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Assurant Reports Third Quarter 2019 Financial Results

November 5, 2019

NEW YORK--(BUSINESS WIRE)--Nov 5, 2019--

Assurant, Inc. (NYSE: AIZ), a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, today reported results for the third quarter ended September 30, 2019.

“Underlying results for the quarter were strong, driven by double-digit earnings growth in mobile, as our end-to-end service offerings continued to garner market appeal,” said Assurant President and CEO Alan Colberg.

Colberg added, “We believe we’re well positioned to achieve our full-year 2019 financial objectives and sustain double-digit earnings growth long term.”

 

Reconciliation of Net Operating Income to GAAP Net Income (Loss) Attributable to Common Stockholders 1

(UNAUDITED)  

3Q

   

3Q

   

9 Months

   

9 Months

($ in millions, net of tax)  

 2019 

   

 2018 

   

 2019 

   

 2018 

Global Housing  

$         41.6

   

$         19.4

   

$       185.8

   

$       163.2

Global Lifestyle  

102.1

   

75.9

   

312.0

   

199.8

Global Preneed  

7.4

   

16.8

   

36.1

   

41.3

Corporate and other  

(20.8)

   

(19.0)

   

(64.0)

   

(56.5)

Interest expense  

(20.8)

   

(21.0)

   

(62.8)

   

(45.0)

Preferred stock dividends  

(4.7)

   

(4.7)

   

(14.0)

   

(6.3)

Net operating income  

104.8

   

67.4

   

393.1

   

296.5

Adjustments:               
Net realized gains (losses) on investments  

11.7

   

(4.6)

   

50.6

   

(13.2)

Amortization of deferred gains on disposal of businesses  

3.5

   

10.0

   

13.3

   

36.5

Net TWG acquisition related charges (1)  

(4.2)

   

(8.0)

   

(18.3)

   

(61.0)

Loss on sale of Mortgage Solutions  

(7.5)

   

2.0

   

(7.5)

   

(32.4)

Foreign exchange related losses  

(8.8)

   

(18.3)

   

(16.6)

   

(14.5)

Net charge related to Iké  

(124.8)

   

-

   

(131.4)

   

-

Loss on extinguishment of debt and other related costs  

(29.6)

   

-

   

(29.6)

   

-

Other adjustments (1)  

(4.6)

   

(0.2)

   

(12.6)

   

4.6

GAAP net (loss) income attributable to common stockholders  

$       (59.5)

   

$         48.3

   

$       241.0

   

$       216.5

 

Note: 2018 net operating income includes The Warranty Group (TWG) earnings, per the acquisition, beginning June 1, 2018 and mortgage solutions results prior to the sale on August 1, 2018. A full reconciliation of net operating income to GAAP net income attributable to common stockholders can be found on Page 8.

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.

Third quarter 2019 net loss included a $124.8 million after-tax charge for the decrease in the estimated fair value of Iké Asistencia. This charge reflected an increase in the liability related to the put/call option, an other than temporary impairment loss on the 40 percent ownership interest in Iké (of which $41.0 million related to cumulative foreign currency losses previously recorded in other comprehensive income), and a valuation allowance against previously established deferred tax assets.

Third Quarter 2019 Consolidated Results

Reportable Segments

Global Housing            
($ in millions)  3Q19  3Q18  % Change  9M19  9M18  % Change
Net operating income (5)  

$

41.6

  

$

19.4

  

114%

  

$

185.8

  

$

163.2

  

14%

Net earned premiums, fees and other income  

$

510.3

  

$

521.6

  

(2)%

  

$

1,520.4

  

$

1,587.2

  

(4)%

Note: On August 1, 2018, Assurant closed the sale of Global Housing’s mortgage solutions business. Results for this business are included in Global Housing’s revenue and net operating income through July 2018.

 Global Lifestyle            
 ($ in millions)  3Q19  3Q18  % Change  9M19  9M18  % Change
 Net operating income (5)  

$

102.1

  

$

75.9

  

35%

  

$

312.0

  

$

199.8

  

56%

 Net earned premiums, fees and other income  

$

1,749.3

  

$

1,541.5

  

13%

  

$

5,240.0

  

$

3,562.2

  

47%

Note: Starting June 1, 2018, the results of TWG business operations is reflected within Global Lifestyle segment results.

