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 | |
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common Stock, $0.01 Par Value | AIZ | New York Stock Exchange |
6.50% Series D Mandatory Convertible Preferred Stock, $1.00 Par Value | AIZP | New York Stock Exchange |
Exhibit No. | Exhibit |
ASSURANT, INC. | |||
Date: August 6, 2019 | By: | /s/ Carey S. Roberts | |
Carey S. Roberts | |||
Executive Vice President, Chief Legal Officer and Secretary |
Key Highlights for Second Quarter 2019 | |
• Net income of $139.5 million, or $2.21 per diluted share, up 124 and 103 percent, respectively | |
• Net operating income1 of $147.7 million, or $144.6 million excluding reportable catastrophes2, up 21 and 20 percent, respectively | |
• Net operating income per diluted share3 of $2.34, or $2.29, excluding reportable catastrophes4, up 10 and 9 percent, respectively | |
• $88 million returned to shareholders in share repurchases and common dividends |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
($ in millions, net of tax) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Global Housing | $ | 71.5 | $ | 72.6 | $ | 144.2 | $ | 143.8 | |||||||
Global Lifestyle | 109.3 | 68.1 | 209.9 | 123.9 | |||||||||||
Global Preneed | 16.9 | 14.7 | 28.7 | 24.5 | |||||||||||
Corporate and other | (24.4 | ) | (17.5 | ) | (43.2 | ) | (37.5 | ) | |||||||
Interest expense | (21.0 | ) | (14.4 | ) | (42.0 | ) | (24.0 | ) | |||||||
Preferred stock dividends | (4.6 | ) | (1.6 | ) | (9.3 | ) | (1.6 | ) | |||||||
Net operating income | 147.7 | 121.9 | 288.3 | 229.1 | |||||||||||
Adjustments: | |||||||||||||||
Assurant Health runoff operations | 0.1 | 0.2 | 0.2 | 2.2 | |||||||||||
Net realized gains (losses) on investments | 14.1 | (9.0 | ) | 38.9 | (8.6 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 3.7 | 11.9 | 9.8 | 26.5 | |||||||||||
Net TWG acquisition related charges(1) | (5.1 | ) | (32.5 | ) | (14.1 | ) | (53.0 | ) | |||||||
Loss on net assets of Mortgage Solutions held for sale | — | (34.4 | ) | — | (34.4 | ) | |||||||||
Foreign exchange related (losses) gains | (3.5 | ) | 3.8 | (7.8 | ) | 3.8 | |||||||||
Other adjustments(1) | (17.5 | ) | 0.3 | (14.8 | ) | 2.6 | |||||||||
GAAP net income attributable to common stockholders | $ | 139.5 | $ | 62.2 | $ | 300.5 | $ | 168.2 |
(1) | Additional details about the components of net TWG acquisition related charges and components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx |
• | Net income was $139.5 million, or $2.21 per diluted share, compared to second quarter 2018 net income of $62.2 million, or $1.09 per diluted share. The increase was primarily due to growth within Global Lifestyle, including contributions from The Warranty Group (“TWG”), as well as higher net realized gains on investments and lower net acquisition-related charges for TWG. Second quarter 2018 also included the loss on net assets held for sale related to Global Housing’s mortgage solutions business. Overall, the increase was partially offset by an $11.4 million after-tax impairment of certain intangible assets acquired through our acquisition of Green Tree Insurance Agency and certain other items. |
• | Net operating income1 increased to $147.7 million, or $2.34 per diluted share, compared to second quarter 2018 net operating income of $121.9 million, or $2.13 per diluted share. The increase was primarily driven by significant mobile organic growth and contributions from TWG in Global Lifestyle. This was partially offset by higher financing costs related to the TWG acquisition and a higher Corporate and Other net operating loss5. |
• | Net earned premiums, fees and other income from the Global Housing, Global Lifestyle and Global Preneed segments totaled $2.37 billion, compared to $1.69 billion in second quarter 2018. Second quarter 2019 reflected $683 million of revenue from TWG compared to $203 million for the one- |
($ in millions) | 2Q19 | 2Q18 | % Change | 6M19 | 6M18 | % Change | ||||||||||||||||
Net operating income(6) | $ | 71.5 | $ | 72.6 | (2 | )% | $ | 144.2 | $ | 143.8 | — | % | ||||||||||
