Assurant (AIZ) FY2018 results: revenue $8.1 billion, up 25.6% on the year
Assurant, Inc. (AIZ) reported revenue of $8.1 billion for fiscal 2018, the year ended 31 December 2018, up 25.6% on the year before. Net income was $251 million, down 51.7%, and diluted earnings per share $3.98. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$8.1 billion
+25.6% on the year
FY2011FY2018
Operating margin
4.1%
6.9% a year earlier
FY2011FY2018
Net income
$251 million
-51.7% on the year
FY2011FY2018
Diluted EPS
$3.98
-57.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
8,058
6,415
7,532
+25.6%
Selling, general and administrative
2,980
2,710
3,443
+10.0%
Operating income
334
444
849
-25.0%
Operating margin
4.1%
6.9%
11.3%
Interest expense
100
49.5
57.6
+102.6%
Pre-tax income
334
444
849
-25.0%
Income tax
80.9
-75.1
283
Effective tax rate
24.3%
-16.9%
33.4%
Net income
251
520
565
-51.7%
Net margin
3.1%
8.1%
7.5%
Diluted EPS
$3.98
$9.39
$9.13
-57.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
657
530
109
+23.8%
Capital expenditure
82.8
62.1
85.2
+33.3%
Free cash flow
574
468
23.4
+22.5%
Free cash flow margin
7.1%
7.3%
0.3%
Cash from investing
-2,202
-541
726
Cash from financing
1,838
-26.7
-1,080
Depreciation and amortisation
127
116
125
+9.7%
Share-based compensation
57.1
35.5
41.6
+60.8%
Buybacks
139
389
863
-64.2%
Dividends paid
134
119
125
+12.4%
Dividend per share
$2.28
$2.15
$2.03
+6.0%
Diluted shares, weighted
60m
55m
62m
+7.7%
Shares outstanding at period end
62m
52m
56m
+18.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,112
4,271
4,098
+19.7%
Non-controlling interest
21.9
10.9
0.0
+100.9%
Debt
2,006
1,068
n/a
+87.8%
Other liabilities
33,949
26,493
25,611
+28.1%
Total liabilities and equity
41,089
31,843
29,709
+29.0%
Fixed assets
392
348
344
+12.9%
Goodwill
2,322
918
831
+153.0%
Intangible assets
622
289
240
+115.7%
Investments
373
n/a
n/a
Securities held for sale or to maturity
n/a
9,663
9,572
Cash and equivalents
1,254
997
1,032
+25.8%
Other assets
36,125
19,630
17,690
+84.0%
Total assets
41,089
31,843
29,709
+29.0%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.