x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨ (Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Item
Number
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Page
Number
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1.
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2.
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3.
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4.
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1.
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1A.
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2.
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6.
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March 31, 2018
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December 31, 2017
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||||
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(in millions except number of shares
and per share amounts)
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||||||
Assets
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||||
Investments:
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||||
Fixed maturity securities available for sale, at fair value (amortized cost - $8,530.4 in 2018 and $8,756.5 in 2017)
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$
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9,194.1
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$
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9,662.6
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Equity securities, at fair value (cost - $314.6 in 2018 and $316.3 in 2017)
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358.5
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368.0
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Commercial mortgage loans on real estate, at amortized cost
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682.2
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670.2
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Short-term investments
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171.1
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284.1
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Other investments
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557.0
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568.6
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Total investments
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10,962.9
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11,553.5
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Cash and cash equivalents
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2,342.0
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996.8
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Premiums and accounts receivable, net
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1,248.5
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1,237.3
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Reinsurance recoverables
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9,278.4
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9,790.2
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Accrued investment income
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108.7
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105.4
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Deferred acquisition costs
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3,646.3
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3,484.5
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Property and equipment, at cost less accumulated depreciation
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355.2
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347.6
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Tax receivable
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34.6
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126.3
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Goodwill
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923.1
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917.7
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Value of business acquired
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22.6
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24.4
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Other intangible assets, net
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275.8
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288.6
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Other assets
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370.9
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387.1
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Assets held in separate accounts
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1,816.9
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1,837.1
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Assets of consolidated investment entities (1)
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1,042.0
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746.5
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Total assets
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32,427.9
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31,843.0
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Liabilities
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Future policy benefits and expenses
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$
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10,384.8
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$
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10,397.4
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Unearned premiums
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7,084.8
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7,038.6
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Claims and benefits payable
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3,194.8
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3,782.2
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Commissions payable
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344.9
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365.1
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Reinsurance balances payable
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126.4
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145.3
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Funds held under reinsurance
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173.6
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179.8
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Deferred gains on disposal of businesses
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109.6
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128.1
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Accounts payable and other liabilities
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1,855.8
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2,046.3
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Debt
|
2,004.4
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1,068.2
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Liabilities related to separate accounts
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1,816.9
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1,837.1
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Liabilities of consolidated investment entities (1)
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830.9
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573.4
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Total liabilities
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27,926.9
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27,561.5
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Commitments and contingencies (Note 16)
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Stockholders’ equity
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6.50% Series D mandatory convertible preferred stock, $1.00 par value, 2,875,000 shares authorized, 2,875,000 issued and outstanding at March 31, 2018
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2.9
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—
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Common stock, par value $0.01 per share, 800,000,000 shares authorized, 52,570,192 and 52,417,812 shares outstanding at March 31, 2018 and December 31, 2017, respectively
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1.5
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1.5
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Additional paid-in capital
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3,478.8
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3,197.9
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Retained earnings
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5,815.0
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5,697.3
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Accumulated other comprehensive income
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51.7
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234.0
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Treasury stock, at cost; 97,974,792 shares at March 31, 2018 and December 31, 2017
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(4,860.1
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)
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(4,860.1
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)
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Total Assurant, Inc. stockholders’ equity
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4,489.8
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4,270.6
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Non-controlling interest
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11.2
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10.9
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Total equity
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4,501.0
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4,281.5
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Total liabilities and equity
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$
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32,427.9
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$
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31,843.0
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(1)
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The following table presents information on assets and liabilities related to consolidated investment entities as of March 31, 2018 and December 31, 2017.
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March 31, 2018
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December 31, 2017
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(in millions)
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||||||
Assets
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Cash and cash equivalents
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$
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30.1
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$
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69.8
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Investments, at fair value
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984.8
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655.0
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Other receivables
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27.1
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21.7
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Total assets
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$
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1,042.0
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$
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746.5
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Liabilities
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Collateralized loan obligation notes, at fair value
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612.3
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450.7
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Other liabilities
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218.6
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122.7
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Total liabilities
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$
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830.9
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$
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573.4
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Three Months Ended March 31,
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||||||
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2018
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2017
|
||||
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(in millions except number of shares and per share amounts)
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||||||
Revenues
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Net earned premiums
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$
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1,124.9
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$
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1,050.3
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Fees and other income
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364.5
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340.2
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Net investment income
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130.2
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120.6
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Net realized gains on investments, excluding other-than-temporary impairment losses
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0.5
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3.8
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Other-than-temporary impairment losses recognized in earnings
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—
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(0.4
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)
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Amortization of deferred gains and gains on disposal of businesses
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18.5
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37.0
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Total revenues
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1,638.6
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1,551.5
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Benefits, losses and expenses
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|
||||
Policyholder benefits
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414.6
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358.0
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Amortization of deferred acquisition costs and value of business acquired
|
346.4
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314.5
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Underwriting, general and administrative expenses
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719.6
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651.3
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Interest expense
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21.5
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12.6
|
|
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Total benefits, losses and expenses
|
1,502.1
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|
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1,336.4
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|
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Income before provision for income taxes
|
136.5
|
|
|
215.1
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|
||
Provision for income taxes
|
30.5
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|
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71.3
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|
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Net income
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$
|
106.0
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$
|
143.8
|
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Earnings Per Share
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|
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Basic
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$
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1.99
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$
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2.56
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Diluted
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$
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1.96
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$
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2.53
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Dividends per share of common stock
|
$
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0.56
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$
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0.53
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Share Data
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|
||||
Weighted average shares outstanding used in basic per share calculations
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53,169,358
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56,201,342
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Plus: Dilutive securities
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1,020,140
|
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555,299
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|
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Weighted average shares used in diluted per share calculations
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54,189,498
|
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56,756,641
|
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Three Months Ended March 31,
|
||||||
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2018
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2017
|
||||
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(in millions)
|
||||||
Net income
|
$
|
106.0
|
|
|
$
|
143.8
|
|
Other comprehensive (loss) income:
|
|
|
|
||||
Change in unrealized gains on securities, net of taxes of $47.8 and $(17.0), respectively
|
(175.2
|
)
|
|
32.4
|
|
||
Change in unrealized gains on derivative transactions, net of taxes of $(5.6) for the three months ended March 31, 2018
|
21.1
|
|
|
—
|
|
||
Change in other-than-temporary impairment losses, net of taxes of $0.9 and $0.2, respectively
|
(3.5
|
)
|
|
(0.3
|
)
|
||
Change in foreign currency translation, net of taxes of $0.5 and $(0.4), respectively
|
9.2
|
|
|
21.8
|
|
||
Amortization of pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.1 for the three months ended March 31, 2017
|
—
|
|
|
(0.2
|
)
|
||
Total other comprehensive income (loss) before cumulative effect of change in accounting principles
|
(148.4
|
)
|
|
53.7
|
|
||
Cumulative effect of change in accounting principles, net of taxes of $17.8 (1)
|
(33.9
|
)
|
|
—
|
|
||
Total comprehensive (loss) income
|
$
|
(76.3
|
)
|
|
$
|
197.5
|
|
(1)
|
Amount relates to the requirement to recognize the fair value changes of equity securities directly within income. The adjustment relates to the reclassification of unrealized gains as of December 31, 2017. See Note 3 for additional information.
|
|
|
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|
Common
Stock
|
|
Preferred
Stock |
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Treasury
Stock
|
|
Non-controlling Interest
|
|
Total
|
||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||
Balance at December 31, 2017
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
3,197.9
|
|
|
$
|
5,697.3
|
|
|
$
|
234.0
|
|
|
$
|
(4,860.1
|
)
|
|
$
|
10.9
|
|
|
$
|
4,281.5
|
|
Cumulative effect of
change in accounting
principles, net of taxes (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
41.4
|
|
|
(33.9
|
)
|
|
—
|
|
|
—
|
|
|
7.5
|
|
||||||||
Stock plan exercises
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
||||||||
Stock plan compensation
|
—
|
|
|
—
|
|
|
9.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
||||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.7
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
106.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106.0
|
|
||||||||
Issuance of preferred
stock
|
—
|
|
|
2.9
|
|
|
273.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276.4
|
|
||||||||
Change in equity of non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
||||||||
Other comprehensive
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148.4
|
)
|
|
—
|
|
|
—
|
|
|
(148.4
|
)
|
||||||||
Balance, March 31, 2018
|
$
|
1.5
|
|
|
$
|
2.9
|
|
|
$
|
3,478.8
|
|
|
$
|
5,815.0
|
|
|
$
|
51.7
|
|
|
$
|
(4,860.1
|
)
|
|
$
|
11.2
|
|
|
$
|
4,501.0
|
|
(1)
|
Amounts relate to 1) the requirement to recognize the fair value changes of equity securities directly within income (resulting in a reclassification of unrealized gains as of December 31, 2017 between accumulated other comprehensive income ("AOCI") and retained earnings) and 2) the impact of adoption of the new revenue recognition standard for revenues from service contracts and sales of products. See Note 3 for additional information.
