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Delaware
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001-31978
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39-1126612
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 Par Value
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AIZ
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New York Stock Exchange
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6.50% Series D Mandatory Convertible Preferred Stock, $1.00 Par Value
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AIZP
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New York Stock Exchange
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ASSURANT, INC.
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Date: May 5, 2020
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By:
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/s/ Mariana Wisk
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Mariana Wisk
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Vice President, Corporate Counsel and Interim Secretary
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Key Highlights for First Quarter 2020
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• Net income of $150.0 million, or $2.43 per share, down 7 percent and 4 percent, respectively
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• Net operating income1 of $163.1 million, or $176.0 million excluding reportable catastrophes2, up 16 percent and 18 percent, respectively
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• Net operating income per diluted share3 of $2.64, or $2.84 excluding reportable catastrophes4, up 19 percent and 22 percent, respectively
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• $433 million of holding company liquidity available at quarter end
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• $95 million returned to shareholders in share repurchases and common dividends
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(UNAUDITED)
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1Q
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1Q
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||||
($ in millions, net of tax)
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2020
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|
2019
|
||||
Global Lifestyle
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$
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120.9
|
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$
|
100.6
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Global Housing
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74.2
|
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72.7
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Global Preneed
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12.3
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11.8
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Corporate and other
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(19.5
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)
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(18.8
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)
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||
Interest expense
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(20.1
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)
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|
(21.0
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)
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||
Preferred stock dividends
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(4.7
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)
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(4.7
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)
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Net operating income
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163.1
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140.6
|
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||
Adjustments:
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|
|
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||||
Net realized (losses) gains on investments(1)
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(76.1
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)
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|
24.8
|
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||
COVID-19 direct and incremental expenses
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(2.4
|
)
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|
—
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|
||
CARES Act tax benefit
|
79.3
|
|
|
—
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||
Foreign exchange related losses
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(3.3
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)
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|
(4.3
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)
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||
Net charge related to Iké
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(5.8
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)
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(0.2
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)
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Other adjustments
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(4.8
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)
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0.1
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GAAP net income attributable to common stockholders
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$
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150.0
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$
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161.0
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(1)
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Consists primarily of unrealized losses on investments due to a net decrease in the fair market value of equity securities of $38.1 million and investments in collateralized loan obligations of $38.0 million.
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•
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Net income was $150.0 million, or $2.43 per diluted share, compared to first quarter 2019 net income of $161.0 million, or $2.52 per diluted share. The decrease was largely driven by increased unrealized losses on investments primarily related to a net decrease in the fair value of equity securities and direct investments in collateralized loan obligations, compared to net unrealized gains from equity securities in the prior year period. This was partially offset by a $79.3 million one-time tax benefit related to the March 2020 enactment of the federal Coronavirus Aid, Relief, and Economic Security Act, or “CARES” Act, which allows the carryback of net operating losses to years taxed at higher rates.
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•
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Net operating income1 increased to $163.1 million, or $2.64 per diluted share3, compared to first quarter 2019 net operating income of $140.6 million, or $2.21 per diluted share. Assurant incurred $12.9 million of reportable catastrophes in first quarter 2020, compared to $8.2 million of reportable catastrophes in first quarter 2019. Excluding reportable catastrophes, net operating income2 for first quarter 2020 totaled $176.0 million, compared to $148.8 million in the prior-year period, primarily due to growth in Global Lifestyle, driven by Connected Living and Global Automotive, as well as improved results in Global Housing.
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•
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Net earned premiums, fees and other income from the Global Lifestyle, Global Housing and Global Preneed segments totaled $2.50 billion, an increase of 12 percent from $2.23 billion in first quarter 2019, mainly driven by strong organic growth in Global Lifestyle.
