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Assurant Reports Fourth Quarter and Full-Year 2012 Financial Results
4Q 2012 Net Operating Income of $5.4 million, $0.07 per diluted share
Full-Year 2012 Net Operating Income of $449.3 million, $5.27 per diluted share
4Q 2012 Net Income of $25.0 million, $0.31 per diluted share
Full-Year 2012 Net Income of $483.7 million, $5.67 per diluted share
10.4 percent annual operating ROE, excluding AOCI
$780 million of Corporate capital at year-end
$472 million returned to shareholders in share repurchases and dividends in 2012
13.8 percent annual growth in book value per diluted share, excluding AOCI
$163 million after-tax reportable catastrophe losses in 2012
NEW YORK, Feb. 6, 2013 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, 2012.
In 2012 we accelerated growth in our targeted specialty businesses and prudently managed capital for our shareholders, said Robert B. Pollock, president and CEO of Assurant. Superstorm Sandy significantly affected our results for the fourth quarter and full-year 2012 as we helped our customers recover from the devastation. With 2013 underway, we remain focused on profitable growth and achieving steady improvements across our businesses as we continue to provide our customers with superior service.
Fourth Quarter 2012 Consolidated Results
Net operating income1 decreased to $5.4 million, or $0.07 per diluted share, compared to $151.2 million, or $1.61 per diluted share in the fourth quarter of 2011. Results were adversely affected by $135.0 million of reportable catastrophe losses from Superstorm Sandy at Assurant Specialty Property and $28.1 million related to an intangible asset impairment and a workforce restructuring charge at Assurant Solutions. Absent these items, net operating income would have increased primarily due to improved results at Assurant Specialty Property.
Net income decreased to $25.0 million, or $0.31 per diluted share, compared to fourth quarter 2011 net income of $159.2 million, or $1.70 per diluted share. Fourth quarter 2012 net income reflected higher reportable catastrophe losses compared to fourth quarter 2011. Net realized gains were $19.6 million in fourth quarter 2012, compared to $8.0 million in fourth quarter 2011.
Net earned premiums, fees and other income were $2.0 billion, up 2 percent compared to fourth quarter 2011, primarily due to continued growth at Assurant Specialty Property.
Net investment income was flat at $172.1 million, compared to $171.6 million in fourth quarter 2011. Results in the fourth quarter 2012 benefited from $2.3 million of increased investment income from real estate joint venture partnerships, offset by lower investment yields.
The following information was filed by Assurant Inc (AIZ) on Wednesday, February 6, 2013 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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