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in millions)
|
||||||
Net cash (used in) provided by operating activities (1)
|
$
|
(75.7
|
)
|
|
$
|
24.2
|
|
Investing activities
|
|
|
|
||||
Sales of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
742.5
|
|
|
818.0
|
|
||
Equity securities
|
42.3
|
|
|
20.2
|
|
||
Other invested assets
|
31.8
|
|
|
9.3
|
|
||
Maturities, calls, prepayments, and scheduled redemption of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
156.7
|
|
|
170.6
|
|
||
Commercial mortgage loans on real estate
|
56.4
|
|
|
38.0
|
|
||
Purchases of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
(723.2
|
)
|
|
(901.1
|
)
|
||
Equity securities available for sale
|
(39.2
|
)
|
|
(1.6
|
)
|
||
Commercial mortgage loans on real estate
|
(70.4
|
)
|
|
(19.3
|
)
|
||
Other invested assets
|
(18.5
|
)
|
|
(28.6
|
)
|
||
Property and equipment and other
|
(16.5
|
)
|
|
(14.8
|
)
|
||
Subsidiaries, net of cash transferred
|
—
|
|
|
(127.4
|
)
|
||
Consolidated investment entities (2):
|
|
|
|
||||
Purchases of investments
|
(301.5
|
)
|
|
—
|
|
||
Sale of investments
|
106.1
|
|
|
—
|
|
||
Change in short-term investments
|
116.0
|
|
|
2.6
|
|
||
Other
|
(3.4
|
)
|
|
(24.7
|
)
|
||
Net cash provided by (used in) investing activities
|
79.1
|
|
|
(58.8
|
)
|
||
Financing activities
|
|
|
|
||||
Issuance of mandatory convertible preferred stock, net of issuance costs (3)
|
276.4
|
|
|
—
|
|
||
Issuance of debt, net of issuance costs (4)
|
1,285.8
|
|
|
—
|
|
||
Repayment of debt (4)
|
(350.0
|
)
|
|
—
|
|
||
Issuance of debt for consolidated investment entities (2)
|
156.6
|
|
|
—
|
|
||
Acquisition of common stock
|
(7.0
|
)
|
|
(105.1
|
)
|
||
Dividends paid
|
(29.7
|
)
|
|
(29.7
|
)
|
||
Other
|
11.9
|
|
|
7.1
|
|
||
Net cash provided by (used in) financing activities
|
1,344.0
|
|
|
(127.7
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2.2
|
)
|
|
4.8
|
|
||
Change in cash and cash equivalents
|
1,345.2
|
|
|
(157.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
996.8
|
|
|
1,032.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
2,342.0
|
|
|
$
|
874.5
|
|
(1)
|
The net cash used in operating activities for the three months ended March 31, 2018 included significant claims payments, net of reinsurance, related to losses from 2017 reportable catastrophes, as well as a $41.5 million settlement payment of an accrued indemnification liability related to the previous sale of our general agency business. These outflows were partially offset by a $26.7 million increase in cash from the settlement of a series of derivative transactions that we entered into in 2017 to hedge interest rate risk related to the anticipated borrowings to be used for the pending TWG acquisition.
|
(2)
|
Relates to cash flows from our variable interest entities. Refer to Note 7 - Variable Interest Entities, for further information.
|
(3)
|
Refer to Note 13 - Equity Transactions, for additional information.
|
(4)
|
Refer to Note 10 - Debt, for additional information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Total Corporate and Other
|
|
|
||||||||||||||||||
|
Global Housing
|
|
Global Lifestyle
|
|
Global Preneed
|
|
Corporate
and
Other
|
|
Health
|
|
Total
|
|
Consolidated
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net earned premiums
|
$
|
436.4
|
|
|
$
|
673.6
|
|
|
$
|
14.6
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
1,124.9
|
|
Fees and other income
|
86.7
|
|
|
244.9
|
|
|
31.6
|
|
|
1.2
|
|
|
0.1
|
|
|
1.3
|
|
|
364.5
|
|
|||||||
Net investment income
|
20.2
|
|
|
32.1
|
|
|
65.8
|
|
|
11.0
|
|
|
1.1
|
|
|
12.1
|
|
|
130.2
|
|
|||||||
Net realized gains on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|||||||
Amortization of deferred gains and
gains on disposal of businesses (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
18.5
|
|
|
—
|
|
|
18.5
|
|
|
18.5
|
|
|||||||
Total revenues
|
543.3
|
|
|
950.6
|
|
|
112.0
|
|
|
31.2
|
|
|
1.5
|
|
|
32.7
|
|
|
1,638.6
|
|
|||||||
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Policyholder benefits (2)
|
169.1
|
|
|
181.6
|
|
|
66.7
|
|
|
—
|
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|
414.6
|
|
|||||||
Amortization of deferred
acquisition costs and value of
business acquired
|
49.6
|
|
|
280.3
|
|
|
16.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
346.4
|
|
|||||||
Underwriting, general and
administrative expenses
|
234.9
|
|
|
415.8
|
|
|
16.2
|
|
|
51.0
|
|
|
1.7
|
|
|
52.7
|
|
|
719.6
|
|
|||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
21.5
|
|
|
—
|
|
|
21.5
|
|
|
21.5
|
|
|||||||
Total benefits, losses and
expenses
|
453.6
|
|
|
877.7
|
|
|
99.4
|
|
|
72.5
|
|
|
(1.1
|
)
|
|
71.4
|
|
|
1,502.1
|
|
|||||||
Segment income before
provision for income tax
|
89.7
|
|
|
72.9
|
|
|
12.6
|
|
|
(41.3
|
)
|
|
2.6
|
|
|
(38.7
|
)
|
|
136.5
|
|
|||||||
Provision for income taxes
|
18.5
|
|
|
17.1
|
|
|
2.8
|
|
|
(8.5
|
)
|
|
0.6
|
|
|
(7.9
|
)
|
|
30.5
|
|
|||||||
Segment income after tax
|
$
|
71.2
|
|
|
$
|
55.8
|
|
|
$
|
9.8
|
|
|
$
|
(32.8
|
)
|
|
$
|
2.0
|
|
|
$
|
(30.8
|
)
|
|
|
||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
106.0
|
|
||||||||||||
|
As of March 31, 2018
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Segment assets:
|
$
|
4,047.4
|
|
|
$
|
9,491.3
|
|
|
$
|
6,836.6
|
|
|
$
|
11,984.0
|
|
|
$
|
68.6
|
|
|
$
|
12,052.6
|
|
|
$
|
32,427.9
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Total Corporate and Other
|
|
|
||||||||||||||||||
|
Global Housing
|
|
Global Lifestyle
|
|
Global Preneed
|
|
Corporate
and
Other
|
|
Health
|
|
Total
|
|
Consolidated
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net earned premiums
|
$
|
436.4
|
|
|
$
|
595.8
|
|
|
$
|
14.6
|
|
|
$
|
—
|
|
|
$
|
3.5
|
|
|
$
|
3.5
|
|
|
$
|
1,050.3
|
|
Fees and other income
|
95.3
|
|
|
209.1
|
|
|
29.6
|
|
|
4.9
|
|
|
1.3
|
|
|
6.2
|
|
|
340.2
|
|
|||||||
Net investment income
|
19.2
|
|
|
26.5
|
|
|
64.2
|
|
|
9.6
|
|
|
1.1
|
|
|
10.7
|
|
|
120.6
|
|
|||||||
Net realized gains on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|
3.4
|
|
|||||||
Amortization of deferred gains and
gains on disposal of businesses (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
37.0
|
|
