0001628280-17-008001.txt : 20170803 0001628280-17-008001.hdr.sgml : 20170803 20170803160700 ACCESSION NUMBER: 0001628280-17-008001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170803 DATE AS OF CHANGE: 20170803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSURANT INC CENTRAL INDEX KEY: 0001267238 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 391126612 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31978 FILM NUMBER: 171004918 BUSINESS ADDRESS: STREET 1: 28 LIBERTY STREET STREET 2: 41ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-859-7000 MAIL ADDRESS: STREET 1: 28 LIBERTY STREET STREET 2: 41ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 10-Q 1 aiz-2017063010q.htm AIZ 06.30.2017 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2017
OR 
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Assurant, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
001-31978
 
39-1126612
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
28 Liberty Street, 41st Floor
New York, New York 10005
(212) 859-7000
(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
x
  
Accelerated filer
 
¨
 
 
 
 
Non-accelerated filer
 
¨ (Do not check if a smaller reporting company)
  
Smaller reporting company
 
¨
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x
The number of shares of the registrant’s Common Stock outstanding at July 28, 2017 was 53,886,783.
 
 
 
 
 


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2017
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
 
 
 
 
 
1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.
 
 
 
3.
 
 
 
4.
 
 
 
 
 
 
 
 
1.
 
 
 
1A.
 
 
 
2.
 
 
 
6.
 
 
 
 
Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in millions, except number of shares and per share amounts.

1


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
At June 30, 2017 and December 31, 2016
 
 
 



 
June 30, 2017
 
December 31, 2016
 
(in millions except number of shares and per
share amounts)
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities available for sale, at fair value (amortized cost - $8,706.6 in 2017 and
$8,870.8 in 2016)
$
9,579.4

 
$
9,572.1

Equity securities available for sale, at fair value (cost - $356.9 in 2017 and $381.8 in 2016)
413.9

 
421.4

Commercial mortgage loans on real estate, at amortized cost
624.0

 
624.0

Policy loans
37.7

 
38.5

Short-term investments
198.9

 
227.7

Other investments
786.3

 
595.3

Total investments
11,640.2

 
11,479.0

Cash and cash equivalents
848.2

 
1,032.0

Premiums and accounts receivable, net
1,336.3

 
1,218.0

Reinsurance recoverables
8,953.2

 
9,083.2

Accrued investment income
105.3

 
110.1

Deferred acquisition costs
3,326.6

 
3,267.4

Property and equipment, at cost less accumulated depreciation
355.5

 
343.6

Tax receivable
37.5

 
20.5

Goodwill
905.5

 
830.9

Value of business acquired
28.2

 
32.1

Other intangible assets, net
316.5

 
240.3

Other assets
426.8

 
359.7

Assets held in separate accounts
1,779.1

 
1,692.3

Total assets
$
30,058.9

 
$
29,709.1

Liabilities
 
 
 
Future policy benefits and expenses
$
10,278.1

 
$
10,112.9

Unearned premiums
6,718.3

 
6,626.5

Claims and benefits payable
3,093.3

 
3,301.2

Commissions payable
374.4

 
386.2

Reinsurance balances payable
118.7

 
95.3

Funds held under reinsurance
153.4

 
111.7

Deferred gains on disposal of businesses
170.1

 
232.2

Accounts payable and other liabilities
2,012.3

 
1,985.7

Debt
1,136.6

 
1,067.0

Liabilities related to separate accounts
1,779.1

 
1,692.3

Total liabilities
25,834.3

 
25,611.0

Commitments and contingencies (Note 15)

 

Stockholders’ equity
 
 
 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 54,064,643 and 55,941,480
shares outstanding at June 30, 2017 and December 31, 2016, respectively
1.5

 
1.5

Additional paid-in capital
3,172.4

 
3,175.9

Retained earnings
5,500.7

 
5,296.7

Accumulated other comprehensive income
236.9

 
94.6

Treasury stock, at cost; 96,251,219 and 94,041,583 shares at June 30, 2017 and December 31, 2016,
respectively
(4,686.9
)
 
