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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 March 31, 2018
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 May 3, 2018 was 52,689,972.
 
 
 
 
 


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2018
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 March 31, 2018 and December 31, 2017
 
 
 



 
March 31, 2018
 
December 31, 2017
 
(in millions except number of shares 
and per share amounts)
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities available for sale, at fair value (amortized cost - $8,530.4 in 2018 and $8,756.5 in 2017)
$
9,194.1

 
$
9,662.6

Equity securities, at fair value (cost - $314.6 in 2018 and $316.3 in 2017)
358.5

 
368.0

Commercial mortgage loans on real estate, at amortized cost
682.2

 
670.2

Short-term investments
171.1

 
284.1

Other investments
557.0

 
568.6

Total investments
10,962.9

 
11,553.5

Cash and cash equivalents
2,342.0

 
996.8

Premiums and accounts receivable, net
1,248.5

 
1,237.3

Reinsurance recoverables
9,278.4

 
9,790.2

Accrued investment income
108.7

 
105.4

Deferred acquisition costs
3,646.3

 
3,484.5

Property and equipment, at cost less accumulated depreciation
355.2

 
347.6

Tax receivable
34.6

 
126.3

Goodwill
923.1

 
917.7

Value of business acquired
22.6

 
24.4

Other intangible assets, net
275.8

 
288.6

Other assets
370.9

 
387.1

Assets held in separate accounts
1,816.9

 
1,837.1

Assets of consolidated investment entities (1)
1,042.0

 
746.5

Total assets
32,427.9

 
31,843.0

Liabilities
 
 
 
Future policy benefits and expenses
$
10,384.8

 
$
10,397.4

Unearned premiums
7,084.8

 
7,038.6

Claims and benefits payable
3,194.8

 
3,782.2

Commissions payable
344.9

 
365.1

Reinsurance balances payable
126.4

 
145.3

Funds held under reinsurance
173.6

 
179.8

Deferred gains on disposal of businesses
109.6

 
128.1

Accounts payable and other liabilities
1,855.8

 
2,046.3

Debt
2,004.4

 
1,068.2

Liabilities related to separate accounts
1,816.9

 
1,837.1

Liabilities of consolidated investment entities (1)
830.9

 
573.4

Total liabilities
27,926.9

 
27,561.5

Commitments and contingencies (Note 16)

 

Stockholders’ equity
 
 
 
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
2.9

 
—

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
1.5

 
1.5

Additional paid-in capital
3,478.8

 
3,197.9

Retained earnings
5,815.0

 
5,697.3

Accumulated other comprehensive income
51.7

 
234.0

Treasury stock, at cost; 97,974,792 shares at March 31, 2018 and December 31, 2017
(4,860.1
)
 
(4,860.1
)
Total Assurant, Inc. stockholders’ equity
4,489.8

 
4,270.6

Non-controlling interest
11.2

 
10.9

Total equity
4,501.0

 
4,281.5

Total liabilities and equity
$
32,427.9

 
$
31,843.0


2


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
At March 31, 2018 and December 31, 2017
 
 
 

(1)
The following table presents information on assets and liabilities related to consolidated investment entities as of March 31, 2018 and December 31, 2017.

 
March 31, 2018
 
December 31, 2017
 
(in millions)
Assets
 
 
 
Cash and cash equivalents
$
30.1

 
$
69.8

Investments, at fair value
984.8

 
655.0

Other receivables
27.1

 
21.7

Total assets
$
1,042.0

 
$
746.5

Liabilities
 
 
 
Collateralized loan obligation notes, at fair value
612.3

 
450.7

Other liabilities
218.6

 
122.7

Total liabilities
$
830.9

 
$
573.4



See the accompanying Notes to Consolidated Financial Statements

3


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
Three Months Ended March 31, 2018 and 2017

 
 
 

 
Three Months Ended March 31,
 
2018
 
2017
 
(in millions except number of shares and per share amounts)
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, excluding other-than-temporary impairment losses
0.5

 
3.8

Other-than-temporary impairment losses recognized in earnings
—

 
(0.4
)
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

Earnings Per Share
 
 
 
Basic
$
1.99

 
$
2.56

Diluted
$
1.96

 
$
2.53

Dividends per share of common stock
$
0.56

 
$
0.53

Share Data
 
 
 
Weighted average shares outstanding used in basic per share calculations
53,169,358

 
56,201,342

Plus: Dilutive securities
1,020,140

 
555,299

Weighted average shares used in diluted per share calculations
54,189,498

 
56,756,641

See the accompanying Notes to Consolidated Financial Statements

4


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
Three Months Ended March 31, 2018 and 2017
 
 
 

 
Three Months Ended March 31,
 
2018
 
2017
 
(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.