Net earned premiums, fees and other income | $ | 510.1 | $ | 542.5 | (6 | )% | $ | 1,010.1 | $ | 1,065.6 | (5 | )% |
• | Net operating income was lower in second quarter 2019, primarily due to increased claims severity and frequency for small commercial products and as previously anticipated, higher catastrophe reinsurance costs. This was partially offset by growth in multifamily housing and the absence of losses from the mortgage solutions business in the prior year period. |
• | Net earned premiums, fees and other income decreased in second quarter 2019, mainly reflecting the sale of mortgage solutions. Excluding mortgage solutions, revenue increased 4 percent due to growth from sharing economy offerings, small commercial products and multifamily housing. This increase was partially offset by higher catastrophe reinsurance costs due to the reduction in this year’s catastrophe program retention. |
($ in millions) | 2Q19 | 2Q18 | % Change | 6M19 | 6M18 | % Change | ||||||||||||||||
Net operating income(6) | $ | 109.3 | $ | 68.1 | 60 | % | $ | 209.9 | $ | 123.9 | 69 | % | ||||||||||
Net earned premiums, fees and other income | $ | 1,809.1 | $ | 1,102.2 | 64 | % | $ | 3,490.7 | $ | 2,020.7 | 73 | % |
• | Net operating income increased in second quarter 2019 due to strong organic mobile expansion in Connected Living and $22 million of additional contributions from TWG compared to second quarter 2018. In total, TWG generated $31.5 million of net operating income in the quarter, which reflects $2.9 million primarily related to intangible amortization and approximately $11 million of realized operating synergies. This compares to $9.4 million of TWG net operating income earned for the month of June in 2018, following the acquisition’s close. |
• | Net earned premiums, fees and other income increased primarily due to $481 million of incremental TWG revenue compared to second quarter 2018. Excluding TWG, revenue increased 25 percent, driven mainly by mobile subscriber growth from new protection programs, as well as Global Automotive organic growth from prior period sales. Unfavorable foreign exchange partially offset revenue increases in Connected Living and Global Financial Services. |
($ in millions) | 2Q19 | 2Q18 | % Change | 6M19 | 6M18 | % Change | ||||||||||||||||
Net operating income(6) | $ | 16.9 | $ | 14.7 | 15 | % | $ | 28.7 | $ | 24.5 | 17 | % | ||||||||||
Net earned premiums, fees and other income | $ | 49.6 | $ | 46.9 | 6 | % | $ | 98.7 | $ | 93.1 | 6 | % |
• | Net operating income was up in second quarter 2019 primarily due to higher net investment income from increased assets. In addition, overall expansion in the business from increased covered policies and a more profitable sales mix benefitted the quarter. |
• | Net earned premiums, fees and other income increased in the second quarter 2019, primarily driven by growth in prefunded funeral policies in U.S., as well as prior period sales of the Final Need product. |
($ in millions) | 2Q19 | 2Q18 | % Change | 6M19 | 6M18 | % Change | ||||||||||||||||
Net loss attributable to common stockholders | $ | (58.2 | ) | $ | (93.2 | ) | 38 | % | $ | (82.3 | ) | $ | (124.0 | ) | 34 | % | ||||||
Net operating loss (5) | $ | (24.4 | ) | $ | (17.5 | ) | (39 | )% | $ | (43.2 | ) | $ | (37.5 | ) | (15 | )% |
• | Net operating loss5 increased primarily due to lower investment income compared to the prior period which included additional assets in anticipation of the TWG close. Higher employee-related expenses and third-party professional fees to support growth also impacted results in the quarter. |
• | Holding company liquidity was approximately $386 million as of June 30, 2019, $161 million above the company’s current targeted minimum level of $225 million. |
• | Share repurchases and common and preferred dividends, totaled $93 million in second quarter 2019. Dividends to shareholders totaled $43 million, including $38 million in common stock dividends and $5 million in preferred stock dividends. Assurant repurchased 0.5 million shares of common stock for $50 million. From July 1 through August 2, 2019, the company repurchased an additional 168,000 shares for approximately $19 million, with $642 million remaining under the current repurchase authorizations. |
