Assurant (AIZ) FY2017 results: revenue $6.4 billion, down 14.8% on the year
Assurant, Inc. (AIZ) reported revenue of $6.4 billion for fiscal 2017, the year ended 31 December 2017, down 14.8% on the year before. Net income was $520 million, down 8.1%, and diluted earnings per share $9.39. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2018.
Revenue
$6.4 billion
-14.8% on the year
FY2010FY2017
Operating margin
6.9%
11.3% a year earlier
FY2010FY2017
Net income
$520 million
-8.1% on the year
FY2010FY2017
Diluted EPS
$9.39
+2.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,415
7,532
10,325
-14.8%
Selling, general and administrative
2,710
3,443
3,924
-21.3%
Operating income
444
849
201
-47.6%
Operating margin
6.9%
11.3%
1.9%
Interest expense
49.5
57.6
55.1
-14.1%
Pre-tax income
444
849
201
-47.6%
Income tax
-75.1
283
59.6
Effective tax rate
-16.9%
33.4%
29.6%
Net income
520
565
142
-8.1%
Net margin
8.1%
7.5%
1.4%
Diluted EPS
$9.39
$9.13
$2.05
+2.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
530
109
230
+388.4%
Capital expenditure
62.1
85.2
115
-27.1%
Free cash flow
468
23.4
115
+1,904.1%
Free cash flow margin
7.3%
0.3%
1.1%
Cash from investing
-541
726
264
Cash from financing
-26.7
-1,080
-462
Depreciation and amortisation
116
125
137
-7.5%
Share-based compensation
35.5
41.6
38.8
-14.7%
Buybacks
389
863
293
-54.9%
Dividends paid
119
125
94.2
-5.0%
Dividend per share
$2.15
$2.03
$1.37
+5.9%
Diluted shares, weighted
55m
62m
69m
-10.7%
Shares outstanding at period end
52m
56m
66m
-6.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,271
4,098
4,524
+4.2%
Non-controlling interest
10.9
0.0
0.0
Debt
1,068
n/a
n/a
Other liabilities
26,493
25,611
25,519
+3.4%
Total liabilities and equity
31,843
29,709
30,043
+7.2%
Fixed assets
348
344
298
+1.2%
Goodwill
918
831
834
+10.4%
Intangible assets
289
240
277
+20.1%
Securities held for sale or to maturity
9,663
9,572
10,215
+0.9%
Cash and equivalents
997
1,032
1,288
-3.4%
Other assets
19,630
17,690
17,130
+11.0%
Total assets
31,843
29,709
30,043
+7.2%
10-K for the year ended 31 December 2017, filed 14 February 2018: the filing.