☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 001-31978 | 39-1126612 | ||||||||||||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, $0.01 Par Value | AIZ | New York Stock Exchange | ||||||
5.25% Subordinated Notes due 2061 | AIZN | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer |
☐
|
Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Item
Number
|
Page
Number
|
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1. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
1. | ||||||||
1A. | ||||||||
2. | ||||||||
6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in millions, except number of
shares and per share amounts) |
|||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $1.2 at March 31, 2021 and December 31, 2020; amortized cost - $6,206.8 and $6,245.8 at March 31, 2021 and December 31, 2020, respectively)
|
$ | 6,575.9 | $ | 6,815.5 | |||||||
Equity securities at fair value | 293.2 | 290.2 | |||||||||
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $1.2 and $1.6 at March 31, 2021 and December 31, 2020, respectively)
|
147.9 | 138.3 | |||||||||
Short-term investments | 145.3 | 292.0 | |||||||||
Other investments (net of allowances for credit losses of $1.4 at March 31, 2021 and December 31, 2020)
|
707.7 | 686.8 | |||||||||
Total investments | 7,870.0 | 8,222.8 | |||||||||
Cash and cash equivalents | 1,651.3 | 2,207.6 | |||||||||
Premiums and accounts receivable (net of allowances for credit losses of $12.2 and $13.3 at March 31, 2021 and December 31, 2020, respectively)
|
1,924.2 | 1,548.9 | |||||||||
Reinsurance recoverables (net of allowances for credit losses of $22.8 and $24.6 at March 31, 2021 and December 31, 2020, respectively)
|
6,528.1 | 6,605.4 | |||||||||
Accrued investment income | 73.3 | 67.0 | |||||||||
Deferred acquisition costs | 7,649.7 | 7,388.0 | |||||||||
Property and equipment, net | 469.1 | 446.1 | |||||||||
Goodwill | 2,586.0 | 2,589.3 | |||||||||
Value of business acquired | 988.0 | 1,152.2 | |||||||||
Other intangible assets, net | 672.7 | 696.2 | |||||||||
Other assets (net of allowances for credit losses of $1.8 at March 31, 2021 and December 31, 2020)
|
495.4 | 496.2 | |||||||||
Assets held in separate accounts | 11.3 | 11.5 | |||||||||
Assets held for sale (Note 4) | 13,491.5 | 13,218.7 | |||||||||
Total assets | $ | 44,410.6 | $ | 44,649.9 | |||||||
Liabilities | |||||||||||
Future policy benefits and expenses | $ | 1,356.5 | $ | 1,358.5 | |||||||
Unearned premiums | 17,301.0 | 17,293.1 | |||||||||
Claims and benefits payable | 1,578.0 | 1,610.3 | |||||||||
Commissions payable | 599.0 | 699.1 | |||||||||
Reinsurance balances payable | 422.2 | 359.3 | |||||||||
Funds held under reinsurance | 359.8 | 358.6 | |||||||||
Accounts payable and other liabilities | 2,388.3 | 2,640.5 | |||||||||
Debt | 2,203.7 | 2,252.9 | |||||||||
Liabilities related to separate accounts | 11.3 | 11.5 | |||||||||
Liabilities held for sale (Note 4) | 12,365.2 | 12,111.3 | |||||||||
Total liabilities | 38,585.0 | 38,695.1 | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
Stockholders’ equity | |||||||||||
6.50% Series D mandatory convertible preferred stock, par value $1.00 per share, 0 shares and 2,875,000 shares authorized, issued and outstanding at March 31, 2021 and December 31, 2020, respectively (1)
|
— | 2.9 | |||||||||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 62,947,351 and 62,967,808 shares issued and 60,651,262 and 57,967,808 shares outstanding at March 31, 2021 and December 31, 2020, respectively
|
0.7 | 0.6 | |||||||||
Additional paid-in capital | 1,804.3 | 1,956.8 | |||||||||
Retained earnings | 3,635.5 | 3,548.7 | |||||||||
Accumulated other comprehensive income | 504.5 | 709.8 | |||||||||
Treasury stock, at cost; 2,296,089 and 5,000,000 shares at March 31, 2021 and December 31, 2020, respectively
|
(122.8) | (267.4) | |||||||||
Total Assurant, Inc. stockholders’ equity | 5,822.2 | 5,951.4 | |||||||||
Non-controlling interests | 3.4 | 3.4 | |||||||||
Total equity | 5,825.6 | 5,954.8 | |||||||||
Total liabilities and equity | $ | 44,410.6 | $ | 44,649.9 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions, except number of shares and per share amounts) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | 2,105.6 | $ | 2,065.5 | |||||||||||||||||||
Fees and other income | 249.9 | 383.6 | |||||||||||||||||||||
Net investment income | 76.3 | 83.6 | |||||||||||||||||||||
Net realized gains (losses) on investments (including $1.0 and $5.3 of impairment losses for the three months ended March 31, 2021 and 2020, respectively)
|
0.8 | (84.0) | |||||||||||||||||||||
Total revenues | 2,432.6 | 2,448.7 | |||||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | 528.7 | 535.2 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 735.7 | 892.6 | |||||||||||||||||||||
Interest expense | 28.4 | 25.5 | |||||||||||||||||||||
Total benefits, losses and expenses | 2,239.5 | 2,348.6 | |||||||||||||||||||||
Income from continuing operations before income tax expense (benefit) | 193.1 | 100.1 | |||||||||||||||||||||
Income tax expense (benefit) | 44.6 | (48.5) | |||||||||||||||||||||
Net income from continuing operations | 148.5 | 148.6 | |||||||||||||||||||||
Net income from discontinued operations (Note 4) | 14.3 | 7.2 | |||||||||||||||||||||
Net income | 162.8 | 155.8 | |||||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0.2 | (1.1) | |||||||||||||||||||||
Net income attributable to stockholders | 163.0 | 154.7 | |||||||||||||||||||||
Less: Preferred stock dividends | (4.7) | (4.7) | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 158.3 | $ | 150.0 | |||||||||||||||||||
Earnings Per Common Share | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Net income from continuing operations | $ | 2.43 | $ | 2.36 | |||||||||||||||||||
Net income from discontinued operations | $ | 0.24 | $ | 0.12 | |||||||||||||||||||
Net income attributable to common stockholders | $ | 2.67 | $ | 2.48 | |||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income from continuing operations | $ | 2.41 | $ | 2.32 | |||||||||||||||||||
Net income from discontinued operations | $ | 0.23 | $ | 0.11 | |||||||||||||||||||
Net income attributable to common stockholders | $ | 2.64 | $ | 2.43 | |||||||||||||||||||
Share Data | |||||||||||||||||||||||
Weighted average common shares outstanding used in basic per common share calculations | 59,192,880 | 60,602,911 | |||||||||||||||||||||
Plus: Dilutive securities | 2,590,512 | 3,024,015 | |||||||||||||||||||||
Weighted average common shares outstanding used in diluted per common share calculations | 61,783,392 | 63,626,926 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income | $ | 162.8 | $ | 155.8 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in unrealized gains on investments, net of taxes of $58.6 and $85.1 for the three months ended March 31, 2021 and 2020, respectively
