Complete coverage
The Springfield News-Sun will continue to provide unmatched coverage of Clark County’s largest companies, and how they impact the local economy.
Assurant, one of Clark County’s largest employers, announced a slight increase in profits when the company’s 2014 third quarter results were released this week.
The New York-based company reported about $133 million in net operating income, or $1.82 per share, a slight increase compared to the roughly $131 million in earnings, or $1.71 per share, during the same quarter last year.
The company’s Specialty Property Division, which includes the Springfield location, saw a slight dip in net income, mostly due to the impact of lower premium rates in the lender-placed insurance business, according to information from the company.
The Specialty Property Division reported net income of about $105 million in the third quarter this year, a decline of about 9 percent compared to the same quarter last year. The Springfield operation provides operational support for customers and clients of Assurant Specialty Property.
“We continue to drive profitable growth across Assurant,” said Robert Pollack, CEO of Assurant, said in a press release concerning the report. “We’re encouraged by our momentum in areas targeted for growth, which we have enhanced through selective acquisitions.”
Assurant is one of the county’s largest employers, and has more than 2,400 employees in Springfield and a smaller office in Dayton. However, the company announced about 75 layoffs in September as the result of a reduction in business from a client.
For the first nine months of this year, the Specialty Property Division saw a net operating income of about $271 million, down about 14 percent compared to the same time last year. Overall, however, the company’s net operating income so far this year was about $376 million, up from $360 million for the first three quarters of last year.
The earnings report shows better results at Assurant’s Solutions and Employee Benefits Division were offset by declining revenue in its Health and Specialty Property divisions.
About the Author