Assurant (AIZ) FY2023 results: revenue $11.1 billion, up 9.2% on the year
Assurant, Inc. (AIZ) reported revenue of $11.1 billion for fiscal 2023, the year ended 31 December 2023, up 9.2% on the year before. Net income was $642 million, up 132.3%, and diluted earnings per share $11.95. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.
Revenue
$11.1 billion
+9.2% on the year
FY2016FY2023
Operating margin
7.2%
3.4% a year earlier
FY2016FY2023
Net income
$642 million
+132.3% on the year
FY2016FY2023
Diluted EPS
$11.95
+136.6% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,138
597
782
+90.7%
Capital expenditure
202
186
187
+8.7%
Free cash flow
936
411
594
+127.9%
Free cash flow margin
8.4%
4.0%
5.8%
Cash from investing
-638
-262
158
Cash from financing
-404
-818
-1,090
Depreciation and amortisation
196
182
172
+7.9%
Share-based compensation
75.1
62.6
66.7
+20.0%
Buybacks
193
573
839
-66.3%
Dividends paid
152
150
158
+1.4%
Dividend per share
$2.82
$2.74
$2.66
+2.9%
Diluted shares, weighted
54m
55m
60m
-1.8%
Shares outstanding at period end
52m
53m
56m
-1.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,810
4,229
5,464
+13.7%
Non-controlling interest
n/a
n/a
0.0
Other liabilities
28,826
28,895
28,447
-0.2%
Total liabilities and equity
33,635
33,124
33,912
+1.5%
Fixed assets
686
645
561
+6.3%
Goodwill
2,609
2,603
2,572
+0.2%
Intangible assets
567
639
719
-11.2%
Securities held for sale or to maturity
6,912
6,284
7,215
+10.0%
Cash and equivalents
1,627
1,537
2,041
+5.9%
Other assets
21,234
21,416
20,803
-0.9%
Total assets
33,635
33,124
33,912
+1.5%
10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.