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FOR IMMEDIATE RELEASE
Assurant Reports Fourth Quarter and Full-year 2009 Operating Results
Q4 2009 Net Operating Income1 of $101.6 Million, $0.86 per diluted share
Full-year Net Operating Income of $464.9 Million, $3.92 per diluted share
Q4 2009 Net Income of $11.9 Million, $0.10 per diluted share
Full-year 2009 Net Income of $430.6 Million, $3.63 per diluted share
2009 operating ROE2 of 10.1 percent
$710.0 million of corporate capital at year-end 2009
Book value per diluted share excluding AOCI3 of $40.47, up 9 percent from year-end 2008
Goodwill impairment reduces net income by $83.0 million
Litigation reserve increase of $24.0 million after-tax for Assurant Health verdict
Share repurchase to resume, $770.0 million of authorization available
NEW YORK, Feb. 3, 2010 Assurant, Inc. (Assurant) (NYSE: AIZ), a premier provider of specialty insurance and insurance-related products and services, today reported results for the fourth quarter and twelve months ended Dec. 31, 2009.
Although we are committed to doing better, we were able to produce operating ROE of 10.1 percent in 2009 in an especially challenging economy, said Robert B. Pollock, Assurants president and chief executive officer. While we see encouraging signs, we are not content to wait for a full recovery. We have initiated significant actions to create our own opportunities for growth and to increase profitability.
We are pleased with the new business momentum we are building. The cost saving measures we have already implemented will yield benefits in 2010 and going forward. Our strengthened capital position improves our flexibility to build shareholder value for the long-term.
Fourth Quarter 2009 Results
Net operating income for the fourth quarter of 2009 decreased to $101.6 million, or $0.86 per diluted share, compared to fourth quarter 2008 net operating income of $153.7 million, or $1.30 per diluted share. The primary reasons for the decline were restructuring charges of $12.3 million after-tax and a net operating loss at Assurant Health of $29.7 million that includes a litigation reserve increase of $24.0 million after-tax.
The following information was filed by Assurant Inc (AIZ) on Thursday, February 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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