4Q 2014 Net Operating Income of $63.0
million, $0.87 per diluted shareFull-Year 2014 Net Operating
Income of $439.0 million, $6.00 per diluted share
4Q 2014 Net Income of $49.8 million, $0.69
per diluted shareFull-Year 2014 Net Income of $470.9
million, $6.44 per diluted share
- 9.7 percent operating ROE in 2014,
excluding AOCI
- 9.0 percent growth in book value per
diluted share in 2014, excluding AOCI
- 15.8 percent growth in net earned
premiums and fees year-over-year
- $560 million of corporate capital at
year-end
Assurant, Inc. (NYSE:AIZ), a premier provider of specialty
insurance and insurance-related products and services, today
reported results for the fourth quarter and full-year ended Dec.
31, 2014.
“We are disappointed in weaker than expected fourth quarter
results. Additional actions are being implemented across Assurant
to improve profitability as we align resources to support strategic
growth in mobile, mortgage solutions and other targeted areas,”
said Assurant’s President and CEO Alan B. Colberg. “Throughout
Assurant, we remain focused on generating sustained out-performance
for our customers, employees and shareholders by executing on our
strategy to capitalize on macro trends and consumer insights,
increase operational efficiency and maintain disciplined capital
management.”
Fourth Quarter 2014 Consolidated Results
- Net operating income1 decreased
to $63.0 million, or $0.87 per diluted share, compared to fourth
quarter 2013 net operating income of $106.0 million, or $1.42 per
diluted share. Strong mobile results at Assurant Solutions were
offset by increased claims at Assurant Health and the anticipated
normalization of lender-placed insurance at Assurant Specialty
Property. Fourth quarter also includes an $8.1 million reduction in
the amortization of deferred gain on disposal of businesses
compared to a $2.6 million benefit in fourth quarter 2013.
- Net income decreased to $49.8
million, or $0.69 per diluted share, compared to fourth quarter
2013 net income of $108.8 million, or $1.46 per diluted share due
to the factors noted above. Results also were affected by a $19.4
million net loss on the sale of Assurant Specialty Property’s
general agency business and associated insurance carrier, American
Reliable Insurance Company (ARIC), and a $6.8 million change in tax
liabilities. After-tax net realized gains on investments were $11.3
million, compared to after-tax net realized gains of $2.8 million
in fourth quarter 2013.
- Net earned premiums, fees and other
income increased to $2.5 billion, compared to $2.2 billion in
fourth quarter 2013 reflecting growth at Assurant Health, Assurant
Solutions and Assurant Employee Benefits. Fee income increased in
the quarter due to contributions from mobile protection programs
and Field Asset Services, StreetLinks and eMortgage Logic
acquisitions, which now comprise Assurant Specialty Property’s
mortgage solutions business.
- Net investment income decreased
slightly to $158.9 million, compared to $161.2 million in fourth
quarter 2013 due to lower investment yields.
Full-Year 2014 Consolidated Results
- Net operating income decreased
to $439.0 million, or $6.00 per diluted share, compared to $466.5
million, or $6.01 per diluted share in 2013. Declines at Assurant
Specialty Property and Assurant Health were offset by improved
results at Assurant Solutions and Assurant Employee Benefits as
well as lower corporate expenses.
- Net income decreased to $470.9
million, or $6.44 per diluted share, compared to $488.9 million, or
$6.30 per diluted share in 2013, due to the factors noted above.
Full-year 2014 results include $39.5 million of net realized gains
on investments, a $14.0 million benefit related to a change in tax
liabilities and reflect a $19.4 million net loss on the sale of
ARIC.
- Net earned premiums, fees and other
income were $9.7 billion, up 15.8 percent compared to $8.3
billion in 2013, reflecting growth across all business segments.
Fee income increased due to additional contributions from mobile
programs and mortgage solutions acquisitions.
- Net investment income increased
to $656.4 million from $650.3 million in 2013, primarily due to
additional investment income from real estate joint venture
partnerships.