|
—
|
|
|
37.0
|
|
|
37.0
|
|
|||||||
Total revenues
|
550.9
|
|
|
831.4
|
|
|
108.4
|
|
|
54.9
|
|
|
5.9
|
|
|
60.8
|
|
|
1,551.5
|
|
|||||||
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Policyholder benefits (2)
|
163.3
|
|
|
148.6
|
|
|
66.2
|
|
|
—
|
|
|
(20.1
|
)
|
|
(20.1
|
)
|
|
358.0
|
|
|||||||
Amortization of deferred
acquisition costs and value of
business acquired
|
50.9
|
|
|
251.0
|
|
|
12.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314.5
|
|
|||||||
Underwriting, general and
administrative expenses |
240.7
|
|
|
354.7
|
|
|
14.9
|
|
|
27.6
|
|
|
13.4
|
|
|
41.0
|
|
|
651.3
|
|
|||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
12.6
|
|
|
—
|
|
|
12.6
|
|
|
12.6
|
|
|||||||
Total benefits, losses and
expenses
|
454.9
|
|
|
754.3
|
|
|
93.7
|
|
|
40.2
|
|
|
(6.7
|
)
|
|
33.5
|
|
|
1,336.4
|
|
|||||||
Segment income before provision
for income tax
|
96.0
|
|
|
77.1
|
|
|
14.7
|
|
|
14.7
|
|
|
12.6
|
|
|
27.3
|
|
|
215.1
|
|
|||||||
Provision for income taxes
|
34.1
|
|
|
24.7
|
|
|
4.8
|
|
|
3.0
|
|
|
4.7
|
|
|
7.7
|
|
|
71.3
|
|
|||||||
Segment income after tax
|
$
|
61.9
|
|
|
$
|
52.4
|
|
|
$
|
9.9
|
|
|
$
|
11.7
|
|
|
$
|
7.9
|
|
|
$
|
19.6
|
|
|
|
||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
143.8
|
|
(1)
|
The three months ended March 31, 2018 and 2017 include $16.3 million and $34.2 million, respectively, related to the amortization of deferred gains and gains related to the 2016 sale of AEB. The remaining AEB unamortized deferred gain as of March 31, 2018 was $47.4 million.
|
(2)
|
The presentation of Assurant Health policyholder benefits includes the impact of the total current period net utilization of premium deficiency reserves for claim costs and claim adjustment expenses included in policyholder benefits, as well as maintenance costs, which are included within underwriting, general and administrative expenses. For the three months ended March 31, 2018 and 2017, the premium deficiency reserve liability decreased $0.1 million and $27.7 million, respectively, through an offset to policyholder benefit expense. In addition, there was favorable claims development experienced through March 31, 2018, in excess of actual benefit expense, which contributed to the credit balance within policyholder benefits expenses.
|
|
|
|
|
|
|
|
March 31, 2018
|
||||||||||||||||||
|
Cost or
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
OTTI in
AOCI
(a)
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government and government
agencies and authorities
|
$
|
173.5
|
|
|
$
|
2.6
|
|
|
$
|
(2.0
|
)
|
|
$
|
174.1
|
|
|
$
|
—
|
|
States, municipalities and political
subdivisions
|
288.0
|
|
|
19.8
|
|
|
(0.8
|
)
|
|
307.0
|
|
|
—
|
|
|||||
Foreign governments
|
532.6
|
|
|
65.3
|
|
|
(0.3
|
)
|
|
597.6
|
|
|
—
|
|
|||||
Asset-backed
|
317.7
|
|
|
2.7
|
|
|
(0.2
|
)
|
|
320.2
|
|
|
1.0
|
|
|||||
Commercial mortgage-backed
|
38.7
|
|
|
—
|
|
|
(1.9
|
)
|
|
36.8
|
|
|
—
|
|
|||||
Residential mortgage-backed
|
1,055.6
|
|
|
19.3
|
|
|
(17.5
|
)
|
|
1,057.4
|
|
|
5.8
|
|
|||||
U.S. corporate
|
4,491.6
|
|
|
451.6
|
|
|
(24.7
|
)
|
|
4,918.5
|
|
|
16.4
|
|
|||||
Foreign corporate
|
1,632.7
|
|
|
157.4
|
|
|
(7.6
|
)
|
|
1,782.5
|
|
|
—
|
|
|||||
Total fixed maturity securities
|
$
|
8,530.4
|
|
|
$
|
718.7
|
|
|
$
|
(55.0
|
)
|
|
$
|
9,194.1
|
|
|
$
|
23.2
|
|
|
|||||||||||||||||||
|
December 31, 2017
|
||||||||||||||||||
|
Cost or
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
OTTI in
AOCI
(a)
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government and government
agencies and authorities
|
$
|
180.6
|
|
|
$
|
3.2
|
|
|
$
|
(1.2
|
)
|
|
$
|
182.6
|
|
|
$
|
—
|
|
States, municipalities and political
subdivisions
|
302.3
|
|
|
24.0
|
|
|
(0.1
|
)
|
|
326.2
|
|
|
—
|
|
|||||
Foreign governments
|
524.8
|
|
|
72.3
|
|
|
(0.3
|
)
|
|
596.8
|
|
|
|
|
|||||
Asset-backed
|
188.4
|
|
|
1.9
|
|
|
(0.1
|
)
|
|
190.2
|
|
|
1.0
|
|
|||||
Commercial mortgage-backed
|
38.6
|
|
|
0.2
|
|
|
(0.7
|
)
|
|
38.1
|
|
|
—
|
|
|||||
Residential mortgage-backed
|
1,084.2
|
|
|
32.5
|
|
|
(7.3
|
)
|
|
1,109.4
|
|
|
9.2
|
|
|||||
U.S. corporate
|
4,774.2
|
|
|
602.1
|
|
|
(5.0
|
)
|
|
5,371.3
|
|
|
17.4
|
|
|||||
Foreign corporate
|
1,663.4
|
|
|
188.6
|
|
|
(4.0
|
)
|
|
1,848.0
|
|
|
—
|
|
|||||
Total fixed maturity securities
|
$
|
8,756.5
|
|
|
$
|
924.8
|
|
|
$
|
(18.7
|
)
|
|
$
|
9,662.6
|
|
|
$
|
27.6
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stocks
|
$
|
9.3
|
|
|
$
|
8.4
|
|
|
$
|
—
|
|
|
$
|
17.7
|
|
|
$
|
—
|
|
Non-redeemable preferred stocks
|
307.0
|
|
|
43.8
|
|
|
(0.5
|
)
|
|
350.3
|
|
|
—
|
|
|||||
Total equity securities
|
$
|
316.3
|
|
|
$
|
52.2
|
|
|
$
|
(0.5
|
)
|
|
$
|
368.0
|
|
|
$
|
—
|
|
(a)
|
Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.
|
|
|
|
|
Cost or
Amortized
Cost
|
|
Fair Value
|
||||
Due in one year or less
|
$
|
228.7
|
|
|
$
|
230.6
|
|
Due after one year through five years
|
1,455.2
|
|
|
1,481.9
|
|
||
Due after five years through ten years
|
1,669.2
|
|
|
1,708.8
|
|
||
Due after ten years
|
3,765.3
|
|
|
4,358.4
|
|
||
Total
|
7,118.4
|
|
|
7,779.7
|
|
||
Asset-backed
|
317.7
|
|
|
320.2
|
|
||
Commercial mortgage-backed
|
38.7
|
|
|
36.8
|
|
||
Residential mortgage-backed
|
1,055.6
|
|
|
1,057.4
|
|
||
Total
|
$
|
8,530.4
|
|
|
$
|
9,194.1
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net realized gains (losses) on investments:
|
|
|
|
||||
Fixed maturity securities
|
$
|
(2.6
|
)
|
|
$
|
2.6
|
|
Equity securities (1)
|
2.2
|
|
|
2.3
|
|
||
Other investments
|
1.3
|
|
|
(1.1
|
)
|
||
Consolidated investment entities (2)
|
(0.4
|
)
|
|
—
|
|
||
Total net realized gains on investments
|
0.5
|
|
|
3.8
|
|
||
Net realized losses related to other-than-temporary impairments:
|
|
|
|
||||
Fixed maturity securities
|
—
|
|
|
(0.4
|
)
|
||
Total net realized gains
|
$
|
0.5
|
|
|
$
|
3.4
|
|
(1)
|
2018 includes a $7.8 million gain on one equity investment holding accounted for under the measurement alternative based on an observable market event where the implied value increased based on a new investment. Equity investments accounted for under the measurement alternative are reported through Other investments on the consolidated balance sheet.
