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Assurant Reports Fourth Quarter and Full-Year 2011 Financial Results
4Q 2011 Net Operating Income of $154.3 million, $1.65 per diluted share
Full-Year 2011 Net Operating Income of $444.7 million, $4.55 per diluted share
4Q 2011 Net Income of $162.3 million, $1.73 per diluted share
Full-Year 2011 Net Income of $545.8 million, $5.58 per diluted share
9.9 percent full-year operating ROE, excluding AOCI
$760 million of corporate capital at year-end
$600 million returned to shareholders in share repurchases and dividends in 2011
14 percent annual growth in book value per diluted share, excluding AOCI
NEW YORK, Feb. 1, 2012 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, 2011.
During 2011, our specialty strategy delivered on our long-term commitments that continue to build value for our shareholders, said Robert B. Pollock, president and CEO of Assurant. We broadened our product portfolio and improved our operations with an emphasis on consumers needs. We will build further on these efforts in 2012.
Fourth Quarter 2011 Consolidated Results
Net operating income1 increased 33 percent to $154.3 million, or $1.65 per diluted share, compared to fourth quarter 2010 net operating income of $115.8 million, or $1.08 per diluted share. Fourth quarter 2011 and fourth quarter 2010 were adversely affected by $2.5 million and $44.5 million after-tax of disclosed items, respectively. Absent these items, net operating income decreased due to declines at Assurant Solutions and Assurant Employee Benefits. Improvements at Assurant Specialty Property and Assurant Health partially offset the declines.
Net income increased to $162.3 million, or $1.73 per diluted share, compared to a fourth quarter 2010 net loss of $184.4 million, or $(1.74) per diluted share. After-tax net realized gains were $8.0 million in fourth quarter 2011, compared to $12.2 million in fourth quarter 2010. Fourth quarter 2010 included a $306.4 million goodwill impairment charge and a $6.0 million increase in the tax valuation allowance.
Net earned premiums, fees and other income were $1.9 billion, flat compared to fourth quarter 2010. Increases in premiums at Assurant Solutions and Assurant Specialty Property were offset by declines at Assurant Health and Assurant Employee Benefits.
The following information was filed by Assurant Inc (AIZ) on Wednesday, February 1, 2012 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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