Connected Living Clients & Countries
Connected Living revenues grew approximately 3% year over year. We achieved high single digit EBITDA growth in our U.S. business, as we continued to offer innovative and effective solutions for our expanding carrier and cable operator clients through our device protection programs. We deepened key partnerships, one example of which was with a large US mobile provider, where we delivered mobile protection, trade in and other value-added services.
We also grew our trade-in programs with major OEMs by adding a new large partner, and renewing a major US mobile carrier, where we are using robotics in our mobile device facilities across the U.S. And we made more progress in other countries, starting in Europe where we kept earnings steady by reducing costs while dealing with ongoing economic issues.
Across Asia-Pacific, we are pleased with our market position and our long-term prospects. We are delighted to announce a new partnership with the largest mobile operator in Australia.
Our new multi-year deal will enable us to offer comprehensive products to support the device lifecycle for the mobile operator's wide range of customers, including their main mobile protection program as well as trade-in and repair features.
2023 Sustainability Highlights
- Refreshed our impact-based ESG prioritization assessment, identifying diversity, equity, and inclusion, climate, and circularity as our high-priority sustainability topics while continuing to consider our long-term sustainability ambitions.
- Launched two additional Employee Resource Groups (five in total) fostering an inclusive employee community and empowering our employees to raise topics important to underrepresented groups.
- Signed the Disability:IN Pledge. Disability:IN is a leading nonprofit resource for disability inclusion globally.
- Earned a “B” CDP Climate Change rating for the sixth consecutive year, demonstrating our ongoing commitment to climate action and climate-related risk management and transparency practices.
- Contributed to a circular economy by repurposing and extending the useful life of over 22 million mobile devices.
- Introduced Carbon IQ™, which aggregates the carbon footprint of an individual device throughout its lifecycle for end-to-end device insights and circularity planning.
Learn more on the sustainability page of our website.
Inflation & Increases
Auto had lower results compared to the previous year because of the rising cost of claims. For the few deals where our underwriting results were unfavorable, we worked well with our clients to apply significant rate increases and make important changes to improve and enhance how we handle claims. These changes were initiated in the back half of 2022 and continued in 2023.
Because our auto service contracts have a longer average duration, we will see the full benefit of these actions over time, with improvement expected to start in 2024. With the actions taken in Auto and the ongoing growth of Connected Living, we expect to deliver Global Lifestyle growth in 2024.
Momentum & Mindset
Finally, we reshaped our executive team in November 2023 to help our global growth strategy by naming Keith Meier Chief Financial Officer and Francesca Luthi Chief Operating Officer. These two appointments, as well as the addition of 3 new members to our Management Committee, demonstrate our capacity to leverage our talented leadership team.
Our strong results for the year would not be possible without the incredible group of Assurant employees across the world and the strong culture we have built over our 20 years as a publicly traded company. Our dedicated, hard-working employees carried us through the year. Now, with momentum at our back, we will forge ahead, driving a growth mindset across the organization to continue our success in 2024 and beyond.
Keith Demmings
President & Chief Executive Officer
This Annual Report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Please see "Forward-Looking Statements" on page 4 of the Form 10-K included in this Annual Report.
- These measures are non-GAAP financial measures. See Non-GAAP Financial Measures of this Annual Report for more information on these non-GAAP financial measures and a reconciliation of such measures to their most directly comparable GAAP measure.
- The metrics included within the company’s outlook are non-GAAP financial measures, and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section of this Annual Report.
- References to total revenue throughout this Annual Report refer to net earned premiums, fees, and other income.
