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Assurant, Inc. (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, announced today that its Board of Directors authorized a repurchase program for up to $600 million of the company's outstanding common stock. The $600 million share repurchase authorization is in addition to the company's current authorization, of which approximately $174 million remained unused as of October 31, 2023.
In addition, the company's Board of Directors declared a quarterly dividend increase of $0.02 to $0.72 per share of common stock. The dividend will be payable on December 18, 2023 to stockholders of record as of the close of business on November 27, 2023.
"Today, we increased our dividend for the 19th consecutive year – a testament to Assurant's history of strong cash flows and capital position," said Assurant President and CEO Keith Demmings. "The combined cash generation of our Lifestyle and Housing businesses remains a key differentiator for Assurant, allowing us the flexibility to invest in high return organic and inorganic opportunities while also returning significant capital to shareholders, including repurchasing nearly 70 percent of our shares outstanding since our initial public offering."
"Looking ahead, the strength of our cash flows, our business strategy and disciplined capital management approach should continue to drive long-term shareholder value," Demmings added.
Future dividend declarations will be made at the discretion of the Assurant Board of Directors and will depend on various factors, including the company's earnings, financial condition, capital requirements, subsidiaries' payments of dividends to the company, future prospects, regulatory restrictions and other considerations. The timing and amount of future share repurchases will be determined by management and depend on various factors, including those listed above.
Posted In: AIZ
