.0%
Cash from investing
726
264
n/a
+174.5%
Cash from financing
-1,080
-462
n/a
Depreciation and amortisation
125
137
132
-8.7%
Share-based compensation
41.6
38.8
49.4
+7.3%
Buybacks
863
293
215
+194.7%
Dividends paid
125
94.2
77.5
+33.1%
Dividend per share
$2.03
$1.37
$1.06
+48.2%
Diluted shares, weighted
62m
69m
73m
-10.3%
Shares outstanding at period end
56m
66m
69m
-15.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
4,098
4,524
5,181
-9.4%
Non-controlling interest
0.0
0.0
n/a
Other liabilities
25,611
25,519
26,381
+0.4%
Total liabilities and equity
29,709
30,043
31,562
-1.1%
Fixed assets
344
298
278
+15.1%
Goodwill
831
834
841
-0.3%
Intangible assets
240
277
382
-13.3%
Securities held for sale or to maturity
9,572
10,215
11,263
-6.3%
Cash and equivalents
1,032
1,288
1,319
-19.9%
Other assets
17,690
17,130
17,480
+3.3%
Total assets
29,709
30,043
31,562
-1.1%
10-K for the year ended 31 December 2016, filed 14 February 2017: the filing.