|
(209.5) | (302.1) | |||||||||||||||||||||
Change in unrealized gains on derivative transactions, net of taxes of $0.2 for each of the three months ended March 31, 2021 and 2020
|
(0.6) | (0.6) | |||||||||||||||||||||
Change in non-credit related impairment losses, net of taxes of $0.2 and $0.7 for the three months ended March 31, 2021 and 2020, respectively
|
(0.8) | (2.7) | |||||||||||||||||||||
Change in foreign currency translation, net of taxes of $2.1 and $9.7 for the three months ended March 31, 2021 and 2020, respectively
|
7.2 | (66.7) | |||||||||||||||||||||
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.5 and $(13.0) or the three months ended March 31, 2021 and 2020, respectively (1)
|
(1.6) | 49.0 | |||||||||||||||||||||
Total other comprehensive loss | (205.3) | (323.1) | |||||||||||||||||||||
Total comprehensive loss | (42.5) | (167.3) | |||||||||||||||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 0.2 | (1.1) | |||||||||||||||||||||
Total comprehensive loss attributable to stockholders | $ | (42.3) | $ | (168.4) |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income |
Treasury
Stock |
Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 2.9 | $ | 0.6 | $ | 1,956.8 | $ | 3,548.7 | $ | 709.8 | $ | (267.4) | $ | 3.4 | $ | 5,954.8 | |||||||||||||||||||||||||||||||
Stock plan issuances | — | — | 5.4 | — | — | — | — | 5.4 | |||||||||||||||||||||||||||||||||||||||
Stock plan compensation expense | — | — | 13.2 | — | — | — | — | 13.2 | |||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.66 per share)
|
— | — | — | (38.2) | — | — | — | (38.2) | |||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | (29.3) | (33.3) | — | — | — | (62.6) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 163.0 | — | — | (0.2) | 162.8 | |||||||||||||||||||||||||||||||||||||||
Preferred stock conversion | (2.9) | 0.1 | (141.8) | — | — | 144.6 | — | — | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($1.63 per share)
|
— | — | — | (4.7) | — | — | — | (4.7) | |||||||||||||||||||||||||||||||||||||||
Change in equity of non-controlling interests | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (205.3) | — | — | (205.3) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | — | $ | 0.7 | $ | 1,804.3 | $ | 3,635.5 | $ | 504.5 | $ | (122.8) | $ | 3.4 | $ | 5,825.6 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income |
Treasury
Stock |
Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 2.9 | $ | 1.6 | $ | 4,537.7 | $ | 5,966.4 | $ | 411.5 | $ | (5,267.3) | $ | 29.3 | $ | 5,682.1 | |||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principles, net of taxes (1) | — | — | — | (20.4) | — | — | — | (20.4) | |||||||||||||||||||||||||||||||||||||||
Stock plan issuances | — | — | 3.9 | — | — | — | — | 3.9 | |||||||||||||||||||||||||||||||||||||||
Stock plan compensation expense | — | — | 11.5 | — | — | — | — | 11.5 | |||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.63 per share)
|
— | — | — | (38.0) | — | — | — | (38.0) | |||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | (12.5) | — | — | (57.3) | — | (69.8) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 154.7 | — | — | 1.1 | 155.8 | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($1.63 per share)
|
— | — | — | (4.7) | — | — | — | (4.7) | |||||||||||||||||||||||||||||||||||||||
Change in equity of non-controlling interests | — | — | — | 3.1 | — | — | (14.2) | (11.1) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (323.1) | — | — | (323.1) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 2.9 | $ | 1.6 | $ | 4,540.6 | $ | 6,061.1 | $ | 88.4 | $ | (5,324.6) | $ | 16.2 | $ | 5,386.2 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Operating activities | |||||||||||
Net income attributable to stockholders | $ | 163.0 | $ | 154.7 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Noncash revenues, expenses, gains and losses included in net income from continuing operations: | |||||||||||
Deferred tax expense | 19.2 | 120.0 | |||||||||
Depreciation and amortization | 41.4 | 32.5 | |||||||||
Net realized (gains) losses on investments, including impairment losses | (0.8) | 84.0 | |||||||||
Stock based compensation expense | 13.2 | 11.5 | |||||||||
Iké related charges, net of derivative gains | — | 1.4 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Change in insurance policy reserves and expenses | 4.9 | 24.5 | |||||||||
Change in premiums and accounts receivable | (385.0) | 47.6 | |||||||||
Change in commissions payable | (142.6) | (108.6) | |||||||||
Change in reinsurance recoverable | 69.9 | (9.5) | |||||||||
Change in reinsurance balance payable | 64.0 | (7.7) | |||||||||
Change in funds withheld under reinsurance | 0.6 | 34.5 | |||||||||
Change in deferred acquisition costs and value of business acquired | (111.4) | (95.2) | |||||||||
Change in taxes payable (receivable) | 6.5 | (190.4) | |||||||||
Change in other assets and other liabilities | (187.9) | (289.4) | |||||||||
Other | (9.0) | 22.6 | |||||||||
Net cash provided by operating activities - discontinued operations | 35.3 | 43.8 | |||||||||
Net cash used in operating activities | (418.7) | (123.7) | |||||||||
Investing activities | |||||||||||
Sales of: | |||||||||||
Fixed maturity securities available for sale | 215.5 | 199.4 | |||||||||
Equity securities | 3.4 | 1.7 | |||||||||
Other invested assets | 25.8 | 30.9 | |||||||||
Maturities, calls, prepayments, and scheduled redemption of: | |||||||||||
Fixed maturity securities available for sale | 239.0 | 160.7 | |||||||||
Commercial mortgage loans on real estate | 4.2 | 3.1 | |||||||||
Purchases of: | |||||||||||
Fixed maturity securities available for sale | (390.6) | (297.1) | |||||||||
Equity securities | (10.3) | (12.2) | |||||||||
Commercial mortgage loans on real estate | (10.0) | — | |||||||||
Other invested assets | (12.2) | (5.7) | |||||||||
Property and equipment and other | (39.6) | (20.3) | |||||||||
Subsidiaries, net of cash transferred | (4.1) | — | |||||||||
Consolidated investment entities (1): | |||||||||||
Purchases of investments | — | (258.7) | |||||||||
Sale of investments | — | 310.3 | |||||||||
Change in short-term investments | 41.6 | 125.3 | |||||||||
Other | 0.5 | 0.3 | |||||||||
Net cash used in investing activities - discontinued operations | (48.7) | (55.8) |
Net cash provided by investing activities | 14.5 | 181.9 | |||||||||
Financing activities | |||||||||||
Repayment of debt | (50.0) | — | |||||||||
Repayment of debt for consolidated investment entities (1) | — | (0.7) | |||||||||
