Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Assurant Reports Second Quarter 2020 Financial Results


Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today reported results for the second quarter ended June 30, 2020.

"Our second quarter results demonstrated the resiliency of our business and the stability of our large, installed customer base, particularly in Global Lifestyle, while also benefitting from favorable non-catastrophe loss experience," said Assurant President and CEO Alan Colberg. "Given our strong performance year-to-date and greater visibility into our expected business performance for the second-half of the year, we've reinstated and raised our 2020 outlook to 12 to 16 percent growth in net operating income per share, excluding catastrophe losses."

Colberg added, "We also expect to resume share repurchases with an intent to deliver on our three-year objective to return $1.35 billion of capital to shareholders by the end of 2021. All of this reflects our continued confidence in our growth prospects, our strong balance sheet and robust cash flows."

Reconciliation of Net Operating Income to GAAP Net Income Attributable to Common Stockholders1

 
(UNAUDITED)

2Q

2Q

6 Months

6 Months

($ in millions, net of tax)

2020

2019

2020

2019

Global Lifestyle

$

121.8

 

$

109.3

 

$

242.7

 

$

209.9

 

Global Housing

 

85.4

 

 

71.5

 

 

159.6

 

 

144.2

 

Global Preneed

 

13.7

 

 

16.9

 

 

26.0

 

 

28.7

 

Corporate and other

 

(26.9

)

 

(24.4

)

 

(46.4

)

 

(43.2

)

Interest expense

 

(20.1

)

 

(21.0

)

 

(40.2

)

 

(42.0

)

Preferred stock dividends

 

(4.6

)

 

(4.6

)

 

(9.3

)

 

(9.3

)

Net operating income

 

169.3

 

 

147.7

 

 

332.4

 

 

288.3

 

Adjustments:
Net realized gains (losses) on investments

 

18.9

 

 

14.1

 

 

(57.2

)

 

38.9

 

COVID-19 direct and incremental expenses(1)

 

(15.2

)

 

-

 

 

(17.6

)

 

-

 

CARES Act tax benefit

 

5.1

 

 

-

 

 

84.4

 

 

-

 

Foreign exchange related losses

 

(2.2

)

 

(3.5

)

 

(5.5

)

 

(7.8

)

Net charge related to Iké

 

(3.5

)

 

(6.4

)

 

(9.3

)

 

(6.6

)

Other adjustments

 

1.1

 

 

(12.4

)

 

(3.7

)

 

(12.3

)

GAAP net income attributable to common stockholders

$

173.5

 

$

139.5

 

$

323.5

 

$

300.5

 

 

Note: A full reconciliation of net operating income to GAAP net income attributable to common stockholders can be found on page 8. Additional details about the 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

(1) Second quarter 2020 COVID-19 expenses were primarily employee-related, including costs for additional floating holidays, a one-time COVID-19 relief payment and incentive bonuses for eligible on-site employees.

Second Quarter 2020 Consolidated Results

Reportable Segments

Global Lifestyle
($ in millions)

2Q20

2Q19

% Change

6M20

6M19

% Change

Net operating income (5)

$

121.8

$

109.3

11

%

$

242.7

$

209.9

16

%

Net earned premiums, fees and other income

$

1,768.7

$

1,809.1

(2

)%

$

3,715.6

$

3,490.7

6

%

Global Housing
($ in millions)

2Q20

2Q19

% Change

6M20

6M19

% Change

Net operating income (5)

$

85.4

$

71.5

19

%

$

159.6

$

144.2

11

%

Net earned premiums, fees and other income

$

488.9

$

510.1

(4

)%

$

989.3

$

1,010.1

(2

)%

Global Preneed
($ in millions)

2Q20

2Q19

% Change

6M20

6M19

% Change

Net operating income (5)

$

13.7

$

16.9

(19

)%

$

26.0

$

28.7

(9

)%

Net earned premiums, fees and other income

$

50.3

$

49.6

1

%

$

103.7

$

98.7

5

%

Corporate and Other
($ in millions)

2Q20

 

2Q19

% Change

6M20

6M19

% Change

Net loss attributable to common stockholders

$

(47.4

)

$

(58.2

)

19

%

$

(104.8

)

$

(82.3

)

(27

)%

Net operating loss (6)

$

(26.9

)

$

(24.4

)

(10

)%

$

(46.4

)

$

(43.2

)

(7

)%

Holding Company Liquidity Position

2020 Company Outlook

The company's outlook for 2020 is based on its current assumptions, estimates and expectations regarding the impacts of COVID-19 on its future results. The outlook assumes a continuation of current business trends and does not take into account a material change to consumer behavior, access to distribution channels or impact to financial markets from a resurgence of COVID-19 cases.

