Assurant reports income of $104.8M for 3rd quarter

Assurant is laying off 120 positions in Springfield and Dayton, out of 2,300 at its two service centers. That’s on top of positions cut in January. Bill Lackey/Staff

Assurant is laying off 120 positions in Springfield and Dayton, out of 2,300 at its two service centers. That’s on top of positions cut in January. Bill Lackey/Staff
Business
By Hasan Karim
Updated Nov 11, 2019
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Assurant, a major employer in Clark County, reported a net operating income of $104.8 million during its third quarter of this year, including a boost from the company’s Global Housing Division.

It is an increase from the $67.4 million of net operating income reported during the same period in 2018. Despite, an overall strong performance this year, the insurance company reported a net loss of $59.5 million or $0.96 per share for the third quarter that ended on Sept. 30.

The previous quarter for this year saw a net income of $139.5 million or $2.21 per diluted share. Overall, the company has seen a total net operating income of $393.1 million over the last nine months. In 2018 that number was $296.5 million.

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The New York based company is a major employer in Clark County and employs approximately 1,700 people in the area, the News-Sun reported. The company’s Springfield office is responsible for operational support for customers and clients of its Global Housing Division.

That division provides insurance and related services in partnership with financial institutions and other major clients and during the third quarter it saw a net income of $41.6 million, up from the $19.4 million reported last year.

The segment’s third quarter included about $36 million in losses related to wind and flood damage from hurricane Dorian and tropical storm Imelda.

“I’d like to start by thanking all of our employees who supported our policyholders during (those events),” Alan Colberg, Assurant’s president and CEO, told investors during a conference call this week.

The company’s Global Lifestyle division reported the largest net operating income of the quarter with $102.1 million, an increase from the $75.9 million reported during the same quarter last year.

Colberg said momentum seen in the Global Lifestyle division helped lead to a strong third quarter for the company this year.

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He said earnings there have increased 30% year-over-year.

“Growth was mainly driven by mobile which benefited from new and existing clients. We now support 52 million mobile subscribers, an increase of 18% year-over-year,” Colberg said.

Company officials expect further growth into the beginning of next year with net operating income per diluted share, excluding catastrophe losses, expected to increase between 6 and 10 percent compared to 2018.

Company officials also added that those projected increases will stem mostly from profitable growth in the Global Lifestyle division as well as share repurchases.

By the numbers:

$104.8 Million: Net operating income reported in 3rd quarter

$59.5 Million: Net loss reported during quarter

41.6 Million: Net operating income reported for Assurant’s Global Housing division

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About the Author

Hasan Karim