Assurant Inc (AIZ) 2024 Q1 法說會逐字稿

Welcome to Assurant's First Quarter 2024 Conference Call and Webcast. (Operator Instructions)

歡迎參加 Assurant 2024 年第一季電話會議和網路廣播。 （操作員說明）

It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may begin.

現在我很高興將發言權交給投資人關係副總裁 Sean Moshier。你可以開始了。

Thank you, operator, and good morning, everyone. We look forward to discussing our first quarter 2024 results with you today. Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.

謝謝接線員，大家早安。我們期待今天與您討論 2024 年第一季的業績。與我一起參加 Assurant 電話會議的是我們的總裁兼執行長 Keith Demmings；和我們的財務長 Keith Meier。

Yesterday, after the market closed, we issued a news release announcing our results for the first quarter 2024. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants.

昨天收盤後，我們發布了一份新聞稿，公佈了 2024 年第一季的業績。我們的網站上也為網路廣播參與者提供了幻燈片演示。

Some of the statements made today are forward-looking. Forward-looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

今天發表的一些聲明具有前瞻性。前瞻性陳述是基於我們的歷史績效和當前預期，並受到風險、不確定性和其他因素的影響，這些因素可能導致實際結果與這些陳述預期的結果有重大差異。

Additional information regarding these factors can be found in the earnings release, presentation and financial supplement on our website as well as in our SEC reports. During today's call, we will refer to non-GAAP financial measures, which we believe are important in evaluating the company's performance. For more details on these measures, the most comparable GAAP measures and a reconciliation of the 2, please refer to the news release and supporting materials.

有關這些因素的更多資​​訊可以在我們網站上的收益發布、演示和財務補充以及我們的 SEC 報告中找到。在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對於評估公司績效非常重要。有關這些措施、最具可比性的 GAAP 措施以及兩者的調節的更多詳細信息，請參閱新聞稿和支援資料。

We'll start today's call with remarks before moving into Q&A. I will now turn the call over to Keith Demmings.

在進入問答環節之前，我們將首先發表演說。我現在將把電話轉給基斯·戴明斯。

Thanks, Sean, and good morning, everyone. Our first quarter results represent a strong start to 2024, reflecting the position of strength from which Assurant continues to operate.

謝謝肖恩，大家早安。我們第一季的業績代表了 2024 年的強勁開局，反映了 Assurant 持續營運的實力地位。

Adjusted EBITDA grew 31% year-over-year to $384 million, and adjusted EPS grew 42% year-over-year, both excluding reportable catastrophes. Our first quarter results were driven by the continued strength of our Global Housing segment as well as growth in Global Lifestyle. Our ability to continue to drive financial performance and operational excellence has supported strong cash flow generation and a solid capital position.

調整後 EBITDA 年成長 31%，達到 3.84 億美元，調整後每股盈餘年增 42%，均不包括可報告的災難。我們第一季的業績是由全球住房部門的持續強勁以及全球生活方式的成長所推動的。我們持續推動財務績效和卓越營運的能力支持了強勁的現金流產生和穩固的資本狀況。

Before reviewing the highlights across our business segments, I'd like to take a moment to reiterate how our unique and differentiated business model has led us to consistently deliver financial results. Assurant holds market leadership positions across a variety of attractive specialized markets where we benefit from both scale and deep integration with our B2B2C client base.

在回顧我們業務部門的亮點之前，我想花點時間重申我們獨特且差異化的業務模式如何使我們能夠始終如一地交付財務業績。 Assurant 在各種有吸引力的專業市場中佔據市場領導地位，我們受益於規模和與 B2B2C 客戶群的深度整合。

Our competitive advantages across our businesses have allowed us to be flexible and agile in executing for our partners and for end consumers. Cost savings from targeted actions, such as our previously announced restructuring plan and ongoing technology innovation, including digital first and artificial intelligence have supported reinvestment in businesses, where we have leadership positions. These high-return initiatives have enhanced our capabilities and supported new partnerships, laying the groundwork for continued growth.

我們在各個業務領域的競爭優勢使我們能夠靈活、敏捷地為我們的合作夥伴和最終消費者執行任務。我們先前宣布的重組計劃和持續的技術創新（包括數位優先和人工智慧）透過有針對性的行動節省了成本，支持了對我們擁有領導地位的企業的再投資。這些高回報措施增強了我們的能力並支持了新的合作夥伴關係，為持續成長奠定了基礎。

The ultimate driver of our success is our people. In March, Assurant was recognized by Ethisphere as one of the world's most ethical companies in 2024. Operating ethically is foundational to protecting our clients' brands across the globe as well as our own. This recognition is a testament to the thousands of Assurant employees who champion our values every day.

我們成功的最終驅動力是我們的員工。今年 3 月，Assurant 被 Ethisphere 評為 2024 年全球最具道德的公司之一。這項認可是對每天捍衛我們價值觀的數千名 Assurant 員工的證明。

Collectively, our unique advantages have led to long-term profitable growth and shareholder value creation. We've continued to drive outperformance versus the broader P&C market, as evidenced by our long-term results compared to the S&P Composite 1500 P&C index. Since 2019, Assurant has delivered double-digit adjusted earnings growth including and excluding cats, outperforming the broader P&C index.

總的來說，我們獨特的優勢帶來了長期的獲利成長和股東價值創造。與標準普爾綜合 1500 財產和意外傷害指數相比，我們的長期業績證明了我們繼續推動表現優於更廣泛的財產和意外傷害市場。自 2019 年以來，安信龍（包括和不包括貓）實現了兩位數的調整後盈利增長，跑贏了更廣泛的財產和意外傷害指數。

Now turning to the quarter, I'd like to share highlights across our business segments. Global Lifestyle delivered adjusted EBITDA of $208 million in the first quarter of 2024. This reflects a year-over-year increase of 4% or 5% on a constant currency basis. Which is in line with our full year growth expectation. Growth was led by our Connected Living business, which delivered double-digit adjusted EBITDA growth in the first quarter.