(4,470.6
)
Total stockholders’ equity
4,224.6

 
4,098.1

Total liabilities and stockholders’ equity
$
30,058.9

 
$
29,709.1


See the accompanying Notes to the Consolidated Financial Statements

2


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
 
 
 

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions except number of shares and per share amounts)
Revenues
 
 
 
 
 
 
 
Net earned premiums
$
1,115.3

 
$
1,202.3

 
$
2,165.6

 
$
2,617.5

Fees and other income
326.9

 
328.3

 
667.1

 
686.0

Net investment income
121.7

 
119.8

 
242.3

 
255.5

Net realized gains on investments, excluding other-than-temporary impairment losses
13.3

 
21.6

 
17.1

 
184.0

Total other-than-temporary impairment losses
(0.1
)
 
—

 
(0.5
)
 
(0.4
)
Portion of net gain recognized in other comprehensive income, before taxes
—

 
—

 
—

 
(0.3
)
Net other-than-temporary impairment losses recognized in earnings
(0.1
)
 
—

 
(0.5
)
 
(0.7
)
Amortization of deferred gains and gains on disposal of businesses
23.4

 
125.8

 
60.4

 
173.4

Gain on pension plan curtailment
—

 
—

 
—

 
29.6

Total revenues
1,600.5

 
1,797.8

 
3,152.0

 
3,945.3

Benefits, losses and expenses
 
 
 
 
 
 
 
Policyholder benefits
416.4

 
400.8

 
774.4

 
944.6

Amortization of deferred acquisition costs and value of business acquired
346.7

 
342.7

 
661.2

 
677.0

Underwriting, general and administrative expenses
646.3

 
803.6

 
1,297.6

 
1,720.9

Interest expense
12.4

 
15.2

 
25.0

 
29.7

Total benefits, losses and expenses
1,421.8

 
1,562.3

 
2,758.2

 
3,372.2

Income before provision for income taxes
178.7

 
235.5

 
393.8

 
573.1

Provision for income taxes
58.5

 
66.2

 
129.8

 
183.4

Net income
$
120.2

 
$
169.3

 
$
264.0

 
$
389.7

Earnings Per Share
 
 
 
 
 
 
 
Basic
$
2.18

 
$
2.72

 
$
4.74

 
$
6.12

Diluted
$
2.16

 
$
2.70

 
$
4.71

 
$
6.06

Dividends per share
$
0.53

 
$
0.50

 
$
1.06

 
$
1.00

Share Data
 
 
 
 
 
 
 
Weighted average shares outstanding used in basic per share calculations
55,230,367

 
62,244,778

 
55,713,172

 
63,665,856

Plus: Dilutive securities
279,531

 
478,514

 
361,980

 
608,153

Weighted average shares used in diluted per share calculations
55,509,898

 
62,723,292

 
56,075,152

 
64,274,009

See the accompanying Notes to the Consolidated Financial Statements

3


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
 
 
 

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions)
Net income
$
120.2

 
$
169.3

 
$
264.0

 
$
389.7

Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in unrealized gains on securities, net of taxes of $(40.7), $(62.5), $(57.7) and $(77.3), respectively
73.9

 
115.9

 
106.3

 
145.8

Change in other-than-temporary impairment gains, net of taxes of $0.8, $(0.1), $1.0 and $0.6, respectively
(1.5
)
 
0.2

 
(1.8
)
 
(1.1
)
Change in foreign currency translation, net of taxes of $(0.9), $(0.1), $(1.3) and $(1.7), respectively
15.7

 
(14.5
)
 
37.5

 
(2.7
)
Amortization of pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.3), $(0.2), $(0.2) and $(35.9), respectively
0.5