See the accompanying Notes to Consolidated Financial Statements

5


Assurant, Inc.
Consolidated Statement of Stockholders’ Equity (unaudited)
From December 31, 2017 through March 31, 2018

 
 
 

 
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.


See the accompanying Notes to Consolidated Financial Statements

6


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31, 2018 and 2017
 
 
 

 
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.

See the accompanying Notes to Consolidated Financial Statements

7
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(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; credit insurance; pre-funded funeral insurance and annuity products; 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 March 31, 2018 and for the three months ended March 31, 2018 and 2017 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.
Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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, 2017 (the "2017 annual financial statements").
3. Recent Accounting Pronouncements
Adopted
Revenue recognition from contracts with customers: On January 1, 2018, the Company adopted the new guidance related to revenue recognition from contracts with customers. The new guidance was adopted using the modified retrospective approach, whereby the cumulative effect of adoption to retained earnings was recognized as of January 1, 2018 and the comparative information was not restated and continues to be reported under the accounting standards in effect for those periods.
As disclosed within the notes to our 2017 annual consolidated financial statements, such guidance 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 and similar contracts issued by insurance entities are specifically excluded from the scope of the amended revenue recognition guidance. As such, this standard only applies to the Company’s service contracts and sales of products, including those related to providing administrative services, mobile related services, mortgage property risk management services and similar fee for service arrangements. Revenues from these contracts correspond to approximately 20% of the Company’s total 2017 revenues. The standard utilizes a five-step approach that emphasizes the recognition of revenue when the performance obligations are met by the Company in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive.
As of the adoption date, accounts payable and other liabilities decreased by $10.0 million, other assets decreased by $0.3 million, retained earnings increased by $7.5 million, and deferred taxes increased by $2.2 million due to a change in the revenue recognition associated with certain mobile upgrade programs. The change reflects the recognition of upgrade revenue

8
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




in proportion to the pattern of rights expected to be exercised as opposed to recognition when the event (upgrade or end of term) occurs. The comparable mobile upgrade programs impacted by this change were immaterial in prior periods.
Upon adoption of the new revenue recognition guidance, the Company’s revenues for service contracts and sales of products are subject to additional disclosure requirements, such as those related to providing disaggregated revenue disclosure, changes in contract balances, enhanced description of performance obligations, basis of determining costs and related significant judgments used in determining appropriate revenue recognition procedures. Refer to Note 5 for the Contract Revenues note.
Financial instruments measurement and classification: On January 1, 2018, the Company adopted the amended guidance on the measurement and classification of financial instruments whereby all common and preferred stocks are measured at fair value through the income statement. Upon adoption, the Company recorded a cumulative effect adjustment to increase retained earnings by $33.9 million, which represents a reclassification from AOCI of the unrealized gains on common and preferred stock as of the date of adoption. The Company's other-than-temporary impairment policies have been updated to reflect that the change in value for preferred and common stocks are now reported in net income. For certain private equity investments recorded in Other investments, the Company elected the measurement alternative to record these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The measurement alternative has been applied on a prospective basis.
Income tax consequences for intra-entity transfers of assets: On January 1, 2018, the Company adopted the amended guidance on tax accounting for intra-entity transfers of assets. The amended guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs as opposed to when it has been sold to an outside party. Also, the amended guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The adoption of this amended guidance did not have an impact on the Company’s financial position and results of operations.
Statement of cash flows presentation and classification: On January 1, 2018, the Company adopted the amended guidance on presentation and classification in the statement of cash flows. The amended guidance addresses certain specific cash flow issues including debt prepayment and 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 adoption of this amended guidance did not have an impact on the Company’s financial position and results of operations.
Accounting for hedging activities: On January 1, 2018, the Company adopted the amended guidance related to hedge effectiveness testing requirements, income statement presentation and disclosure and hedge accounting qualification criteria. The amended guidance requires that realized gains and losses on forecasted transactions are recorded in the financial statement line item to which the underlying forecasted transactions relates; simplifies the ongoing effectiveness testing; and reduces the complexity of hedge accounting requirements for new derivative contracts. The adoption of this amended guidance did not have a material impact on the Company's financial position and results of operations.
Not Yet Adopted
Classification of certain tax effects from accumulated other comprehensive income: In February 2018, the Financial Accounting Standards Board ("FASB") issued amended guidance on reclassifying the stranded tax effects from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. The amended 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, including adoption in any interim period for reporting periods in which financial statements have not yet been issued. The amendments in this guidance should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The adoption of this amended guidance will not have a material impact on the Company's financial position and results of operations.
Reporting credit losses of assets held at amortized cost: In June 2016, the FASB issued amended guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities. For assets held at amortized cost, the amended guidance eliminates the probable recognition threshold and instead requires an entity to reflect the current estimate of

