2024 could be record volume trade in year of used devices for Assurant

Assurant President and CEO Keith Demmings expressed satisfaction with the company’s achievements, stating, “Our second quarter and year-to-date results demonstrate the continued strength of our portfolio of businesses, led by strong performance in Global Housing. Our performance highlights the compelling products and services we provide to our clients and end-consumers as well as the attractiveness of Assurant as an investment. As we enter the second half of 2024, we will continue to strengthen our position as a market leader throughout our businesses by investing in new client partnerships and launching innovative solutions.”

A particularly impressive aspect of Assurant’s Q2 report is the company’s ongoing success in its trade-in activities. To date, Assurant has reclaimed over 160 million devices, paying out more than US$ 18 billion to consumers. In Q2 alone, Assurant returned US$ 893 million to American consumers, with an average trade-in price of US$ 141.02. Based on these figures, the company facilitated the trade-in of approximately 6.3 million devices during the quarter. According to our research the trade in volume of Assurant in Q1 this year was with over 7.8 million much higher. With a combined trade in volume in Q1 and Q2 of 14.1 million devices, the company is well on its way to sell over 27 million used devices this year. This could be a record year for Assurant.

Key Q2 highlights

• The average trade-in value for consumers rose compared to the first quarter of 2024, with Android devices seeing a notable 37% increase and Apple devices experiencing a 20% rise.
• The number one device turned in from trade-in and upgrade programs, and the only 4G model, was the iPhone 11, accounting for 31% of the top five models.
• For the fifth consecutive quarter, the number one Android device turned in from trade-in and upgrade programs was the Samsung Galaxy S21.
• The volume of Samsung Galaxy S21 from trade-in and upgrade programs increased 20% in the first half of 2024, compared to the first half of 2023.
• The average age of iPhones at turn-in increased from 3.6 years in Q1 2024 to 3.8 years in Q2 2024, while the average age of Android devices at turn-in decreased from 3.7 in the first quarter to 3.5 years in the second quarter.
• In addition to the financial benefit for consumers, for every device that is reused in lieu of a new device manufactured, there is a positive impact on the environment. Using estimates from Assurant Carbon IQ℠, an Assurant solution that provides insights on the carbon impact of individual connected devices, approximately 385,000 metric tons of carbon emissions have been avoided because of trade-in and upgrade programs in the second quarter.

"The notable year-over-year increase in the volume of Samsung’s Galaxy S21 turned in from trade-in and upgrade programs in the first half of the year was potentially driven by Samsung’s new product launch in January,” said Biju Nair, EVP and president, Global Connected Living & International at Assurant. “During that launch, Samsung introduced Galaxy AI, one of the first and most impactful consumer-facing AI innovations seen in mobile devices since the advent of voice assistants. This suggests that while consumers are holding onto their phones longer than ever, those who are trading in may be motivated by innovative, user-centric capabilities, powered by AI.” Globally we see a clear indication that Samsung is increasing their market share of the secondary market rapidly. And. all signs indicate start of a possible supercycle fueled by Apple’s highly anticipated iPhone 16 AI launch.