AIZASSURANT, INC.
Insurance Carriers, NEC
- Revenue
- $12.8B
- 7.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $14.5B
- Employees
- 14,800
- $866K revenue each
- Net debt / EBITDA
- —
- $509M net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo210% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo26% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$866K · 28th pctBottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 71st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$14.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$11M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10.2B | $10.2B | $11.1B | $11.9B | $12.8B | 7.9% |
| Net income | $1.4B | $277M | $643M | $760M | $873M | 15% |
| Operating cash flow | $782M | $597M | $1.1B | $1.3B | $1.8B | 38% |
| Capex | $187M | $186M | $203M | $221M | $236M | 6.4% |
| Stock-based comp | $67M | $63M | $75M | $81M | $86M | 5.7% |
| Buybacks | $839M | $573M | $193M | $307M | $304M | 1.2% |
| Dividends | $158M | $150M | $152M | $156M | $168M | 8.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 25, 2019 | TPG Advisors VI-AIV, Inc. | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $11M · 8
- Net
- −$11M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $24M | 193 | 222 |
| FY2024 | $14M | $25M | 168 | 203 |
| FY2023 | $10M | $22M | 131 | 152 |
| FY2022 | $8M | $4M | 95 | 137 |
| FY2021 | $12M | $14M | 116 | 120 |