現在轉向本季度，我想分享我們業務部門的亮點。 Global Lifestyle 2024 年第一季調整後 EBITDA 為 2.08 億美元。這符合我們全年的成長預期。我們的互聯生活業務帶動了成長，該業務在第一季實現了兩位數的調整後 EBITDA 成長。

To support growth, we're continuing to make several important investments in new partnerships, including for recently announced new launches such as Telstra, Australia's largest mobile carrier, where we completed the initial launch of several offerings. We are currently offering protection, upgrade and trade-in to Telstra's postpaid subscriber base.

為了支持成長，我們將繼續對新的合作夥伴關係進行多項重要投資，包括最近宣布的新推出的產品，例如澳洲最大的行動營運商 Telstra，我們在那裡完成了多項產品的首次推出。我們目前正在為 Telstra 的後付費用戶群提供保護、升級和以舊換新服務。

Additionally, we recently completed a multiyear extension of our partnership with Spectrum Mobile, demonstrating the strength of our relationship. The expanded relationship includes the launch of 2 new mobile programs. The first of the 2 programs, the new anytime upgrade benefit, which is now included in the Spectrum Mobile Unlimited Plus data plan at no extra cost to consumers allows new and existing customers to upgrade their phones whenever they want.

此外，我們最近完成了與 Spectrum Mobile 的多年合作夥伴關係的延長，展示了我們關係的實力。擴大的合作關係包括推出 2 個新的行動程式。這兩個方案中的第一個是新的隨時升級優惠，現在已包含在 Spectrum Mobile Unlimited Plus 數據方案中，消費者無需支付額外費用，允許新客戶和現有客戶隨時升級手機。

The second program is the new Spectrum mobile repair and replacement plan, which offers customers device protection and is supported by our dynamic fulfillment and claims management capabilities. These innovative new offerings with Spectrum Mobile are the result of our long-standing partnership and reflect our ongoing commitment to deliver market first solutions to meet the needs of end consumers.

第二個計劃是新的 Spectrum 行動維修和更換計劃，該計劃為客戶提供設備保護，並得到我們的動態履行和索賠管理功能的支援。這些與 Spectrum Mobile 合作的創新產品是我們長期合作的成果，反映了我們對提供市場優先解決方案以滿足最終消費者需求的持續承諾。

During the quarter, we also enhanced our global capabilities. For example, in Europe, we acquired iSmash, a leading independent tech repair brand in the United Kingdom, offering express drop in repair services for smartphones, tablets, laptops with nearly 40 retail locations. This acquisition further scales our walk-in repair offerings and is a prime example of the investments we're making globally to win new business and enhance existing relationships.

本季度，我們也增強了我們的全球能力。例如，在歐洲，我們收購了英國領先的獨立技術維修品牌 iSmash，為智慧型手機、平板電腦、筆記型電腦提供特快維修服務，擁有近 40 個零售點。此次收購進一步擴大了我們的上門維修服務範圍，也是我們為贏得新業務和加強現有關係而在全球範圍內進行投資的一個典型例子。

Moving to global automotive. Similar to others in the industry, first quarter results reflected persistent inflation impacts to vehicle parts and labor repair costs. We've continued to take actions to address elevated inflation, including implementing additional rate increases in the first quarter that build upon those taken over the past 18 months, while also strengthening and enhancing our claims adjudication process.

轉向全球汽車產業。與業內其他公司類似，第一季的業績反映了通貨膨脹對汽車零件和人工維修成本的持續影響。我們繼續採取行動應對通膨上升問題，包括在過去 18 個月的基礎上在第一季度實施額外加息，同時加強和改進我們的索賠裁決流程。

For 2024, we expect auto earnings to be flat. Investment income growth and disciplined expense management efforts are expected to be offset by continued claims inflation. We remain confident in the long-term growth prospects of our auto business. Over the next several years, we expect rate actions to provide a tailwind for the business with the pace and timing of earnings growth dependent on broader market trends.

2024 年，我們預計汽車獲利將持平。投資收入的成長和嚴格的費用管理努力預計將被持續的索賠通膨所抵消。我們對汽車業務的長期成長前景仍然充滿信心。在未來幾年中，我們預計利率行動將為業務提供順風，獲利成長的速度和時間取決於更廣泛的市場趨勢。

Now let's discuss Global Housing, which drove our first quarter outperformance. Global Housing earnings grew significantly in the first quarter, up nearly 75%, excluding reportable cats. Following an extraordinary 2023, housing's first quarter performance reinforces the power of our unique business model, which is highly differentiated versus the broader P&C market. Housing's competitive advantages have led to a compelling shift in its financial return over the past 2 years, delivering strong financial performance with attractive returns. We have several distinct advantages in Global Housing.

現在讓我們討論一下全球房屋市場，它推動了我們第一季的優異表現。第一季全球住房收入大幅成長，成長近 75%（不包括需報告的貓）。在經歷了非凡的 2023 年之後，住房第一季的業績增強了我們獨特的業務模式的力量，該模式與更廣泛的財產和意外險市場具有高度差異化。過去兩年，房地產業的競爭優勢導致其財務回報發生了引人注目的轉變，帶來了強勁的財務表現和有吸引力的回報。我們在全球住房領域擁有幾個獨特的優勢。

First, we have strong market positions in our core housing businesses. Specifically in Lender-Placed, we have strong relationships with the largest U.S. banks and mortgage servicers, including our new client, Bank of America, which we began to onboard in the first quarter. Second, as seen over the past 18 to 24 months in our Lender-Placed business, we've been able to achieve rate adequacy quickly through the built-in annual inflation guard product feature designed to adjust with building and materials costs and normal course state rate filings. Third, our scale and focus on operational efficiencies have created meaningful expense leverage, which we will continue to benefit from going forward.