• | Assurant net operating income per diluted share, excluding catastrophe losses7 to increase 6 percent to 10 percent from 2018, driven mainly by profitable growth in Global Lifestyle as well as share repurchases. This growth rate includes the full year impact of the 10.4 million shares issued for the TWG acquisition. Assurant’s consolidated effective tax rate to be between 23 percent to 25 percent. |
• | Double-digit earnings growth to reflect full-year contributions from TWG including $25 million to $30 million after-tax of additional synergy realization, organic growth across Connected Living, Global Automotive and multifamily housing, as well as ongoing expense management efforts. Lender-placed, excluding reportable catastrophe losses and the incremental reinsurance costs to further reduce the company’s catastrophe exposure, is expected to approximate 2018 levels as revenue declines moderate. Earnings growth will be partially offset by the continued declines in Global Financial Services and higher non-catastrophe claims in small commercial products within Global Housing. |
• | Business segment dividends from Global Housing, Global Lifestyle and Global Preneed to approximate segment net operating income, including catastrophe losses. This is subject to the growth of the businesses and rating agency and regulatory capital requirements. |
• | Capital to be deployed to support business growth, fund other investments and return capital to shareholders in the form of share repurchases and dividends, subject to Board approval and market conditions. |
• | Global Housing net operating income, excluding catastrophe losses, to modestly decline compared to 2018 due to elevated severity and frequency of claims in the small commercial products found within the Global Housing Specialty and Other offerings. The company has implemented a plan to exit these products, which is expected to also lower 2019 Specialty and other revenue growth in the second half of the year. |
(i) | the loss of significant clients, distributors or other parties with whom we do business or those parties facing financial, reputational or regulatory issues; |
(ii) | significant competitive pressures, changes in customer preferences and disruption; |
(iii) | the failure to find suitable acquisitions, integrate completed acquisitions, including that of TWG, or grow organically, and risks associated with joint ventures; |
(iv) | the impact of general economic, financial market and political conditions, including unfavorable conditions in the capital and credit markets, and conditions in the markets in which we operate; |
(v) | risks related to our international operations or fluctuations in exchange rates; |
(vi) | the impact of catastrophic and non-catastrophe losses; |
(vii) | our inability to recover should we experience a business continuity event; |
(viii) | our inability to develop and maintain distribution sources or attract and retain sales representatives; |
(ix) | the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients; |
(x) | declines in the value of mobile devices or export compliance risk in our mobile business; |
(xi) | negative publicity relating to our products and services or the markets in which we operate; |
(xii) | the failure to implement our strategy and to attract and retain key personnel, including senior management; |
(xiii) | employee misconduct; |
(xiv) | the adequacy of reserves established for claims and our inability to accurately predict and price for claims; |
(xv) | a decline in financial strength ratings or corporate senior debt ratings; |
(xvi) | an impairment of goodwill or other intangible assets; |
(xvii) | the failure to maintain effective internal control over financial reporting; |
(xviii) | a decrease in the value of our investment portfolio including due to market, credit and liquidity risks; |
(xix) | the impact of U.S. tax reform legislation and impairment of deferred tax assets; |
(xx) | the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance; |
