Assurant (AIZ) will raise its quarterly dividend by 4.8 percent to 66 cents per share in 2020. This comes after a 5.0 percent hike $0.63 per share announced by the company in 2019. Assurant, a risk management solutions company, has now raised its dividend 16 consecutive years.

The next dividend will be payable on December 21, 2020 to stockholders of record as of the close of business on November 30, 2020. A new annual rate of $2.64 per share yields 2.0% at a stock price of $130.82.

From the company's press release dated November 11, 2020: “The superior cash flow generation of our lifestyle and housing portfolio provides us with ongoing financial flexibility to invest in the growth of our business while returning significant capital to shareholders,” said Alan Colberg, president and CEO, Assurant. “Today’s announcement represents the 16th consecutive year of common stock dividend increases since our 2004 initial public offering.”

Dividend growth has been slowing significantly for Assurant, with the five year average dividend growth dropping from the double digits to just 5.7 percent annually for the first time in many years following this 2020 hike just announced. Assurant will now pay an estimated $157 million in dividends to shareholders annually.

Assurant, Inc. is a provider of risk management solutions in the housing and lifestyle markets, protecting where people live and the goods they buy. The company operates in North America, Latin America, Europe and Asia Pacific through three operating segments: Global Housing, Global Lifestyle and Global Preneed. Assurant, Inc. was incorporated as a Delaware corporation in 2004 and has paid a dividend every year since the company went public.