Assurant currently trades at $216 per share and has shown little upside over the past six months, posting a middling return of 1.7%. The stock also fell short of the S&P 500’s 15.7% gain during that period.

Is there a buying opportunity in Assurant, or does it present a risk to your portfolio? Check out our in-depth research report to see what our analysts have to say, it’s free.

Why Is Assurant Not Exciting?

We're sitting this one out for now. Here are three reasons you should be careful with AIZ and a stock we'd rather own.

1. Long-Term Revenue Growth Disappoints

Insurers earn revenue three ways. The core insurance business itself, often called underwriting and represented in the income statement as premiums earned, is one way. Investment income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities is the second way. Fees from various sources such as policy administration, annuities, or other value-added services is the third.

Regrettably, Assurant’s revenue grew at a sluggish 4.4% compounded annual growth rate over the last five years. This was below our standard for the insurance sector.

2. Net Premiums Earned Point to Soft Demand

Net premiums earned are net of what’s paid to reinsurers (insurance for insurance companies), which are used by insurers to protect themselves from large losses.

Assurant’s net premiums earned has grown at a 4.7% annualized rate over the last five years, worse than the broader insurance industry and in line with its total revenue.

3. BVPS Growth Demonstrates Strong Asset Foundation

We consider book value per share (BVPS) a critical metric for insurance companies. BVPS represents the total net worth per share, providing insight into a company’s financial strength and ability to meet policyholder obligations.

Although Assurant’s BVPS increased by a meager 1.4% annually over the last five years, the good news is that its growth has recently accelerated as BVPS grew at a decent 12.7% annual clip over the past two years (from $84.63 to $107.53 per share).

Final Judgment

Assurant isn’t a terrible business, but it doesn’t pass our bar. With its shares lagging the market recently, the stock trades at 1.9× forward P/B (or $216 per share). Beauty is in the eye of the beholder, but our analysis shows the upside isn’t great compared to the potential downside. We're pretty confident there are superior stocks to buy right now. We’d recommend looking at a top digital advertising platform riding the creator economy.

Stocks We Would Buy Instead of Assurant

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