Reconciliation of Net Operating Income
to Net Income
(UNAUDITED) 4Q
4Q 12 Months 12
Months (dollars in millions, net of tax)
2014 2013
2014 2013 Assurant Solutions $ 58.1 $
22.6 $ 218.9 $ 125.2 Assurant Specialty Property 71.0 107.8 341.8
423.6 Assurant Health (36.8 ) 0.6 (63.7 ) 5.9 Assurant Employee
Benefits 7.2 10.8 48.7 34.6 Corporate and other (19.4 ) (25.2 )
(67.7 ) (82.9 ) Amortization of deferred gain on disposal of
businesses (8.1 ) 2.6 (1.0 ) 10.6 Interest expense (9.0 )
(13.2 ) (38.0 ) (50.5 ) Net operating income
63.0 106.0 439.0
466.5 Adjustments: Net realized gains on investments
11.3 2.8 39.5 22.4 Loss on divested business (a) (19.4 ) - (19.4 )
- Change in tax liabilities (6.8 ) - 14.0 - Change in derivative
investment 1.7 - (2.2 ) -
Net income $ 49.8
$
108.8
$ 470.9 $ 488.9
(a) Assurant Specialty Property, a reporting segment of
Assurant, Inc., completed the sale of its general agency business
and associated insurance carrier, American Reliable Insurance
Company with the corresponding net loss on sale recorded in
consolidated net income in the fourth quarter.
Note: Additional financial information, including a schedule of
disclosed items that affected Assurant’s results by business for
the last eight quarters on page 20 of the Company’s Financial
Supplement, is located in the Investor Relations section of
www.assurant.com.
Assurant Solutions
(in millions)
4Q14
4Q13 % Change
12M14 12M13 %
Change Net operating income $ 58.1 $ 22.6 157% $ 218.9 $
125.2 75%
Net earned premiums, fees and other
$ 1,000.0 $ 848.1 18%
$ 3,796.7 $ 3,184.1 19%
- Net operating income increased
in fourth quarter and for full-year 2014. Results reflect growth in
mobile and expense savings. Fourth quarter 2013 results included
$10.0 million of restructuring charges and changes in tax
liabilities. Full-year 2014 included a $2.7 million software
impairment charge, compared to $6.9 million of disclosed items
related to restructuring costs and changes in tax liabilities in
2013.
- Net earned premiums, fees and other
income increased in fourth quarter and full-year 2014. Results
primarily reflect continued growth in mobile subscribers. Domestic
premiums also reflect growth at a large service contract client, as
well as contributions from vehicle service contracts. Fee income
grew primarily due to mobile client marketing programs.
- Domestic combined ratio for the
quarter improved to 92.9 percent, compared to 97.6 percent in
fourth quarter 2013, primarily reflecting improved loss experience
and increased fee income from the mobile business. Fourth quarter
2013 results included a $4.4 million restructuring charge.For
full-year 2014, the domestic combined ratio improved to 93.3
percent, compared to 97.9 percent in 2013, due to growth in mobile
and savings realized from previously implemented expense
actions.
- International combined ratio
improved to 103.4 percent for the quarter, compared to 105.6
percent in fourth quarter 2013. Fourth quarter 2013 results
included an $11.3 million restructuring charge related to the
integration of Lifestyle Services Group acquired in 2013. Excluding
disclosed items, the international combined ratio increased in
fourth quarter 2014, primarily due to additional legal
expenses.Full-year 2014 improved to 101.5 percent, compared to
102.8 percent in 2013, due to the factors noted above.
Assurant Specialty Property
(in millions)
4Q14
4Q13 % Change
12M14 12M13 %
Change Net operating income $ 71.0 $ 107.8 (34)% $ 341.8
$ 423.6 (19)%
Net earned premiums, fees and other
$ 686.5 $ 703.3 (2)%
$ 2,807.1 $ 2,513.2 12%
- Net operating
income decreased in fourth quarter and full-year 2014.