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($ in millions)
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1Q20
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|
1Q19
|
|
% Change
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|||||
Net operating income (5)
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$
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120.9
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$
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100.6
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20
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%
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Net earned premiums, fees and other income
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|
$
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1,946.9
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$
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1,681.6
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16
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%
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•
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Net operating income5 increased in first quarter 2020 compared to the prior year period. First quarter 2020 included a $6.7 million favorable client recoverable in Connected Living. Excluding this item, earnings growth was driven primarily by an increase in mobile subscribers from new and existing programs, as well as higher income from Global Automotive, including some one-time benefits. This was partially offset by lower margins from mobile trade-in programs, in part due to the impact of COVID-19, and unfavorable foreign exchange.
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•
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Net earned premiums, fees and other income increased primarily due to higher mobile trade-in volumes and continued subscriber growth from recently added protection programs. Growth in extended service contracts and Global Automotive also contributed to the increase.
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($ in millions)
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1Q20
|
|
1Q19
|
|
% Change
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|||||
Net operating income (5)
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$
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74.2
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$
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72.7
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2
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%
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Net earned premiums, fees and other income
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|
$
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500.4
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$
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500.0
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|
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—
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%
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•
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Net operating income5 increased in first quarter 2020. Results included $4.0 million of higher reportable catastrophes, mainly related to earthquakes in Puerto Rico, compared to the first quarter 2019.
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•
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Net earned premiums, fees and other income were flat year-over-year, as continued growth from sharing economy offerings and multifamily housing was offset by the reduction in lender-placed policies in-force referenced above and the expected run-off of small commercial products.
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($ in millions)
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1Q20
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1Q19
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% Change
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|||||
Net operating income (5)
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$
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12.3
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$
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11.8
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4
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%
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Net earned premiums, fees and other income
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$
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53.4
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$
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49.1
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|
|
9
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%
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•
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Net operating income5 increased slightly in first quarter 2020, primarily due to continued growth in the U.S. from prefunded funeral policies as well as prior period sales of the Final Need product.
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•
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Net earned premiums, fees and other income increased in first quarter 2020, primarily driven by the factors listed above.
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($ in millions)
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1Q20
|
|
1Q19
|
|
% Change
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|||||
Net loss attributable to common stockholders
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$
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(57.4
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)
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$
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(24.1
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)
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(138
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)%
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Net operating loss (6)
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$
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(19.5
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)
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$
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(18.8
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)
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(4
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)%
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•
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Net operating loss6 increased in first quarter 2020, primarily due to lower investment income attributable to lower yielding and more liquid investable assets compared to the prior year period. The decrease was partially offset by lower employee-related expenses, including travel.
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•
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Holding company liquidity totaled $433 million as of March 31, 2020, or $208 million above the company’s current targeted minimum level of $225 million.
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•
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In light of the ongoing uncertainty related to COVID-19 and associated volatile market conditions, the company drew $200 million of its $450 million revolving credit facility in March 2020. These funds are not included in holding company liquidity as of March 31, 2020, as they are for risk management purposes only and not expected to be used.
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•
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Share repurchases and common and preferred dividends totaled $100 million in first quarter 2020. During first quarter 2020, Assurant repurchased 481 thousand shares of common stock for $57 million. From April 1 through May 1, 2020, the company repurchased an additional 170 thousand shares for approximately $18 million, with $411 million remaining under the current repurchase authorization. Dividends to shareholders totaled $43 million, including $38 million in common stock dividends and $5 million in preferred stock dividends.
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•
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On May 1, 2020, Assurant completed the acquisition of American Financial & Automotive Services (“AFAS”) for $158 million. AFAS is a provider of finance and insurance products and services including vehicle service contracts and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states. The acquisition will be reflected in the company’s second quarter 2020 holding company liquidity and is not expected to be a significant contributor to 2020 consolidated results.
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•
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Executing cost saving measures including the deferral of certain discretionary expenses;
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•
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Strengthening its liquidity position and capital flexibility, including the $200 million draw of its revolving credit facility; and
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•
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Exercising additional caution relative to capital deployment in light of the current economic environment and the start of catastrophe season on June 1, 2020.