(xxi) | the credit risk of some of our agents; |
(xxii) | the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends; |
(xxiii) | changes in the method for determining LIBOR or the replacement of LIBOR; |
(xxiv) | the failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses; |
(xxv) | breaches of our information systems or those of third parties with whom we do business, or the failure to protect data in such systems, including due to cyber-attacks; |
(xxvi) | the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security and data protection; |
(xxvii) | the impact from litigation and regulatory actions; |
(xxviii) | reductions in the insurance premiums we charge; and |
(xxix) | changes in insurance and other regulation. |
(1) | Assurant uses net operating income as an important measure of the Company’s operating performance. Net operating income equals net income attributable to common stockholders, |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
($ in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net operating income | $ | 147.7 | $ | 121.9 | $ | 288.3 | $ | 229.1 | |||||||
Adjustments (pre-tax): | |||||||||||||||
Assurant Health runoff operations | 0.1 | 0.3 | 0.2 | 2.9 | |||||||||||
Net realized gains (losses) on investments | 17.8 | (11.4 | ) | 46.6 | (10.9 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 4.7 | 15.0 | 12.5 | 33.5 | |||||||||||
Net TWG acquisition related charges(1) | (6.4 | ) | (38.5 | ) | (17.1 | ) | (64.5 | ) | |||||||
Loss on net assets of Mortgage Solutions held for sale | — | (43.5 | ) | — | (43.5 | ) | |||||||||
Foreign exchange related (losses) gains | (4.3 | ) | 5.1 | (8.5 | ) | 5.1 | |||||||||
Other adjustments(1) | (23.4 | ) | 0.1 | (20.0 | ) | 3.3 | |||||||||
Benefit (provision) for income taxes | 3.3 | 13.3 | (1.5 | ) | 13.3 | ||||||||||
GAAP net income attributable to common stockholders | $ | 139.5 | $ | 62.2 | $ | 300.5 | $ | 168.2 |
(1) | Additional details about the components of net TWG acquisition related charges and components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx |
(2) | Assurant uses net operating income (defined above), excluding reportable catastrophes (which represents catastrophe losses net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the Company’s operating performance. The Company believes this metric provides investors a valuable measure of the performance of the Company’s ongoing business because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income attributable to common stockholders. |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
($ in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Global Housing, excluding reportable catastrophes | $ | 68.8 | $ | 71.6 | $ | 150.3 | $ | 151.5 | |||||||
Global Lifestyle(1) | 108.9 | 68.1 | 208.9 | 122.6 | |||||||||||
Global Preneed | 16.9 | 14.7 | 28.7 | 24.5 | |||||||||||
Corporate and other | (24.4 | ) | (17.5 | ) | (43.2 | ) | (37.5 | ) | |||||||
Interest expense | (21.0 | ) | (14.4 | ) | (42.0 | ) | (24.0 | ) | |||||||
Preferred stock dividends | (4.6 | ) | (1.6 | ) | (9.3 | ) | (1.6 | ) | |||||||
Net operating income, excluding reportable catastrophes | 144.6 | 120.9 | 293.4 | 235.5 | |||||||||||
Adjustments, pre-tax: | |||||||||||||||
Assurant Health runoff operations | 0.1 | 0.3 | 0.2 | 2.9 | |||||||||||
Net realized gains (losses) on investments | 17.8 | (11.4 | ) | 46.6 | (10.9 | ) | |||||||||
Reportable catastrophes | 4.0 | 1.3 | (6.3 | ) | (8.1 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 4.7 | 15.0 | 12.5 | 33.5 | |||||||||||
Net TWG acquisition related charges(2) | (6.4 | ) | (38.5 | ) | (17.1 | ) | (64.5 | ) | |||||||
Loss on net assets of Mortgage Solutions held for sale | — | (43.5 | ) | — | (43.5 | ) | |||||||||
Foreign exchange related (losses) gains | (4.3 | ) | 5.1 | (8.5 | ) | 5.1 | |||||||||
Other adjustments(2) | (23.4 | ) | 0.1 | (20.0 | ) | 3.3 | |||||||||
Benefit (provision) for income taxes | 2.4 | 13.0 | (0.3 | ) | 15.0 | ||||||||||
GAAP net income attributable to common stockholders | $ | 139.5 | $ | 62.2 | $ | 300.5 | $ | 168.2 |