Global Preneed            
($ in millions)  3Q19  3Q18  % Change  9M19  9M18  % Change
Net operating income (5)  

$

7.4

  

$

16.8

  

(56)%

  

$

36.1

  

$

41.3

  

(13)%

Net earned premiums, fees and other income  

$

50.8

  

$

48.1

  

6%

  

$

149.5

  

$

141.2

  

6%

Corporate & Other            
($ in millions)  3Q19  3Q18  % Change  9M19  9M18  % Change
Net loss attributable to common stockholders  

$

(210.6

)

  

$

(63.8

)

  

(230)%

  

$

(292.9

)

  

$

(187.8

)

  

(56)%

Net operating loss (6)  

$

(20.8

)

  

$

(19.0

)

  

(9)%

  

$

(64.0

)

  

$

(56.5

)

  

(13)%

Note: Net (loss) income attributable to common stockholders is the comparable GAAP measure to net operating loss for the Corporate & Other segment.

Holding Company Liquidity Position

Company Outlook

Based on current views for full-year 2019, the Company expects:

Earnings Conference Call

The third quarter 2019 earnings conference call and webcast will be held Wednesday, November 6, 2019 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 housing and lifestyle 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 and lender-placed homeowners insurance. 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:

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, 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 Assurant Health runoff operations, net realized gains (losses) on investments, amortization of deferred gains (including Assurant Employee Benefits), net charges relating to the acquisition of The Warranty Group (TWG), foreign exchange gains (losses) from remeasurement of monetary assets and liabilities, loss on sale of mortgage solutions and other highly variable or unusual items other than reportable catastrophes. The Company believes net operating income provides investors 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)3Q3Q9 Months9 Months
($ in millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net operating income

$

104.8

 

$

67.4

 

$

393.1

 

$

296.5

 

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

 

14.9

 

 

(5.7

)

 

61.5

 

 

(16.6

)

Amortization of deferred gains on disposal of businesses

 

4.4

 

 

12.7

 

 

16.9

 

 

46.2

 

Net TWG acquisition related charges (1)

 

(5.4

)

 

(10.6

)

 

(22.5

)

 

(75.1

)

Loss on sale of Mortgage Solutions

 

(9.6

)

 

2.5

 

 

(9.6

)

 

(41.0

)

Foreign exchange related losses

 

(8.1

)

 

(18.3

)

 

(16.6

)

 

(13.2

)

Net charge related to Iké

 

(121.1

)

 

-

 

 

(130.5

)

 

-

 

Loss on extinguishment of debt and other related costs

 

(37.4

)

 

-

 

 

(37.4

)

 

-

 

Other adjustments (1)

 

(5.6

)

 

0.3

 

 

(16.0

)

 

6.5

 

Benefit for income taxes

 

3.6

 

 

-

 

 

2.1

 

 

13.3

 

GAAP net (loss) income attributable to common stockholders

$

(59.5

)

$

48.3

 

$

241.0

 

$

216.5

 

 

(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

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)3Q3Q9 Months9 Months
($ in millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Global Housing, excluding reportable catastrophes

$

77.3

 

$

86.0

 

$

227.6

 

$

237.5

 

Global Lifestyle (1)

 

102.7

 

 

77.0

 

 

311.6

 

 

199.6

 

Global Preneed

 

7.4

 

 

16.8

 

 

36.1

 

 

41.3

 

Corporate and other

 

(20.8

)

 

(19.0

)

 

(64.0

)

 

(56.5

)

Interest expense

 

(20.8

)

 

(21.0

)

 

(62.8

)

 

(45.0

)

Preferred stock dividends

 

(4.7

)

 

(4.7

)

 

(14.0

)

 

(6.3

)

Net operating income, excluding reportable catastrophes

 

141.1

 

 

135.1

 

 

434.5

 

 

370.6

 

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

 

14.9

 

 

(5.7

)

 

61.5

 

 

(16.6

)

Reportable catastrophes

 

(46.0

)

 

(85.7

)

 