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(i)
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the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or those parties facing financial, reputational or regulatory issues;
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(ii)
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significant competitive pressures, changes in customer preferences and disruption;
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(iii)
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the failure to find suitable acquisitions, integrate completed acquisitions, or grow organically, and risks associated with joint ventures and franchise ownership and operations;
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(iv)
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the impact of general economic, financial market and political conditions, including unfavorable conditions in the capital and credit markets and in the markets in which we operate, including as a result of COVID-19;
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(v)
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the impact of the COVID-19 pandemic, including the scope and duration of the outbreak, government actions and restrictive measures taken in response, and its effect on the global economic and financial markets;
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(vi)
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risks related to our international operations, including the United Kingdom’s withdrawal from the European Union, or fluctuations in exchange rates;
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(vii)
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the impact of catastrophic and non-catastrophe losses, including as a result of climate change;
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(viii)
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our inability to recover should we experience a business continuity event, including as a result of COVID-19;
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(ix)
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our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
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(x)
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the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
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(xi)
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declines in the value of mobile devices, the risk of guaranteed buybacks or export compliance risk in our mobile business;
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(xii)
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negative publicity relating to our products and services or the markets in which we operate;
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(xiii)
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the failure to implement our strategy and to attract and retain key personnel, including senior management;
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(xiv)
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employee misconduct;
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(xv)
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the adequacy of reserves established for claims and our inability to accurately predict and price for claims;
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(xvi)
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a decline in financial strength ratings or corporate senior debt ratings;
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(xvii)
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an impairment of goodwill or other intangible assets;
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(xviii)
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the failure to maintain effective internal control over financial reporting;
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(xix)
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a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, changes in interest rates and COVID-19;
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(xx)
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the impact of U.S. tax reform legislation and impairment of deferred tax assets;
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(xxi)
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the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
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(xxii)
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the credit risk of some of our agents, third-party administrators and clients;
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(xxiii)
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the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends, including as a result of COVID-19;
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(xxiv)
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changes in the method for determining LIBOR or the replacement of LIBOR;
|
(xxv)
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the failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses;
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(xxvi)
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breaches of our information systems or those of third parties with whom we do business, or the failure to protect data in such systems, including due to cyber-attacks and as a result of working remotely during the COVID-19 pandemic;
|
(xxvii)
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the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security and data protection;
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(xxviii)
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the impact from litigation and regulatory actions, including those arising from COVID-19;
|
(xxix)
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reductions or deferrals in the insurance premiums we charge, including as a result of COVID-19; and
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(xxx)
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changes in insurance and other regulation, including to mitigate the impact of COVID-19.
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(1)
|
Assurant uses net operating income as an important measure of the company’s operating performance. Net operating income equals net income attributable to common stockholders, excluding net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), COVID-19 direct and incremental expenses, the CARES Act tax benefit, foreign exchange gains (losses) from remeasurement of monetary assets and liabilities, the net charge related to Iké, as well as other highly variable or unusual items other than reportable catastrophes. The company believes net operating income provides investors with a valuable measure of the performance of the company’s ongoing business because the excluded items do not represent the ongoing operations of the company. The comparable GAAP measure is net income attributable to common stockholders.
|
(UNAUDITED)
|
1Q
|
|
1Q
|
||||
($ in millions)
|
2020
|
|
2019
|
||||
Net operating income
|
$
|
163.1
|
|
|
$
|
140.6
|
|
Adjustments (pre-tax):
|
|
|
|
||||
Net realized (losses) gains on investments
|
(96.3
|
)
|
|
28.8
|
|
||
COVID-19 direct and incremental expenses
|
(3.1
|
)
|
|
—
|
|
||
CARES Act tax benefit (after-tax)
|
79.3
|
|
|
—
|
|
||
Foreign exchange related losses
|
(3.7
|
)
|
|
(4.2
|
)
|
||
Net charge related to Iké
|
(1.4
|
)
|
|
(0.2
|
)
|
||
Other adjustments(1)
|
(5.9
|
)
|
|
0.8
|
|
||
Benefit (provision) for income taxes
|
18.0
|
|
|
(4.8
|
)
|
||
GAAP net income attributable to common stockholders
|
$
|
150.0
|
|
|
$
|
161.0
|
|
(1)
|
Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: http://ir.assurant.com/investor/default.aspx
|
(2)
|
Assurant uses net operating income (defined above), excluding reportable catastrophes (which represents catastrophe losses net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company’s operating performance. The company believes this metric provides investors with a valuable measure of the performance of the company’s ongoing business because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income attributable to common stockholders.
