Feb 11 (Reuters) - Assurant AIZ.N reported a better-than-expected fourth-quarter profit on Tuesday, driven by growth in its global housing insurance business.
The New York-based insurer posted adjusted earnings of $4.79 per share, topping Wall Street estimates of $4.13, according to data compiled by LSEG.
The company's global housing unit, which provides lender-placed homeowners, manufactured housing and flood insurance, reported net earned premiums, fees and other income of $647.4 million.
This represents a 19% increase year-on-year, buoyed by a strong performance in the homeowners' business segment, attributed to the growth in policies in-force and higher average premiums, the company said.
With natural disasters and extreme weather events on the rise, businesses and homeowners have prioritized insurance coverage, helping boost demand for policies. Insurers like Assurant have benefited from this trend.
Assurant expects its 2025 annual adjusted earnings per share, excluding major catastrophes, to increase modestly, or by high single digits.
Shares of Assurant have gained about 26.6% in 2024 and closed at $212.80 on Tuesday.
(Reporting by Atharva Singh; Editing by Mohammed Safi Shamsi)
((Atharva.Singh@thomsonreuters.com;))
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