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Assurant Reports Fourth Quarter and Full-Year 2013 Financial Results
4Q 2013 Net Operating Income of $106.0 million, $1.42 per diluted share
Full-Year 2013 Net Operating Income of $466.5 million, $6.01 per diluted share
4Q 2013 Net Income of $108.8 million, $1.46 per diluted share
Full-Year 2013 Net Income of $488.9 million, $6.30 per diluted share
|||10.6 percent operating ROE in 2013, excluding AOCI|
|||10.4 percent growth in book value per diluted share in 2013, excluding AOCI|
|||8.2 percent growth in net earned premiums, fees and other income in 2013|
|||$470 million returned to shareholders in share repurchases and dividends in 2013|
|||$440 million of deployable capital at year-end 2013|
NEW YORK, Feb. 5, 2014 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, 2013.
During 2013, we strengthened our core businesses, completed strategic acquisitions to accelerate growth and diversified our offerings to meet changing consumer needs, said Robert B. Pollock, president and CEO of Assurant. In 2014, we will continue to help consumers protect what matters most to them, prudently manage our capital and deliver profitable growth for our shareholders.
Fourth Quarter 2013 Consolidated Results
|||Net operating income1 increased to $106.0 million, or $1.42 per diluted share, compared to $5.4 million, or $0.07 per diluted share in fourth quarter 2012.
Fourth quarter 2013 results benefited from no reportable catastrophe losses, compared to |
$135.0 million of reportable catastrophe losses in the prior year period. Absent these losses, net operating income decreased for the quarter primarily due to higher non-catastrophe losses and increased operating expenses at Assurant Specialty Property.
|||Net income increased to $108.8 million, or $1.46 per diluted share, compared to fourth quarter 2012 net income of|
$25.0 million, or $0.31 per diluted share. Fourth quarter 2013 net income benefited from the absence of reportable catastrophe losses. Net realized gains on investments were $2.8 million in fourth quarter 2013, compared to $19.6 million in fourth quarter 2012.
|||Net earned premiums, fees and other income were $2.2 billion, up 14.2 percent compared to fourth quarter 2012, primarily driven by strong contributions from Assurant Solutions and Assurant Specialty Property. Fee income increased in the quarter, primarily due to domestic mobile programs at Assurant Solutions and contributions from the acquisitions of Lifestyle Services Group at Assurant Solutions and Field Asset Services at Assurant Specialty Property.|
|||Net investment income decreased to $161.2 million, compared to $172.1 million in fourth quarter 2012, primarily due to lower investment yields.|
The following information was filed by Assurant Inc (AIZ) on Wednesday, February 5, 2014 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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