首先，我們在核心住房業務中擁有強大的市場地位。特別是在貸款人安置方面，我們與美國最大的銀行和抵押貸款服務商建立了牢固的關係，包括我們在第一季開始加入的新客戶美國銀行。其次，從過去 18 到 24 個月的貸款人業務來看，我們能夠透過內建的年度通膨防護產品功能快速實現利率充足性，該功能旨在根據建築和材料成本以及正常過程狀態進行調整率備案。第三，我們的規模和對營運效率的關注創造了有意義的費用槓桿，我們將繼續從中受益。

Lastly, our Lender-Placed business provides a countercyclical hedge in the event of potential broader housing market weakness. While we would not expect tailwinds to be as significant as in prior recessions, we still expect policy placement increases if the housing market goes through a cyclical downturn.

最後，我們的貸方配售業務在潛在的更廣泛的房地產市場疲軟的情況下提供了反週期對沖。雖然我們預計不會像先前的經濟衰退那樣帶來巨大的推動力，但我們仍然預計，如果房地產市場經歷週期性低迷，政策投放將會增加。

Similarly, in our renters and other business, we operate as a market leader across our affinity and property management company channels. The business has an attractive capital-light financial profile with limited catastrophe exposure and remains well positioned for long-term growth as we continue to innovate with our partners and capitalize on secular tailwinds within the rental market.

同樣，在我們的租戶和其他業務中，我們在親和力和物業管理公司管道中作為市場領導者運作。該業務具有有吸引力的輕資本財務狀況，災難風險有限，並且隨著我們繼續與合作夥伴創新並利用租賃市場的長期順風，仍處於長期增長的有利地位。

During the quarter, we increased gross written premiums by over 15%, driven by strong growth in our PMC channel. We've continued to leverage enterprise-wide capabilities to improve our customer experience and create value for our clients. For example, we leveraged our premium technical support capabilities from Connected Living to help us launch Assurant Tech Pro for the multifamily housing channel, providing residents access to technical troubleshooting services, which is a first in the industry.

在 PMC 通路強勁成長的推動下，本季我們的總保費成長了 15% 以上。我們持續利用企業範圍內的能力來改善客戶體驗並為客戶創造價值。例如，我們利用 Connected Living 的優質技術支援能力，協助我們推出針對多戶住宅通路的 Assurant Tech Pro，為居民提供技術故障排除服務，這在業界是第一次。

Turning to our enterprise outlook. For 2024, we continue to expect Enterprise adjusted EBITDA to grow by mid-single digits, excluding cats. Based on our strong first quarter performance within Global Housing, which included $22 million of favorable prior period reserve development, our 2024 results are trending toward the higher end of the mid-single-digit outlook. We now anticipate global housing will lead our enterprise growth.

轉向我們的企業前景。到 2024 年，我們繼續預期 Enterprise 調整後 EBITDA 將實現中個位數成長（不包括貓）。基於我們在全球住房領域第一季的強勁表現，其中包括 2,200 萬美元的前期儲備開發，我們 2024 年的業績正朝著中個位數前景的高端發展。我們現在預計全球住房將引領我們的企業發展。

In Global Lifestyle, our full year outlook remains unchanged, driven by growth in Connected Living which is partially offset by incremental investments to support long-term growth. We continue to monitor global macroeconomic conditions, including inflation, foreign exchange and interest rate levels as well as new business investments.

在全球生活方式方面，我們的全年展望保持不變，這是由互聯生活增長推動的，但支持長期增長的增量投資部分抵消了這一增長。我們持續監控全球宏觀經濟狀況，包括通貨膨脹、外匯和利率水準以及新業務投資。

Looking at earnings per share, we now expect adjusted EPS growth to approximate adjusted EBITDA growth, reflecting lower expected depreciation expense as well as higher earnings within Global Housing.

就每股盈餘而言，我們現在預計調整後的每股盈餘成長將接近調整後的 EBITDA 成長，反映出預期折舊費用的降低以及全球住房業務的獲利成長。

I'll now turn it over to Keith Meier to review our first quarter results and 2024 outlook in further detail.

現在我將把它交給 Keith Meier，讓他更詳細地回顧我們第一季的業績和 2024 年的前景。

Thanks, Keith, and good morning, everyone. With our strong first quarter performance, we continue to focus on driving long-term shareholder value with thoughtful and decisive actions to continue to grow and outperform. To achieve this, we are committed to a deep understanding of our global partners and their end consumers' needs, executing on the opportunities identified as well as disciplined capital management to enable long-term growth.

謝謝基思，大家早安。憑藉第一季的強勁業績，我們繼續專注於透過深思熟慮和果斷的行動來推動長期股東價值，以繼續成長和超越大盤。為了實現這一目標，我們致力於深入了解我們的全球合作夥伴及其最終消費者的需求，抓住發現的機會並進行嚴格的資本管理，以實現長期成長。

Now let's review the details of our first quarter results. In the first quarter, adjusted EBITDA grew 31% to $384 million and adjusted EPS increased by 42% to $4.97, both excluding reportable catastrophes. From a capital perspective, we generated $254 million of segment dividends in the first quarter, ending the quarter with $622 million of holding company liquidity, up from $606 million at year-end.

現在讓我們回顧一下第一季業績的詳細資訊。第一季度，調整後 EBITDA 成長 31%，達到 3.84 億美元，調整後每股盈餘成長 42%，達到 4.97 美元，兩者均不包括可報告的災難。從資本角度來看，我們第一季產生了 2.54 億美元的分部股息，季末控股公司流動資金為 6.22 億美元，高於年底的 6.06 億美元。

Our strong capital position allowed us to return $77 million to shareholders in the quarter, including $40 million of share repurchases. In addition, we repurchased $10 million of shares between April 1 and May 3.

我們強大的資本狀況使我們能夠在本季度向股東返還 7,700 萬美元，其中包括 4,000 萬美元的股票回購。此外，我們在 4 月 1 日至 5 月 3 日期間回購了價值 1,000 萬美元的股票。

Turning to our business segments. Let's begin with Global Lifestyle. For the quarter, adjusted EBITDA grew 4% to $208 million or 5% on a constant currency basis. Year-over-year growth was driven by strong performance in Connected Living, particularly in the U.S., which was partially offset by lower results in Global Automotive.

