Assurant, Inc. ( AIZ Quick Quote AIZ - Free Report) entered into a new multiyear agreement to extend its longstanding partnership with T-Mobile. The partnership is intended to continue providing comprehensive mobile device protection solutions. Through its Global Lifestyle segment, Assurant provides mobile device solutions and extended service products as well as related services for consumer electronics and appliances, which is referred to as Connected Living. This recent partnership is expected to expand the range of service and support options that Assurant offers and thus boost this multi-line insurer’s capability to offer an enhanced customer experience. With this deal, AIZ expects to continue to expand its products and services to meet the dynamic requirements of connected consumers. Effective from October, the device repair program of T-Mobile will be provided at Assurant’s nationwide network of nearly 500 Cell Phone Repair (CPR). Assurant anticipates the effect of the transition costs from the current in-store setup to CPR locations to not impact 2022 operating results. With the latest transaction, Assurant projects to gain from a greater scale across the wide variety of services provided to the customers of T-Mobile. Assurant, a global provider of risk management solutions in the housing and lifestyle markets, has adopted several growth strategies to boost the Global Lifestyle segment. AIZ partners with leading brands to develop innovative products and services, plus deliver an enhanced customer experience. Assurant remains focused on ramping up the Connected Living platform, deploying innovative products and services and adding new partnerships with leading brands like Comcast, Apple and KDDI in Japan. These initiatives are expected to double the margins in Connected Living to 8% over the long term. In January 2022, this insurer expanded its partnership with Telefonica Group. This deal is expected to boost the trade-in platform of Assurant, which in turn will support its Connected Living business. This partnership is expected to expand the range of products and services that Assurant offers and thus boost this multi-line insurer’s capability to offer an enhanced customer experience, and innovate and promote sustainable practices. The acquisitions have added scale and technology capabilities to global trade-in and upgraded business, and boosted its mobile device trading and repair and logistics capabilities in the Asia Pacific. Also, these buyouts have improved Assurant’s connected-home strategy in Japan and enhanced the use of mobile devices, electronics and home appliances. Price Performance
Shares of this currently Zacks Rank #4 (Sell) multi-line insurer have outperformed the
industry in a year’s time. The stock has lost 8.3% compared with the industry’s decrease of 20%. Image Source: Zacks Investment Research
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the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Stocks to Consider
Some better-ranked stocks from the multi-line insurance industry are
James River Group Holdings, Ltd. ( JRVR Quick Quote JRVR - Free Report) , Radian Group Inc. ( RDN Quick Quote RDN - Free Report) and Old Republic International Corporation ( ORI Quick Quote ORI - Free Report) . While James River Group and Radian Group sport a Zacks Rank #1 (Strong Buy), Old Republic International carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for James River Group’s 2022 and 2023 earnings implies 137% and 15.3% year-over-year growth, respectively. The Zacks Consensus Estimate for JRVR’s 2022 and 2023 earnings has moved 2.6% and 4.6% north, respectively, in the past 60 days. In the past year, the insurer has declined 31.4%. Radian Group’s earnings surpassed estimates in three of the last four quarters and missed in one, the average earnings surprise being 29.51%. The Zacks Consensus Estimate for RDN’s 2022 and 2023 earnings has moved 16.1% and 9.7% north, respectively, in the past 60 days. In the past year, the insurer has declined 15.6%. Old Republic International’s earnings surpassed estimates in three of the last four quarters and missed in one, the average earnings surprise being 15.1%. The Zacks Consensus Estimate for ORI’s 2022 earnings has moved 4.2% north in the past 60 days. In the past year, the insurer has declined 10.9%.