Assurant reports $100M in income, a drop from last year

Assurant reported $100 million in net operating income in the first quarter of 2016 last week, about a 14 percent decrease compared to the same time last year.

The lower earnings was mostly the result of higher tax expenses and employee benefit costs at its corporate offices, according to company leaders. Despite lower earnings, the first quarter beat expectations, CEO and President Alan Coberg said.

“Despite the decline in earnings for the quarter, results were solid and exceeded our expectations,” Coberg said. “Looking forward, we remain focused on serving our customers while creating value for our shareholders through growth in our business, operating efficienies and disciplined capital management.”

The company’s Assurant Specialty Property Division, which has offices in Springfield and Dayton, reported net operating income of $76.4 million, about 2 percent higher than the same time last year.

The New York-based company is one of Springfield’s largest employers. The company also has an office in Dayton, but is in the process of moving many of those workers to its Springfield location, company officials have said.

The company currently has about 1,700 workers in the area, about 140 of whom are located in Dayton.

Assurant’s Springfield office provides operational support for customers and clients of its Specialty Property Division.

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