轉向我們的業務部門。讓我們從全球生活方式開始。本季調整後 EBITDA 成長 4%，達到 2.08 億美元，以固定匯率計算成長 5%。同比成長是由互聯生活（尤其是美國）的強勁表現推動的，但全球汽車業績下降部分抵消了這一增長。

In Connected Living, earnings increased 14% or $16 million, primarily driven by continued momentum in our U.S. mobile protection programs and higher investment income. Results were partially offset by investments in new capabilities and client partnerships. In the U.S. Connected Living growth also benefited from modest improvements in loss experience within extended service contracts, resulting from rate actions taken over the last 18 months to offset higher claim severities from inflation. Trade-in results were flat as higher margins and contributions from new U.S. programs were partially offset by a decline in carrier volumes, including impacts from lower promotional activity.

在互聯生活領域，營收成長了 14%，即 1,600 萬美元，這主要是由於我們美國行動保護計畫的持續成長勢頭和更高的投資收入所推動。新能力和客戶合作夥伴關係的投資部分抵消了業績。在美國，互聯生活的成長也受益於延長服務合約中損失體驗的適度改善，這是過去 18 個月為抵銷通貨膨脹導致的索賠嚴重程度而採取的費率行動的結果。以舊換新結果持平，因為較高的利潤率和美國新項目的貢獻被運輸量的下降（包括促銷活動減少的影響）部分抵消。

International Connected Living results included a $7 million favorable onetime extended service contract client benefit in Japan. Excluding this item, international results were stable on a constant currency basis, consistent with the trends from the end of 2023. Foreign exchange remains a headwind, impacting Lifestyle's adjusted EBITDA growth by 1 percentage point in the quarter.

International Connected Living 業績包括在日本獲得 700 萬美元一次性延期服務合約客戶優惠。排除此項目，以固定匯率計算的國際業績保持穩定，與 2023 年底的趨勢一致。

In Global Automotive, first quarter adjusted EBITDA declined 9% or $7 million, driven by higher claims costs due to persistent inflation impacts as well as the normalization of select ancillary products. The impacts of inflation continue to be felt throughout the auto industry as indicated in the March Consumer Price Index, where motor vehicle repair costs rose nearly 12% year-over-year and accelerated over the quarter. Elevated claims costs were partially offset by higher investment income.

在全球汽車領域，第一季調整後 EBITDA 下降 9%，即 700 萬美元，原因是持續的通膨影響以及部分輔助產品的正常化導致索賠成本上升。正如 3 月消費者物價指數所示，整個汽車產業持續感受到通膨的影響，其中機動車輛維修成本較去年同期上漲近 12%，並在本季加速上漲。較高的索賠成本被較高的投資收入部分抵銷。

Turning to net earned premiums, fees and other income. Lifestyle grew by $148 million or 7% and Connected Living increased 11%, benefiting from contributions from new trade-in programs and North American mobile protection programs. Growth from Global Automotive net earned premiums fees and other income was 3%, which was primarily driven by prior period sales of vehicle service contracts.

轉向淨賺保費、費用和其他收入。受益於新的以舊換新計劃和北美行動保護計劃的貢獻，生活方式增長了 1.48 億美元，即 7%，互聯生活增長了 11%。全球汽車淨賺保費和其他收入成長了 3%，這主要是由前期車輛服務合約銷售推動的。

For full year 2024, we continue to expect Global Lifestyle's adjusted EBITDA to grow, driven by Connected Living. We expect growth in Connected Living to be led by the continued expansion of our U.S. business.

對於 2024 年全年，我們繼續預期 Global Lifestyle 的調整後 EBITDA 將在互聯生活的推動下成長。我們預計互聯生活的成長將由我們美國業務的持續擴張帶動。

In Global Auto, we expect adjusted EBITDA to be flat as higher investment income is offset by continued loss pressure from inflation. Prospective rate actions taken over the past 18 months are expected to drive improvement over time, depending on the timing and pace of claims inflation impacts.

在全球汽車領域，我們預計調整後的 EBITDA 將持平，因為較高的投資收入被通膨帶來的持續損失壓力所抵消。過去 18 個月採取的預期利率行動預計將隨著時間的推移推動改善，具體取決於索賠通膨影響的時間和速度。

Investments related to new clients and programs will temper lifestyle growth in 2024, but will be a critical driver in the strengthening of our business over the long term. We continue to monitor foreign exchange impacts, broader macroeconomic conditions and interest rates, which may impact the pace and timing of growth.

與新客戶和專案相關的投資將在 2024 年抑制生活方式的成長，但從長遠來看將成為加強我們業務的關鍵驅動力。我們繼續監控外匯影響、更廣泛的宏觀經濟狀況和利率，這些可能會影響成長的速度和時機。

As we enter the second quarter, we expect our sequential adjusted EBITDA trend to be impacted by the absence of the onetime client benefit and seasonally lower mobile trading volumes, both in Connected Living.

當我們進入第二季度時，我們預計我們的連續調整後 EBITDA 趨勢將受到一次性客戶福利缺失和互聯生活領域行動交易量季節性下降的影響。

Moving to Global Housing. First quarter adjusted EBITDA was $193 million, which included $13 million of reportable catastrophes. Excluding reportable cats, adjusted EBITDA increased by 74% or $88 million to $205 million. Over half of the increase was driven by improving non-cat loss ratios from moderating claims trends and higher average premiums.

轉向全球住房。第一季調整後 EBITDA 為 1.93 億美元，其中包括 1,300 萬美元的可通報災難。不包括應報告的貓，調整後的 EBITDA 成長了 74%，即 8,800 萬美元，達到 2.05 億美元。超過一半的成長是由於索賠趨勢緩和和平均保費上漲而改善的非巨災損失率。

A portion of the claims improvement was related to a $16 million favorable year-over-year net impact to prior period reserve development. This was comprised of a $22 million reserve reduction in the current quarter compared to a $6 million reserve reduction in the first quarter of 2023.