9
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




all expected credit losses. For available for sale debt securities, credit losses will be measured in a manner similar to current accounting requirements; 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.
Lease accounting: In February 2016, the FASB issued new guidance on leases, which replaces the current lease guidance. The new guidance requires that entities recognize the assets and liabilities associated with leases on the balance sheet and 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 and its subsidiaries lease office space and equipment under operating lease arrangements. The Company performed an inventory of its lease arrangements and is in the process of assessing the potential impact of the new lease standard on the Company’s financial position and results of operations.
4. Segment Information
As of March 31, 2018, 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.
•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 Assurant Employee Benefits ("AEB") through reinsurance agreements, expenses related to the pending acquisition of The Warranty Group, and other unusual or infrequent items. Additionally, the Total Corporate and Other segment includes amounts related to the Assurant Health business, which is in runoff. As Assurant Health was a reportable segment in prior years, these amounts are disclosed separately in the following segment tables for comparability.
The following tables summarize selected financial information by segment:

10
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




 
 
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


11
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




 
 
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.


5. Contract Revenues
Assurant partners with clients to provide consumers a diverse range of protection products and services. The Company’s revenues from protection products (approximately 80% of total revenues) are accounted for as insurance contracts and therefore are not subject to the new revenue standard adopted as of January 1, 2018 described in Note 3. Revenue from service contracts and sales of products (approximately 20% of total revenues) are recognized in accordance with the new revenue recognition standard. Specifically, these revenues are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration we expect to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues subject to the new revenue recognition standard and included in fees and other income on the consolidated statement of operations are $76.1 million and $173.6 million for Global Housing and Global Lifestyle, respectively, for the three months ended March 31, 2018.

12
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




Global Housing
In our Global Housing segment, revenues from service contracts and sales of products are primarily from our mortgage solutions and lender-placed insurance businesses. Under our mortgage solutions business, we offer valuation and title services and products across the origination, home equity and default markets, as well as field services, inspection services, restoration and real estate owned (“REO”) asset management to mortgage servicing clients and investors. Under our lender-placed insurance business, we provide loan and claim payment tracking services for lenders. We generally invoice our customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. We recognize revenue as we invoice which corresponds with the value transferred to the customer.
Global Lifestyle
In our Global Lifestyle segment, revenue from service contracts and sales of products is primarily from our Connected Living business. Through partnerships with mobile carriers, we provide administrative services related to our mobile device protection products including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. We recognize revenue as we invoice which corresponds with the value transferred to the customer.
We also sell repaired or refurbished mobile and other electronic devices. Revenue from products sold is recognized when risk of ownership transfers to customers, generally upon shipment. Each product has a standalone selling price that is determined through analysis of various factors including market data, historical costs and product lifecycle status. Payments are generally due prior to shipment or within a short-term period.
Contract Balances
The receivables and unearned revenue under these contracts were $131.7 million and $23.2 million, respectively, as of March 31, 2018. These balances are included in premiums and accounts receivable and the accounts payable and other liabilities, respectively, in the consolidated balance sheet. Revenue from service contracts and sales of products recognized during the three months ended March 31, 2018 that was included in unearned revenue as of December 31, 2017 was $8.5 million.
In certain circumstances, the Company pays up-front costs in connection with client contracts where the Company can demonstrate future economic benefit. The Company records such payments as intangible assets that are subject to periodic recoverability assessments based on the performance of the related contracts. As of March 31, 2018, the Company has approximately $12.0 million of such intangible assets that will be expensed ratably over the term of the client contracts.

13
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




6. Investments
The following tables show the cost or amortized cost, gross unrealized gains and losses, fair value and other-than-temporary impairment (“OTTI”) included within accumulated other comprehensive income of the Company's fixed maturity as of the dates indicated: 
 
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

 
$
—
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