(3) | Assurant uses net operating income per diluted share as an important measure of the Company’s stockholder value. Net operating income per diluted share equals net operating income (defined above) divided by weighted average diluted shares outstanding, excluding any dilutive effect from the assumed conversion of the mandatory convertible preferred stock prior to the acquisition date. The Company believes this metric provides investors a valuable measure of stockholder value because it excludes items that do not represent the ongoing operations of the Company. In addition, it excludes the effect of the mandatory convertible preferred stock, which was used to finance the TWG acquisition, prior to the acquisition date. The comparable GAAP measure is net income attributable to common stockholders per diluted share, defined as net income attributable to common stockholders plus any dilutive preferred stock dividends divided by weighted average diluted shares outstanding. |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net operating income per diluted share(1) | $ | 2.34 | $ | 2.13 | $ | 4.54 | $ | 4.13 | |||||||
Adjustments, pre-tax: | |||||||||||||||
Dilutive effect from mandatory convertible preferred stock | — | — | — | (0.10 | ) | ||||||||||
Assurant Health runoff operations | — | — | — | 0.05 | |||||||||||
Net realized gains (losses) on investments | 0.27 | (0.20 | ) | 0.71 | (0.19 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 0.07 | 0.26 | 0.19 | 0.58 | |||||||||||
Net TWG acquisition related charges | (0.10 | ) | (0.66 | ) | (0.26 | ) | (1.07 | ) | |||||||
Loss on net assets of Mortgage Solutions held for sale | — | (0.76 | ) | — | (0.76 | ) | |||||||||
Foreign exchange related (losses) gains | (0.07 | ) | 0.09 | (0.13 | ) | 0.09 | |||||||||
Other adjustments | (0.35 | ) | — | (0.30 | ) | 0.06 | |||||||||
Benefit (provision) for income taxes | 0.05 | 0.23 | (0.02 | ) | 0.23 | ||||||||||
Net income attributable to common stockholders per diluted share(1) | $ | 2.21 | $ | 1.09 | $ | 4.73 | $ | 3.02 |
(1) | Information on the share counts used in the per share calculations are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net operating income, excluding reportable catastrophes, per diluted share(1) | $ | 2.29 | $ | 2.11 | $ | 4.62 | $ | 4.24 | |||||||
Adjustments, pre-tax: | |||||||||||||||
Dilutive effect from mandatory convertible preferred stock | — | — | — | (0.10 | ) | ||||||||||
Assurant Health runoff operations | — | — | — | 0.05 | |||||||||||
Net realized gains (losses) on investments | 0.27 | (0.20 | ) | 0.71 | (0.19 | ) | |||||||||
Reportable catastrophes | 0.06 | 0.02 | (0.10 | ) | (0.14 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 0.07 | 0.26 | 0.19 | 0.58 | |||||||||||
Net TWG acquisition related charges | (0.10 | ) | (0.66 | ) | (0.26 | ) | (1.07 | ) | |||||||
Loss on net assets of Mortgage Solutions held for sale | — | (0.76 | ) | — | (0.76 | ) | |||||||||
Foreign exchange related (losses) gains | (0.07 | ) | 0.09 | (0.13 | ) | 0.09 | |||||||||
Other adjustments | (0.35 | ) | — | (0.30 | ) | 0.06 | |||||||||
Benefit for income taxes | 0.04 | 0.23 | — | 0.26 | |||||||||||
Net income attributable to common stockholders per diluted share(1) | $ | 2.21 | $ | 1.09 | $ | 4.73 | $ | 3.02 |
(UNAUDITED) | 2Q | 2Q | 6 Months | 6 Months | |||||||||||
($ in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
GAAP Corporate and Other segment net loss attributable to common stockholders | $ | (58.2 | ) | $ | (93.2 | ) | $ | (82.3 | ) | $ | (124.0 | ) | |||
Adjustments, pre-tax: | |||||||||||||||
Assurant Health runoff operations | (0.1 | ) | (0.3 | ) | (0.2 | ) | (2.9 | ) | |||||||
Amortization of deferred gains on disposal of businesses | (4.7 | ) | (15.0 | ) | (12.5 | ) | (33.5 | ) | |||||||
Net TWG acquisition related charges(1) | 6.4 | 38.5 | 17.1 | 64.5 | |||||||||||
Interest expense | 26.5 | 18.2 | 53.0 | 30.4 | |||||||||||
Net realized (gains) losses on investments | (17.8 | ) | 11.4 | (46.6 | ) | 10.9 | |||||||||
Loss on net assets of Mortgage Solutions held for sale | — | 43.5 | — | 43.5 | |||||||||||
Foreign exchange related losses (gains) | 4.3 | (5.1 | ) | 8.5 | (5.1 | ) | |||||||||