索賠改善的一部分與上期準備金開發年比淨影響 1,600 萬美元有關。其中包括本季準備金減少 2,200 萬美元，而 2023 年第一季準備金減少 600 萬美元。

The remainder of the adjusted EBITDA increase was mainly driven by continued top line growth in homeowners and an increase in the number of in-force policies, lower catastrophe reinsurance costs and higher investment income. For renters and other, earnings increased from growth in our property management channel.

調整後 EBITDA 成長的其餘部分主要是由房主收入的持續成長、有效保單數量的增加、巨災再保險成本的降低和投資收入的增加所推動的。對於租戶和其他人來說，我們的物業管理管道的成長帶來了收入的成長。

As Keith mentioned, expense leverage throughout housing continues to be a strong differentiator as our technology investments and innovations are enabling a superior customer experience. This has played a critical role in our outperformance. Given the strong first quarter performance, we expect Global Housing's full year 2024 adjusted EBITDA growth, excluding cats, to lead our overall enterprise growth. We anticipate growth will be driven by favorable non-cat loss experience, continued top line momentum in homeowners and lower catastrophe reinsurance costs.

正如基思所提到的，整個住房的費用槓桿仍然是一個強大的差異化因素，因為我們的技術投資和創新正在實現卓越的客戶體驗。這對我們的優異表現發揮了關鍵作用。鑑於第一季的強勁表現，我們預計 Global Housing 2024 年全年調整後 EBITDA 成長（不包括貓）將引領我們的整體企業成長。我們預計成長將受到良好的非巨災損失經驗、房主持續的收入成長動能以及較低的巨災再保險成本的推動。

Over the course of 2024, our lender-placed business is expected to be impacted by ongoing client portfolio movements. This includes the addition of multiple client portfolios, including the onboarding of Bank of America as well as expected offboarding impacts from the sale of a client to another party. Given the unique composition of each portfolio, these movements are expected to impact tracked loans and placement rate from quarter-to-quarter.

2024 年，我們的貸款人安置業務預計將受到持續的客戶投資組合變動的影響。這包括增加多個客戶組合，包括美國銀行的入職以及將客戶出售給另一方所帶來的預期離職影響。鑑於每個投資組合的獨特組成，這些變動預計將影響每季的追蹤貸款和安置率。

However, policies in force, a key driver of earnings is expected to grow overall for 2024. As we turn to the second quarter, please keep in mind the following: first, we had $22 million of first quarter prior year reserve development. Second, we expect normalized catastrophe reinsurance costs following lower costs in the first quarter, which were impacted by timing differences related to the program transition to a single placement as well as favorable 2023 exposure true-ups.

然而，根據現行政策，獲利的主要驅動力預計將在2024 年實現整體成長。 。其次，我們預計巨災再保險成本將在第一季成本下降後實現正常化，這是受到與計劃過渡到單一安置相關的時間差異以及有利的 2023 年風險調整的影響。

Beginning in the second quarter, we expect quarterly reinsurance premiums to be modestly above $50 million, which is an increase from the $34 million in the first quarter. And lastly, the second quarter tends to be an elevated period for non-cat loss experience.

從第二季開始，我們預計季度再保險保費將略高於 5,000 萬美元，較第一季的 3,400 萬美元增加。最後，第二季度往往是非巨災損失經歷的高峰期。

Next, I wanted to summarize the placement of our 2024 catastrophe reinsurance program which has now transitioned to a single April 1 placement date. We are pleased with our increased coverage at attractive terms, including cost savings realized in this year's placement. 2024 catastrophe reinsurance premiums for the total program are estimated to be approximately $190 million, a reduction in comparison to $207 million in 2023. As previously communicated, our per event retention increased to $150 million, aligning with a 1-in5-year probable maximum loss or PML.

接下來，我想總結我們 2024 年巨災再保險計劃的安置情況，該計劃現已過渡到 4 月 1 日單一安置日期。我們對以有吸引力的條款擴大承保範圍感到高興，包括在今年的安置中實現的成本節省。整個計劃的2024 年巨災再保險保費預計約為1.9 億美元，比2023 年的2.07 億美元有所減少。年可能的最大損失保持一致或 PML。

Our main U.S. program will provide nearly $1.5 billion in loss coverage in excess of our retention, protecting Assurant and its policyholders against the PML of approximately 1-in-265-year storm, an increase above the 2023 limit aligned to a 1-in-225-year PML. Overall, this year's placement was diversified and supported by the strength of our relationships with 40-plus highly rated reinsurers.

我們的主要美國計劃將提供超出我們自留額的近15 億美元的損失保險，保護Assurant 及其投保人免受大約265 年一遇風暴的PML，這一增幅高於2023 年的上限，與1分之一的風暴相一致。總體而言，今年的配售是多元化的，並得到了我們與 40 多家高評級再保險公司的關係的支持。

Moving to corporate. The first quarter adjusted EBITDA loss was $30 million, a $5 million year-over-year increase, mainly due to higher enterprise growth initiatives. We now expect the 2024 corporate adjusted EBITDA loss to approximate $110 million, consistent with 2023.

轉向企業。第一季調整後 EBITDA 虧損為 3,000 萬美元，年增 500 萬美元，主要是因為企業成長計畫的提高。我們現在預計 2024 年公司調整後 EBITDA 損失約為 1.1 億美元，與 2023 年一致。

Turning to capital management. We generated significant deployable capital in the first quarter, upstreaming $254 million in segment dividends. For 2024, we expect our businesses to continue to generate meaningful cash flow. Cash conversion to the holding company is expected to approximate 2/3 of segment adjusted EBITDA, including reportable catastrophes. Cash flow expectations assume a continuation of the current macroeconomic environment and are subject to the growth of the businesses, investment portfolio performance and rating agency and regulatory requirements.

