Assurant profit beats on global housing unit strength, higher investment returns By Reuters

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="Assurant profit beats on global housing unit strength, higher investment returns" id="carouselImage" src="https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ701TQ_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. FILE PHOTO: A row of residential houses stands in Brooklyn’s neighborhood of Bushwick, New York, U.S., September 16, 2022. REUTERS/Amr Alfiky/File Photo</span><br />
<i class="imgGrad"/>
</div>
<p>(Reuters) – Insurer <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Assurant </span></span> Inc (NYSE:) sailed past Wall Street estimates for profit in the second quarter on Tuesday, on the back of growth in its global housing unit and higher investment income.</p>
<p>Shares of the company rose 1.1% in extended trading, after results. The stock is up roughly 8% year-to-date, through the previous close. </p>
<p>The company’s global housing segment, which offers lender-placed insurance, multi-family housing and mortgage services, saw adjusted EBITDA surge 153% in the quarter to $154.6 million, driving the market-beating earnings report. </p>
<p>Meanwhile, investment returns at major insurers have also rebounded this year as jitters around a looming economic downturn and rising interest rates subside, driving a rally across Wall Street’s main indexes.</p>
<p>Net investment income climbed to $112.9 million in the second quarter ended June 30, compared with $92 million last year. </p>
<p>The company reported net earned premiums of $2.34 billion in the quarter, up from $2.17 billion in the year-ago quarter. </p>
<p>Net income in the quarter surged to $156.3 million, up from $52.2 million a year earlier. </p>
<p>On an adjusted basis, Assurant reported a profit of $3.89 per share in the second quarter, easily surpassing analysts’ estimates of $2.57 per share, according to Refinitiv IBES data.</p>
<p>“We resumed share repurchases in the second quarter and expect to continue share repurchase activity for the remainder of the year, as we generate strong cash flows,” CEO Keith Demmings said. </p>
<p>Total revenue in the quarter rose to $2.73 billion, from $2.51 billion a year earlier. </p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/assurant-profit-beats-on-global-housing-unit-strength-higher-investment-returns-3141151">Source link </a></p><p>The post <a href="https://forextraderhub.com/assurant-profit-beats-on-global-housing-unit-strength-higher-investment-returns-by-reuters.html">Assurant profit beats on global housing unit strength, higher investment returns By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>