Assurant, Inc. (NYSE: AIZ) shares are trading lower by 10.24% to $137.05 going into the close of Wednesday's session. Shares are falling after the company reported preliminary third-quarter financial results.
What Happened?
For the third quarter 2022, Assurant says GAAP net income and GAAP net income per diluted share are expected to decline year-over-year, primarily due to the absence of net unrealized gains from Assurant Ventures in third quarter 2021 and an increase in net realized losses from sales of fixed maturity securities.
Assurant says adjusted EBITDA is expected to decrease compared to the prior year period due to reduced segment earnings and higher reportable catastrophes.
The company expects to record $124 million pre-tax in reportable catastrophes for the third quarter 2022 primarily related to Hurricane Ian. This includes the company's $80 million pre-tax per-event retention and $35 million of associated reinstatement premiums to restore up to Layer 3 of the company's U.S. catastrophe reinsurance program.
According to data from Benzinga Pro, Assurant has a 52-week high of $194.12 and a 52-week low of $133.72.
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