|
(2)
|
Consists of net realized losses from the change in fair value of the Company's direct investment in collateralized loan obligations ("CLOs"). Refer to Note 7 - Variable Interest Entities for further detail.
|
|
Three Months Ended
March 31, |
||
|
2018
|
||
Net realized gains recognized on equity securities
|
$
|
2.2
|
|
Less: Net realized gains related to sales of equity securities
|
2.0
|
|
|
Total unrealized gains on equity securities held (1)
|
$
|
0.2
|
|
(1)
|
Net gains for 2018 were reported through the income statement in accordance with the 2018 accounting guidance on financial instruments. Net unrealized gains of $8.4 million in the three months ended March 31, 2017 were reported through AOCI.
|
|
|
|
|
March 31, 2018
|
||||||||||||||||||||||
|
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
|
$
|
102.0
|
|
|
$
|
(1.3
|
)
|
|
$
|
42.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
144.9
|
|
|
$
|
(2.0
|
)
|
States, municipalities and political
subdivisions
|
29.8
|
|
|
(0.6
|
)
|
|
3.3
|
|
|
(0.2
|
)
|
|
33.1
|
|
|
(0.8
|
)
|
||||||
Foreign governments
|
62.6
|
|
|
(0.2
|
)
|
|
0.8
|
|
|
(0.1
|
)
|
|
63.4
|
|
|
(0.3
|
)
|
||||||
Asset-backed
|
78.8
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
78.8
|
|
|
(0.2
|
)
|
||||||
Commercial mortgage-backed
|
15.4
|
|
|
(0.9
|
)
|
|
12.1
|
|
|
(1.0
|
)
|
|
27.5
|
|
|
(1.9
|
)
|
||||||
Residential mortgage-backed
|
523.5
|
|
|
(9.2
|
)
|
|
155.9
|
|
|
(8.3
|
)
|
|
679.4
|
|
|
(17.5
|
)
|
||||||
U.S. corporate
|
1,044.3
|
|
|
(23.5
|
)
|
|
26.4
|
|
|
(1.2
|
)
|
|
1,070.7
|
|
|
(24.7
|
)
|
||||||
Foreign corporate
|
395.9
|
|
|
(7.0
|
)
|
|
18.5
|
|
|
(0.6
|
)
|
|
414.4
|
|
|
(7.6
|
)
|
||||||
Total fixed maturity securities
|
$
|
2,252.3
|
|
|
$
|
(42.9
|
)
|
|
$
|
259.9
|
|
|
$
|
(12.1
|
)
|
|
$
|
2,512.2
|
|
|
$
|
(55.0
|
)
|
|
December 31, 2017
|
||||||||||||||||||||||
|
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
|
$
|
104.2
|
|
|
$
|
(0.7
|
)
|
|
$
|
43.3
|
|
|
$
|
(0.5
|
)
|
|
$
|
147.5
|
|
|
$
|
(1.2
|
)
|
States, municipalities and political
subdivisions
|
—
|
|
|
—
|
|
|
2.4
|
|
|
(0.1
|
)
|
|
2.4
|
|
|
(0.1
|
)
|
||||||
Foreign governments
|
24.4
|
|
|
(0.2
|
)
|
|
0.8
|
|
|
(0.1
|
)
|
|
25.2
|
|
|
(0.3
|
)
|
||||||
Asset-backed
|
27.6
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
27.6
|
|
|
(0.1
|
)
|
||||||
Commercial mortgage-backed
|
—
|
|
|
—
|
|
|
12.4
|
|
|
(0.7
|
)
|
|
12.4
|
|
|
(0.7
|
)
|
||||||
Residential mortgage-backed
|
217.3
|
|
|
(2.4
|
)
|
|
162.9
|
|
|
(4.9
|
)
|
|
380.2
|
|
|
(7.3
|
)
|
||||||
U.S. corporate
|
562.8
|
|
|
(4.5
|
)
|
|
30.0
|
|
|
(0.5
|
)
|
|
592.8
|
|
|
(5.0
|
)
|
||||||
Foreign corporate
|
266.7
|
|
|
(3.5
|
)
|
|
19.0
|
|
|
(0.5
|
)
|
|
285.7
|
|
|
(4.0
|
)
|
||||||
Total fixed maturity securities
|
$
|
1,203.0
|
|
|
$
|
(11.4
|
)
|
|
$
|
270.8
|
|
|
$
|
(7.3
|
)
|
|
$
|
1,473.8
|
|
|
$
|
(18.7
|
)
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-redeemable preferred stock
|
$
|
13.8
|
|
|
$
|
(0.2
|
)
|
|
$
|
8.7
|
|
|
$
|
(0.3
|
)
|
|
$
|
22.5
|
|
|
$
|
(0.5
|
)
|
|
|
|
|
|
|
|
March 31, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Investments:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
30.1
|
|
|
$
|
30.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate debt securities
|
898.0
|
|
|
—
|
|
|
898.0
|
|
|
—
|
|
||||
Real estate fund
|
86.8
|
|
|
—
|
|
|
—
|
|
|
86.8
|
|
||||
Total financial assets
|
$
|
1,014.9
|
|
|
$
|
30.1
|
|
|
$
|
898.0
|
|
|
$
|
86.8
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligation notes
|
$
|
612.3
|
|
|
$
|
—
|
|
|
$
|
612.3
|
|
|
$
|
—
|
|
Total financial liabilities
|
$
|
612.3
|
|
|
$
|
—
|
|
|
$
|
612.3
|
|
|
$
|
—
|
|
|
December 31, 2017
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Investments:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
54.5
|
|
|
$
|
54.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate debt securities
|
570.3
|
|
|
—
|
|
|
570.3
|
|
|
—
|
|
||||
Real estate fund
|
84.7
|
|
|
—
|
|
|
—
|
|
|
84.7
|
|
||||
Total financial assets
|
$
|
709.5
|
|
|
$
|
54.5
|
|
|
$
|
570.3
|
|
|
$
|
84.7
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligation notes
|
$
|
450.7
|
|
|
$
|
—
|
|
|
$
|
450.7
|
|
|
$
|
—
|
|
Total financial liabilities
|
$
|
450.7
|
|
|
$
|
—
|
|
|
$
|
450.7
|
|
|
$
|
—
|
|
(1)
|
Amounts consist of money market funds.
|
|
|
|
|
For the Three Months Ended March 31, 2018
|
||||||||||
|
Balance, beginning of period
|
|
Total income included in earnings
|
|
Balance, end of period
|
||||||
Real estate fund
|
$
|
84.7
|
|
|
$
|
2.1
|
|
|
$
|
86.8
|
|
•
|
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
|
•
|
Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly, for substantially the full term of the asset. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset. The observable inputs are used in valuation models to calculate the fair value for the asset.
|
•
|
Level 3 inputs are unobservable but are significant to the fair value measurement for the asset, and include situations where there is little, if any, market activity for the asset. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset.