 
0.4

 
0.3

 
66.6

Total other comprehensive income
88.6

 
102.0

 
142.3

 
208.6

Total comprehensive income
$
208.8

 
$
271.3

 
$
406.3

 
$
598.3

See the accompanying Notes to the Consolidated Financial Statements

4


Assurant, Inc.
Consolidated Statement of Stockholders’ Equity (unaudited)
From December 31, 2016 through June 30, 2017
 
 
 

 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Treasury
Stock
 
Total
 
(in millions)
Balance at December 31, 2016
$
1.5

 
$
3,175.9

 
$
5,296.7

 
$
94.6

 
$
(4,470.6
)
 
$
4,098.1

Stock plan exercises
—

 
(14.8
)
 
—

 
—

 
—

 
(14.8
)
Stock plan compensation
—

 
11.3

 
—

 
—

 
—

 
11.3

Dividends
—

 
—

 
(60.0
)
 
—

 
—

 
(60.0
)
Acquisition of common
  stock
—

 
—

 
—

 
—

 
(216.3
)
 
(216.3
)
Net income
—

 
—

 
264.0

 
—

 
—

 
264.0

Other comprehensive
 income
—

 
—

 
—

 
142.3

 
—

 
142.3

Balance, June 30, 2017
$
1.5

 
$
3,172.4

 
$
5,500.7

 
$
236.9

 
$
(4,686.9
)
 
$
4,224.6

 
See the accompanying Notes to the Consolidated Financial Statements

5


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2017 and 2016
 
 
 

 
Six Months Ended June 30,
 
2017
 
2016
 
(in millions)
Net cash used in operating activities
$
(0.3
)
 
$
(323.8
)
Investing activities
 
 
 
Sales of:
 
 
 
Fixed maturity securities available for sale
1,653.4

 
1,270.3

Equity securities available for sale
43.8

 
152.5

Other invested assets
35.5

 
15.8

Subsidiary, net of cash transferred (1)
—

 
857.8

Commercial mortgage loans on real estate
—

 
268.8

Maturities, calls, prepayments, and scheduled redemption of:
 
 
 
Fixed maturity securities available for sale
448.2

 
420.1

Commercial mortgage loans on real estate
69.0

 
44.7

Purchases of:
 
 
 
Fixed maturity securities available for sale
(1,880.8
)
 
(2,018.4
)
Equity securities available for sale
(14.7
)
 
(134.5
)
Commercial mortgage loans on real estate
(69.0
)
 
(33.9
)
Other invested assets
(157.2
)
 
(38.8
)
Property and equipment and other
(31.1
)
 
(47.7
)
Subsidiaries, net of cash transferred (2)
(127.4
)
 
(19.7
)
Change in short-term investments
34.8

 
6.5

Other
(0.8
)
 
2.1

Net cash provided by investing activities
3.7

 
745.6

Financing activities
 
 
 
Issuance of debt (3)
69.0

 
249.7

Repayment of debt
—

 
(250.0
)
Change in tax benefit from share-based payment arrangements
—

 
7.9

Acquisition of common stock
(218.6
)
 
(445.6
)
Dividends paid
(60.0
)
 
(65.0
)
Withholding on stock based compensation

17.3

 
22.1

Net cash used in financing activities
(192.3
)
 
(480.9
)
Effect of exchange rate changes on cash and cash equivalents
5.1

 
(2.4
)
Adjustments for cash included in business classified as held for sale
—

 
5.9

Change in cash and cash equivalents
(183.8
)
 
(55.6
)
Cash and cash equivalents at beginning of period
1,032.0

 
1,288.3

Cash and cash equivalents at end of period
$
848.2

 
$
1,232.7

 
(1)
Primarily relates to the sale of Assurant's Employee Benefits segment mainly through reinsurance transactions.
(2)
2017 primarily includes the acquisition of Green Tree Insurance Agency, Inc.
(3)
Refer to Note 7- Investments for additional information regarding 2017 activity.