For full-year 2020, the company expects:

Earnings Conference Call

The second quarter 2020 earnings conference call and webcast will be held Wednesday, August 5, 2020 at 8:00 a.m. ET. The live and archived webcast, along with supplemental information, will be available on Assurant's Investor Relations website: http://ir.assurant.com/investor/default.aspx

About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.

Learn more at assurant.com or on Twitter @AssurantNews.

Safe Harbor Statement

Some of the statements included in this news release and its exhibits, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of words such as "outlook," "will," "may," "can," "anticipates," "expects," "estimates," "projects," "intends," "plans," "believes," "targets," "forecasts," "potential," "approximately," and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:

  1. the impact of the COVID-19 pandemic, including the scope and duration of the outbreak, government actions and restrictive measures taken in response, and its effect on the global economic and financial markets;
  2. the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or those parties facing financial, reputational or regulatory issues;
  3. significant competitive pressures, changes in customer preferences and disruption;
  4. the failure to find suitable acquisitions, integrate completed acquisitions, or grow organically, and risks associated with joint ventures and franchise ownership and operations;
  5. the impact of general economic, financial market and political conditions, including unfavorable conditions in the capital and credit markets and in the markets in which we operate, including as a result of COVID-19;
  6. risks related to our international operations, including the United Kingdom's withdrawal from the European Union, or fluctuations in exchange rates;
  7. the impact of catastrophic and non-catastrophe losses, including as a result of climate change;
  8. our inability to recover should we experience a business continuity event, including as a result of COVID-19;
  9. our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
  10. the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
  11. declines in the value of mobile devices, the risk of guaranteed buybacks or export compliance risk in our mobile business;
  12. negative publicity relating to our products and services or the markets in which we operate;
  13. the failure to implement our strategy and to attract and retain key personnel, including senior management;
  14. employee misconduct;
  15. the adequacy of reserves established for claims and our inability to accurately predict and price for claims;
  16. a decline in financial strength ratings or corporate senior debt ratings;
  17. an impairment of goodwill or other intangible assets;
  18. the failure to maintain effective internal control over financial reporting;
  19. a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, changes in interest rates and COVID-19;
  20. the impact of U.S. tax reform legislation and impairment of deferred tax assets;
  21. the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
  22. the credit risk of some of our agents, third-party administrators and clients;
  23. the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends, including as a result of COVID-19;
  24. changes in the method for determining LIBOR or the replacement of LIBOR;
  25. the failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses;
  26. 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 and as a result of working remotely during the COVID-19 pandemic;
  27. 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;
  28. the impact from litigation and regulatory actions, including those arising from COVID-19;
  29. reductions or deferrals in the insurance premiums we charge, including as a result of COVID-19; and
  30. changes in insurance and other regulation, including to mitigate the impact of COVID-19.

For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the SEC.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures to analyze the company's operating performance for the periods presented in this news release. Because Assurant's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant's non-GAAP financial measures to those of other companies.

(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, excluding net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), COVID-19 direct and incremental expenses, the net charge related to Iké, foreign exchange gains (losses) from remeasurement of monetary assets and liabilities, the CARES Act tax benefit, as well as other highly variable or unusual items other than reportable catastrophes. The company believes net operating income provides investors with a valuable measure of the performance of the company's ongoing business because the excluded items do not represent the ongoing operations of the company. The comparable GAAP measure is net income attributable to common stockholders.

 
(UNAUDITED)

2Q

2Q

6 Months

6 Months

($ in millions)

2020

2019

2020

2019

Net operating income

$

169.3

 

$

147.7

 

$

332.4

 

$

288.3

 

Adjustments (pre-tax):
Net realized gains (losses) on investments

 

24.1

 

 

17.8

 

 

(72.2

)

 

46.6

 

COVID-19 direct and incremental expenses

 

(19.2

)

 

-

 

 

(22.3

)

 

-

 

CARES Act tax benefit (after-tax)

 

5.1

 

 

-

 

 

84.4

 

 

-

 

Foreign exchange related losses

 

(2.4

)

 

(4.3

)

 

(6.1

)

 

(8.5

)

Net charge related to Iké

 

(4.5

)

 

(9.2

)

 

(5.9

)

 

(9.4

)

Other adjustments(1)

 

1.9

 

 