Lower lender-placed insurance placement and premium rates, higher
non-catastrophe losses and the previously disclosed loss of client
business affected results in the fourth quarter. Both fourth
quarter 2014 and fourth quarter 2013 did not include any reportable
catastrophe losses.Full-year 2014 results decreased due to lower
placement and premium rates and higher non-catastrophe losses.
Results also include $18.5 million in reportable catastrophe losses
compared to $19.2 million in 2013. Full-year 2013 results included
a $14.0 million regulatory settlement.
- Net earned premiums, fees and other
income decreased in the quarter, primarily due to
declining lender-placed insurance premiums. Lower placement and
premium rates and the previously disclosed loss of client business
in lender-placed insurance contributed to the decline. Fee income
increased due to mortgage solutions acquisitions.Full-year 2014 net
earned premiums, fees and other increased, primarily due to the
previously disclosed discontinuation of a lender-placed insurance
quota share arrangement and fee income from the mortgage solutions
acquisitions. Lower lender-placed placement and premium rates
partially offset the increase.
- Combined ratio increased in
the quarter to 87.8 percent, compared to 79.5 percent in fourth
quarter 2013. For the full-year, the combined ratio was 85.2
percent, compared to 77.9 percent in 2013. Results reflect higher
non-catastrophe losses, lower lender-placed premium rates and
higher mix of fee-based business.
Assurant Health
(in millions)
4Q14
4Q13 % Change
12M14 12M13 %
Change Net operating (loss) income $ (36.8) $ 0.6
(6,717)% $ (63.7) $ 5.9 (1,188)%
Net earned premiums, fees and
other $ 503.0 $ 416.7
21% $ 1,985.5 $ 1,610.5
23%
Note: In 2014, ACA risk-mitigation programs
were implemented to reduce the potential adverse impact to
individual health insurers from health care reform provisions.
Assurant Health is eligible to participate in the risk-adjustment
program, which is based on each carrier’s risk relative to that of
the market, as well as the reinsurance program. As of Dec. 31,
2014, estimated recoveries under these two programs totaled $399
million, based on claims submissions and available industry
data.
- Net operating loss in the
quarter and full-year 2014 were driven by increased claims
from Affordable Care Act (ACA) qualified policies. Results
were partially offset by estimated recoveries from the ACA
risk-mitigation programs as morbidity throughout the ACA market was
higher than expected. Fourth quarter 2013 results include a $3.0
million restructuring charge. Full-year results included a $5.7
million tax liability increase related to the ACA, compared to a
$10.2 million increase in 2013.
- Net earned premiums, fees and other
income increased in fourth quarter and full-year 2014 due
to growth in individual major medical product sales. Quarterly
results reflect $9 million in estimated recoveries from
the ACA risk-adjustment program. Full-year results include
$122 million in estimated recoveries from the ACA’s risk-adjustment
program.
- Sales increased
in fourth quarter and full-year 2014. Quarterly results
primarily reflect growth in sales of 2015-effective individual
major medical policies during open enrollment under the ACA.
Full-year results reflect growth in individual major medical sales
during open enrollment and due to qualified life events.
Assurant Employee Benefits
(in millions)
4Q14
4Q13 % Change
12M14 12M13 %
Change Net operating income $ 7.2 $ 10.8 (33)% $ 48.7 $
34.6 41%
Net earned premiums, fees and other
$ 269.4 $ 262.9 3%
$ 1,075.9 $ 1,038.0 4%
- Net operating
income decreased in fourth quarter 2014, primarily
due to less favorable disability loss
experience.Full-year 2014 results improved due to favorable loss
experience across all major product lines.
- Net earned premiums, fees and other
income increased in fourth quarter and full-year 2014 due
to continued growth in voluntary products.
- Sales decreased in fourth
quarter and full-year 2014, primarily reflecting lower sales in
employer-paid products.
Corporate & Other
(in millions)
4Q14
4Q13 % Change
12M14 12M13 %
Change Net operating loss $ (19.4)
$ (25.2) 23% $ (67.7)
$ (82.9) 18%
- Net operating loss decreased in
fourth quarter 2014 and full-year 2014, primarily due to lower
employee-related benefit costs and acquisition-related
expenses.