(52.3

)

 

(93.8

)

Amortization of deferred gains on disposal of businesses

 

4.4

 

 

12.7

 

 

16.9

 

 

46.2

 

Net TWG acquisition related charges (2)

 

(5.4

)

 

(10.6

)

 

(22.5

)

 

(75.1

)

Loss on sale of Mortgage Solutions

 

(9.6

)

 

2.5

 

 

(9.6

)

 

(41.0

)

Foreign exchange related losses

 

(8.1

)

 

(18.3

)

 

(16.6

)

 

(13.2

)

Net charge related to Iké

 

(121.1

)

 

-

 

 

(130.5

)

 

-

 

Loss on extinguishment of debt and other related costs

 

(37.4

)

 

-

 

 

(37.4

)

 

-

 

Other adjustments (2)

 

(5.6

)

 

0.3

 

 

(16.0

)

 

6.5

 

Benefit for income taxes

 

13.3

 

 

18.0

 

 

13.0

 

 

33.0

 

GAAP net (loss) income attributable to common stockholders

$

(59.5

)

$

48.3

 

$

241.0

 

$

216.5

 

(1)

3Q 2019 and 2018 exclude losses of $0.6 million after-tax ($0.8 million pre-tax) and $1.1 million after-tax ($1.4 million pre-tax), mainly related to Tropical Storm Imelda and Hurricane Florence, respectively. Nine Months 2019 and 2018 exclude benefits of $0.4 million after-tax ($0.7 million pre-tax) and $0.2 million after-tax ($0.2 million pre-tax), respectively, mainly due to favorable development related to prior year reportable catastrophes.
 

(2)

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.

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 TWG 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 TWG 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)3Q3Q9 Months9 Months

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net operating income per diluted share (1)

$

1.69

 

$

1.06

 

$

6.29

 

$

5.09

 

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

 

0.25

 

 

(0.09

)

 

0.99

 

 

(0.29

)

Amortization of deferred gains on disposal of businesses

 

0.07

 

 

0.20

 

 

0.27

 

 

0.79

 

Net TWG acquisition related charges

 

(0.09

)

 

(0.17

)

 

(0.36

)

 

(1.28

)

Loss on sale of Mortgage Solutions

 

(0.16

)

 

0.04

 

 

(0.15

)

 

(0.71

)

Foreign exchange related losses

 

(0.13

)

 

(0.29

)

 

(0.27

)

 

(0.22

)

Net charge related to Iké

 

(1.95

)

 

-

 

 

(2.08

)

 

-

 

Loss on extinguishment of debt and other related costs

 

(0.60

)

 

-

 

 

(0.59

)

 

-

 

Other adjustments

 

(0.10

)

 

0.01

 

 

(0.27

)

 

0.11

 

Benefit for income taxes

 

0.06

 

 

-

 

 

0.03

 

 

0.23

 

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

$

(0.96

)

$

0.76

 

$

3.86

 

$

3.72

 

(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

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 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 weighted average diluted shares outstanding.
(UNAUDITED)3Q3Q9 Months9 Months

 

2019

 

 

2018

 

 

2019

 

 

2018

 

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

$

2.28

 

$

2.12

 

$

6.96

 

$

6.37

 

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

 

0.25

 

 

(0.09

)

 

0.99

 

 

(0.29

)

Reportable catastrophes

 

(0.74

)

 

(1.34

)

 

(0.84

)

 

(1.61

)

Amortization of deferred gains on disposal of businesses

 

0.07

 

 

0.20

 

 

0.27

 

 

0.79

 

Net TWG acquisition related charges

 

(0.09

)

 

(0.17

)

 

(0.36

)

 

(1.28

)

Loss on sale of Mortgage Solutions

 

(0.16

)

 

0.04

 

 

(0.15

)

 

(0.71

)

Foreign exchange related losses

 

(0.13

)

 

(0.29

)

 

(0.27

)

 

(0.22

)

Net charge related to Iké

 

(1.95

)

 

-

 

 

(2.08

)

 

-

 

Loss on extinguishment of debt and other related costs

 

(0.60

)

 

-

 

 

(0.59

)

 

-

 

Other adjustments

 

(0.10

)

 

0.01

 

 

(0.27

)

 

0.11

 

Benefit for income taxes

 

0.21

 

 

0.28

 

 

0.20

 

 

0.56

 

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

$

(0.96

)

$

0.76

 

$

3.86

 

$

3.72

 

(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

5.