Borrowings under unsecured revolving credit facility | — | 200.0 | |||||||||
Acquisition of common stock | (42.0) | (56.6) | |||||||||
Common stock dividends paid | (38.2) | (38.0) | |||||||||
Preferred stock dividends paid | (4.7) | (4.7) | |||||||||
Employee stock purchases and withholdings | (18.1) | (8.6) | |||||||||
Net cash provided by (used in) financing activities - discontinued operations | — | — | |||||||||
Net cash (used in) provided by financing activities | (153.0) | 91.4 | |||||||||
Effect of exchange rate changes on cash and cash equivalents - continuing operations | — | (16.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | 0.2 | (0.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (16.8) | |||||||||
Change in cash and cash equivalents | (557.0) | 132.8 | |||||||||
Cash and cash equivalents at beginning of period | 2,228.6 | 1,867.1 | |||||||||
Cash and cash equivalents at end of period | 1,671.6 | 1,999.9 | |||||||||
Less: Cash and cash equivalents of discontinued operations at end of period | 20.3 | 3.8 | |||||||||
Cash and cash equivalents of continuing operations at end of period | $ | 1,651.3 | $ | 1,996.1 |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities available for sale, at fair value | $ | 6,325.0 | $ | 6,633.5 | |||||||
Equity securities at fair value | 111.0 | 113.9 | |||||||||
Commercial mortgage loans on real estate, at amortized cost | 606.1 | 616.0 | |||||||||
Short-term investments | 142.5 | 41.2 | |||||||||
Other investments | 15.1 | 52.0 | |||||||||
Total investments | 7,199.7 | 7,456.6 | |||||||||
Cash and cash equivalents | 20.3 | 21.0 | |||||||||
Premiums and accounts receivable | 7.3 | 7.5 | |||||||||
Reinsurance recoverables | 3,244.0 | 3,234.5 | |||||||||
Accrued investment income | 66.5 | 62.7 | |||||||||
Deferred acquisition costs | 651.0 | 185.5 | |||||||||
Property and equipment, net | 47.2 | 47.2 | |||||||||
Value of business acquired | 4.1 | 4.3 | |||||||||
Other assets | 21.3 | 22.6 | |||||||||
Assets held in separate accounts | 2,230.1 | 2,176.8 | |||||||||
Total assets held for sale | $ | 13,491.5 | $ | 13,218.7 | |||||||
Liabilities | |||||||||||
Future policy benefits and expenses | $ | 8,806.0 | $ | 8,703.5 | |||||||
Unearned premiums | 102.1 | 14.9 | |||||||||
Claims and benefits payable | 1,019.0 | 1,049.2 | |||||||||
Commissions payable | 10.3 | 9.4 | |||||||||
Reinsurance balances payable | 3.5 | 3.1 | |||||||||
Accounts payable and other liabilities | 194.2 | 154.4 | |||||||||
Liabilities related to separate accounts | 2,230.1 | 2,176.8 | |||||||||
Total liabilities held for sale | $ | 12,365.2 | $ | 12,111.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | 17.7 | $ | 18.3 | |||||||||||||||||||
Fees and other income | 37.5 | 37.5 | |||||||||||||||||||||
Net investment income | 72.0 | 72.4 | |||||||||||||||||||||
Net realized losses on investments | (1.1) | (11.3) | |||||||||||||||||||||
Total revenues | 126.1 | 116.9 | |||||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | 74.0 | 72.0 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 19.2 | 18.9 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 21.8 | 16.9 | |||||||||||||||||||||
Total benefits, losses and expenses | 115.0 | 107.8 | |||||||||||||||||||||
Income from discontinued operations before income taxes | 11.1 | 9.1 | |||||||||||||||||||||
(Benefit) provision for income taxes | (3.2) | 1.9 | |||||||||||||||||||||
Net income from discontinued operations | $ | 14.3 | $ | 7.2 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Global Lifestyle | Global Housing |
Corporate
and Other |
Consolidated | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | 1,648.7 | $ | 456.9 | $ | — | $ | 2,105.6 | |||||||||||||||
Fees and other income | 213.6 | 36.1 | 0.2 | 249.9 | |||||||||||||||||||
Net investment income | 50.8 | 19.4 | 6.1 | 76.3 | |||||||||||||||||||
Net realized gains on investments | — | — | 0.8 | 0.8 | |||||||||||||||||||
Total revenues | 1,913.1 | 512.4 | 7.1 | 2,432.6 | |||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | 327.4 | 201.3 | — | 528.7 | |||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 889.2 | 57.5 | — | 946.7 | |||||||||||||||||||
Underwriting, general and administrative expenses | 527.2 | 168.8 | 39.7 | 735.7 | |||||||||||||||||||
Interest expense | — | — | 28.4 | 28.4 | |||||||||||||||||||
Total benefits, losses and expenses | 1,743.8 | 427.6 | 68.1 | 2,239.5 | |||||||||||||||||||
Segment income (loss) from continuing operations before provision (benefit) for income tax | 169.3 | 84.8 | (61.0) | 193.1 | |||||||||||||||||||
Provision (benefit) for income taxes | 40.2 | 17.4 | (13.0) | 44.6 | |||||||||||||||||||
Segment net income (loss) from continuing operations | $ | 129.1 | $ | 67.4 | $ | (48.0) | 148.5 | ||||||||||||||||
Net income from discontinued operations | 14.3 | ||||||||||||||||||||||
Net income | 162.8 | ||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests | 0.2 | ||||||||||||||||||||||
Net income attributable to stockholders | 163.0 | ||||||||||||||||||||||
Less: Preferred stock dividends | (4.7) | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | 158.3 | |||||||||||||||||||||
As of March 31, 2021 | |||||||||||||||||||||||
Segment assets: | $ | 24,335.2 | $ | 3,892.2 | $ | 16,183.2 | $ | 44,410.6 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Global Lifestyle | Global Housing |
Corporate
and Other |
Consolidated | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | 1,597.7 | $ | 467.8 | $ | — | $ | 2,065.5 | |||||||||||||||
Fees and other income | 349.2 | 32.6 | 1.8 | 383.6 | |||||||||||||||||||
Net investment income | 54.7 | 22.0 | 6.9 | 83.6 | |||||||||||||||||||
Net realized losses on investments | — | — | (84.0) | (84.0) | |||||||||||||||||||
Total revenues | 2,001.6 | 522.4 | (75.3) | 2,448.7 | |||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | 336.2 | 198.7 | 0.3 | 535.2 | |||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 838.4 | 56.9 | — | 895.3 | |||||||||||||||||||
Underwriting, general and administrative expenses | 667.9 | 173.3 | 51.4 | 892.6 | |||||||||||||||||||
Interest expense | — | — | 25.5 | 25.5 | |||||||||||||||||||
Total benefits, losses and expenses | 1,842.5 | 428.9 | 77.2 | 2,348.6 | |||||||||||||||||||
Segment income (loss) from continuing operations before provision (benefit) for income taxes | 159.1 | 93.5 | (152.5) | 100.1 | |||||||||||||||||||
Provision (benefit) for income taxes | 38.2 | 19.3 | (106.0) | (48.5) | |||||||||||||||||||
Segment net income (loss) from continuing operations | $ | 120.9 | $ | 74.2 | $ | (46.5) | 148.6 | ||||||||||||||||
Net income from discontinued operations | 7.2 | ||||||||||||||||||||||