Capital Position
- Corporate capital stood at
approximately $560 million as of Dec. 31, 2014. Deployable capital
totaled approximately $310 million, excluding the Company’s $250
million risk buffer. The Company paid $162 million for four
business acquisitions during the year, including $71 million for
the acquisition of CWI Group in fourth quarter 2014.For full-year
2014, the business segments paid approximately $453 million of
dividends, net of infusions, to the holding company.
- Share repurchases and dividends
totaled $295.8 million for full-year 2014. Dividends to
shareholders in 2014 totaled $77.5 million. During 2014, the
Company repurchased 3.3 million shares, or 4.6 percent of its
common stock outstanding at the end of 2013, at a cost of $218.3
million. Through Feb. 6, 2015, the Company repurchased an
additional 529,100 shares for $34.7 million, with $452.0 million
remaining in the current repurchase authorization.
Financial Position
- Stockholders’ equity, excluding
accumulated other comprehensive income (AOCI), was $4.6 billion at
Dec. 31, 2014, up $218.9 million from Dec. 31, 2013.
- Book value per diluted
share2, excluding AOCI, increased 9.0 percent to $64.82
at Dec. 31, 2014 from $59.48 at Dec. 31, 2013. AOCI increased
$129.0 million to $555.8 million as of Dec. 31, 2014, from $426.8
million at Dec. 31, 2013.
- Operating return on average equity
(ROE)3, excluding AOCI, was 9.7 percent for full-year 2014
compared to full-year operating ROE, excluding AOCI, of 10.6
percent in 2013.
- Total assets as of Dec. 31, 2014
were approximately $31.6 billion. The ratio of debt to total
capital4, excluding AOCI, decreased to 20.2 percent at Dec. 31,
2014 from 27.1 percent at Dec. 31, 2013, reflecting repayment of
the February 2014 maturity debt. The ratio of invested assets to
equity decreased to 2.7, compared to 2.9 from Dec. 31, 2013.
Company Outlook
Based on current market conditions, for full-year 2015, the
Company expects:
- Assurant Solutions’ net earned
premiums and fees and net operating income to approximate 2014
levels driven by continued growth from mobile and vehicle service
contracts globally. Results to be affected by the loss of a
domestic mobile tablet program, carrier marketing programs,
declining volumes at certain domestic retailers and foreign
exchange volatility.
- Assurant Specialty Property’s
net earned premiums and net operating income to decrease from 2014,
reflecting normalization of lender-placed insurance business,
previously announced loss of client business and the sale of ARIC.
Initiatives to lower expenses in lender-placed insurance to
generate net savings in the latter part of the year. Contributions
from multi-family housing and mortgage solutions to partially
offset the decline. Overall results to be affected by catastrophe
losses.
- Assurant Health’s net earned
premiums and fees to increase compared to 2014 due to strong sales
of individual major medical policies. Plan design and pricing
changes implemented for 2015-effective policies and ongoing expense
discipline to improve results. Results to vary based on claims
development on ACA policies and estimated recoverables under risk
mitigation programs.
- Assurant Employee Benefits’ net
earned premiums and fees to increase compared to 2014 due to growth
in voluntary products. Continued expense management actions
to offset pressures from lower investment income. Results to be
affected by U.S. employment trends and capital market
conditions.
- Corporate & Other full-year
net operating loss to decline to $60-65 million, reflecting expense
reductions.
- Capital to be deployed on share
repurchases, common stock dividends, investments in the business
and strategic acquisitions, subject to market conditions and legal
requirements. Business segment dividends to Corporate to
approximate segment net operating income and to be subject to the
growth of the businesses, rating agency and regulatory capital
requirements as well as investment performance.
Earnings Conference Call
- The fourth quarter and full-year
2014 earnings conference call and webcast to be held on Friday,
Feb. 13, 2015 at 9:00 a.m. ET. The live and archived webcast along
with supplemental information also will be available in the
Investor Relations section of www.assurant.com.