See the accompanying Notes to the Consolidated Financial Statements

6

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 





1. Nature of Operations
Assurant, Inc. (the “Company”) is a holding company whose subsidiaries globally provide risk management solutions in the housing and lifestyle markets, protecting where consumers live and the goods they buy.
The Company is traded on the New York Stock Exchange under the symbol "AIZ."
Through its operating subsidiaries, the Company provides mobile device protection products and services; extended service contracts and related services for consumer electronics and appliances; vehicle protection services; pre-funded funeral insurance; credit insurance; lender-placed homeowners insurance; manufactured housing and flood insurance; renters insurance and related products; and field services, valuation services and other property risk management services.
2. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The interim financial data as of June 30, 2017 and for the three and six months ended June 30, 2017 and 2016 is unaudited; in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2017 presentation.
Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
3. Recent Accounting Pronouncements
Adopted
On April 1, 2017, the Company early adopted the amended guidance to shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. Such guidance would have been required to be adopted in 2019. Since the Company’s current policy is to amortize premiums on callable debt securities to the earliest call date, at the date of adoption there was no impact to the Company’s financial position or results of operations.
On January 1, 2017, the Company adopted the amended guidance on goodwill impairment testing. Under the amended guidance, the optional qualitative assessment (Step 0) and the first step of the quantitative assessment (Step 1) remain unchanged. Step 2 is eliminated. As a result, for annual impairment testing or in the event a test is required prior to the annual test, the Company will use Step 1 to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. The Company is adopting this guidance on a prospective basis as a change in accounting principle, therefore at the date of adoption there is no impact to the Company’s financial position or results of operations.
On January 1, 2017, the Company adopted the amended guidance on accounting for employee share-based stock compensation. The updated guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and accounting for forfeitures. Upon adoption the Company recognizes excess tax benefits or deficiencies in net income, as well as the related cash flows in operating activities, on a prospective basis. The earnings impact of the adoption did not have a material impact on the Company’s financial results of operations. The updated guidance allows companies a policy election with regard to forfeitures and the Company has elected to continue its existing practice of estimating the number of

7

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 




awards that will be forfeited. As required in the updated guidance, the Company will present cash flows related to employee withholding taxes as financing activities as opposed to operating activities, on a retrospective basis, which resulted in the reclassification of $17.3 and $22.1 in the consolidated statements of cash flows for the periods ending June 30, 2017 and 2016, respectively.
Not Yet Adopted
In October 2016, the FASB issued amended guidance on tax accounting for intra-entity transfers of assets. Current guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Also, the amended guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The amended guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2018. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations.
In August 2016, the FASB issued amended guidance on presentation and classification in the statement of cash flows. The amendments address certain specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon or insignificant coupon debt instruments; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and guidance related to the identification of the primary source for separately identifiable cash flows. The amended guidance is effective in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2018. The adoption of this amended guidance will not have an impact on the Company’s financial position and results of operations.
In June 2016, the FASB issued amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, the amended guidance eliminates the probable recognition threshold, and, instead requires an entity to reflect the current estimate of all expected credit losses. For available for sale debt securities, credit losses are measured in a manner similar to current GAAP, however, the amended guidance requires that credit losses be presented as an allowance rather than as a permanent impairment. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amended guidance is effective in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2020. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the requirements of this amended guidance and the potential impact on the Company’s financial position and results of operations.
In February 2016, the FASB issued new guidance on leases. The new guidance will replace the current lease guidance. The new guidance requires that entities recognize the assets and liabilities associated with leases on the balance sheet and to disclose key information about leasing arrangements. The new guidance is effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2019. Early adoption is permitted. The Company is evaluating the requirements of this new lease guidance and the potential impact on the Company’s financial position and results of operations.
In January 2016, the FASB issued amended guidance on the measurement and classification of financial instruments. This amended guidance requires that all equity investments be measured at fair value with changes in fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the fair value option has been elected for financial liabilities. The amendments eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, however public business entities will be required to use the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The amended guidance is effective in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

