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Assurant Profit Surges on Housing Strength
11 Feb
Summary
- Assurant's fourth-quarter profit increased significantly.
- Its global housing unit saw a 10% rise in earned premiums.
- Reportable catastrophes dropped to $9.4 million from $50 million.
Insurer Assurant announced an increase in its fourth-quarter profit, primarily driven by its housing segment's strong performance and a decrease in catastrophe-related losses.
The company's global housing unit reported a 10% year-over-year increase in net earned premiums, fees, and other income, reaching $711.4 million for the three months ended December 31.
Assurant's financial results also benefited from a substantial drop in reportable catastrophes, which decreased to $9.4 million compared to $50 million in the prior year's quarter.
Overall net income for Assurant saw an uptick, rising to $225.2 million, or $4.41 per share, from $201.3 million, or $3.87 per share, a year earlier. Net investment income also saw a modest increase.