|
|
|
|
|
March 31, 2018
|
|
||||||||||||||||
|
Total
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. government and government agencies and
authorities
|
$
|
174.1
|
|
|
$
|
—
|
|
|
|
$
|
174.1
|
|
|
|
$
|
—
|
|
|
State, municipalities and political subdivisions
|
307.0
|
|
|
—
|
|
|
|
307.0
|
|
|
|
—
|
|
|
||||
Foreign governments
|
597.6
|
|
|
1.0
|
|
|
|
596.6
|
|
|
|
—
|
|
|
||||
Asset-backed
|
320.2
|
|
|
—
|
|
|
|
287.6
|
|
|
|
32.6
|
|
|
||||
Commercial mortgage-backed
|
36.8
|
|
|
—
|
|
|
|
9.3
|
|
|
|
27.5
|
|
|
||||
Residential mortgage-backed
|
1,057.4
|
|
|
—
|
|
|
|
1,057.4
|
|
|
|
—
|
|
|
||||
U.S. corporate
|
4,918.5
|
|
|
—
|
|
|
|
4,903.7
|
|
|
|
14.8
|
|
|
||||
Foreign corporate
|
1,782.5
|
|
|
—
|
|
|
|
1,739.6
|
|
|
|
42.9
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common stocks
|
17.4
|
|
|
16.7
|
|
|
|
0.7
|
|
|
|
—
|
|
|
||||
Non-redeemable preferred stocks
|
341.1
|
|
|
—
|
|
|
|
338.8
|
|
|
|
2.3
|
|
|
||||
Short-term investments
|
171.1
|
|
|
30.8
|
|
(2)
|
|
140.3
|
|
|
|
—
|
|
|
||||
Other investments
|
255.2
|
|
|
73.2
|
|
(1)
|
|
167.6
|
|
(3)
|
|
14.4
|
|
(4)
|
||||
Cash equivalents
|
1,871.1
|
|
|
512.4
|
|
(2)
|
|
1,358.7
|
|
(3)
|
|
—
|
|
|
||||
Other assets
|
3.8
|
|
|
—
|
|
|
|
—
|
|
|
|
3.8
|
|
(5)
|
||||
Assets held in separate accounts
|
1,780.4
|
|
|
1,620.0
|
|
(1)
|
|
160.4
|
|
(3)
|
|
—
|
|
|
||||
Total financial assets
|
$
|
13,634.2
|
|
|
$
|
2,254.1
|
|
|
|
$
|
11,241.8
|
|
|
|
$
|
138.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
$
|
137.8
|
|
|
$
|
73.2
|
|
(1)
|
|
$
|
3.3
|
|
(5)
|
|
$
|
61.3
|
|
(6)
|
Liabilities related to separate accounts
|
1,780.4
|
|
|
1,620.0
|
|
(1)
|
|
160.4
|
|
(3)
|
|
—
|
|
|
||||
Total financial liabilities
|
$
|
1,918.2
|
|
|
$
|
1,693.2
|
|
|
|
$
|
163.7
|
|
|
|
$
|
61.3
|
|
|
|
|
|
|
December 31, 2017
|
|
||||||||||||||||
|
Total
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. government and government agencies and
authorities
|
$
|
182.6
|
|
|
$
|
—
|
|
|
|
$
|
182.6
|
|
|
|
$
|
—
|
|
|
State, municipalities and political subdivisions
|
326.2
|
|
|
—
|
|
|
|
326.2
|
|
|
|
—
|
|
|
||||
Foreign governments
|
596.8
|
|
|
1.0
|
|
|
|
595.8
|
|
|
|
—
|
|
|
||||
Asset-backed
|
190.2
|
|
|
—
|
|
|
|
150.8
|
|
|
|
39.4
|
|
|
||||
Commercial mortgage-backed
|
38.1
|
|
|
—
|
|
|
|
9.5
|
|
|
|
28.6
|
|
|
||||
Residential mortgage-backed
|
1,109.4
|
|
|
—
|
|
|
|
1,109.4
|
|
|
|
—
|
|
|
||||
U.S. corporate
|
5,371.3
|
|
|
—
|
|
|
|
5,350.2
|
|
|
|
21.1
|
|
|
||||
Foreign corporate
|
1,848.0
|
|
|
—
|
|
|
|
1,802.7
|
|
|
|
45.3
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common stocks
|
17.7
|
|
|
17.0
|
|
|
|
0.7
|
|
|
|
—
|
|
|
||||
Non-redeemable preferred stocks
|
350.3
|
|
|
—
|
|
|
|
348.1
|
|
|
|
2.2
|
|
|
||||
Short-term investments
|
284.1
|
|
|
141.6
|
|
(2)
|
|
142.5
|
|
|
|
—
|
|
|
||||
Other investments
|
253.9
|
|
|
71.2
|
|
(1)
|
|
172.7
|
|
(3)
|
|
10.0
|
|
(4)
|
||||
Cash equivalents
|
544.9
|
|
|
519.1
|
|
(2)
|
|
25.8
|
|
(3)
|
|
—
|
|
|
||||
Other assets
|
2.1
|
|
|
—
|
|
|
|
—
|
|
|
|
2.1
|
|
(5)
|
||||
Assets held in separate accounts
|
1,800.6
|
|
|
1,635.2
|
|
(1)
|
|
165.4
|
|
(3)
|
|
—
|
|
|
||||
Total financial assets
|
$
|
12,916.2
|
|
|
$
|
2,385.1
|
|
|
|
$
|
10,382.4
|
|
|
|
$
|
148.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
$
|
128.7
|
|
|
$
|
71.2
|
|
(1)
|
|
$
|
1.0
|
|
(5)
|
|
$
|
56.5
|
|
(6)
|
Liabilities related to separate accounts
|
1,800.6
|
|
|
1,635.2
|
|
(1)
|
|
165.4
|
|
(3)
|
|
—
|
|
|
||||
Total financial liabilities
|
$
|
1,929.3
|
|
|
$
|
1,706.4
|
|
|
|
$
|
166.4
|
|
|
|
$
|
56.5
|
|
|
(1)
|
Primarily includes mutual funds and related obligations.
|
(2)
|
Primarily includes money market funds.
|
(3)
|
Primarily includes fixed maturity securities and related obligations.
|
(4)
|
Primarily includes fixed maturity securities and other derivatives.
|
(5)
|
Primarily includes other derivative assets and liabilities.
|
(6)
|
Primarily includes contingent consideration liabilities related to business combinations and other derivatives.
|
|
|
|
|
March 31, 2018
|
||||||||||||||||||
|
|
|
Fair Value
|
||||||||||||||||
|
Carrying
Value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage loans on real estate
|
$
|
682.2
|
|
|
$
|
675.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
675.2
|
|
Other investments
|
96.2
|
|
|
96.2
|
|
|
35.2
|
|
|
—
|
|
|
61.0
|
|
|||||
Total financial assets
|
$
|
778.4
|
|
|
$
|
771.4
|
|
|
$
|
35.2
|
|
|
$
|
—
|
|
|
$
|
736.2
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Policy reserves under investment products
(Individual and group annuities, subject
to discretionary withdrawal) (1)
|
$
|
618.9
|
|
|
$
|
624.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
624.2
|
|
Funds withheld under reinsurance
|
173.6
|
|
|
173.6
|
|
|
173.6
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
2,004.4
|
|
|
2,122.8
|
|
|
—
|
|
|
2,122.8
|
|
|
—
|
|
|||||
Total financial liabilities
|
$
|
2,796.9
|
|
|
$
|
2,920.6
|
|
|
$
|
173.6
|
|
|
$
|
2,122.8
|
|
|
$
|
624.2
|
|
|
|||||||||||||||||||
|
December 31, 2017
|
||||||||||||||||||
|
|
|
Fair Value
|
||||||||||||||||
|
Carrying
Value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage loans on real estate
|
$
|
670.2
|
|
|
$
|
679.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
679.2
|
|
Other investments
|
84.4
|
|
|
84.4
|
|
|
36.3
|
|
|
—
|
|
|
48.1
|
|
|||||
Total financial assets
|
$
|
754.6
|
|
|
$
|
763.6
|
|
|
$
|
36.3
|
|
|
$
|
—
|
|
|
$
|
727.3
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Policy reserves under investment products
(Individual and group annuities, subject
to discretionary withdrawal) (1)
|
$
|
634.3
|
|
|
$
|
642.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
642.5
|
|
Funds withheld under reinsurance
|
179.8
|
|
|
179.8
|
|
|
179.8
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
1,068.2
|
|
|
1,174.4
|
|
|
—
|
|
|
1,174.4
|
|
|
—
|
|
|||||
Total financial liabilities
|
$
|
1,882.3
|
|
|
$
|
1,996.7
|
|
|
$
|
179.8
|
|
|
$
|
1,174.4
|
|
|
$
|
642.5
|
|
(1)
|
Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.
