The company said consolidated net income rose $642.5 million to $276.6 million in 2023 (Twelve Months 2023) from $365.9 million in 2022, or 132%, citing higher Global Housing segment earnings and lower reportable catastrophes.

10-KAnnual reportFiled Feb 15, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said consolidated net income rose $642.5 million to $276.6 million in 2023 (Twelve Months 2023) from $365.9 million in 2022, or 132%, citing higher Global Housing segment earnings and lower reportable catastrophes.
The company said Global Lifestyle Adjusted EBITDA decreased $17.1 million, or 2%, to $792.3 million for 2023 from $809.4 million for 2022. It cited ongoing elevated claims costs in Global Automotive as the main factor.
The company said Global Housing Adjusted EBITDA increased $328.2 million, or 133%, to $574.2 million for 2023 from $246.0 million for 2022. It said reportable catastrophes decreased $60.4 million, and that prior year reserve development was favorable by $54.1 million in 2023 compared with unfavorable by $15.5 million in 2022.
The company said net cash from operating activities rose to $1.14 billion in 2023 from $596.9 million in 2022, citing higher premium and fee collections in its mobile business and lower payments for mobile device purchases as the main factors.

Key figures

Fiscal year ended December 31, 2023

Revenue: $11.1B
Net income: $643M
EPS: $11.95
Operating cash flow: $1.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Consolidated net income $642.5 million

The company said consolidated net income rose $642.5 million to $276.6 million in 2023 (Twelve Months 2023) from $365.9 million in 2022, or 132%, citing higher Global Housing segment earnings and lower reportable catastrophes.

Source · Based on the MD&A text of the filing

Global Lifestyle Adjusted EBITDA $792.3 million

The company said Global Lifestyle Adjusted EBITDA decreased $17.1 million, or 2%, to $792.3 million for 2023 from $809.4 million for 2022. It cited ongoing elevated claims costs in Global Automotive as the main factor.

Source · Based on the MD&A text of the filing

Global Housing Adjusted EBITDA $574.2 million

The company said Global Housing Adjusted EBITDA increased $328.2 million, or 133%, to $574.2 million for 2023 from $246.0 million for 2022. It said reportable catastrophes decreased $60.4 million, and that prior year reserve development was favorable by $54.1 million in 2023 compared with unfavorable by $15.5 million in 2022.

Source · Based on the MD&A text of the filing

Operating cash flow $1.14 billion

The company said net cash from operating activities rose to $1.14 billion in 2023 from $596.9 million in 2022, citing higher premium and fee collections in its mobile business and lower payments for mobile device purchases as the main factors.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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