|
(UNAUDITED)
|
1Q
|
|
1Q
|
||||
($ in millions)
|
2020
|
|
2019
|
||||
Global Lifestyle(1)
|
$
|
121.0
|
|
|
$
|
100.0
|
|
Global Housing, excluding reportable catastrophes
|
87.0
|
|
|
81.5
|
|
||
Global Preneed
|
12.3
|
|
|
11.8
|
|
||
Corporate and other
|
(19.5
|
)
|
|
(18.8
|
)
|
||
Interest expense
|
(20.1
|
)
|
|
(21.0
|
)
|
||
Preferred stock dividends
|
(4.7
|
)
|
|
(4.7
|
)
|
||
Net operating income, excluding reportable catastrophes
|
176.0
|
|
|
148.8
|
|
||
Adjustments, pre-tax:
|
|
|
|
||||
Net realized (losses) gains on investments
|
(96.3
|
)
|
|
28.8
|
|
||
Reportable catastrophes
|
(16.3
|
)
|
|
(10.3
|
)
|
||
COVID-19 direct and incremental expenses
|
(3.1
|
)
|
|
—
|
|
||
CARES Act tax benefit (after-tax)
|
79.3
|
|
|
—
|
|
||
Foreign exchange related losses
|
(3.7
|
)
|
|
(4.2
|
)
|
||
Net charge related to Iké
|
(1.4
|
)
|
|
(0.2
|
)
|
||
Other adjustments(2)
|
(5.9
|
)
|
|
0.8
|
|
||
Benefit (provision) for income taxes
|
21.4
|
|
|
(2.7
|
)
|
||
GAAP net income attributable to common stockholders
|
$
|
150.0
|
|
|
$
|
161.0
|
|
(1)
|
1Q 2020 excludes losses of $0.1 million after-tax ($0.2 million pre-tax) and 1Q 2019 excludes benefits of $0.6 million after-tax ($0.9 million pre-tax), both related to prior year reportable catastrophes.
|
(2)
|
Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: http://ir.assurant.com/investor/default.aspx
|
(3)
|
Assurant uses net operating income per diluted share as an important measure of the company’s stockholder value. Net operating income per diluted share equals net operating income (defined above) plus any dilutive preferred stock dividends divided by weighted average diluted shares outstanding. The company believes this metric provides investors with a valuable measure of stockholder value because it excludes items that do not represent the ongoing operations of the company. The comparable GAAP measure is net income attributable to common stockholders per diluted share, defined as net income attributable to common stockholders plus any dilutive preferred stock dividends divided by weighted average diluted shares outstanding.