About Assurant
Assurant is a premier provider of specialized insurance products
and related services in North America, Latin America, Europe and
other select worldwide markets. The four key businesses -- Assurant
Solutions, Assurant Specialty Property, Assurant Health and
Assurant Employee Benefits -- partner with clients who are leaders
in their industries and build leadership positions in a number of
specialty insurance market segments. Assurant businesses provide
mobile device protection; debt protection administration;
credit-related insurance; warranties and service contracts;
pre-funded funeral insurance; lender-placed homeowners insurance;
property, appraisal, preservation and valuation services; renters
insurance and related products; manufactured housing homeowners
insurance; individual health and small employer group health
insurance; group dental insurance; group disability insurance; and
group life insurance.
Assurant, a Fortune 500 company and a member of the S&P 500,
is traded on the New York Stock Exchange under the symbol AIZ.
Assurant has approximately $32 billion in assets and $10 billion in
annual revenue. Assurant has approximately 17,500 employees
worldwide and is headquartered in New York's financial district.
For more information on Assurant, please visit www.assurant.com and
follow us on Twitter @AssurantNews.
Safe Harbor Statement
Some of the statements included in this news release and its
exhibits, particularly those anticipating future financial
performance, business prospects, growth and operating strategies
and similar matters, are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these statements by the fact that they may
use words such as “will,” “anticipate,” “expect,” “estimate,”
“project,” “intend,” “plan,” “believe,” “target,” “forecast,” or
the negative versions of those words and terms with a similar
meaning. Our actual results may differ materially from those
projected in the forward-looking statements. The Company undertakes
no obligation to update any forward-looking statements in this
earnings release or the exhibits as a result of new information or
future events or developments.
The following risk factors could cause our actual results to
differ materially from those currently estimated by management,
including those projected in the Company outlook:
(i) actions by governmental agencies or government sponsored
entities or other circumstances, including pending regulatory
matters affecting our lender-placed insurance business, that could
result in reductions of premium rates or increases in expenses,
including claims, commissions, fines, penalties or other expenses;
(ii) loss of significant client relationships or business,
distribution sources and contracts; (iii) the effects of the
Patient Protection and Affordable Care Act and the Health Care and
Education Reconciliation Act of 2010, and the rules and regulations
thereunder, on our health and employee benefits businesses; (iv)
potential variations between the final risk adjustment amount, as
determined by the U.S. Department of Health and Human Services
under the Affordable Care Act, and the Company's estimate; (v)
unfavorable outcomes in litigation and/or regulatory investigations
that could negatively affect our business and reputation; (vi)
current or new laws and regulations that could increase our costs
and decrease our revenues; (vii) significant competitive pressures
in our businesses; (viii) failure to attract and retain sales
representatives or key managers; (ix) losses due to natural or
man-made catastrophes; (x) a decline in our credit or financial
strength ratings (including the risk of ratings downgrades in the
insurance industry); (xi) deterioration in the Company’s market
capitalization compared to its book value that could result in an
impairment of goodwill; (xii) risks related to our international
operations, including fluctuations in exchange rates; (xiii) data
breaches compromising client information and privacy; (xiv) general
global economic, financial market and political conditions
(including difficult conditions in financial, capital, credit and
currency markets, the global economic slowdown, fluctuations in
interest rates or a prolonged period of low interest rates,
monetary policies, unemployment and inflationary pressure); (xv)
failure to find and integrate suitable acquisitions and new
ventures; (xvi) cyber security threats and cyber attacks; (xvii)
failure to effectively maintain and modernize our information
systems; (xviii) failure to predict or manage benefits, claims and
other costs; (xix) uncertain tax positions and unexpected tax
liabilities; (xx) inadequacy of reserves established for future
claims; (xxi) risks related to outsourcing activities; (xxii)
unavailability, inadequacy and unaffordable pricing of reinsurance
coverage; (xxiii) diminished value of invested assets in our
investment portfolio (due to, among other things, volatility in
financial markets; the global economic slowdown; credit, currency
and liquidity risk; other than temporary impairments and increases
in interest rates); (xxiv) insolvency of third parties to whom we
have sold or may sell businesses through reinsurance or modified
co-insurance; (xxv) inability of reinsurers to meet their
obligations; (xxvi) credit risk of some of our agents in Assurant
Specialty Property and Assurant Solutions; (xxvii) inability of our
subsidiaries to pay sufficient dividends; (xxviii) failure to
provide for succession of senior management and key executives; and
(xxix) cyclicality of the insurance industry.
