At first glance, it looks like just another inconspicuous insurance company sitting in the background of big purchases. But in reality, it's a business that's been growing profits for nine years in a row, growing at double-digit per-share rates for three years in a row, and making money on every new mobile phone, car and lease in the system.
In addition, it returns a significant portion of every billion in free cash flow to shareholders through dividends and buybacks, while continuing to invest in the growth of equipment protection and housing. This makes it more of a quiet growth title for the patient investor than a traditional insurance company.
Top points of analysis
Revenues reach about $11.9 billion in 2024, with net written premiums, fees and other income from core segments increasing to $12.35 billion in 2025, implying growth of about 8% in the core business.
Adjusted EBITDA grew 11% and adjusted earnings per share grew 12% (excluding catastrophe events) in 2025, marking the ninth…