|
(UNAUDITED)
|
1Q
|
|
1Q
|
||||
|
2020
|
|
2019
|
||||
Net operating income per diluted share(1)
|
$
|
2.64
|
|
|
$
|
2.21
|
|
Adjustments, pre-tax:
|
|
|
|
||||
Net realized (losses) gains on investments
|
(1.52
|
)
|
|
0.43
|
|
||
COVID-19 direct and incremental expenses
|
(0.05
|
)
|
|
—
|
|
||
CARES Act tax benefit (after-tax)
|
1.25
|
|
|
—
|
|
||
Foreign exchange related losses
|
(0.07
|
)
|
|
(0.06
|
)
|
||
Net charge related to Iké
|
(0.02
|
)
|
|
—
|
|
||
Other adjustments(2)
|
(0.08
|
)
|
|
0.01
|
|
||
Benefit (provision) for income taxes
|
0.28
|
|
|
(0.07
|
)
|
||
Net income attributable to common stockholders per diluted share(1)
|
$
|
2.43
|
|
|
$
|
2.52
|
|
(1)
|
Information on the share counts used in the per share calculations are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx
|
(2)
|
Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: http://ir.assurant.com/investor/default.aspx
|
(UNAUDITED)
|
1Q
|
|
1Q
|
||||
|
2020
|
|
2019
|
||||
Net operating income, excluding reportable catastrophes, per diluted share(1)
|
$
|
2.84
|
|
|
$
|
2.33
|
|
Adjustments, pre-tax:
|
|
|
|
||||
Net realized (losses) gains on investments
|
(1.52
|
)
|
|
0.43
|
|
||
Reportable catastrophes
|
(0.26
|
)
|
|
(0.16
|
)
|
||
COVID-19 direct and incremental expenses
|
(0.05
|
)
|
|
—
|
|
||
CARES Act tax benefit (after-tax)
|
1.25
|
|
|
—
|
|
||
Foreign exchange related losses
|
(0.07
|
)
|
|
(0.06
|
)
|
||
Net charge related to Iké
|
(0.02
|
)
|
|
—
|
|
||
Other adjustments(2)
|
(0.08
|
)
|
|
0.01
|
|
||
Benefit (provision) for income taxes
|
0.34
|
|
|
(0.03
|
)
|
||
Net income attributable to common stockholders per diluted share(1)
|
$
|
2.43
|
|
|
$
|
2.52
|
|
(1)
|
Information on the share counts used in the per share calculations are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx
|
(2)
|
Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website: http://ir.assurant.com/investor/default.aspx
|
(UNAUDITED)
|
1Q
|
|
1Q
|
||||
($ in millions)
|
2020
|
|
2019
|
||||
GAAP Corporate and Other segment net loss attributable to common stockholders
|
$
|
(57.4
|
)
|
|
$
|
(24.1
|
)
|
Adjustments, pre-tax:
|
|
|
|
||||
Interest expense
|
25.5
|
|
|
26.5
|
|
||
Net realized losses (gains) on investments
|
96.3
|
|
|
(28.8
|
)
|
||
COVID-19 direct and incremental expenses
|
3.1
|
|
|
—
|
|
||
CARES Act tax benefit (after-tax)
|
(79.3
|
)
|
|
—
|
|
||
Foreign exchange related losses
|
3.7
|
|
|
4.2
|
|
||
Net charge related to Iké
|
1.4
|
|
|
0.2
|
|
||
Other adjustments(1)
|
5.9
|
|
|
(0.8
|
)
|
||
Benefit for income taxes
|
(23.4
|
)
|
|
(0.7
|
)
|
||
Preferred stock dividends
|
4.7
|
|
|
4.7
|
|
||
Corporate & other net operating loss
|
$
|
(19.5
|
)
|
|
$
|
(18.8
|
)
|
(1)
|
Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx
|
|
1Q
|
||||||
|
2020
|
|
2019
|
||||
($ in millions except number of shares and per share amounts)
|
|||||||
Revenues
|
|
|
|
||||
Net earned premiums
|
$
|
2,083.8
|
|
|
$
|
1,904.4
|
|
Fees and other income
|
416.9
|
|
|
328.3
|
|
||
Net investment income
|