|
|
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Claims and benefits payable, at beginning of period
|
$
|
3,782.2
|
|
|
$
|
3,301.2
|
|
Less: Reinsurance ceded and other
|
(3,193.3
|
)
|
|
(2,718.2
|
)
|
||
Net claims and benefits payable, at beginning of period
|
588.9
|
|
|
583.0
|
|
||
Incurred losses and loss adjustment expenses related to:
|
|
|
|
||||
Current year
|
440.4
|
|
|
426.0
|
|
||
Prior years
|
(24.1
|
)
|
|
(55.5
|
)
|
||
Total incurred losses and loss adjustment expenses
|
416.3
|
|
|
370.5
|
|
||
Paid losses and loss adjustment expenses related to:
|
|
|
|
||||
Current year
|
213.5
|
|
|
191.0
|
|
||
Prior years
|
239.3
|
|
|
201.8
|
|
||
Total paid losses and loss adjustment expenses
|
452.8
|
|
|
392.8
|
|
||
Net claims and benefits payable, at end of period
|
552.4
|
|
|
560.7
|
|
||
Plus: Reinsurance ceded and other (1)
|
2,642.4
|
|
|
2,514.7
|
|
||
Claims and benefits payable, at end of period (1)
|
$
|
3,194.8
|
|
|
$
|
3,075.4
|
|
(1)
|
Global Housing's reinsurance recoverables and claims and benefits payable include $121.8 million and $55.3 million of balances ceded to the U.S. government under the voluntary National Flood Insurance Program as of March 31, 2018 and 2017, respectively.
|
|
|
|
(1)
|
Including the equivalent ratings of any substitute rating agency.
|
(2)
|
Applies to each rating agency individually.
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||
|
Foreign
currency
translation
adjustment
|
|
Net unrealized
gains on
securities
|
|
Net unrealized gains on derivative transactions
|
|
OTTI
|
|
Unamortized net (losses) on Pension Plans
|
|
Accumulated
other
comprehensive
income
|
||||||||||||
Balance at December 31, 2017
|
$
|
(281.5
|
)
|
|
$
|
581.2
|
|
|
$
|
—
|
|
|
$
|
17.9
|
|
|
$
|
(83.6
|
)
|
|
$
|
234.0
|
|
Change in accumulated other
comprehensive (loss) income
before reclassifications
|
9.2
|
|
|
(177.9
|
)
|
|
21.1
|
|
|
(3.5
|
)
|
|
—
|
|
|
(151.1
|
)
|
||||||
Amounts reclassified from
accumulated other comprehensive
(loss) income
|
—
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
||||||
Net current-period other
comprehensive income (loss)
|
9.2
|
|
|
(175.2
|
)
|
|
21.1
|
|
|
(3.5
|
)
|
|
—
|
|
|
(148.4
|
)
|
||||||
Cumulative effect of change in
accounting principles (1)
|
—
|
|
|
(33.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.9
|
)
|
||||||
Balance at March 31, 2018
|
$
|
(272.3
|
)
|
|
$
|
372.1
|
|
|
$
|
21.1
|
|
|
$
|
14.4
|
|
|
$
|
(83.6
|
)
|
|
$
|
51.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||||
|
Foreign
currency
translation
adjustment
|
|
Net unrealized
gains on
securities
|
|
Net unrealized gains on derivative transactions
|
|
OTTI
|
|
Unamortized net (losses) on Pension Plans
|
|
Accumulated
other
comprehensive
income
|
||||||||||||
Balance at December 31, 2016
|
$
|
(322.1
|
)
|
|
$
|
459.3
|
|
|
$
|
—
|
|
|
$
|
20.6
|
|
|
$
|
(63.2
|
)
|
|
$
|
94.6
|
|
Change in accumulated other
comprehensive (loss) income
before reclassifications
|
21.8
|
|
|
36.2
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
57.7
|
|
||||||
Amounts reclassified from
accumulated other comprehensive
(loss) income
|
—
|
|
|
(3.8
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(4.0
|
)
|
||||||
Net current-period other
comprehensive (loss) income
|
21.8
|
|
|
32.4
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
53.7
|
|
||||||
Balance at March 31, 2017
|
$
|
(300.3
|
)
|
|
$
|
491.7
|
|
|
$
|
—
|
|
|
$
|
20.3
|
|
|
$
|
(63.4
|
)
|
|
$
|
148.3
|
|
(1)
|
See Note 3 for additional information.
|
|
|
|
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,
|
|
|
||||||
|
|
2018
|
|
2017
|
|
|
||||
Net unrealized gains on securities
|
|
$
|
3.4
|
|
|
$
|
(5.9
|
)
|
|
Net realized gains on investments, excluding other-than-temporary impairment losses
|
|
|
(0.7
|
)
|
|
2.1
|
|
|
Provision for income taxes
|
||
|
|
2.7
|
|
|
(3.8
|
)
|
|
Net of tax
|
||
Amortization of pension and postretirement
unrecognized net periodic benefit cost:
|
|
|
|
|
|
|
||||
Settlement gain
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
Settlement gain
|
Amortization of net loss
|
|
—
|
|
|
0.3
|
|
|
(1)
|
||
|
|
—
|
|
|
(0.3
|
)
|
|
Total before tax
|
||
|
|
—
|
|
|
0.1
|
|
|
Provision for income taxes
|
||
|
|
—
|
|
|
(0.2
|
)
|
|
Net of tax
|
||
Total reclassifications for the period
|
|
$
|
2.7
|
|
|
$
|
(4.0
|
)
|
|
Net of tax
|
(1)
|
These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 - Retirement and Other Employee Benefits for additional information.
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
RSU compensation expense
|
$
|
5.1
|
|
|
$
|
4.7
|
|
Income tax benefit
|
(0.8
|
)
|
|
(1.7
|
)
|
||
RSU compensation expense, net of tax
|
$
|
4.3
|
|
|
$
|
3.0
|
|
RSUs granted
|
389,499
|
|
|
173,645
|
|
||
Weighted average grant date fair value per unit
|
$
|
90.73
|
|
|
$
|
99.49
|
|
Total fair value of vested RSUs
|
$
|
16.2
|
|
|
$
|
20.3
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
PSU compensation expense
|
$
|
4.2
|
|
|
$
|
(3.1
|
)
|
Income tax benefit
|
(0.9
|
)
|
|
1.1
|
|
||
PSU compensation expense, net of tax
|
$
|
3.3
|
|
|
$
|
(2.0
|
)
|
PSUs granted
|
—
|
|
|
237,959
|
|
||
Weighted average grant date fair value per unit
|
$
|
—
|
|
|
$
|
112.32
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Numerator
|
|
|
|
||||
Net income
|
$
|
106.0
|
|
|
$
|
143.8
|
|
Deduct common stock dividends paid
|
(29.7
|
)
|
|
(29.7
|
)
|
||
Undistributed earnings
|
$
|
76.3
|
|
|
$
|
114.1
|
|
Denominator
|
|
|
|
||||
Weighted average shares outstanding used in basic earnings per share
|
53,169,358
|
|
|
56,201,342
|
|
||
Incremental common shares from:
|
|
|
|
||||
PSUs
|
308,418
|
|
|
554,953
|
|
||
ESPP
|
—
|
|
|
346
|
|
||
MCPS
|
711,722
|
|
|
—
|
|
||
Weighted average shares used in diluted earnings per share calculations
|
54,189,498
|
|
|
56,756,641
|
|
||
Earnings per common share - Basic
|
|
|
|
||||
Distributed earnings
|
$
|
0.56
|
|
|
$
|
0.53
|
|
Undistributed earnings
|
1.43
|
|
|
2.03
|
|
||
Net income
|
$
|
1.99
|
|
|
$
|
2.56
|
|
Earnings per common share - Diluted
|
|
|
|
||||
Distributed earnings
|
$
|
0.55
|
|
|
$
|
0.52
|
|
Undistributed earnings
|
1.41
|
|
|
2.01
|
|
||
Net income
|
$
|
1.96
|
|
|
$
|
2.53
|
|
|
Qualified Pension
Benefits
|
|
Unfunded Nonqualified 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,
|
|||||||||||||||||||||
|
2018
|
|
2017 Plan 1
|
2017 Plan 2
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||
Interest cost
|
$
|
5.8
|
|
|
$
|
2.9
|
|
$
|
3.1
|
|
|
$
|
0.7
|
|
|
$
|
0.8
|
|
|
$
|
0.8
|
|
|
$
|
0.9
|
|
Expected return on plan assets
|
(9.1
|
)
|
|
(6.1
|
)
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(0.8
|
)
|
|||||||
Amortization of net loss
|
0.2
|
|
|
—
|
|
0.3
|
|
|
0.5
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|||||||
Curtailment/settlement gain
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|||||||
Net periodic benefit cost
|
$
|
(3.1
|
)
|
|
$
|
(3.2
|
)
|
$
|
(3.4
|
)
|
|
$
|
1.2
|
|
|
$
|
0.4
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
•
|
Global Housing: provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (referred to as multi-family housing); and valuation and field services (referred to as mortgage solutions).