For a detailed discussion of the risk factors that could affect
our actual results, please refer to the risk factors identified in
our SEC reports, including, but not limited to our 2013 Annual
Report on Form 10-K and our Third Quarter 2014 Form 10-Q, each as
filed with the SEC.
Non-GAAP Financial Measures
Assurant uses the following non-GAAP financial measures to
analyze the Company’s operating performance for the periods
presented in this news release. Because Assurant’s calculation of
these measures may differ from similar measures used by other
companies, investors should be careful when comparing Assurant’s
non-GAAP financial measures to those of other companies.
(1) Assurant uses net operating income as an important
measure of the Company’s operating performance. As shown in the net
operating income reconciliation table, net operating income equals
net income, excluding net realized gains (losses) on investments
and other unusual and/or infrequent items. The Company believes net
operating income provides investors a valuable measure of the
performance of the Company’s ongoing business, because it excludes
both the effect of net realized gains (losses) on investments that
tend to be highly variable from period to period, and those events
that are unusual and/or unlikely to recur. (2) Assurant uses
book value per diluted share, excluding AOCI, as an important
measure of the Company’s stockholders’ value. Book value per
diluted share, excluding AOCI, equals total stockholders’ equity,
excluding AOCI, divided by diluted shares outstanding. The Company
believes book value per diluted share, excluding AOCI, provides
investors a valuable measure of stockholders’ value because it
excludes the effect of unrealized gains (losses) on investments,
which tend to be highly variable from period to period and other
AOCI items. The comparable GAAP measure would be book value per
diluted share, defined as total stockholders’ equity divided by
diluted shares outstanding. Book value per diluted share was $72.61
and $65.24 as of Dec. 31, 2014 and Dec. 31, 2013, respectively, as
shown in the reconciliation table below.
4Q 4Q 2014
2013 Book value per diluted share (excluding AOCI)
$64.82 $59.48 Change due to effect of including AOCI 7.79
5.76
Book value per diluted share $72.61
$65.24 (3)
Assurant uses operating ROE, excluding
AOCI, as an important measure of the Company’s operating
performance. Operating ROE equals net operating income for the
periods presented divided by average stockholders’ equity for the
year-to-date period, excluding AOCI. The Company believes operating
ROE, excluding AOCI, provides investors a valuable measure of the
performance of the Company’s ongoing business, because it excludes
the effect of net realized gains (losses) on investments that tend
to be highly variable from period-to-period, AOCI items and those
events that are unusual and/or unlikely to recur. The comparable
GAAP measure would be GAAP ROE, defined as net income, for the
period presented, divided by average stockholders’ equity for the
period. Consolidated GAAP ROE for the 12 months ended Dec. 31, 2014
and 12 months ended Dec. 31, 2013 was 9.4 percent and 9.8 percent,
respectively, as shown in the following reconciliation table.
12Months
12Months
2014 2013 Annual operating return on
average equity (excluding AOCI) 9.7% 10.6% Net realized gains
on investments 0.9% 0.5% Loss on divested business (0.4)% - Change
in tax liabilities 0.3% - Change in derivative investment 0.0% -
Change due to effect of including AOCI (1.1)% (1.3)%
Annual GAAP return on average equity 9.4% 9.8%
(4) Assurant uses a ratio of debt to total capital,
excluding AOCI, as an important measure of the Company’s financial
leverage. Assurant’s debt to total capital ratio, excluding AOCI,
equals debt divided by the sum of debt and total stockholders’
equity excluding AOCI. The Company believes that the debt to total
capital ratio, excluding AOCI, provides investors a valuable
measure of financial leverage, because it excludes the effect of
unrealized gains (losses) on investments, which tend to be highly
variable from period to period, and other AOCI items. The
comparable GAAP measure would be the ratio of debt to total
capital. The debt to total capital ratio as of Dec. 31, 2014 and
Dec. 31, 2013 was 18.4 percent and 25.3 percent, respectively, as
shown in the following reconciliation table.