Segment net operating income of the Global Housing, Global Lifestyle 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 segment’s performance. Corporate and Other net operating loss equals Total Corporate and Other segment net loss attributable to common stockholders, excluding Health runoff operations, net TWG acquisition related charges, foreign exchange gains (losses) from remeasurement of monetary assets and liabilities, amortization of deferred gains on disposal of businesses, net realized gains (losses) on investments, interest expense, loss on sale of mortgage solutions and other highly variable or unusual items. 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 Total Corporate & Other segment net loss attributable to common stockholders.
(UNAUDITED)3Q3Q9 Months9 Months
($ in millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

GAAP Corporate and Other segment net loss attributable to common stockholders

$

(210.6

)

$

(63.8

)

$

(292.9

)

$

(187.8

)

Adjustments, pre-tax:
Amortization of deferred gains on disposal of businesses

 

(4.4

)

 

(12.7

)

 

(16.9

)

 

(46.2

)

Net TWG acquisition related charges (1)

 

5.4

 

 

10.6

 

 

22.5

 

 

75.1

 

Interest expense

 

26.6

 

 

26.5

 

 

79.6

 

 

56.9

 

Net realized (gains) losses on investments

 

(14.9

)

 

5.7

 

 

(61.5

)

 

16.6

 

Loss on sale of Mortgage Solutions

 

9.6

 

 

(2.5

)

 

9.6

 

 

41.0

 

Foreign exchange related losses

 

8.1

 

 

18.3

 

 

16.6

 

 

13.2

 

Net charge related to Iké

 

121.1

 

 

-

 

 

130.5

 

 

-

 

Loss on extinguishment of debt and other related costs

 

37.4

 

 

-

 

 

37.4

 

 

-

 

Other adjustments (1)

 

5.6

 

 

(0.3

)

 

16.0

 

 

(6.5

)

Benefit for income taxes

 

(9.4

)

 

(5.5

)

 

(18.9

)

 

(25.1

)

Preferred stock dividends

 

4.7

 

 

4.7

 

 

14.0

 

 

6.3

 

Corporate & other net operating loss

$

(20.8

)

$

(19.0

)

$

(64.0

)

$

(56.5

)

(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

7.

The company outlook for net operating income per diluted share, excluding reportable catastrophe losses, and Corporate and Other 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 reasonably quantify a range for amortization of deferred gains based on certain assumptions relating to future reinsured premium on disposed business during the forecast period. Amortization of deferred gains on disposal of businesses is expected to be approximately $16-18 million after-tax. The company is also able to reasonably quantify a range of net TWG acquisition related charges, which is expected to be approximately $25-30 million after-tax. Finally, 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 Nine Months Ended September 30, 2019 and 2018

 
3Q9 Months

 

2019

 

 

2018

 

 

2019

 

 

2018

 

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

$

2,015.4

 

$

1,853.6

 

$

5,952.5

 

$

4,316.8

 

Fees and other income

 

295.1

 

 

257.9

 

 

959.5

 

 

976.6

 

Net investment income

 

169.5

 

 

151.8

 

 

490.0

 

 

417.6

 

Net realized gains (losses) on investments

 

14.9

 

 

(5.7

)

 

61.5

 

 

(16.6

)

Amortization of deferred gains on disposal of businesses

 

4.4

 

 

12.7

 

 

16.9

 

 

46.2

 

Total revenues

 

2,499.3

 

 

2,270.3

 

 

7,480.4

 

 

5,740.6

 

Benefits, losses and expenses
Policyholder benefits

 

705.2

 

 

680.9

 

 

2,006.9

 

 

1,586.1

 

Selling, underwriting, general and administrative expenses

 

1,755.1

 

 

1,487.1

 

 

4,981.2

 

 

3,789.9

 

Interest expense

 

32.2

 

 

26.5

 

 

85.2

 

 

