Assurant Inc. reported an increase in net income both for the fourth quarter of last year and in 2013 overall, including the company’s Special Property Group, which has locations in Springfield and Dayton.
The Springfield location provides jobs for about 1,800 workers at its site along I-70, as well as an additional 500 who work from home. The company also employs about 200 workers at its Dayton location.
According to information released by the company this week, the company’s net operating income overall increased to $466.5 million in 2013, compared to 449.3 million in 2012. That amounts to about $6.01 per share in 2013 compared to $5.27 per share in 2012.
“During 2013, we strengthened our core business, completed strategic acquisitions to accelerate growth and diversified our offerings to meet changing consumer needs,” Robert Pollock, CEO of Assurant said in a press release announcing the results.
The Springfield location primarily focuses on operational support for customers and clients of Assurant Special Property. The Special Property portion of the business was singled out last year for being the most significant driver of the company’s positive results in the third quarter of 2013.
Information released by the company this week shows the Special Property portion of the business also fared better in 2013 than the previous year, mostly because the company did not have to pay out nearly as many claims for catastrophic losses, including those related to events like Hurricane Sandy.
For the year, Assurant reported $19.2 million in reportable catastrophic losses in the Specialty Property group in 2013, compared to $162.7 million in 2012.The company reported no catastrophes in the fourth quarter of 2013, compared to $135 million in losses in the fourth quarter of 2012.
Overall, the company has about $30 billion in assets and $9 billion in annual revenue. Based in New York, the company has about 15,500 employees overall.