Other adjustments(1) | 23.4 | (0.1 | ) | 20.0 | (3.3 | ) | |||||||||
Benefit for income taxes | (8.8 | ) | (17.0 | ) | (9.5 | ) | (19.6 | ) | |||||||
Preferred stock dividends | 4.6 | 1.6 | 9.3 | 1.6 | |||||||||||
Corporate & other net operating loss | $ | (24.4 | ) | $ | (17.5 | ) | $ | (43.2 | ) | $ | (37.5 | ) |
(1) | Additional details about the components of net TWG acquisition related charges and components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx |
2Q | 6 Months | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
($ in millions except number of shares and per share amounts) | |||||||||||||||
Revenues | |||||||||||||||
Net earned premiums | $ | 2,032.7 | $ | 1,338.3 | $ | 3,937.1 | $ | 2,463.2 | |||||||
Fees and other income | 336.1 | 354.2 | 664.4 | 718.7 | |||||||||||
Net investment income | 154.2 | 135.6 | 320.5 | 265.8 | |||||||||||
Net realized gains (losses) on investments | 17.8 | (11.4 | ) | 46.6 | (10.9 | ) | |||||||||
Amortization of deferred gains on disposal of businesses | 4.7 | 15.0 | 12.5 | 33.5 | |||||||||||
Total revenues | 2,545.5 | 1,831.7 | 4,981.1 | 3,470.3 | |||||||||||
Benefits, losses and expenses | |||||||||||||||
Policyholder benefits | 687.0 | 490.6 | 1,301.7 | 905.2 | |||||||||||
Selling, underwriting, general and administrative expenses | 1,648.7 | 1,236.8 | 3,226.1 | 2,302.8 | |||||||||||
Interest expense | 26.5 | 26.0 | 53.0 | 47.5 | |||||||||||
Total benefits, losses and expenses | 2,362.2 | 1,753.4 | 4,580.8 | 3,255.5 | |||||||||||
Income before provision for income taxes | 183.3 | 78.3 | 400.3 | 214.8 | |||||||||||
Provision for income taxes | 40.7 | 11.3 | 89.1 | 41.8 | |||||||||||
Net income | 142.6 | 67.0 | 311.2 | 173.0 | |||||||||||
Less: Net loss (income) attributable to non-controlling interests | 1.5 | — | (1.4 | ) | — | ||||||||||
Net income attributable to stockholders | 144.1 | 67.0 | 309.8 | 173.0 | |||||||||||
Less: Preferred stock dividends | (4.6 | ) | (4.8 | ) | (9.3 | ) | (4.8 | ) | |||||||
Net income attributable to common stockholders | $ | 139.5 | $ | 62.2 | $ | 300.5 | $ | 168.2 | |||||||
Net income attributable to common stockholders per share: | |||||||||||||||
Basic | $ | 2.24 | $ | 1.09 | $ | 4.82 | $ | 3.05 | |||||||
Diluted | $ | 2.21 | $ | 1.09 | $ | 4.73 | $ | 3.02 | |||||||
Common stock dividends per share | $ | 0.60 | $ | 0.56 | $ | 1.20 | $ | 1.12 | |||||||
Share data: | |||||||||||||||
Basic weighted average shares outstanding | 62,222,090 | 57,060,313 | 62,407,429 | 55,125,584 | |||||||||||
Diluted weighted average shares outstanding | 65,288,447 | 57,264,408 | 65,560,930 | 57,273,428 |
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
($ in millions) | |||||||
Assets | |||||||
Investments and cash and cash equivalents | $ | 15,920.1 | $ | 14,657.9 | |||
Reinsurance recoverables | 9,162.6 | 9,166.0 | |||||
Deferred acquisition costs | 5,767.6 | 5,103.0 | |||||
Goodwill | 2,338.0 | 2,321.8 | |||||
Value of business acquired | 2,554.7 | 3,157.8 | |||||
Assets held in separate accounts | 1,831.3 | 1,609.7 | |||||
Other assets | 3,478.5 | 3,387.7 | |||||
Assets of consolidated investment entities | 2,086.7 | 1,685.4 | |||||
Total assets | $ | 43,139.5 | $ | 41,089.3 | |||
Liabilities | |||||||
Policyholder benefits and claims payable | $ | 12,168.1 | $ | 12,054.6 | |||
Unearned premiums | 15,934.6 | 15,648.0 | |||||
Debt | 2,007.3 | 2,006.0 | |||||
Liabilities related to separate accounts | 1,831.3 | 1,609.7 | |||||
Accounts payable and other liabilities | 3,676.1 | 3,182.0 | |||||
Liabilities of consolidated investment entities | 1,761.8 | 1,455.1 | |||||
Total liabilities | 37,379.2 | 35,955.4 | |||||
Stockholders' equity | |||||||
Equity, excluding accumulated other comprehensive income | 5,401.5 | 5,267.4 | |||||
Accumulated other comprehensive income | 328.7 | (155.4 | ) | ||||
Total Assurant, Inc. stockholders' equity | 5,730.2 | 5,112.0 | |||||
Non-controlling interest | 30.1 | 21.9 | |||||
Total equity | 5,760.3 | 5,133.9 | |||||
Total liabilities and equity | $ | 43,139.5 | $ | 41,089.3 |
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