74.0

 

Loss on extinguishment of debt

 

31.4

 

 

-

 

 

31.4

 

 

-

 

Total benefits, losses and expenses

 

2,523.9

 

 

2,194.5

 

 

7,104.7

 

 

5,450.0

 

(Loss) income before provision for income taxes

 

(24.6

)

 

75.8

 

 

375.7

 

 

290.6

 

Provision for income taxes

 

28.6

 

 

22.8

 

 

117.7

 

 

64.6

 

Net (loss) income

 

(53.2

)

 

53.0

 

 

258.0

 

 

226.0

 

Less: Net income attributable to non-controlling interests

 

(1.6

)

 

-

 

 

(3.0

)

 

-

 

Net (loss) income attributable to stockholders

 

(54.8

)

 

53.0

 

 

255.0

 

 

226.0

 

Less: Preferred stock dividends

 

(4.7

)

 

(4.7

)

 

(14.0

)

 

(9.5

)

Net (loss) income attributable to common stockholders

$

(59.5

)

$

48.3

 

$

241.0

 

$

216.5

 

 
 
Net income attributable to common stockholders per share:
Basic

$

(0.96

)

$

0.76

 

$

3.88

 

$

3.73

 

Diluted

$

(0.96

)

$

0.76

 

$

3.86

 

$

3.72

 

 
Common stock dividends per share

$

0.60

 

$

0.56

 

$

1.80

 

$

1.68

 

 
 
Share data:
Basic weighted average shares outstanding

 

61,804,492

 

 

63,621,184

 

 

62,204,242

 

 

57,988,570

 

 
Diluted weighted average shares outstanding

 

61,804,492

 

 

63,800,347

 

 

62,460,245

 

 

58,193,940

 

Assurant, Inc.

Consolidated Condensed Balance Sheets (unaudited)

At September 30, 2019 and Dec. 31, 2018

 
September 30,December 31,

 

2019

 

2018

 

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

$

16,301.3

$

14,657.9

 

Reinsurance recoverables

 

9,510.6

 

9,166.0

 

Deferred acquisition costs

 

6,161.2

 

5,103.0

 

Goodwill

 

2,331.0

 

2,321.8

 

Value of business acquired

 

2,262.3

 

3,157.8

 

Assets held in separate accounts

 

1,747.2

 

1,609.7

 

Other assets

 

3,360.9

 

3,387.7

 

Assets of consolidated investment entities

 

2,077.0

 

1,685.4

 

Total assets

$

43,751.5

$

41,089.3

 

 
Liabilities
Policyholder benefits and claims payable

$

12,435.9

$

12,054.6

 

Unearned premiums

 

16,383.2

 

15,648.0

 

Debt

 

2,006.3

 

2,006.0

 

Liabilities related to separate accounts

 

1,747.2

 

1,609.7

 

Accounts payable and other liabilities

 

3,782.2

 

3,182.0

 

Liabilities of consolidated investment entities

 

1,706.3

 

1,455.1

 

Total liabilities

 

38,061.1

 

35,955.4

 

 
Stockholders' equity
Equity, excluding accumulated other comprehensive income

 

5,253.4

 

5,267.4

 

Accumulated other comprehensive income (loss)

 

405.2

 

(155.4

)

Total Assurant, Inc. stockholders' equity

 

5,658.6

 

5,112.0

 

Non-controlling interest

 

31.8

 

21.9

 

Total equity

 

5,690.4

 

5,133.9

 

Total liabilities and equity

$

43,751.5

$

41,089.3

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191105006183/en/

CONTACT: Media:

Linda Recupero

Senior Vice President, Global Communication

Phone: 212.859.7005

linda.recupero@assurant.com

Investor Relations:

Suzanne Shepherd

Senior Vice President, Investor Relations

Phone: 212.859.7062

suzanne.shepherd@assurant.com

Sean Moshier

Director, Investor Relations

Phone: 212.859.5831

sean.moshier@assurant.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Assurant, Inc.

Copyright Business Wire 2019.

PUB: 11/05/2019 04:15 PM/DISC: 11/05/2019 04:15 PM

http://www.businesswire.com/news/home/20191105006183/en