156.0
|
|
|
166.3
|
|
||
Net realized (losses) gains on investments
|
(95.3
|
)
|
|
28.8
|
|
||
Amortization of deferred gains on disposal of businesses
|
4.2
|
|
|
7.8
|
|
||
Total revenues
|
2,565.6
|
|
|
2,435.6
|
|
||
Benefits, losses and expenses
|
|
|
|
||||
Policyholder benefits
|
607.2
|
|
|
614.7
|
|
||
Selling, underwriting, general and administrative expenses
|
1,822.3
|
|
|
1,577.2
|
|
||
Net Iké losses
|
1.4
|
|
|
0.2
|
|
||
Interest expense
|
25.5
|
|
|
26.5
|
|
||
Total benefits, losses and expenses
|
2,456.4
|
|
|
2,218.6
|
|
||
Income before (benefit) provision for income taxes
|
109.2
|
|
|
217.0
|
|
||
(Benefit) provision for income taxes
|
(46.6
|
)
|
|
48.4
|
|
||
Net income
|
155.8
|
|
|
168.6
|
|
||
Less: Net income attributable to non-controlling interests
|
(1.1
|
)
|
|
(2.9
|
)
|
||
Net income attributable to stockholders
|
154.7
|
|
|
165.7
|
|
||
Less: Preferred stock dividends
|
(4.7
|
)
|
|
(4.7
|
)
|
||
Net income attributable to common stockholders
|
$
|
150.0
|
|
|
$
|
161.0
|
|
|
|
|
|
||||
|
|
|
|
||||
Net income attributable to common stockholders per share:
|
|
|
|
||||
Basic
|
$
|
2.48
|
|
|
$
|
2.57
|
|
Diluted
|
$
|
2.43
|
|
|
$
|
2.52
|
|
|
|
|
|
||||
Common stock dividends per share
|
$
|
0.63
|
|
|
$
|
0.60
|
|
|
|
|
|
||||
|
|
|
|
||||
Share data:
|
|
|
|
||||
Basic weighted average shares outstanding
|
60,602,911
|
|
|
62,594,828
|
|
||
|
|
|
|
||||
Diluted weighted average shares outstanding
|
63,626,926
|
|
|
65,777,945
|
|
|
March 31,
|
|
December 31,
|
||||
|
2020
|
|
2019
|
||||
|
($ in millions)
|
||||||
Assets
|
|
|
|
||||
Investments and cash and cash equivalents
|
$
|
15,624.6
|
|
|
$
|
16,434.4
|
|
Reinsurance recoverables
|
9,539.5
|
|
|
9,593.4
|
|
||
Deferred acquisition costs
|
7,201.9
|
|
|
6,668.0
|
|
||
Goodwill
|
2,336.2
|
|
|
2,343.4
|
|
||
Value of business acquired
|
1,753.3
|
|
|
2,004.3
|
|
||
Assets held in separate accounts
|
1,524.0
|
|
|
1,839.7
|
|
||
Other assets
|
3,506.5
|
|
|
3,387.9
|
|
||
Assets of consolidated investment entities
|
1,937.3
|
|
|
2,020.1
|
|
||
Total assets
|
$
|
43,423.3
|
|
|
$
|
44,291.2
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Policyholder benefits and claims payable
|
$
|
12,380.7
|
|
|
$
|
12,495.0
|
|
Unearned premiums
|
16,673.6
|
|
|
16,603.6
|
|
||
Debt
|
2,207.5
|
|
|
2,006.9
|
|
||
Liabilities related to separate accounts
|
1,524.0
|
|
|
1,839.7
|
|
||
Accounts payable and other liabilities
|
3,545.9
|
|
|
3,976.9
|
|
||
Liabilities of consolidated investment entities
|
1,705.4
|
|
|
1,687.0
|
|
||
Total liabilities
|
38,037.1
|
|
|
38,609.1
|
|
||
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Equity, excluding accumulated other comprehensive income
|
5,281.6
|
|
|
5,241.3
|
|
||
Accumulated other comprehensive income
|
88.4
|
|
|
411.5
|
|
||
Total Assurant, Inc. stockholders’ equity
|
5,370.0
|
|
|
5,652.8
|
|
||
Non-controlling interest
|
16.2
|
|
|
29.3
|
|
||
Total equity
|
5,386.2
|
|
|
5,682.1
|
|
||
Total liabilities and equity
|
$
|
43,423.3
|
|
|
$
|
44,291.2
|
|