Net income | 155.8 | ||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | (1.1) | ||||||||||||||||||||||
Net income attributable to stockholders | 154.7 | ||||||||||||||||||||||
Less: Preferred stock dividends | (4.7) | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | 150.0 |
March 31, 2021 | |||||||||||||||||||||||||||||
Cost or
Amortized Cost |
Allowance for Credit Losses |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | 72.5 | $ | — | $ | 2.9 | $ | (0.4) | $ | 75.0 | |||||||||||||||||||
States, municipalities and political subdivisions | 174.6 | — | 8.1 | (2.0) | 180.7 | ||||||||||||||||||||||||
Foreign governments | 422.0 | — | 13.6 | (1.1) | 434.5 | ||||||||||||||||||||||||
Asset-backed | 268.3 | — | 13.3 | (0.4) | 281.2 | ||||||||||||||||||||||||
Commercial mortgage-backed | 280.0 | — | 12.8 | (2.9) | 289.9 | ||||||||||||||||||||||||
Residential mortgage-backed | 629.4 | — | 37.6 | (0.6) | 666.4 | ||||||||||||||||||||||||
U.S. corporate | 3,273.8 | (1.2) | 271.3 | (26.4) | 3,517.5 | ||||||||||||||||||||||||
Foreign corporate | 1,086.2 | — | 56.5 | (12.0) | 1,130.7 | ||||||||||||||||||||||||
Total fixed maturity securities | $ | 6,206.8 | $ | (1.2) | $ | 416.1 | $ | (45.8) | $ | 6,575.9 |
December 31, 2020 | |||||||||||||||||||||||||||||
Cost or
Amortized Cost |
Allowance for Credit Losses |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | 90.4 | $ | — | $ | 3.7 | $ | — | $ | 94.1 | |||||||||||||||||||
States, municipalities and political subdivisions | 164.4 | — | 11.0 | (0.1) | 175.3 | ||||||||||||||||||||||||
Foreign governments | 442.4 | — | 27.4 | (0.1) | 469.7 | ||||||||||||||||||||||||
Asset-backed | 251.9 | — | 9.4 | (0.8) | 260.5 | ||||||||||||||||||||||||
Commercial mortgage-backed | 266.3 | — | 16.5 | (1.4) | 281.4 | ||||||||||||||||||||||||
Residential mortgage-backed | 685.8 | — | 49.0 | (0.2) | 734.6 | ||||||||||||||||||||||||
U.S. corporate | 3,315.6 | (1.2) | 380.6 | (4.4) | 3,690.6 | ||||||||||||||||||||||||
Foreign corporate | 1,029.0 | — | 80.6 | (0.3) | 1,109.3 | ||||||||||||||||||||||||
Total fixed maturity securities | $ | 6,245.8 | $ | (1.2) | $ | 578.2 | $ | (7.3) | $ | 6,815.5 |
Cost or
Amortized Cost |
Fair Value | ||||||||||
Due in one year or less | $ | 359.0 | $ | 363.5 | |||||||
Due after one year through five years | 2,047.5 | 2,170.5 | |||||||||
Due after five years through ten years | 1,730.5 | 1,848.2 | |||||||||
Due after ten years | 892.1 | 956.2 | |||||||||
Total | 5,029.1 | 5,338.4 | |||||||||
Asset-backed | 268.3 | 281.2 | |||||||||
Commercial mortgage-backed | 280.0 | 289.9 | |||||||||
Residential mortgage-backed | 629.4 | 666.4 | |||||||||
Total | $ | 6,206.8 | $ | 6,575.9 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net realized gains (losses) related to sales and other: | |||||||||||||||||||||||
Fixed maturity securities | $ | 3.0 | $ | 3.7 | |||||||||||||||||||
Equity securities (1) | (1.7) | (34.9) | |||||||||||||||||||||
Commercial mortgage loans on real estate | 0.3 | (0.2) | |||||||||||||||||||||
Other investments | 0.2 | 0.9 | |||||||||||||||||||||
Consolidated investment entities (2) | — | (48.2) | |||||||||||||||||||||
Total net realized gains (losses) related to sales and other | 1.8 | (78.7) | |||||||||||||||||||||
Net realized losses related to impairments: | |||||||||||||||||||||||
Fixed maturity securities | — | (1.1) | |||||||||||||||||||||
Other investments (1) | (1.0) | (4.2) | |||||||||||||||||||||
Total net realized losses related to impairments | (1.0) | (5.3) | |||||||||||||||||||||
Total net realized gains (losses) | $ | 0.8 | $ | (84.0) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net losses recognized on equity securities | $ | (1.7) | $ | (34.9) | |||||||||||||||||||
Less: Net realized gains related to sales of equity securities | 0.9 | — | |||||||||||||||||||||
Total net unrealized losses on equity securities held | $ | (2.6) | $ | (34.9) |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | 17.9 | $ | (0.4) | $ | — | $ | — | $ | 17.9 | $ | (0.4) | |||||||||||||||||||||||
States, municipalities and political subdivisions | 72.3 | (2.0) | — | — | 72.3 | (2.0) | |||||||||||||||||||||||||||||
Foreign governments | 54.9 | (1.1) | — | — | 54.9 | (1.1) | |||||||||||||||||||||||||||||
Asset-backed | 80.1 | (0.2) | 33.4 | (0.2) | 113.5 | (0.4) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 72.1 | (2.3) | 2.9 | (0.6) | 75.0 | (2.9) | |||||||||||||||||||||||||||||
Residential mortgage-backed | 36.7 | (0.5) | 3.1 | (0.1) | 39.8 | (0.6) | |||||||||||||||||||||||||||||
U.S. corporate | 397.8 | (23.8) | 27.7 | (2.6) | 425.5 | (26.4) | |||||||||||||||||||||||||||||
Foreign corporate | 259.0 | (11.9) | 3.1 | (0.1) | 262.1 | (12.0) | |||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 990.8 | $ | (42.2) | $ | 70.2 | $ | (3.6) | $ | 1,061.0 | $ | (45.8) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | $ | 6.1 | $ | (0.1) | $ | — | $ | — | $ | 6.1 | $ | (0.1) | |||||||||||||||||||||||
Foreign governments | 28.3 | (0.1) | — | — | 28.3 | (0.1) | |||||||||||||||||||||||||||||
Asset-backed | 54.5 | (0.2) | 37.4 | (0.6) | 91.9 | (0.8) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 28.2 | (0.7) | 3.3 | (0.7) | 31.5 | (1.4) | |||||||||||||||||||||||||||||
Residential mortgage-backed | 23.9 | (0.1) | 1.5 | (0.1) | 25.4 | (0.2) | |||||||||||||||||||||||||||||
U.S. corporate | 71.9 | (2.9) | 13.8 | (1.5) | 85.7 | (4.4) | |||||||||||||||||||||||||||||
Foreign corporate | 30.1 | (0.3) | — | — | 30.1 | (0.3) | |||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 243.0 | $ | (4.4) | $ | 56.0 | $ | (2.9) | $ | 299.0 | $ | (7.3) |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Loan to value
ratios (1): |
|||||||||||||||||||||||||||||||||||||||||||||||
70% and less | $ | 5.5 | $ | 2.9 | $ | — | $ | — | $ | 4.1 | $ | 115.4 | 127.9 | 85.8 | % | ||||||||||||||||||||||||||||||||
71% to 80% | $ | 4.6 | $ | 2.6 | $ | — | $ | 4.8 | $ | — | $ | — | 12.0 | 8.0 | % | ||||||||||||||||||||||||||||||||
81% to 95% | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2.1 | 2.1 | 1.4 | % | ||||||||||||||||||||||||||||||||
Greater than 95% | $ | — | $ | — | $ | — | $ | — | $ | 5.9 | $ | 1.2 | 7.1 | 4.8 | % | ||||||||||||||||||||||||||||||||
Total | $ | 10.1 | $ | 5.5 | $ | — | $ | 4.8 | $ | 10.0 | $ | 118.7 | 149.1 | 100.0 | % |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Debt service coverage ratios (2): | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 2.0 | $ | 5.8 | $ | 5.5 | $ | — | $ | — | $ | 4.1 | $ | 81.8 | $ | 97.2 | 65.3 | % | |||||||||||||||||||||||||||||||
1.5 to 2.0 | 2.9 | — | — | 4.8 | — | 17.7 | 25.4 | 17.0 | % | ||||||||||||||||||||||||||||||||||||||