(15.8

)

 

(4.0

)

 

(15.0

)

(Provision) benefit for income taxes

 

(0.8

)

 

3.3

 

 

17.2

 

 

(1.5

)

GAAP net income attributable to common stockholders

$

173.5

 

$

139.5

 

$

323.5

 

$

300.5

 

(1) Additional details about the the 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 with 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)

2020

2019

2020

2019

Global Lifestyle(1)

$

121.7

 

$

108.9

 

$

242.7

 

$

208.9

 

Global Housing, excluding reportable catastrophes

 

95.5

 

 

68.8

 

 

182.5

 

 

150.3

 

Global Preneed

 

13.7

 

 

16.9

 

 

26.0

 

 

28.7

 

Corporate and other

 

(26.9

)

 

(24.4

)

 

(46.4

)

 

(43.2

)

Interest expense

 

(20.1

)

 

(21.0

)

 

(40.2

)

 

(42.0

)

Preferred stock dividends

 

(4.6

)

 

(4.6

)

 

(9.3

)

 

(9.3

)

Net operating income, excluding reportable catastrophes

 

179.3

 

 

144.6

 

 

355.3

 

 

293.4

 

Adjustments, pre-tax:
Net realized gains (losses) on investments

 

24.1

 

 

17.8

 

 

(72.2

)

 

46.6

 

Reportable catastrophes

 

(12.6

)

 

4.0

 

 

(28.9

)

 

(6.3

)

COVID-19 direct and incremental expenses

 

(19.2

)

 

-

 

 

(22.3

)

 

-

 

CARES Act tax benefit (after-tax)

 

5.1

 

 

-

 

 

84.4

 

 

-

 

Foreign exchange related losses

 

(2.4

)

 

(4.3

)

 

(6.1

)

 

(8.5

)

Net charge related to Iké

 

(4.5

)

 

(9.2

)

 

(5.9

)

 

(9.4

)

Other adjustments(2)

 

1.9

 

 

(15.8

)

 

(4.0

)

 

(15.0

)

Benefit (provision) for income taxes

 

1.8

 

 

2.4

 

 

23.2

 

 

(0.3

)

GAAP net income attributable to common stockholders

$

173.5

 

$

139.5

 

$

323.5

 

$

300.5

 

(1) 2Q 2020, 2Q 2019 and Six Months 2019 exclude benefits of $0.1 million after-tax ($0.2 million pre-tax), $0.4 million after-tax ($0.6 million pre-tax) and $1.0 million after-tax ($1.5 million pre-tax), respectively, all related to prior year reportable catastrophes.
(2) Additional details about the 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

(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) plus any dilutive preferred stock dividends divided by the weighted average number of diluted shares outstanding. The company believes this metric provides investors with a valuable measure of stockholder value because it excludes items that do not represent the ongoing operations of the company. 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 the weighted average number of diluted shares outstanding.

(UNAUDITED)

2Q

2Q

6 Months

6 Months

2020

2019

2020

2019

Net operating income per diluted share(1)

$

2.75

 

$

2.34

 

$

5.38

 

$

4.54

 

Adjustments, pre-tax:
Net realized gains (losses) on investments

 

0.38

 

 

0.27

 

 

(1.14

)

 

0.71

 

COVID-19 direct and incremental expenses

 

(0.30

)

 

-

 

 

(0.35

)

 

-

 

CARES Act tax benefit (after-tax)

 

0.08

 

 

-

 

 

1.33

 

 

-

 

Foreign exchange related losses

 

(0.04

)

 

(0.07

)

 

(0.10

)

 

(0.13

)

Net charge related to Iké

 

(0.08

)

 

(0.14

)

 

(0.09

)

 

(0.14

)

Other adjustments(2)

 

0.03

 

 

(0.24

)

 

(0.06

)

 

(0.23

)

(Provision) benefit for income taxes

 

(0.01

)

 

0.05

 

 

0.27

 

 

(0.02

)

Net income attributable to common stockholders per diluted share(1)

$

2.81

 

$

2.21

 

$

5.24

 

$

4.73

 

(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
(2) Additional details about the the 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

(4) Assurant uses net operating income per diluted share, excluding reportable catastrophes, as another important measure of the company's stockholder value. The company believes this metric provides investors with a valuable measure of stockholder value because it excludes reportable catastrophes, which can be volatile. 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 the weighted average number of diluted shares outstanding.

