Assurant Inc. reported an increase in net income in its third quarter compared to last year, and the positive results were largely driven by the company’s Assurant Specialty Property, which has locations in Springfield and Dayton.
Third-quarter results show net income increased to $128.8 million, compared to $126.3 million at the same time last year. The company has four insurance services across the U.S., including about 2,300 workers in Clark County, making it one of the county’s largest employers. Earlier this year, the company also opened a satellite office in northeast Dayton.
The Springfield location primarily focuses on operational support for customers and clients of Assurant Specialty Property. Net operating income for that segment of the company increased 29 percent compared to the same time last year, from $89 million in 2012 to $115 million this year. The company’s net operating income also improved about 7 percent compared to the first nine months last year. Net operating income in other segments of the company declined compared to last year’s third quarter.
“We are pleased with the strong performance by Assurant Specialty Property and recognize the need for further improvements in our other businesses,” said Robert Pollack, President and CEO of Assurant, Inc. in a press release announcing the results.
The company attributed the success in Special Property to several factors, including growth in lender-placed loan portfolios and revenue increases from multi-family housing business.
According to information from financial research firm Zacks.com, third-quarter earnings exceeded expectations, coming in at $1.71 per share, ahead of initial estimates of $1.45 per share.
“Assurant’s better-than expected results were driven by strong performance by Assurant Specialty Property,” an analysis from Zack’s said.
Robert Byrd, a spokesman for Assurant, said the company does not typically comment on its earnings reports. But he said the company is still accepting applications for both its Springfield and Dayton locations.
“Growth in our business comes from serving clients and customers well, and as one of our largest service centers, our Springfield team plays a significant role in that,” said Gene Mergelmeyer, president and CEO, Assurant Specialty Property.
The Springfield location provides jobs for 1,800 workers at its site along I-70, as well as an additional 500 who work from home. About 150 workers are also now working in the company’s Dayton location, Byrd said.