8

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 




Therefore, the Company is required to adopt the guidance on January 1, 2018. Upon adoption, all common and preferred stocks will be measured at fair value through the income statement as we have not elected the fair value measurement alternative in cases where there is not a readily determinable market price. The potential impact of this amended measurement and classification of financial instruments guidance on the Company’s financial position and results of operations will be determined based on the market values of the common and preferred stocks on the date of adoption.
In May 2014, the FASB issued amended guidance on revenue recognition from contracts with customers. In July 2015, the FASB approved a one-year deferral of the effective date of the amended guidance to 2018 for public companies. Further amendments and technical corrections were made to the amended guidance during 2016. The amended guidance, which the Company will adopt effective January 1, 2018, affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. Insurance contracts are within the scope of other standards and therefore are specifically excluded from the scope of the amended revenue recognition guidance. The amended guidance creates a five step approach that emphasizes the recognition of revenue when the performance obligations are met in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive. This guidance may be adopted using the full retrospective method, whereby the amended guidance is applied to each prior period presented and the cumulative effect of applying the amended guidance is recognized at the beginning of the earliest period presented or the modified retrospective approach, whereby the cumulative effect of applying the amended guidance is recognized at the beginning of the year of adoption and the comparative information is not restated and continues to be reported under the accounting standards in effect for those periods.
The Company is progressing through its process to implement the amended revenue recognition guidance. The Company has assessed its revenue streams to identify those contracts that are excluded from the scope of the standard and those that are subject to the new standard. The Company has identified that approximately 40% of its 2016 reported revenues are in scope of the new standard. The in-scope revenues include service contract revenues written by non-insurance companies, which are currently reported in net earned premiums, and will likely be disclosed as part of a new category of revenue as a result of adoption of the new standard. The Company has selected a representative sample of contracts from the more significant in-scope product lines for review under the new standard (“key contracts”) to identify revenues that should be separately disclosed or earned using a different recognition period. The review of such key contracts is nearly complete. The Company is currently grouping the remaining contracts with similar features based on the conclusions reached with the key contracts review and is in the process of performing additional review of specific contracts with unique features that require separate assessment. Based on the work completed to date, the Company does not expect the implementation of the amended guidance to have an impact on the timing of revenue recognition for the majority of its in-scope revenue streams. While significant progress has been made, the Company is still evaluating the impact of the amended revenue recognition standard on its financial position and results of operations and related disclosures.

4. Segment Information
As of June 30, 2017, the Company had four reportable segments, which are defined based on the manner in which our Chief Operating Decision Makers (CEO and COO) review the business to assess performance and allocate resources, and align to the nature of the products and services offered:
•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.

9

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 




•Total Corporate & Other: Corporate & Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments and interest income earned from short-term investments held and income (expenses) primarily related to the Company's frozen benefit plans. Corporate & Other also includes the amortization of deferred gains and gains associated with the sales of Fortis Financial Group, Long-Term Care and Assurant Employee Benefits ("AEB") through reinsurance agreements and other unusual and infrequent items. Additionally, the Total Corporate & 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 separately in the following segment tables for comparability.
In addition, AEB was a separate reportable segment in 2016 and primarily includes the results of operations for the periods prior to its sale on March 1, 2016. See Note 5 for more information.
The following tables summarize selected financial information by segment: 
 
Three Months Ended June 30, 2017
 
 
 
 
 
 
 
Total Corporate & Other
 
 
 
Global Housing
 
Global Lifestyle
 
Global Preneed
 
Corporate &
Other
 
Health
 
Total
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
442.4

 
$
656.0

 
$
15.2

 
$
—

 
$
1.7

 
$
1.7

 
$
1,115.3

Fees and other income
107.8

 
180.0

 
31.1

 
6.9

 
1.1

 
8.0

 
326.9

Net investment income
16.8

 
26.4

 
65.0

 
9.8

 
3.7

 
13.5

 
121.7

Net realized gains on investments
—

 
—

 
—

 
13.2

 
—

 
13.2

 
13.2

Amortization of deferred gains and
  gains on disposal of businesses
—

 
—

 
—

 
23.4

 
—

 
23.4

 
23.4

Total revenues
567.0

 
862.4

 
111.3

 
53.3

 
6.5

 
59.8

 
1,600.5

Benefits, losses and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits (1)
188.2