1.0 to 1.5 | 1.4 | — | — | — | — | 14.6 | 16.0 | 10.7 | % | ||||||||||||||||||||||||||||||||||||||
Less than 1.0 | — | — | — | — | 5.9 | 4.6 | 10.5 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 10.1 | $ | 5.5 | $ | — | $ | 4.8 | $ | 10.0 | $ | 118.7 | $ | 149.1 | 100.0 | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Loan to value
ratios (1): |
|||||||||||||||||||||||||||||||||||||||||||||||
70% and less | $ | 2.9 | $ | — | $ | — | $ | 4.1 | $ | 29.0 | $ | 87.1 | $ | 123.1 | 88.0 | % | |||||||||||||||||||||||||||||||
71% to 80% | 2.6 | — | 4.8 | — | — | — | 7.4 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||
81% to 95% | — | — | — | — | — | 2.2 | 2.2 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||
Greater than 95% | — | — | — | 6.0 | — | 1.2 | 7.2 | 5.1 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5.5 | $ | — | $ | 4.8 | $ | 10.1 | $ | 29.0 | $ | 90.5 | $ | 139.9 | 100.0 | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Debt service coverage ratios (2): | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 2.0 | $ | 5.5 | $ | — | $ | — | $ | 4.1 | $ | 26.4 | $ | 53.3 | $ | 89.3 | 63.9 | % | |||||||||||||||||||||||||||||||
1.5 to 2.0 | — | — | 4.8 | — | 2.6 | 17.5 | 24.9 | 17.8 | % | ||||||||||||||||||||||||||||||||||||||
1.0 to 1.5 | — | — | — | — | — | 15.0 | 15.0 | 10.7 | % | ||||||||||||||||||||||||||||||||||||||
Less than 1.0 | — | — | — | 6.0 | — | 4.7 | 10.7 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5.5 | $ | — | $ | 4.8 | $ | 10.1 | $ | 29.0 | $ | 90.5 | $ | 139.9 | 100.0 | % |
March 31, 2021 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | 75.0 | $ | — | $ | 75.0 | $ | — | ||||||||||||||||||
States, municipalities and political subdivisions | 180.7 | — | 180.7 | — | ||||||||||||||||||||||
Foreign governments | 434.5 | 0.5 | 433.6 | 0.4 | ||||||||||||||||||||||
Asset-backed | 281.2 | — | 279.7 | 1.5 | ||||||||||||||||||||||
Commercial mortgage-backed | 289.9 | — | 281.6 | 8.3 | ||||||||||||||||||||||
Residential mortgage-backed | 666.4 | — | 666.4 | — | ||||||||||||||||||||||
U.S. corporate | 3,517.5 | — | 3,506.3 | 11.2 | ||||||||||||||||||||||
Foreign corporate | 1,130.7 | — | 1,126.9 | 3.8 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Mutual funds | 42.1 | 42.1 | — | — | ||||||||||||||||||||||
Common stocks | 15.8 | 13.8 | 0.6 | 1.4 | ||||||||||||||||||||||
Non-redeemable preferred stocks | 235.3 | — | 234.2 | 1.1 | ||||||||||||||||||||||
Short-term investments | 116.0 | 87.8 | (2) | 28.2 | — | |||||||||||||||||||||
Other investments | 231.4 | 73.0 | (1) | 158.3 | (3) | 0.1 | ||||||||||||||||||||
Cash equivalents | 872.5 | 831.5 | (2) | 41.0 | (3) | — | ||||||||||||||||||||
Other assets | 0.1 | — | 0.1 | (4) | — | |||||||||||||||||||||
Assets held in separate accounts | 11.2 | 6.6 | (1) | 4.6 | (3) | — | ||||||||||||||||||||
Total financial assets | $ | 8,100.3 | $ | 1,055.3 | $ | 7,017.2 | $ | 27.8 | ||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Other liabilities | $ | 75.8 | $ | 73.0 | (1) | $ | — | $ | 2.8 | (5) | ||||||||||||||||
Liabilities related to separate accounts | 11.2 | 6.6 | (1) | 4.6 | (3) | — |
|
|||||||||||||||||||
Total financial liabilities | $ | 87.0 | $ | 79.6 | $ | 4.6 |
|
$ | 2.8 |
|
December 31, 2020 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | 94.1 | $ | — | $ | 94.1 | $ | — | ||||||||||||||||||
States, municipalities and political subdivisions | 175.3 | — | 175.3 | — | ||||||||||||||||||||||
Foreign governments | 469.7 | 0.5 | 468.8 | 0.4 | ||||||||||||||||||||||
Asset-backed | 260.5 | — | 260.5 | — | ||||||||||||||||||||||
Commercial mortgage-backed | 281.4 | — | 272.7 | 8.7 | ||||||||||||||||||||||
Residential mortgage-backed | 734.6 | — | 734.6 | — | ||||||||||||||||||||||
U.S. corporate | 3,690.6 | — | 3,678.6 | 12.0 | ||||||||||||||||||||||
Foreign corporate | 1,109.3 | — | 1,105.4 | 3.9 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Mutual funds | 42.3 | 42.3 | — | — | ||||||||||||||||||||||
Common stocks | 15.2 | 13.3 | 0.7 | 1.2 | ||||||||||||||||||||||
Non-redeemable preferred stocks | 232.7 | — | 231.6 | 1.1 | ||||||||||||||||||||||
Short-term investments | 253.5 | 202.0 | (2) | 51.5 | — | |||||||||||||||||||||
Other investments | 241.3 | 72.9 | (1) | 168.3 | (3) | 0.1 | ||||||||||||||||||||
Cash equivalents | 1,558.6 | 1,536.6 | (2) | 22.0 | (3) | — | ||||||||||||||||||||
Assets held in separate accounts | 11.4 | 6.7 | (1) | 4.7 | (3) | — | ||||||||||||||||||||
Total financial assets | $ | 9,170.5 | $ | 1,874.3 | $ | 7,268.8 | $ | 27.4 | ||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Other liabilities | $ | 76.1 | $ | 72.9 | (1) | $ | 0.5 | (4) | $ | 2.7 | (5) | |||||||||||||||
Liabilities related to separate accounts | 11.4 | 6.7 | (1) | 4.7 | (3) | — | ||||||||||||||||||||
Total financial liabilities | $ | 87.5 | $ | 79.6 | $ | 5.2 | $ | 2.7 |
March 31, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying
Value |
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 147.9 | $ | 160.7 | $ | — | $ | — | $ | 160.7 | |||||||||||||||||||
Other investments | 50.4 | 50.4 | 14.3 | — | 36.1 | ||||||||||||||||||||||||
Other assets | 21.9 | 21.9 | — | — | 21.9 | ||||||||||||||||||||||||
Total financial assets | $ | 220.2 | $ | 233.0 | $ | 14.3 | $ | — | $ | 218.7 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 69.6 | $ | 81.5 | $ | — | $ | — | $ | 81.5 | |||||||||||||||||||
Funds withheld under reinsurance | 359.8 | 359.8 | 359.8 | — | — | ||||||||||||||||||||||||
Debt | 2,203.7 | 2,455.0 | — | 2,455.0 | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 2,633.1 | $ | 2,896.3 | $ | 359.8 | $ | 2,455.0 | $ | 81.5 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
|
Carrying
Value |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 138.3 | $ | 198.3 | $ | — | $ | — | $ | 198.3 | |||||||||||||||||||
Other investments | 52.1 | 52.1 | 14.4 | — | 37.7 | ||||||||||||||||||||||||
Other assets | 23.3 | 23.3 | — | — | 23.3 | ||||||||||||||||||||||||
Total financial assets | $ | 213.7 | $ | 273.7 | $ | 14.4 | $ | — | $ | 259.3 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 70.6 | $ | 85.4 | $ | — | $ | — | $ | 85.4 | |||||||||||||||||||
Funds withheld under reinsurance | 358.6 | 358.6 | 358.6 | — | — | ||||||||||||||||||||||||
Debt | 2,252.9 | 2,540.0 | — | 2,540.0 | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 2,682.1 | $ | 2,984.0 | $ | 358.6 | $ | 2,540.0 | $ | 85.4 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Claims and benefits payable, at beginning of period | $ | 1,610.3 | $ | 1,613.1 | |||||||
Less: Reinsurance ceded and other | (849.4) | (855.1) | |||||||||
Net claims and benefits payable, at beginning of period | 760.9 | 758.0 | |||||||||
