Assurant (AIZ) FY2019 results: revenue $9.6 billion, up 18.8% on the year
Assurant, Inc. (AIZ) reported revenue of $9.6 billion for fiscal 2019, the year ended 31 December 2019, up 18.8% on the year before. Net income was $383 million, up 52.4%, and diluted earnings per share $5.84. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$9.6 billion
+18.8% on the year
FY2012FY2019
Operating margin
4.8%
4.1% a year earlier
FY2012FY2019
Net income
$383 million
+52.4% on the year
FY2012FY2019
Diluted EPS
$5.84
+46.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
9,569
8,058
6,415
+18.8%
Selling, general and administrative
3,186
2,980
2,710
+6.9%
Operating income
455
334
444
+36.3%
Operating margin
4.8%
4.1%
6.9%
Interest expense
111
100
49.5
+10.3%
Pre-tax income
455
334
444
+36.3%
Income tax
148
80.9
-75.1
+83.3%
Effective tax rate
32.6%
24.3%
-16.9%
Net income
383
251
520
+52.4%
Net margin
4.0%
3.1%
8.1%
Diluted EPS
$5.84
$3.98
$9.39
+46.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,413
657
530
+115.2%
Capital expenditure
110
82.8
62.1
+33.2%
Free cash flow
1,303
574
468
+127.1%
Free cash flow margin
13.6%
7.1%
7.3%
Cash from investing
-620
-2,202
-541
Cash from financing
-179
1,838
-26.7
Depreciation and amortisation
126
127
116
-1.1%
Share-based compensation
55.9
57.1
35.5
-2.1%
Buybacks
272
139
389
+95.1%
Dividends paid
151
134
119
+13.1%
Dividend per share
$2.43
$2.28
$2.15
+6.6%
Diluted shares, weighted
62m
60m
55m
+4.6%
Shares outstanding at period end
60m
62m
52m
-3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,653
5,112
4,271
+10.6%
Non-controlling interest
29.3
21.9
10.9
+33.8%
Debt
2,007
2,006
1,068
+0.0%
Other liabilities
36,602
33,949
26,493
+7.8%
Total liabilities and equity
44,291
41,089
31,843
+7.8%
Fixed assets
434
392
348
+10.5%
Goodwill
2,205
2,322
918
-5.0%
Intangible assets
540
622
289
-13.2%
Investments
402
373
n/a
+7.9%
Securities held for sale or to maturity
n/a
n/a
9,663
Cash and equivalents
1,867
1,254
997
+48.9%
Other assets
38,842
36,125
19,630
+7.5%
Total assets
44,291
41,089
31,843
+7.8%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.