|
•
|
Global Lifestyle: provides mobile device protection and related services and extended service products and related services (referred to as Connected Living); vehicle protection services and credit insurance.
|
•
|
Global Preneed: provides pre-funded funeral insurance.
|
•
|
Total Corporate and Other: Corporate and Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments, interest income earned from short-term investments held and income (expenses) primarily related to the Company's frozen benefit plans. Corporate and Other also includes the amortization of deferred gains and gains associated with the sales of Fortis Financial Group, Long-Term Care and the Assurant Employee Benefits businesses through reinsurance agreements, expenses related to the pending acquisition of The Warranty Group (see below) and other unusual or infrequent items. Additionally, the Total Corporate and Other segment includes amounts related to the runoff of the Assurant Health business. As Assurant Health was a reportable segment in prior years, these amounts are disclosed for comparability.
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
1,124.9
|
|
|
$
|
1,050.3
|
|
Fees and other income
|
364.5
|
|
|
340.2
|
|
||
Net investment income
|
130.2
|
|
|
120.6
|
|
||
Net realized gains on investments
|
0.5
|
|
|
3.4
|
|
||
Amortization of deferred gains and gains on disposal of businesses
|
18.5
|
|
|
37.0
|
|
||
Total revenues
|
1,638.6
|
|
|
1,551.5
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
414.6
|
|
|
358.0
|
|
||
Amortization of deferred acquisition costs and value of business acquired
|
346.4
|
|
|
314.5
|
|
||
Underwriting, general and administrative expenses
|
719.6
|
|
|
651.3
|
|
||
Interest expense
|
21.5
|
|
|
12.6
|
|
||
Total benefits, losses and expenses
|
1,502.1
|
|
|
1,336.4
|
|
||
Income before provision for income taxes
|
136.5
|
|
|
215.1
|
|
||
Provision for income taxes
|
30.5
|
|
|
71.3
|
|
||
Net income
|
$
|
106.0
|
|
|
$
|
143.8
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
436.4
|
|
|
$
|
436.4
|
|
Fees and other income
|
86.7
|
|
|
95.3
|
|
||
Net investment income
|
20.2
|
|
|
19.2
|
|
||
Total revenues
|
543.3
|
|
|
550.9
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
169.1
|
|
|
163.3
|
|
||
Amortization of deferred acquisition costs and value of business acquired
|
49.6
|
|
|
50.9
|
|
||
Underwriting, general and administrative expenses
|
234.9
|
|
|
240.7
|
|
||
Total benefits, losses and expenses
|
453.6
|
|
|
454.9
|
|
||
Segment income before provision for
income taxes
|
89.7
|
|
|
96.0
|
|
||
Provision for income taxes
|
18.5
|
|
|
34.1
|
|
||
Segment net income
|
$
|
71.2
|
|
|
$
|
61.9
|
|
Net earned premiums, fees and other:
|
|
|
|
||||
Lender-placed insurance
|
$
|
289.7
|
|
|
$
|
305.6
|
|
Multi-family housing
|
97.2
|
|
|
85.4
|
|
||
Mortgage solutions
|
45.5
|
|
|
60.9
|
|
||
Manufactured housing and other
|
90.7
|
|
|
79.8
|
|
||
Total
|
$
|
523.1
|
|
|
$
|
531.7
|
|
Ratios:
|
|
|
|
||||
Combined ratio for risk-based businesses (1)
|
85.3
|
%
|
|
82.9
|
%
|
||
Pre-tax income margin for fee-based, capital-light businesses (2)
|
11.4
|
%
|
|
8.8
|
%
|
(1)
|
The combined ratio for risk-based businesses is equal to total policyholder benefits, losses and expenses, including reportable catastrophe losses, divided by net earned premiums and fees and other income for lender-placed and manufactured housing and other businesses.
|
(2)
|
The pre-tax margin for fee-based, capital-light businesses equals income before provision for income taxes divided by net earned premiums and fees and other income for multi-family housing and mortgage solutions.
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
673.6
|
|
|
$
|
595.8
|
|
Fees and other income
|
244.9
|
|
|
209.1
|
|
||
Net investment income
|
32.1
|
|
|
26.5
|
|
||
Total revenues
|
950.6
|
|
|
831.4
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
181.6
|
|
|
148.6
|
|
||
Amortization of deferred acquisition costs and value of business acquired
|
280.3
|
|
|
251.0
|
|
||
Underwriting, general and administrative expenses
|
415.8
|
|
|
354.7
|
|
||
Total benefits, losses and expenses
|
877.7
|
|
|
754.3
|
|
||
Segment income before provision for income taxes
|
72.9
|
|
|
77.1
|
|
||
Provision for income taxes
|
17.1
|
|
|
24.7
|
|
||
Segment net income
|
$
|
55.8
|
|
|
$
|
52.4
|
|
Net earned premiums, fees and other:
|
|
|
|
||||
Global connected living (mobile, service contracts and assistance services)
|
$
|
602.1
|
|
|
$
|
512.2
|
|
Global vehicle protection services
|
202.5
|
|
|
174.8
|
|
||
Global credit and other
|
113.9
|
|
|
117.9
|
|
||
Total
|
$
|
918.5
|
|
|
$
|
804.9
|
|
Net earned premiums, fees and other:
|
|
|
|
||||
Domestic
|
$
|
579.5
|
|
|
$
|
506.3
|
|
International
|
339.0
|
|
|
298.6
|
|
||
Total
|
$
|
918.5
|
|
|
$
|
804.9
|
|
Ratios:
|
|
|
|
||||
Combined ratio for risk-based businesses (1)
|
99.1
|
%
|
|
92.2
|
%
|
||
Pre-tax income margin for fee-based, capital-light businesses (2)
|
8.2
|
%
|
|
7.1
|
%
|
(1)
|
The combined ratio for risk-based businesses is equal to total policyholder benefits, losses and expenses divided by net earned premiums and fees and other income for vehicle protection services, credit and other businesses.
|
(2)
|
The pre-tax income margin for fee-based, capital-light businesses equals income before provision for income taxes divided by net earned premiums and fees and other income for Connected Living, including mobile, extended service contracts and assistance services.