Incurred losses and loss adjustment expenses related to: | |||||||||||
Current year | 574.9 | 580.2 | |||||||||
Prior years | (46.2) | (45.0) | |||||||||
Total incurred losses and loss adjustment expenses | 528.7 | 535.2 | |||||||||
Paid losses and loss adjustment expenses related to: | |||||||||||
Current year | 235.8 | 277.8 | |||||||||
Prior years | 268.3 | 268.9 | |||||||||
Total paid losses and loss adjustment expenses | 504.1 | 546.7 | |||||||||
Net claims and benefits payable, at end of period | 785.5 | 746.5 | |||||||||
Plus: Reinsurance ceded and other (1) | 792.5 | 857.8 | |||||||||
Claims and benefits payable, at end of period (1) | $ | 1,578.0 | $ | 1,604.3 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Carrying Value | Principal Amount | Carrying Value | ||||||||||||||||||||
Floating Rate Senior Notes due March 2021 (1) | $ | — | $ | — | $ | 50.0 | $ | 50.0 | |||||||||||||||
4.00% Senior Notes due March 2023
|
350.0 | 349.0 | 350.0 | 348.9 | |||||||||||||||||||
4.20% Senior Notes due September 2023
|
300.0 | 298.5 | 300.0 | 298.4 | |||||||||||||||||||
4.90% Senior Notes due March 2028
|
300.0 | 297.2 | 300.0 | 297.2 | |||||||||||||||||||
3.70% Senior Notes due February 2030
|
350.0 | 347.1 | 350.0 | 347.0 | |||||||||||||||||||
6.75% Senior Notes due February 2034
|
275.0 | 272.3 | 275.0 | 272.3 | |||||||||||||||||||
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2)
|
400.0 | 395.6 | 400.0 | 395.4 | |||||||||||||||||||
5.25% Subordinated Notes due January 2061
|
250.0 | 244.0 | 250.0 | 243.7 | |||||||||||||||||||
Total Debt | $ | 2,203.7 | $ | 2,252.9 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustment |
Net unrealized
gains on investments |
Net unrealized gains on derivative transactions | Credit related impairment | Non-credit related impairment | Unamortized net losses on Pension Plans |
Accumulated
other comprehensive income |
|||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (295.6) | $ | 1,080.3 | $ | 14.7 | $ | 1.2 | $ | 16.1 | $ | (106.9) | $ | 709.8 | |||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) before reclassifications | 7.2 | (207.1) | — | — | (0.8) | (0.3) | (201.0) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (2.4) | (0.6) | — | — | (1.3) | (4.3) | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 7.2 | (209.5) | (0.6) | — | (0.8) | (1.6) | (205.3) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | (288.4) | $ | 870.8 | $ | 14.1 | $ | 1.2 | $ | 15.3 | $ | (108.5) | $ | 504.5 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustment |
Net unrealized
gains on investments |
Net unrealized gains on derivative transactions | Credit related impairment | Non-credit related impairment | Unamortized net (losses) gains on Pension Plans (1) |
Accumulated
other comprehensive income |
|||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | (358.9) | $ | 856.5 | $ | 17.1 | $ | — | $ | 15.5 | $ | (118.7) | $ | 411.5 | |||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) before reclassifications | (66.7) | (297.3) | — | — | (2.7) | 48.9 | (317.8) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (4.8) | (0.6) | — | — | 0.1 | (5.3) | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (66.7) | (302.1) | (0.6) | — | (2.7) | 49.0 | (323.1) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | (425.6) | $ | 554.4 | $ | 16.5 | $ | — | $ | 12.8 | $ | (69.7) | $ | 88.4 | |||||||||||||||||||||||||||
Details about accumulated other comprehensive income components |
Amount reclassified from
accumulated other comprehensive income |
Affected line item in the
statement where net income is presented |
||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized (gains) losses on investments | $ | (3.1) | $ | (6.1) | Net realized gains (losses) on investments | |||||||||||||||
0.7 | 1.3 | Provision for income taxes | ||||||||||||||||||
$ | (2.4) | $ | (4.8) | Net of tax | ||||||||||||||||
Net unrealized gains on derivative transactions | $ | (0.7) | $ | (0.7) | Interest expense | |||||||||||||||
0.1 | 0.1 | Provision for income taxes | ||||||||||||||||||
$ | (0.6) | $ | (0.6) | Net of tax | ||||||||||||||||
Amortization of pension and postretirement unrecognized net periodic benefit cost: | ||||||||||||||||||||
Amortization of net loss | $ | 1.8 | $ | 1.3 | (1) | |||||||||||||||
Amortization of prior service credit | (3.4) | (1.1) | (1) | |||||||||||||||||
(1.6) | 0.2 | |||||||||||||||||||
0.3 | (0.1) | Provision for income taxes | ||||||||||||||||||
$ | (1.3) | $ | 0.1 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | (4.3) | $ | (5.3) | Net of tax | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
RSU compensation expense | $ | 6.6 | $ | 6.3 | |||||||||||||||||||
Income tax benefit | (1.2) | (1.1) | |||||||||||||||||||||
RSU compensation expense, net of tax | $ | 5.4 | $ | 5.2 | |||||||||||||||||||
RSUs granted | 168,595 | 228,412 | |||||||||||||||||||||
Weighted average grant date fair value per unit | $ | 137.18 | $ | 89.58 | |||||||||||||||||||
Total fair value of vested RSUs | $ | 30.0 | $ | 8.9 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
PSU compensation expense | $ | 6.2 | $ | 4.8 | |||||||||||||||||||
Income tax benefit | (0.6) | (0.5) | |||||||||||||||||||||
PSU compensation expense, net of tax | $ | 5.6 | $ | 4.3 | |||||||||||||||||||
PSUs granted | 201,462 | 302,274 | |||||||||||||||||||||
Weighted average grant date fair value per unit | $ | 147.32 | $ | 87.36 | |||||||||||||||||||
Total fair value of vested PSUs | $ | 22.5 | $ | 24.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income from continuing operations | $ | 148.5 | $ | 148.6 | |||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interest | 0.2 | (1.1) | |||||||||||||||||||||
Net income from continuing operations attributable to stockholders | 148.7 | 147.5 | |||||||||||||||||||||
Less: Preferred stock dividends | (4.7) | (4.7) | |||||||||||||||||||||
Net income from continuing operations attributable to common stockholders | 144.0 | 142.8 | |||||||||||||||||||||
Less: Common stock dividends paid | (38.2) | (38.0) | |||||||||||||||||||||
Undistributed earnings | $ | 105.8 | $ | 104.8 | |||||||||||||||||||
Net income from continuing operations attributable to common stockholders | $ | 144.0 | $ | 142.8 | |||||||||||||||||||
Add: Net income from discontinued operations | 14.3 | 7.2 | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 158.3 | $ | 150.0 | |||||||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average common shares outstanding used in basic per common share calculations | 59,192,880 | 60,602,911 | |||||||||||||||||||||
Incremental common shares from: | |||||||||||||||||||||||
PSUs | 367,274 | 322,692 | |||||||||||||||||||||
ESPP | — | 5,148 | |||||||||||||||||||||