轉向資本管理。我們在第一季產生了大量可部署資本，分部股利增加了 2.54 億美元。 2024 年，我們預期我們的業務將繼續產生有意義的現金流。預計向控股公司的現金轉換約為部門調整後 EBITDA 的 2/3，包括可報告的災難。現金流量預期假設當前宏觀經濟環境持續存在，並受到業務成長、投資組合績效以及評級機構和監管要求的影響。

As we look forward to the remainder of the year, we continue to be focused on maintaining balance and flexibility to support new business growth and return capital to shareholders. From a share repurchase perspective, we continue to expect to be in the range of $200 million to $300 million, which will depend on strategic M&A opportunities, market conditions, and cat activity. Through the strength of our differentiated business model and given our first quarter results, we are increasingly confident in achieving our 2024 financial objectives.

展望今年剩餘時間，我們將繼續致力於保持平衡和靈活性，以支持新業務成長並向股東返還資本。從股票回購的角度來看，我們仍然預期回購金額在 2 億至 3 億美元之間，這將取決於策略併購機會、市場狀況和巨災活動。憑藉我們差異化業務模式的優勢以及第一季的業績，我們對實現 2024 年財務目標越來越有信心。

Our strong capital position provides us with the necessary resources to support business growth and shareholder value over the long term. And with that, operator, please open the call for questions.

我們強大的資本狀況為我們提供了必要的資源來支持長期的業務成長和股東價值。那麼，接線員，請打開電話提問。

(Operator Instructions) Our first question comes from the line of Mark Hughes with Truist Securities.

（操作員指示）我們的第一個問題來自 Truist Securities 的 Mark Hughes。

In Connected Living, your EBITDA growth, 14%, super strong. When you look at your covered device count, it's relatively stable, trade-ins were stable, but you're getting strong top line growth. How long can you continue to push the top line and profitability in an environment where covered devices seem to be relatively steady.

在互聯生活中，您的 EBITDA 成長率為 14%，非常強勁。當您查看涵蓋的設備數量時，您會發現它相對穩定，以舊換新也穩定，但您的收入增長強勁。在涵蓋的設備似乎相對穩定的環境中，您能繼續推動營收和獲利能力多久。

Yes. No, it's a great question. I think we're really pleased with certainly how Connected Living started the year, largely driven by the strength of the U.S. Connected Living business overall. And we've talked about this in the past, but we've had double-digit growth in Connected Living for probably 7 or so years pretty consistently.

是的。不，這是一個很好的問題。我認為我們對互聯生活今年的開局感到非常滿意，這主要是受到美國互聯生活業務整體實力的推動。我們過去曾討論過這一點，但我們的互聯生活在大約 7 年左右的時間裡一直保持著兩位數的增長。

As I look at the first quarter results, domestic Connected Living again was up double digits, high single last year. So I think we feel incredibly well positioned. We did see a little bit of softness in the devices covered count. A little bit of that is in Japan, which we've talked about, although our margins have been quite stable in that market. A little bit in the prepaid side as well. But the bulk of our U.S. postpaid business, which drives the lion's share of the economics, clients are performing incredibly well and feel really well positioned longer term.

從第一季的業績來看，國內互聯生活再次成長了兩位數，是去年的高單。所以我認為我們感覺處於非常有利的位置。我們確實看到覆蓋的設備數量有些疲軟。其中一點是在日本，我們已經討論過，儘管我們在該市場的利潤率相當穩定。預付費方面也有一點。但我們的美國後付費業務在經濟中佔據了最大份額，客戶的表現非常好，並且從長遠來看，他們感覺自己處於有利地位。

Your inflation guard in the homeowners business. When does that get updated? And what does it look like for this go around?

您在房主行業中的通膨衛士。那啥時候更新啊這一次的情況又是怎麼樣的呢？

Yes. It will get updated July 1. It will be a very modest adjustment, roughly 1%. I think last year was a little north of 3%, and then the year before, it was in the low to mid-teens. So fairly normalized level, I think, as we look forward this year.

是的。將於 7 月 1 日更新。我認為去年的比例略高於 3%，而前年則在 1% 左右。我認為，正如我們今年所期待的那樣，這是相當正常的水平。

And then the non-cat loss experience in housing was a good -- how would you judge the weather of this quarter? It sounds like you're benefiting from rates, better claims trends. How much of a weather impact do you think there was in Q1?

然後，住房方面的非貓損失經驗是好的——您如何判斷本季的天氣？聽起來您正在從費率和更好的索賠趨勢中受益。您認為第一季天氣影響有多大？

Yes. I think if you set aside the development, which we called out at $22 million in the quarter, the non-cat loss ratio was just under 39%. I'd say that was relatively in line with our expectations, in line with what we would expect for the full year around that loss ratio factor.

是的。我認為，如果拋開開發案（我們本季斥資 2,200 萬美元），非巨災損失率略低於 39%。我想說，這相對符合我們的預期，符合我們對全年損失率因素的預期。

So I would say certainly, we've seen normalized severity levels as inflation has come down. And then to your point, obviously, a lot of impact in the business from rate, but then a tremendous amount of leverage in terms of the operating expenses, both with scale, but also the efforts that we've made to continue to drive automation. And Keith, did you want to add anything?

所以我肯定地說，隨著通貨膨脹的下降，我們已經看到了正常化的嚴重程度。然後就你的觀點而言，顯然，費率對業務產生了很大的影響，但在營運費用方面也產生了巨大的影響，無論是規模還是我們為繼續推動自動化所做的努力。基思，你想補充什麼嗎？

Yes, sure. I think a good way to think about that, Mark, as well, is Keith mentioned 39% non-cat loss ratio, we have an expense ratio of about 38%, combined is 77%. If you add in some cat coverage, you're probably in that mid- to high 80s that we talk about on a normal basis. So I think it was pretty well in that line, maybe a little bit better than that.