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
14.6
|
|
|
$
|
14.6
|
|
Fees and other income
|
31.6
|
|
|
29.6
|
|
||
Net investment income
|
65.8
|
|
|
64.2
|
|
||
Total revenues
|
112.0
|
|
|
108.4
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
66.7
|
|
|
66.2
|
|
||
Selling, underwriting, general and administrative expenses
|
32.7
|
|
|
27.5
|
|
||
Total benefits, losses and expenses
|
99.4
|
|
|
93.7
|
|
||
Segment income before provision for income taxes
|
12.6
|
|
|
14.7
|
|
||
Provision for income taxes
|
2.8
|
|
|
4.8
|
|
||
Segment net income
|
$
|
9.8
|
|
|
$
|
9.9
|
|
|
For the Three Months Ended March 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Corporate and Other
|
|
Health
|
|
Total Corporate and Other
|
|
Corporate and Other
|
|
Health
|
|
Total Corporate and Other
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earned premiums
|
$
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|
$
|
—
|
|
|
$
|
3.5
|
|
|
$
|
3.5
|
|
||
Fees and other income
|
1.2
|
|
|
0.1
|
|
|
1.3
|
|
|
4.9
|
|
|
1.3
|
|
|
6.2
|
|
||||||
Net investment income
|
11.0
|
|
|
1.1
|
|
|
12.1
|
|
|
9.6
|
|
|
1.1
|
|
|
10.7
|
|
||||||
Net realized gains on investments
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
||||||
Amortization of deferred gains and gains on disposal of businesses
|
18.5
|
|
|
—
|
|
|
18.5
|
|
|
37.0
|
|
|
—
|
|
|
37.0
|
|
||||||
Total revenues
|
31.2
|
|
|
1.5
|
|
|
32.7
|
|
|
54.9
|
|
|
5.9
|
|
|
60.8
|
|
||||||
Benefits, losses and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Policyholder benefits
|
—
|
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
(20.1
|
)
|
|
(20.1
|
)
|
||||||
General and administrative expenses
|
51.0
|
|
|
1.7
|
|
|
52.7
|
|
|
27.6
|
|
|
13.4
|
|
|
41.0
|
|
||||||
Interest expense
|
21.5
|
|
|
—
|
|
|
21.5
|
|
|
12.6
|
|
|
—
|
|
|
12.6
|
|
||||||
Total benefits, losses and expenses
|
72.5
|
|
|
(1.1
|
)
|
|
71.4
|
|
|
40.2
|
|
|
(6.7
|
)
|
|
33.5
|
|
||||||
Segment (loss) income before (benefit) provision for income taxes
|
(41.3
|
)
|
|
2.6
|
|
|
(38.7
|
)
|
|
14.7
|
|
|
12.6
|
|
|
27.3
|
|
||||||
(Benefit) provision for income taxes
|
(8.5
|
)
|
|
0.6
|
|
|
(7.9
|
)
|
|
3.0
|
|
|
4.7
|
|
|
7.7
|
|
||||||
Segment net (loss) income
|
$
|
(32.8
|
)
|
|
$
|
2.0
|
|
|
$
|
(30.8
|
)
|
|
$
|
11.7
|
|
|
$
|
7.9
|
|
|
$
|
19.6
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Fixed maturity securities
|
$
|
104.6
|
|
|
$
|
102.9
|
|
Equity securities
|
5.0
|
|
|
5.9
|
|
||
Commercial mortgage loans on real estate
|
8.3
|
|
|
9.0
|
|
||
Short-term investments
|
2.4
|
|
|
1.8
|
|
||
Other investments
|
6.1
|
|
|
3.4
|
|
||
Cash and cash equivalents
|
4.9
|
|
|
3.2
|
|
||
Revenue from consolidated investment entities (1)
|
13.5
|
|
|
—
|
|
||
Total investment income
|
144.8
|
|
|
126.2
|
|
||
Investment expenses
|
(4.2
|
)
|
|
(5.6
|
)
|
||
Expenses from consolidated investment entities (1)
|
(10.4
|
)
|
|
—
|
|
||
Net investment income
|
$
|
130.2
|
|
|
$
|
120.6
|
|
(1)
|
The net of revenues and expenses from consolidated investment entities of $3.1 million for First Quarter 2018 includes $1.9 million and $0.8 million of interest income from the Company's direct investment the real estate fund and collateralized loan obligations "CLOs", respectively, and $0.4 million related to investment management fees. Refer to Note 7 - Variable Interest Entities, for further detail.
|
•
|
Affirmed all ratings with a stable outlook, except for a revised outlook on the financial strength ratings to negative from stable for our two subsidiaries that sold the Assurant Employee Benefits business through reinsurance due to their diminished profile following the sale.
|
•
|
No additional actions were taken. In connection with the pending transaction ratings remain under review for downgrade until the TWG acquisition closes.
|
•
|
In connection with the pending transaction, lowered the long-term issuer credit rating of the holding company from BBB+ to BBB with a stable outlook.
|
•
|
Affirmed the short-term issuer credit rating.
|
•
|
Financial strength ratings of rated operating companies were affirmed with a stable outlook.
|
|
For the Three Months Ended March 31,
|
||||||
Net cash provided by (used in):
|
2018
|
|
2017
|
||||
Operating activities (1)
|
$
|
(77.9
|
)
|
|
$
|
29.0
|
|
Investing activities
|
79.1
|
|
|
(58.8
|
)
|
||
Financing activities
|
1,344.0
|
|
|
(127.7
|
)
|
||
Net change in cash
|
$
|
1,345.2
|
|
|
$
|
(157.5
|
)
|
(1)
|
Includes effect of exchange rate changes and the reclassification of assets held for sale on cash and cash equivalents.
|
|
For the Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Interest paid on debt
|
$
|
24.0
|
|
|
$
|
24.0
|
|
Common stock dividends
|
29.7
|
|
|
29.7
|
|
||
Total
|
$
|
53.7
|
|
|
$
|
53.7
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2018, 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 Statement of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. |
|
|
|
|
|
|
|
ASSURANT, INC.
|
||
|
|
|
|
|
Date: May 7, 2018
|
|
By:
|
|
/s/ ALAN B. COLBERG
|
|
|
Name:
|
|
Alan B. Colberg
|
|
|
Title:
|
|
President, Chief Executive Officer and Director
|
|
|
|
|
|
Date: May 7, 2018
|
|
By:
|
|
/s/ RICHARD S. DZIADZIO
|
|
|
Name:
|
|
Richard S. Dziadzio
|
|
|
Title:
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
Vesting Dates
|
|
Portion of
|
(Anniversaries of Grant Date)
|
|
Restricted Stock Units Vesting
|
First Anniversary
|
|
1/3
|
Second Anniversary
|
|
1/3
|
Third Anniversary
|
|
1/3
|
Participant:
|
|
|
|
Date:
|
|
|
|
Assurant, Inc.:
|
|
By:
|
|
Name:
|
|
Title:
|
|
Date:
|
|
|
March 31,
2018 |
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Income before income taxes
|
$
|
136.5
|
|
|
$
|
444.5
|
|
|
$
|
848.6
|
|
|
$
|
201.2
|
|
|
$
|
744.1
|
|
|
$
|
789.7
|
|
Fixed charges
|
23.7
|
|
|
57.4
|
|
|
66.5
|
|
|
65.7
|
|
|
68.5
|
|
|
86.8
|
|
||||||
Income as adjusted
|
$
|
160.2
|
|
|
$
|
501.9
|
|
|
$
|
915.1
|
|
|
$
|
266.9
|
|
|
$
|
812.6
|
|
|
$
|
876.5
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, including discount
amortization
|
$
|
21.5
|
|
|
$
|
49.5
|
|
|
$
|
57.6
|
|
|
$
|
55.1
|
|
|
$
|
58.4
|
|
|
$
|
77.7
|
|
Portion of rents representative of an appropriate
interest factor
|
2.2
|
|
|
7.9
|
|
|
8.9
|
|
|
10.6
|
|
|
10.1
|
|
|
9.1
|
|
||||||
Total fixed charges
|
$
|
23.7
|
|
|
$
|
57.4
|
|
|
$
|
66.5
|
|
|
$
|
65.7
|
|
|
$
|
68.5
|
|
|
$
|
86.8
|
|
Ratio of consolidated earnings to fixed
charges
|
6.76
|
|
|
8.74
|
|
|
13.76
|
|
|
4.06
|
|
|
11.86
|
|
|
10.10
|
|
|
/s/ Alan B. Colberg
|
|
Alan B. Colberg
President, Chief Executive Officer and Director
|
|
/s/ Richard S. Dziadzio
|
|
Richard S. Dziadzio
Executive Vice President, Chief Financial Officer and Treasurer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Alan B. Colberg
|
|
Alan B. Colberg
President, Chief Executive Officer and Director
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Richard S. Dziadzio
|
|
Richard S. Dziadzio
Executive Vice President, Chief Financial Officer and Treasurer
|