MCPS | 2,223,238 | 2,696,175 | |||||||||||||||||||||
Weighted average common shares outstanding used in diluted per common share calculations | 61,783,392 | 63,626,926 | |||||||||||||||||||||
Earnings per common share - Basic | |||||||||||||||||||||||
Distributed earnings | $ | 0.64 | $ | 0.63 | |||||||||||||||||||
Undistributed earnings | 1.79 | 1.73 | |||||||||||||||||||||
Net income from continuing operations | 2.43 | 2.36 | |||||||||||||||||||||
Net income from discontinued operations | 0.24 | 0.12 | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 2.67 | $ | 2.48 | |||||||||||||||||||
Earnings per common share - Diluted | |||||||||||||||||||||||
Distributed earnings | $ | 0.62 | $ | 0.60 | |||||||||||||||||||
Undistributed earnings | 1.79 | 1.72 | |||||||||||||||||||||
Net income from continuing operations | 2.41 | 2.32 | |||||||||||||||||||||
Net income from discontinued operations | 0.23 | 0.11 | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 2.64 | $ | 2.43 |
Qualified Pension Benefits |
Unfunded Non-qualified
Pension Benefits |
Retirement Health
Benefits |
|||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Interest cost | $ | 3.5 | $ | 5.1 | $ | 0.3 | $ | 0.5 | $ | — | $ | 0.4 | |||||||||||||||||||||||
Expected return on plan assets | (6.9) | (7.7) | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | (3.4) | (1.1) | |||||||||||||||||||||||||||||
Amortization of net loss (gain) | 1.2 | 0.7 | 0.8 | 0.6 | (0.1) | — | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | (2.2) | $ | (1.9) | $ | 1.1 | $ | 1.1 | $ | (3.9) | $ | (1.1) | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net earned premiums | $ | 2,105.6 | $ | 2,065.5 | |||||||||||||||||||
Fees and other income | 249.9 | 383.6 | |||||||||||||||||||||
Net investment income | 76.3 | 83.6 | |||||||||||||||||||||
Net realized gains (losses) on investments | 0.8 | (84.0) | |||||||||||||||||||||
Total revenues | 2,432.6 | 2,448.7 | |||||||||||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||||||
Policyholder benefits | 528.7 | 535.2 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 735.7 | 892.6 | |||||||||||||||||||||
Interest expense | 28.4 | 25.5 | |||||||||||||||||||||
Total benefits, losses and expenses | 2,239.5 | 2,348.6 | |||||||||||||||||||||
Income before provision for income taxes | 193.1 | 100.1 | |||||||||||||||||||||
Provision (benefit) for income taxes | 44.6 | (48.5) | |||||||||||||||||||||
Net income from continuing operations | 148.5 | 148.6 | |||||||||||||||||||||
Net income from discontinued operations | 14.3 | 7.2 | |||||||||||||||||||||
Net income | 162.8 | 155.8 | |||||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interest | 0.2 | (1.1) | |||||||||||||||||||||
Net income attributable to stockholders | 163.0 | 154.7 | |||||||||||||||||||||
Less: Preferred stock dividends | (4.7) | (4.7) | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 158.3 | $ | 150.0 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net earned premiums | $ | 1,648.7 | $ | 1,597.7 | |||||||||||||||||||
Fees and other income | 213.6 | 349.2 | |||||||||||||||||||||
Net investment income | 50.8 | 54.7 | |||||||||||||||||||||
Total revenues | 1,913.1 | 2,001.6 | |||||||||||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||||||
Policyholder benefits | 327.4 | 336.2 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 889.2 | 838.4 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 527.2 | 667.9 | |||||||||||||||||||||
Total benefits, losses and expenses | 1,743.8 | 1,842.5 | |||||||||||||||||||||
Segment income before provision for income taxes | 169.3 | 159.1 | |||||||||||||||||||||
Provision for income taxes | 40.2 | 38.2 | |||||||||||||||||||||
Segment net income | $ | 129.1 | $ | 120.9 | |||||||||||||||||||
Net earned premiums, fees and other income: | |||||||||||||||||||||||
Connected Living (mobile and service contracts) | $ | 952.4 | $ | 1,088.3 | |||||||||||||||||||
Global Automotive | 812.4 | 753.1 | |||||||||||||||||||||
Global Financial Services and Other | 97.5 | 105.5 | |||||||||||||||||||||
Total | $ | 1,862.3 | $ | 1,946.9 | |||||||||||||||||||
Net earned premiums, fees and other income: | |||||||||||||||||||||||
Domestic | $ | 1,380.6 | $ | 1,434.5 | |||||||||||||||||||
International | 481.7 | 512.4 | |||||||||||||||||||||
Total | $ | 1,862.3 | $ | 1,946.9 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net earned premiums | $ | 456.9 | $ | 467.8 | |||||||||||||||||||
Fees and other income | 36.1 | 32.6 | |||||||||||||||||||||
Net investment income | 19.4 | 22.0 | |||||||||||||||||||||
Total revenues | 512.4 | 522.4 | |||||||||||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||||||
Policyholder benefits | 201.3 | 198.7 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 57.5 | 56.9 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 168.8 | 173.3 | |||||||||||||||||||||
Total benefits, losses and expenses | 427.6 | 428.9 | |||||||||||||||||||||
Segment income before provision for income taxes | 84.8 | 93.5 | |||||||||||||||||||||
Provision for income taxes | 17.4 | 19.3 | |||||||||||||||||||||
Segment net income | $ | 67.4 | $ | 74.2 | |||||||||||||||||||
Net earned premiums, fees and other income: | |||||||||||||||||||||||
Lender-placed Insurance | $ | 260.4 | $ | 264.3 | |||||||||||||||||||
Multifamily Housing | 117.3 | 109.0 | |||||||||||||||||||||
Specialty and Other | 115.3 | 127.1 | |||||||||||||||||||||
Total | $ | 493.0 | $ | 500.4 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Fees and other income | $ | 0.2 | $ | 1.8 | |||||||||||||||||||
Net investment income | 6.1 | 6.9 | |||||||||||||||||||||
Net realized gains (losses) on investments | 0.8 | (84.0) | |||||||||||||||||||||
Total revenues | 7.1 | (75.3) | |||||||||||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||||||
Policyholder benefits | — | 0.3 | |||||||||||||||||||||
General and administrative expenses | 39.7 | 51.4 | |||||||||||||||||||||
Interest expense | 28.4 | 25.5 | |||||||||||||||||||||
Total benefits, losses and expenses | 68.1 | 77.2 | |||||||||||||||||||||
Segment loss before benefit for income taxes | (61.0) | (152.5) | |||||||||||||||||||||
Benefit for income taxes | (13.0) | (106.0) | |||||||||||||||||||||
Segment net loss from continuing operations | $ | (48.0) | $ | (46.5) |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net earned premiums | $ | 17.7 | $ | 18.3 | |||||||||||||||||||
Fees and other income | 37.5 | 37.5 | |||||||||||||||||||||
Net investment income | 72.0 | 72.4 | |||||||||||||||||||||
Net realized losses on investments | (1.1) | (11.3) | |||||||||||||||||||||
Total revenues | 126.1 | 116.9 | |||||||||||||||||||||
Benefits, losses and expenses: | |||||||||||||||||||||||
