Assurant Reports Second Quarter 2018 Financial Results
2Q 2018 Net Income of $62.2 million, $1.09 per diluted share
2Q 2018 Net Operating Income of $121.9 million, $2.13 per diluted share
Key Financial Highlights for Second Quarter 2018:
- $120.9 million of net operating income, excluding reportable catastrophes, up 34 percent year-over-year1
- $2.11 of operating earnings per diluted share, excluding reportable catastrophes, up 29 percent year-over-year2
- 7.8 percent annualized GAAP ROE for the first half of 2018
- 11.0 percent annualized operating ROE, excluding AOCI and reportable catastrophes3 for the first half of 2018
- Approximately $497 million of corporate capital available at quarter end
Note: On May 31, 2018, Assurant closed its acquisition of The Warranty Group (TWG) from TPG Capital for $2.5 billion of enterprise value, including TWG’s existing debt. Starting June 1, Assurant net operating income and net operating income per diluted share include TWG results and the related $1.2 billion of acquisition financing obtained in March 2018. For the period between March 2018 and the closing of the acquisition, the interest and preferred stock dividends were included only in GAAP net income and GAAP diluted earnings per share. On August 1, 2018, Assurant closed the sale of Global Housing’s mortgage solutions business. Results for mortgage solutions are included in Assurant’s net operating income and net operating income per diluted share for the second quarter 2018. The associated assets and liabilities were held for sale, resulting in a net loss of $34.4 million included in second quarter 2018 net income.
NEW YORK, August 7, 2018 - Assurant, Inc. (NYSE: AIZ), a premier global provider of risk management solutions, today reported results for second quarter ended June 30, 2018.
“We’re pleased with our results in the second quarter, which were driven by strong performance in our Global Lifestyle and Global Housing segments and a lower effective tax rate,” said Assurant President and Chief Executive Officer Alan Colberg. “Momentum continues across our Connected Living and Global Automotive businesses, where we’ve added global capabilities through our acquisition of The Warranty Group.”
Colberg added, “We also continued to evolve our Global Housing portfolio with the sale of our mortgage solutions business and the ongoing expansion of multifamily housing. We are well positioned to achieve our stated financial objectives for the year, as well as to return capital to shareholders.”
The following information was filed by Assurant Inc (AIZ) on Tuesday, August 7, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001628280-18-010930 Submitted to the SEC: Thu Aug 09 2018 4:04:11 PM EST Accepted by the SEC: Thu Aug 09 2018 Period: Saturday, June 30, 2018 Industry: Accident And Health Insurance