Assurant (AIZ) FY2020 results: revenue $9.6 billion, up 0.3% on the year
Assurant, Inc. (AIZ) reported revenue of $9.6 billion for fiscal 2020, the year ended 31 December 2020, up 0.3% on the year before. Net income was $441 million, up 15.2%, and diluted earnings per share $6.99. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$9.6 billion
+0.3% on the year
FY2013FY2020
Operating margin
6.0%
4.8% a year earlier
FY2013FY2020
Net income
$441 million
+15.2% on the year
FY2013FY2020
Diluted EPS
$6.99
+19.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,598
9,569
8,058
+0.3%
Selling, general and administrative
3,048
3,186
2,980
-4.3%
Operating income
578
455
334
+27.1%
Operating margin
6.0%
4.8%
4.1%
Interest expense
104
111
100
-5.5%
Pre-tax income
578
455
334
+27.1%
Income tax
58.7
148
80.9
-60.4%
Effective tax rate
10.2%
32.6%
24.3%
Net income
441
383
251
+15.2%
Net margin
4.6%
4.0%
3.1%
Diluted EPS
$6.99
$5.84
$3.98
+19.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,342
1,413
657
-5.1%
Capital expenditure
121
110
82.8
+9.9%
Free cash flow
1,221
1,303
574
-6.3%
Free cash flow margin
12.7%
13.6%
7.1%
Cash from investing
-735
-620
-2,202
Cash from financing
-265
-179
1,838
Depreciation and amortisation
142
126
127
+13.4%
Share-based compensation
57.9
55.9
57.1
+3.6%
Buybacks
297
272
139
+9.3%
Dividends paid
155
151
134
+2.2%
Dividend per share
$2.55
$2.43
$2.28
+4.9%
Diluted shares, weighted
63m
62m
60m
+1.4%
Shares outstanding at period end
58m
60m
62m
-3.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,951
5,653
5,112
+5.3%
Non-controlling interest
3.4
29.3
21.9
-88.4%
Debt
n/a
2,007
2,006
Other liabilities
38,695
36,602
33,949
+5.7%
Total liabilities and equity
44,650
44,291
41,089
+0.8%
Fixed assets
446
434
392
+2.9%
Goodwill
2,589
2,205
2,322
+17.4%
Intangible assets
696
540
622
+28.9%
Investments
n/a
402
373
Securities held for sale or to maturity
6,816
n/a
n/a
Cash and equivalents
2,208
1,867
1,254
+18.2%
Other assets
31,895
38,842
36,125
-17.9%
Total assets
44,650
44,291
41,089
+0.8%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.