是的，當然。我認為思考這個問題的一個好方法是，馬克，基斯提到了 39% 的非貓損失率，我們的費用率約為 38%，合計為 77%。如果你加上一些貓的報道，你可能處於我們通常談論的 80 多歲。所以我認為這方面做得很好，也許比這更好一點。

Our next question comes from the line with Brian Meredith with UBS.

我們的下一個問題來自瑞銀集團的布萊恩‧梅雷迪思 (Brian Meredith)。

A couple of questions here. First, I'm just curious, onboarding expenses for Bank of America and maybe Telstra. Are those largely complete at this point? Or are we going to see some more of that going forward? Your expenses were quite below where I was expecting this quarter.

這裡有幾個問題。首先，我只是好奇美國銀行和澳洲電信的入職費用。目前這些已經基本完成了嗎？或者我們會看到更多這樣的事情發生嗎？本季你們的開支遠低於我的預期。

Yes. So on Bank of America, we've been ramping them up this -- over the last quarter. And so those loans are now being tracked. And then in the second and third quarter, those policies should be coming online. And then by the end of the third quarter, we should be fully up and running on Bank of America. So I think the outlook for Bank of America should be improving as we go through the year.

是的。因此，在美國銀行，我們在上個季度一直在加強。因此，這些貸款現在正在被追蹤。然後在第二和第三季度，這些政策應該會上線。然後到第三季末，我們應該在美國銀行上全面啟動並運行。因此，我認為今年美國銀行的前景應該會有所改善。

And then with Telstra, we just launched the rest of the program -- the main part of the program earlier this month. And so we went through a lot of investment there. There's still more to come for Telstra, but we're in a really good place, getting Telstra launched in terms of the main part of the program.

然後，我們與 Telstra 合作，剛剛啟動了該計劃的其餘部分——本月初該計劃的主要部分。所以我們在那裡進行了大量投資。 Telstra 還有更多的工作要做，但我們處於一個非常好的位置，讓 Telstra 啟動了該計劃的主要部分。

Maybe just add a little bit of color as well, Brian, in terms of the question about ongoing investments. So if I'm thinking about global Connected Living in the first quarter, I'd probably size $5 million of incremental investments in long-term growth in the quarter. We continue to think that will be 2% to 3% impact to the overall growth for the full year.

布萊恩，也許就持續投資的問題添加一點色彩。因此，如果我考慮第一季的全球互聯生活，我可能會在該季度的長期成長中增加 500 萬美元的增量投資。我們仍然認為這將對全年整體成長產生 2% 至 3% 的影響。

So think about that trend line continuing as we move forward. And then it's just a question of at what pace and urgency do we deploy some of the solutions with not just the clients that we've talked about publicly, but a number of clients and prospects that we're actively working on in real time, which we'll disclose more on later in the year.

因此，請考慮隨著我們前進，趨勢線會持續下去。然後問題只是我們以什麼速度和緊迫性部署一些解決方案，不僅是我們公開討論過的客戶，還有我們正在積極即時處理的一些客戶和潛在客戶，我們將在今年稍後披露更多資訊。

Great. And my second question related to Global Auto. I know historically, you said it was a couple of clients maybe that were really the issues. I'm wondering if it's become more pervasive. And is there anything that you're kind of thinking about doing with contracts to maybe mitigate some of this inflationary aspects here going forward?

偉大的。我的第二個問題與全球汽車有關。我知道從歷史上看，您說過這可能是幾個客戶的問題。我想知道它是否變得更加普遍。您是否正在考慮透過合約做一些事情來減輕未來的通貨膨脹？

Yes. So it's that -- first part of your question, it's unchanged. So the clients that we've been monitoring and working on based on the deal structures, their profit share type arrangements, if losses go over 100%, it creates short-term pressure in our P&L and then we look to recover that contractually with rate adjustments.

是的。所以，你問題的第一部分沒有改變。因此，我們一直在根據交易結構、利潤分享類型安排來監控和合作的客戶，如果損失超過 100%，就會對我們的損益表造成短期壓力，然後我們希望透過合約利率來恢復該壓力調整。

So it isn't more pervasive than it was. But obviously, there's a little bit of elevation in terms of the severity around parts and labor costs in the auto sector, which I think everyone is seeing. I do feel -- continue to feel real good about our long-term opportunity in auto. Clients are working with us incredibly well. We've taken a number of rate increases over the last 18, 20 months. We took more rate adjustments in the first quarter. We'll do more in the second quarter.

所以它並不比以前更普遍。但顯然，汽車行業的零件和勞動力成本的嚴重程度略有上升，我想每個人都看到了這一點。我確實對我們在汽車領域的長期機會感到非常滿意。客戶與我們的合作非常好。在過去 18、20 個月裡，我們多次升息。我們在第一季進行了更多利率調整。我們將在第二季度做得更多。

So really, it's about getting this business to the right spot over the long term. We talk about relative stability in the P&L at auto in '24 and then progressively getting better as we enter '25.

所以說，從長遠來看，關鍵在於讓這項業務走上正確的方向。我們談論 24 年汽車產業損益表的相對穩定性，然後隨著進入 25 年而逐漸變得更好。

(Operator Instructions) We have another question, comes from the line of Tommy McJoynt with KBW.

（操作員說明） 我們還有另一個問題，來自 KBW 的 Tommy McJoynt 線路。

The first one, can you talk about as the Bank of America portfolio comes on board and perhaps also considering any other service or client additions or deletions. Is there anything that we should expect in the placement rate or the average insured values that would be different than what we should just see in the broader economy in terms of tracking mortgage delinquencies and home price appreciation, anything different that's kind of changing about the nature of your tracked portfolio?