(UNAUDITED)

2Q

2Q

6 Months

6 Months

2020

2019

2020

2019

Net operating income, excluding reportable catastrophes, per diluted share(1)

$

2.90

 

$

2.29

 

$

5.74

 

$

4.62

 

Adjustments, pre-tax:
Net realized gains (losses) on investments

 

0.38

 

 

0.27

 

 

(1.14

)

 

0.71

 

Reportable catastrophes

 

(0.20

)

 

0.06

 

 

(0.46

)

 

(0.10

)

COVID-19 direct and incremental expenses

 

(0.30

)

 

-

 

 

(0.35

)

 

-

 

CARES Act tax benefit (after-tax)

 

0.08

 

 

-

 

 

1.33

 

 

-

 

Foreign exchange related losses

 

(0.04

)

 

(0.07

)

 

(0.10

)

 

(0.13

)

Net charge related to Iké

 

(0.08

)

 

(0.14

)

 

(0.09

)

 

(0.14

)

Other adjustments(2)

 

0.03

 

 

(0.24

)

 

(0.06

)

 

(0.23

)

Benefit for income taxes

 

0.04

 

 

0.04

 

 

0.37

 

 

-

 

Net income attributable to common stockholders per diluted share(1)

$

2.81

 

$

2.21

 

$

5.24

 

$

4.73

 

(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
(2) Additional details about the the 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

(5) Segment net operating income of the Global Lifestyle, Global Housing and Global Preneed operating segments is equal to GAAP segment net income.

(6) Assurant uses Corporate and Other net operating loss as an important measure of the Corporate and Other segment's performance. Corporate and Other net operating loss equals Corporate and Other segment net loss attributable to common stockholders, excluding interest expense, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), COVID-19 direct and incremental expenses, the net charge related to Iké, foreign exchange gains (losses) from remeasurement of monetary assets and liabilities, the CARES Act tax benefit, as well as other highly variable or unusual items other than reportable catastrophes. The company believes Corporate and Other net operating loss provides investors a valuable measure of the performance of the company's corporate segment because it excludes highly variable items that do not represent the ongoing results of the company's corporate segment. The comparable GAAP measure is Corporate and Other segment net loss attributable to common stockholders.

 
(UNAUDITED) 2Q 2Q 6 Months 6 Months
($ in millions)

2020

 

2019

 

2020

 

2019

GAAP Corporate and Other segment net loss attributable to common stockholders

$

(47.4

)

$

(58.2

)

$

(104.8

)

$

(82.3

)

Adjustments, pre-tax:
COVID-19 direct and incremental expenses

 

19.2

 

 

-

 

 

22.3

 

 

-

 

CARES Act tax benefit (after-tax)

 

(5.1

)

 

-

 

 

(84.4

)

 

-

 

Interest expense

 

25.3

 

 

26.5

 

 

50.8

 

 

53.0

 

Net realized (gains) losses on investments

 

(24.1

)

 

(17.8

)

 

72.2

 

 

(46.6

)

Foreign exchange related losses

 

2.4

 

 

4.3

 

 

6.1

 

 

8.5

 

Net charge related to Iké

 

4.5

 

 

9.2

 

 

5.9

 

 

9.4

 

Other adjustments(1)

 

(1.9

)

 

15.8

 

 

4.0

 

 

15.0

 

Benefit for income taxes

 

(4.4

)

 

(8.8

)

 

(27.8

)

 

(9.5

)

Preferred stock dividends

 

4.6

 

 

4.6

 

 

9.3

 

 

9.3

 

Corporate & other net operating loss

$

(26.9

)

$

(24.4

)

$

(46.4

)

$

(43.2

)

(1) Additional details about the 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

(7) The company outlook for net operating income per diluted share, excluding reportable catastrophe losses, and Corporate and Other full-year net operating loss each constitute forward-looking information and the company believes that it cannot reconcile such forward-looking information to the most comparable GAAP measure without unreasonable efforts. Many of the GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation. The company is able to quantify a range of interest expense and preferred stock dividends, as disclosed in the outlook. The interest expense estimate assumes no additional debt is incurred or extinguished in the forecast period and excludes after-tax interest expenses included in debt extinguishment and other related costs. Preferred stock dividends are subject to Board approval.

A summary of net operating income disclosed items is included on page 15 of the company's Financial Supplement, which is available on Assurant's Investor Relations website: http://ir.assurant.com/investor/default.aspx

Assurant, Inc.