4Q 4Q 2014
2013 Debt to total capital ratio (excluding AOCI)
20.2% 27.1% Change due to effect of including AOCI (1.8)%
(1.8)%
Debt to total capital ratio 18.4%
25.3%
A summary of net operating income disclosed items is included on
page 20 of the Company’s Financial Supplement, which is available
in the Investor Relations section of www.assurant.com.
Assurant, Inc.Consolidated Statement of
Operations (unaudited)Three and Twelve Months Ended Dec. 31, 2014
and 2013
4Q 12
Months 2014 2013
2014 2013 (in thousands except
number of shares and per share amounts)
Revenues Net earned premiums $ 2,142,137 $ 2,045,503
$ 8,632,142 $ 7,759,796 Fees and other income 316,955 185,604
1,033,805 586,730 Net investment income 158,854 161,178 656,429
650,296 Net realized gains on investments 17,201 4,261 60,783
34,525 Amortization of deferred gain on disposal of businesses
(12,455 ) 4,072 (1,506 ) 16,310 Total
revenues 2,622,692 2,400,618 10,381,653
9,047,657
Benefits, losses and expenses
Policyholder benefits 1,123,995 967,389 4,405,333 3,675,532
Selling, underwriting, general and administrative expenses
1,394,573 1,234,326 5,173,788 4,504,691 Interest expense
13,778 20,366 58,395 77,735
Total benefits, losses and expenses 2,532,346
2,222,081 9,637,516 8,257,958 Income before
provision for income taxes 90,346 178,537 744,137 789,699 Provision
for income taxes 40,591 69,721 273,230
300,792 Net income $ 49,755 $ 108,816 $
470,907 $ 488,907
Net income per share:
Basic $ 0.70 $ 1.48 $ 6.52 $ 6.38 Diluted $ 0.69 $ 1.46 $ 6.44 $
6.30
Dividends per share $ 0.27 $ 0.25 $ 1.06 $ 0.96
Share data: Basic weighted average shares outstanding
71,054,598 73,639,434 72,181,447 76,648,688 Diluted weighted
average shares outstanding 72,104,349 74,713,082 73,152,010
77,654,764
Assurant, Inc.Consolidated Condensed
Balance Sheets (unaudited)At Dec. 31, 2014 and Dec. 31, 2013
December 31,
December 31, 2014 2013 (in thousands)
Assets Investments and cash and cash equivalents $
15,450,108 $ 15,961,199 Reinsurance recoverables 7,254,585
5,752,134 Deferred acquisition costs 2,957,740 3,128,931 Goodwill
841,239 784,561 Assets held in separate accounts 1,906,237
1,941,747 Other assets 3,152,557 2,146,117 Total
assets $ 31,562,466 $ 29,714,689
Liabilities
Policyholder benefits and claims payable $ 13,182,278 $ 12,035,943
Unearned premiums 6,529,675 6,662,672 Debt 1,171,079 1,638,118
Liabilities related to separate accounts 1,906,237 1,941,747
Deferred gain on disposal of businesses 100,817 99,311 Accounts
payable and other liabilities 3,491,073 2,503,419
Total liabilities 26,381,159 24,881,210
Stockholders' equity Equity, excluding accumulated other
comprehensive income 4,625,540 4,406,649 Accumulated other
comprehensive income 555,767 426,830 Total
stockholders' equity 5,181,307 4,833,479 Total
liabilities and stockholders' equity $ 31,562,466 $ 29,714,689
Assurant, Inc.Media:Vera Carley,
212-859-7002Assistant Vice President, External
Communicationvera.carley@assurant.comorInvestor
Relations:Suzanne Shepherd, 212-859-7062Assistant Vice
President, Investor Relationssuzanne.shepherd@assurant.com
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