Assurant reports significant fourth quarter loss

Special to The Freeman

Feb. 12, 2015

MILWAUKEE — Insurance provider Assurant, Inc. posted a significant decrease in its fourth quarter earnings, which CEO Alan Colberg called disappointing.

Net income decreased to $49.8 million, or $0.69 per diluted share, compared to fourth quarter 2013 net income of $108.8 million, or $1.46 per diluted share due to the factors noted above. Results also were affected by a $19.4 million net loss on the sale of Assurant Specialty Property’s general agency business and associated insurance carrier, American Reliable Insurance Company, and a $6.8 million change in tax liabilities, according to the Thursday announcement.

“We are disappointed in weaker than expected fourth quarter results. Additional actions are being implemented across Assurant to improve profitability as we align resources to support strategic growth in mobile, mortgage solutions and other targeted areas,” Colberg said in a statement. “Throughout Assurant, we remain focused on generating sustained out-performance for our customers, employees and shareholders by executing on our strategy to capitalize on macro trends and consumer insights, increase operational efficiency and maintain disciplined capital management.”

Assurant, a Fortune 500 company and a member of the S&P 500, has approximately $32 billion in assets and $10 billion in annual revenue. Assurant has approximately 17,500 employees worldwide and is headquartered in New York's financial district.