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Research · S&P 500 · Financials
AIZ · Assurant
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
48/55
high value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROIC) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
5/5Diluted EPS: $5.05 (2022), $11.95 (2023), $14.46 (2024), $16.93 (2025). It rose every year; the framework scores that as 5.
ROE Trend
3/5ROE (net income / common equity): 6.5% (2022), 13.2% (2023), 14.7% (2024), 14.7% (2025). Median 14.0%, lowest 6.5%; the framework scores a median 10-15% as 3.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
3/5Net margin of 7.9%; the framework scores 5-10% as 3; gross margin 13.3%, operating margin 11.7%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.36; the framework scores 0.3-0.8 as 4 (total debt $2.21B, total cash $2.03B).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $410.60M (2022), $935.60M (2023), $1.11B (2024), $1.60B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $3.70B (2022), $4.03B (2023), $4.38B (2024), $4.83B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $20.89 x (8.5 + 2 x 19.0) x (4.4 / 4.5) = $949.80. Current price $283.31; price is 70.2% below the model value.
DCF Value
5/5FCF/share = $43.581, stage 1 growth = 7.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $202.37, PV of terminal value = $566.33, DCF value = $768.71. Current price $283.31; price is 63.1% below the model value.
Margin of Safety
5/5Graham value $949.80 (price is 70.2% below the model value); DCF value $768.71 (price is 63.1% below the model value).
Price-to-Book
3/5P/B of 2.29; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 19, 2026
Our financial strength and capabilities across our businesses create competitive advantages that we believe allow us to support our clients, deliver a superior experience for their customers and drive sustainable profitable growth over the long term. Our financial strength and business model. We believe we have a strong balance sheet and operating cash flows. As of December 31, 2025, we had $36.29 billion in total assets and our debt to total capital was 27.3%. Our business model in our Global Lifestyle and Global Housing segments focuses on business-to-business-to-consumer (B2B2C) distribution, partnered with some of the world’s leading brands. Our business model creates earnings and capital diversification, and generates significant operating cash flows, which provide us with the flexibility to make investments to strengthen our strategic capabilities and enhance our partnerships with our clients. Insights and capabilities enable innovation and solutions to meet evolving consumer needs. We have deep partnerships with and an understanding of our clients and the consumer markets they serve. We seek to leverage consumer insights, together with extensive capabilities, to identify and anticipate the needs of our clients and the consumers they serve.
The opening of the company’s “Our Competitive Strengths” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $2.00B paid out against $4.06B of free cash flow (pass); total debt $2.13B to $2.21B, up 3.6% (pass: not up more than 10%); shares outstanding 0.05B to 0.05B, down 5.7% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $20.89, g = 19.0%, Y = 4.5
IV = $949.80
Current price $283.31 vs Graham value $949.80 — price is 70.2% below the model value.
DCF:
FCF/share = $43.581
Stage 1 growth = 7.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $46.762 → PV $42.511
Y2: $50.176 → PV $41.468
Y3: $53.839 → PV $40.450
Y4: $57.769 → PV $39.457
Y5: $61.986 → PV $38.489
Stage 1 PV sum = $202.37
Terminal value at end of Y5 = $912.08
PV of terminal value = $566.33
DCF value = $768.71
Current price $283.31 vs DCF value $768.71 — price is 63.1% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $283.31. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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