US specialty insurance group Assurant has reported a GAAP net income of $236.4 million for the first quarter of 2024, representing a 108% increase compared to the $113.6 million reported in the same period last year.
According to the company, this increase was mainly due to higher segment earnings and lower reportable catastrophes within Global Housing.
At the same time, Adjusted EBITDA increased 53% to $370.7 million, compared to $242.9 million in Q1’23.
Results included $37.4 million of lower pre-tax reportable catastrophes. Assurant noted that, excluding reportable catastrophes, Adjusted EBITDA increased 31%, or 32 % on a constant currency basis, to $383.7 million.
This growth was driven primarily by Global Housing from lower non-catastrophe loss experience and top-line growth within Homeowners, as well as Connected Living growth in Global Lifestyle.
Additionally, net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments for Q1’24 totalled $2.76 billion, which compared to $2.55 billion reported in the same period the year prior.
This 8% increase, or 9% on a constant currency basis, was driven by growth across all business lines, Assurant noted.
Keith Demmings, Assurant President and CEO, said: “Our first quarter performance represented a strong start to 2024. Global Housing delivered exceptional results, which combined with the ongoing momentum in our U.S. Connected Living business within Global Lifestyle, continued to demonstrate Assurant’s differentiated business model and competitive advantages within the attractive markets we serve.
“Leveraging our unwavering commitment to deliver an outstanding customer experience, we launched programs with several new clients across our global business lines while expanding our offerings with existing client partners.”
He concluded: “Following our strong first quarter performance, we feel increasingly confident in our ability to deliver on our financial objectives for 2024, demonstrating the combined earnings power of our advantaged portfolio.
“Our focus remains on investing for growth while accelerating innovation, driving financial and operational excellence, and effectively deploying our capital to create shareholder value.”