Policyholder benefits | 74.0 | 72.0 | |||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 19.2 | 18.9 | |||||||||||||||||||||
Underwriting, general and administrative expenses | 21.8 | 16.9 | |||||||||||||||||||||
Total benefits, losses and expenses | 115.0 | 107.8 | |||||||||||||||||||||
Income before (benefit) provision for income taxes | 11.1 | 9.1 | |||||||||||||||||||||
(Benefit) provision for income taxes | (3.2) | 1.9 | |||||||||||||||||||||
Net income from discontinued operations | $ | 14.3 | $ | 7.2 |
Fair value as of | |||||||||||||||||||||||
Fixed Maturity Securities by Credit Quality | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Aaa / Aa / A | $ | 3,850.0 | 58.5 | % | $ | 4,051.3 | 59.5 | % | |||||||||||||||
Baa | 2,279.1 | 34.7 | % | 2,288.1 | 33.6 | % | |||||||||||||||||
Ba | 342.9 | 5.2 | % | 384.4 | 5.6 | % | |||||||||||||||||
B and lower | 103.9 | 1.6 | % | 91.7 | 1.3 | % | |||||||||||||||||
Total | $ | 6,575.9 | 100.0 | % | $ | 6,815.5 | 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Fixed maturity securities | $ | 57.4 | $ | 57.8 | |||||||||||||||||||
Equity securities | 3.6 | 3.6 | |||||||||||||||||||||
Commercial mortgage loans on real estate | 1.3 | 1.9 | |||||||||||||||||||||
Short-term investments | 0.8 | 2.7 | |||||||||||||||||||||
Other investments | 14.7 | 3.3 | |||||||||||||||||||||
Cash and cash equivalents | 1.6 | 7.0 | |||||||||||||||||||||
Revenue from consolidated investment entities (1) | — | 31.9 | |||||||||||||||||||||
Total investment income | 79.4 | 108.2 | |||||||||||||||||||||
Investment expenses | (3.1) | (7.2) | |||||||||||||||||||||
Expenses from consolidated investment entities (1) | — | (17.4) | |||||||||||||||||||||
Net investment income | $ | 76.3 | $ | 83.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Investment income from direct investments in: | |||||||||||||||||||||||
Real estate fund (1) | $ | — | $ | 8.2 | |||||||||||||||||||
CLO entities | — | 4.7 | |||||||||||||||||||||
Investment management fees | — | 1.6 | |||||||||||||||||||||
Net investment income from consolidated investment entities | $ | — | $ | 14.5 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Carrying Value | Principal Amount | Carrying Value | ||||||||||||||||||||
Floating Rate Senior Notes due March 2021 (1) | $ | — | $ | — | $ | 50.0 | $ | 50.0 | |||||||||||||||
4.00% Senior Notes due March 2023 | 350.0 | 349.0 | 350.0 | 348.9 | |||||||||||||||||||
4.20% Senior Notes due September 2023 | 300.0 | 298.5 | 300.0 | 298.4 | |||||||||||||||||||
4.90% Senior Notes due March 2028 | 300.0 | 297.2 | 300.0 | 297.2 | |||||||||||||||||||
3.70% Senior Notes due February 2030 | 350.0 | 347.1 | 350.0 | 347.0 | |||||||||||||||||||
6.75% Senior Notes due February 2034 | 275.0 | 272.3 | 275.0 | 272.3 | |||||||||||||||||||
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2) | 400.0 | 395.6 | 400.0 | 395.4 | |||||||||||||||||||
5.25% Subordinated Notes due January 2061 | 250.0 | 244.0 | 250.0 | 243.7 | |||||||||||||||||||
Total Debt | $ | 2,203.7 | $ | 2,252.9 |
Rating Agencies | ||||||||||||||||||||
Rating Levels | Moody’s (1) | S&P (1) | Interest Rate Increase (2) | |||||||||||||||||
1 | Ba1 | BB+ | 25 basis points | |||||||||||||||||
2 | Ba2 | BB | 50 basis points | |||||||||||||||||
3 | Ba3 | BB- | 75 basis points | |||||||||||||||||
4 | B1 or below | B+ or below | 100 basis points |
For the Three Months Ended March 31, | |||||||||||
Net cash provided by (used in): | 2021 | 2020 | |||||||||
Operating activities - continuing operations | $ | (454.0) | $ | (167.5) | |||||||
Operating activities - discontinued operations | 35.3 | 43.8 | |||||||||
Operating activities | (418.7) | (123.7) | |||||||||
Investing activities - continuing operations | 63.2 | 237.7 | |||||||||
Investing activities - discontinued operations | (48.7) | (55.8) | |||||||||
Investing activities | 14.5 | 181.9 | |||||||||
Financing activities - continuing operations | (153.0) | 91.4 | |||||||||
Financing activities - discontinued operations | — | — | |||||||||
Financing activities | (153.0) | 91.4 | |||||||||
Effect of exchange rate changes on cash and cash equivalents - continuing operations | — | (16.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | 0.2 | (0.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (16.8) | |||||||||
Net change in cash | $ | (557.0) | $ | 132.8 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest paid on debt | $ | 50.5 | $ | 50.8 | |||||||
Common stock dividends | 38.2 | 38.0 | |||||||||
Preferred stock dividends | 4.7 | 4.7 | |||||||||
Total | $ | 93.4 | $ | 93.5 |
(In millions, except number of shares and per share amounts) | |||||||||||||||||||||||
Period in 2021 |
Total
Number of Shares Purchased |
Average Price
Paid Per Share |
Total Number of Shares
Purchased as Part of Publicly Announced Programs (1) |
Approximate
Dollar Value of Shares that May Yet be Purchased Under the Programs (1) |
|||||||||||||||||||
January 1 - January 31 | 95,000 | $ | 136.96 | 95,000 | $ | 773.5 | |||||||||||||||||
February 1 - February 29 | 98,000 | 129.10 | 98,000 | 760.8 | |||||||||||||||||||
March 1 - March 31 | 115,000 | 137.58 | 115,000 | 745.0 | |||||||||||||||||||
Total | 308,000 | $ | 134.69 | 308,000 | $ | 745.0 |
101 |
The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2021, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
|
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
ASSURANT, INC. | ||||||||
By: |
/s/ ALAN B. COLBERG
|
|||||||
Name: | Alan B. Colberg | |||||||
Title: | President and Chief Executive Officer | |||||||
By: | /s/ RICHARD S. DZIADZIO | |||||||
Name: | Richard S. Dziadzio | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Targeted Percentile Rank | Percentage of Applicable Restricted Stock Units that Vest | ||||
90th Percentile and Above
|
200% | ||||
75th Percentile
|
150% | ||||
50th Percentile
|
100% | ||||
25th Percentile
|
50% | ||||
Below 25th Percentile
|
0% |
If to the Participant: | |||||
At the most recent address | |||||
on file at the Company. | |||||
If to the Company: | |||||
Assurant, Inc. | |||||
28 Liberty Street, 41st Floor | |||||
New York, New York 10005 | |||||
Attention: Secretary |
Participant: | |||||
Date: | |||||
Assurant, Inc.: | |||||
By: | |||||
Name: | |||||
Title: | |||||
Date: |
/s/ Alan B. Colberg | |||||
Alan B. Colberg
President, Chief Executive Officer and Director |
/s/ Richard S. Dziadzio | |||||
Richard S. Dziadzio
Executive Vice President and Chief Financial Officer |
/s/ Alan B. Colberg | |||||
Alan B. Colberg
President, Chief Executive Officer and Director |
/s/ Richard S. Dziadzio | |||||
Richard S. Dziadzio
Executive Vice President and Chief Financial Officer |