Please wait while we load the requested 10-K report or click the link below:
Assurant Reports Fourth Quarter and Full-Year 2010 Financial Results
4Q 2010 Net Operating Income of $115.8 million, $1.08 per diluted share
Full-Year 2010 Net Operating Income of $560.1 million, $5.02 per diluted share
4Q 2010 Net Loss of $184.4 million, ($1.74) per diluted share
Full-Year 2010 Net Income of $279.2 million, $2.50 per diluted share
20 percent annual growth in NOI
12.1 percent full-year operating ROE, excluding AOCI
$306 million non-cash goodwill impairment charge in 4Q 2010 net income
6 percent annual growth in book value per diluted share, excluding AOCI
$603 million returned to shareholders in repurchases and dividends
$880 million of corporate capital at year-end
NEW YORK, Feb. 2, 2011 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, 2010.
During 2010, we demonstrated our ability to adapt to changes affecting our business while delivering solid results to our shareholders, said Robert B. Pollock, president and CEO of Assurant. We continued to improve operational efficiency and to demonstrate prudent management of our capital. At the same time, we were able to develop revenue opportunities that we can build upon in 2011.
Fourth Quarter 2010 Results
Net operating income1 for the fourth quarter 2010 increased 14 percent to $115.8 million, or $1.08 per diluted share, compared to fourth quarter 2009 net operating income of $101.6 million, or $0.86 per diluted share, due to improvements at Assurant Health and Assurant Employee Benefits. The quarter included a $30.9 million after-tax intangible asset impairment at Assurant Solutions.
Net loss for the fourth quarter 2010 was $184.4 million, or $(1.74) per diluted share, compared to fourth quarter 2009 net income of $11.9 million, or $0.10 per diluted share. The fourth quarters of 2010 and 2009 include goodwill impairment charges of $306.4 million and $83.0 million, respectively. The goodwill impairment charges are not tax-deductible. Fourth quarter 2010 and 2009 include changes in the tax valuation allowance.
The following information was filed by Assurant Inc (AIZ) on Wednesday, February 2, 2011 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.
View differences made from one year to another to evaluate Assurant Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Assurant Inc.