第一個，您能否談談美國銀行投資組合的加入，也許還考慮任何其他服務或客戶的添加或刪除。在追蹤抵押貸款拖欠和房價升值方面，我們在安置率或平均保險價值方面是否應該期望有什麼與我們在更廣泛的經濟中應該看到的不同，有什麼不同會改變性質您跟踪的投資組合的？

Yes. So I think I mentioned in the opening remarks where we've got various changes that go on within our portfolio. Obviously, Bank of America, we've talked about. We have another client that was added by another one of our clients. So that was a positive. We also have another client that was acquired by a third party. So those loans will be coming off.

是的。所以我想我在開場白中提到我們的投資組合中發生了各種變化。顯然，我們已經討論過美國銀行。我們有另一個客戶，是由我們的另一個客戶添加的。所以這是積極的。我們還有另一個被第三方收購的客戶。所以這些貸款將會被取消。

So I think there's going to be a little bit of ups and downs. Some of those have lower placement rates than the average. Some of them have higher placement rates. But when you think about between now and the end of the year, overall, we should be up in our policy counts when you net those kind of movements within the quarters?

所以我認為會有一些起伏。其中一些的安置率低於平均值。其中一些有更高的安置率。但是，當您考慮從現在到今年年底之間，總體而言，當您在季度內進行此類變動時，我們的政策數量應該增加嗎？

Yes. And I think in a relatively stable placement rate as we exit the year, Tommy, and it may bounce around a little bit. But to Keith's point, policy counts at the end of the year should be higher than where we sit today.

是的。我認為，當我們今年退出時，安置率相對穩定，湯米，它可能會稍微反彈。但就基斯而言，年底的政策數量應該比我們今天的數量還要多。

Okay. Got it. That's good color. And then switching over, can you talk about the current level and perhaps your expectations for trade-in programs and promotional activity from the carriers? And just whether or not you think that could be a swing factor in the bottom line of Connected Living as we proceed through the year?

好的。知道了。這顏色真好啊然後，您能談談目前的水平以及您對運營商以舊換新計劃和促銷活動的期望嗎？您是否認為這可能成為今年互聯生活利潤的搖擺因素？

Yes. I think we've done a really good job maintaining overall margins in the trade-in side of the business. You think about the first quarter, obviously, devices serviced were down. But as we signaled, margins are quite stable, and we're making up some of that with additional volume with new clients as well.

是的。我認為我們在維持以舊換新業務的整體利潤方面做得非常好。想想第一季度，顯然，維修的設備有所下降。但正如我們所暗示的，利潤率相當穩定，我們也透過新客戶的增加量來彌補其中的一部分。

So I think we feel really good about how we're positioned. And to your point, the promotional activity was relatively light in the quarter. I think clients were focused on other things within their portfolios and moving customers to higher tier premium rate plans et cetera, and driving upgrades wasn't a huge priority in the market, but we still performed quite well financially. So I think we're well positioned.

所以我認為我們對自己的定位感覺非常好。就您而言，本季的促銷活動相對較少。我認為客戶專注於其投資組合中的其他事情，並將客戶轉移到更高級別的保費計劃等，並且推動升級並不是市場上的首要任務，但我們在財務方面仍然表現良好。所以我認為我們處於有利位置。

And the dynamic environment, particularly with the big 3 mobile operators is hard to predict. And obviously, we're well positioned should that activity pick up here in the second quarter and beyond. So it's hard to predict right now, Tommy, but I think we feel really well positioned.

動態環境，尤其是三大行動電信商的動態環境很難預測。顯然，如果這種活動在第二季及以後恢復，我們就處於有利位置。所以現在很難預測，湯米，但我認為我們感覺位置非常好。

Okay. Got it. And then last one, I think I may have missed it during the remarks. I think I heard you say that the reinsurance costs decreased. I didn't catch -- well, first off, could you repeat those numbers? And then secondly, did you mention like what is happening to the per event retention if there were changes to that?

好的。知道了。最後一點，我想我在發言時可能漏掉了。我想我聽到你說再保險成本下降了。我沒聽清楚——好吧，首先，你能重複這些數字嗎？其次，您是否提到如果有變化，每個事件的保留會發生什麼？

Yes, sure. So well, I guess, first of all, we're really pleased with the outcome of moving to the single placement. It's really simplified the program. I think it was well received by the reinsurers. We mentioned that the cost of the program was down year-over-year. So we're expecting it to be approximately $190 million this year versus $207 million from last year.

是的，當然。好吧，我想，首先，我們對轉向單一展示位置的結果感到非常滿意。這確實簡化了程序。我認為它受到了再保險公司的好評。我們提到該計劃的成本逐年下降。因此，我們預計今年約為 1.9 億美元，而去年為 2.07 億美元。

And overall, our per event retention stayed at 1-in-5 probable maximum loss. So that was up from $125 million. The top end of the program, we actually increased from $1.4 million to $1.63 million. So moving it from 1-in-225-year event. So a lot of good protection and lower cost.

總體而言，我們的每次事件保留率保持在五分之一的可能最大損失。所以這個數字高於 1.25 億美元。在該計劃的最高端，我們實際上從 140 萬美元增加到了 163 萬美元。因此，將其從 225 年一遇的事件中移開。所以有很多很好的保護並且成本更低。

So I think overall, moving the program to the 04/01 placement date was, I think, a very favorable move for us. And then also, just in general, in terms of the rates, the rates were favorable online given the reinsurance market. And I think that was a reflection of the quality of our book and our overall performance.

因此，我認為總體而言，將計劃推遲到 04/01 安置日期對我們來說是一個非常有利的舉措。然後，總的來說，就費率而言，考慮到再保險市場，線上費率是有利的。我認為這反映了我們的書的品質和我們的整體表現。

There are no more further questions at this time.

目前沒有更多問題。

Wonderful. Well, thanks, everybody, and we'll look forward to the next quarter call. And please reach out to the IR team if you have any questions. Have a great day. Thank you.

精彩的。好的，謝謝大家，我們期待下個季度的電話會議。如果您有任何疑問，請聯絡 IR 團隊。祝你有美好的一天。謝謝。

This does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.

今天的電話會議到此結束。請此時斷開線路，祝您有美好的一天。