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Assurant Reports Fourth Quarter and Full-Year 2014 Financial Results
4Q 2014 Net Operating Income of $63.0 million, $0.87 per diluted share
Full-Year 2014 Net Operating Income of $439.0 million, $6.00 per diluted share
4Q 2014 Net Income of $49.8 million, $0.69 per diluted share
Full-Year 2014 Net Income of $470.9 million, $6.44 per diluted share
|||9.7 percent operating ROE in 2014, excluding AOCI|
|||9.0 percent growth in book value per diluted share in 2014, excluding AOCI|
|||15.8 percent growth in net earned premiums and fees year-over-year|
|||$560 million of corporate capital at year-end|
NEW YORK, Feb. 12, 2015 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, 2014.
We are disappointed in weaker than expected fourth quarter results. Additional actions are being implemented across Assurant to improve profitability as we align resources to support strategic growth in mobile, mortgage solutions and other targeted areas, said Assurants President and CEO Alan B. Colberg. Throughout Assurant, we remain focused on generating sustained out-performance for our customers, employees and shareholders by executing on our strategy to capitalize on macro trends and consumer insights, increase operational efficiency and maintain disciplined capital management.
Fourth Quarter 2014 Consolidated Results
|||Net operating income1 decreased to $63.0 million, or $0.87 per diluted share, compared to fourth quarter 2013 net operating income of $106.0 million, or $1.42 per diluted share. Strong mobile results at Assurant Solutions were offset by increased claims at Assurant Health and the anticipated normalization of lender-placed insurance at Assurant Specialty Property. Fourth quarter also includes an $8.1 million reduction in the amortization of deferred gain on disposal of businesses compared to a $2.6 million benefit in fourth quarter 2013.|
|||Net income decreased to $49.8 million, or $0.69 per diluted share, compared to fourth quarter 2013 net income of $108.8 million, or $1.46 per diluted share due to the factors noted above. Results also were affected by a $19.4 million net loss on the sale of Assurant Specialty Propertys general agency business and associated insurance carrier, American Reliable Insurance Company (ARIC), and a $6.8 million change in tax liabilities. After-tax net realized gains on investments were $11.3 million, compared to after-tax net realized gains of $2.8 million in fourth quarter 2013.|
|||Net earned premiums, fees and other income increased to $2.5 billion, compared to $2.2 billion in fourth quarter 2013 reflecting growth at Assurant Health, Assurant Solutions and Assurant Employee Benefits. Fee income increased in the quarter due to contributions from mobile protection programs and Field Asset Services, StreetLinks and eMortgage Logic acquisitions, which now comprise Assurant Specialty Propertys mortgage solutions business.|
|||Net investment income decreased slightly to $158.9 million, compared to $161.2 million in fourth quarter 2013 due to lower investment yields.|
The following information was filed by Assurant Inc (AIZ) on Thursday, February 12, 2015 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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