Consolidated Statement of Operations (unaudited)

Three Months and Six Months Ended June 30, 2020 and 2019

 

2Q

6 Months

2020

2019

2020

2019

($ in millions except number of shares and per share amounts)
Revenues
Net earned premiums

$

2,036.4

 

$

2,032.7

 

$

4,120.2

 

$

3,937.1

 

Fees and other income

 

271.5

 

 

336.1

 

 

688.4

 

 

664.4

 

Net investment income

 

137.2

 

 

154.2

 

 

293.2

 

 

320.5

 

Net realized gains (losses) on investments

 

24.1

 

 

17.8

 

 

(71.2

)

 

46.6

 

Amortization of deferred gains on disposal of businesses

 

2.4

 

 

4.7

 

 

6.6

 

 

12.5

 

Total revenues

 

2,471.6

 

 

2,545.5

 

 

5,037.2

 

 

4,981.1

 

Benefits, losses and expenses
Policyholder benefits

 

592.1

 

 

687.0

 

 

1,199.3

 

 

1,301.7

 

Selling, underwriting, general and administrative expenses

 

1,621.5

 

 

1,639.5

 

 

3,443.8

 

 

3,216.7

 

Net Iké losses

 

4.5

 

 

9.2

 

 

5.9

 

 

9.4

 

Interest expense

 

26.7

 

 

26.5

 

 

52.2

 

 

53.0

 

Total benefits, losses and expenses

 

2,244.8

 

 

2,362.2

 

 

4,701.2

 

 

4,580.8

 

Income before provision for income taxes

 

226.8

 

 

183.3

 

 

336.0

 

 

400.3

 

Provision for income taxes

 

48.4

 

 

40.7

 

 

1.8

 

 

89.1

 

Net income

 

178.4

 

 

142.6

 

 

334.2

 

 

311.2

 

Less: Net income attributable to non-controlling interests

 

(0.3

)

 

1.5

 

 

(1.4

)

 

(1.4

)

Net income attributable to stockholders

 

178.1

 

 

144.1

 

 

332.8

 

 

309.8

 

Less: Preferred stock dividends

 

(4.6

)

 

(4.6

)

 

(9.3

)

 

(9.3

)

Net income attributable to common stockholders

$

173.5

 

$

139.5

 

$

323.5

 

$

300.5

 

 
 
Net income attributable to common stockholders per share:
Basic

$

2.87

 

$

2.24

 

$

5.35

 

$

4.82

 

Diluted

$

2.81

 

$

2.21

 

$

5.24

 

$

4.73

 

 
Common stock dividends per share

$

0.63

 

$

0.60

 

$

1.26

 

$

1.20

 

 
 
Share data:
Basic weighted average shares outstanding

 

60,363,577

 

 

62,222,090

 

 

60,483,244

 

 

62,407,429

 

 
Diluted weighted average shares outstanding

 

63,347,189

 

 

65,288,447

 

 

63,473,312

 

 

65,560,930

 

Assurant, Inc.

Consolidated Condensed Balance Sheets (unaudited)

At June 30, 2020 and December 31, 2019

 

June 30,

December 31,

2020

2019

($ in millions)
Assets
Investments and cash and cash equivalents

$

16,783.7

$

16,434.4

Reinsurance recoverables

 

9,581.9

 

9,593.4

Deferred acquisition costs

 

7,003.2

 

6,668.0

Goodwill

 

2,441.4

 

2,343.4

Value of business acquired

 

1,539.9

 

2,004.3

Assets held in separate accounts

 

1,853.6

 

1,839.7

Other assets

 

3,358.7

 

3,387.9

Assets of consolidated investment entities

 

1,670.8

 

2,020.1

Total assets

$

44,233.2

$

44,291.2

 
Liabilities
Policyholder benefits and claims payable

$

12,486.5

$

12,495.0

Unearned premiums

 

16,557.2

 

16,603.6

Debt

 

2,208.0

 

2,006.9

Liabilities related to separate accounts

 

1,853.6

 

1,839.7

Accounts payable and other liabilities

 

3,602.6

 

3,976.9

Liabilities of consolidated investment entities

 

1,540.8

 

1,687.0

Total liabilities

 

38,248.7

 

38,609.1

 
Stockholders' equity
Equity, excluding accumulated other comprehensive income

 

5,398.9

 

5,241.3

Accumulated other comprehensive income

 

568.9

 

411.5

Total Assurant, Inc. stockholders' equity

 

5,967.8

 

5,652.8

Non-controlling interest

 

16.7

 

29.3

Total equity

 

5,984.5

 

5,682.1

Total liabilities and equity

$

44,233.2

$

44,291.2

 


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