 
178.1

 
61.9

 
—

 
(11.8
)
 
(11.8
)
 
416.4

Amortization of deferred
  acquisition costs and value of
  business acquired
46.8

 
283.6

 
16.3

 
—

 
—

 
—

 
346.7

Underwriting, general and
  administrative expenses
247.5

 
340.6

 
14.3

 
29.9

 
14.0

 
43.9

 
646.3

Interest expense
—

 
—

 
—

 
12.4

 
—

 
12.4

 
12.4

Total benefits, losses and
  expenses
482.5

 
802.3

 
92.5

 
42.3

 
2.2

 
44.5

 
1,421.8

Segment income before provision
  for income tax
84.5

 
60.1

 
18.8

 
11.0

 
4.3

 
15.3

 
178.7

Provision for income taxes
28.3

 
19.9

 
6.0

 
3.5

 
0.8

 
4.3

 
58.5

Segment income after tax
$
56.2

 
$
40.2

 
$
12.8

 
$
7.5

 
$
3.5

 
$
11.0

 
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
$
120.2



10

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 




 
Three Months Ended June 30, 2016
 
 
 
 
 
 
 
Total Corporate & Other
 
 
 
Global Housing
 
Global Lifestyle
 
Global Preneed
 
Corporate &
Other
 
Health
 
Total
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
451.3

 
$
739.2

 
$
16.1

 
$
—

 
$
(4.3
)
 
$
(4.3
)
 
$
1,202.3

Fees and other income
109.8

 
175.7

 
27.2

 
7.3

 
8.3

 
15.6

 
328.3

Net investment income
17.9

 
26.3

 
61.9

 
11.7

 
2.0

 
13.7

 
119.8

Net realized gains on
  investments (2)
—

 
—

 
—

 
21.6

 
—

 
21.6

 
21.6

Amortization of deferred gains and
  gains on disposal of businesses (3)
—

 
—

 
—

 
125.8

 
—

 
125.8

 
125.8

Total revenues
579.0

 
941.2

 
105.2

 
166.4

 
6.0

 
172.4

 
1,797.8

Benefits, losses and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits (1)
202.7

 
161.0

 
61.2

 
—

 
(24.1
)
 
(24.1
)
 
400.8

Amortization of deferred
  acquisition costs and value of
  business acquired
59.7

 
267.5

 
15.5

 
—

 
—

 
—

 
342.7

Underwriting, general and
  administrative expenses
231.9

 
464.2

 
11.7

 
58.0

 
37.8

 
95.8

 
803.6

Interest expense
—

 
—

 
—

 
15.2

 
—

 
15.2

 
15.2

Total benefits, losses and
  expenses
494.3

 
892.7

 
88.4

 
73.2

 
13.7

 
86.9

 
1,562.3

Segment income (loss) before
  provision (benefit) for income
  tax
84.7

 
48.5

 
16.8

 
93.2

 
(7.7
)
 
85.5

 
235.5

Provision (benefit) for income
  taxes
27.8

 
(1.6
)
 
5.5

 
36.8

 
(2.3
)
 
34.5

 
66.2

Segment income (loss) after tax
$
56.9

 
$
50.1

 
$
11.3

 
$
56.4

 
$
(5.4
)
 
$
51.0

 
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
$
169.3


11

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
Three and Six Months Ended June 30, 2017 and 2016
(In millions, except number of shares and per share amounts)
 
 
 




 
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
Total Corporate & Other
 
 
 
Global Housing
 
Global Lifestyle
 
Global Preneed
 
Corporate &
Other
 
Health
 
Total
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
878.8

 
$
1,251.8

 
$