Assurant reports net income of $423.1M for fiscal year 2020

Assurant is a large employer in Clark County. Bill Lackey/Staff

Combined ShapeCaption
Assurant is a large employer in Clark County. Bill Lackey/Staff

Assurant reported a net income of $134.5 million during its fourth quarter of 2020, a three-month period that ended in December, and also saw a total net income of $423.1 million for that entire fiscal year.

The global provider of risk management products and services, with offices in Springfield, released its fourth quarter and end-of-year earnings on Tuesday. The company reported increases in net income for both the quarter and the year when compared to 2019.

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The fiscal year 2019 saw a fourth quarter net income $122.9 million and a total full year net income of $363.9 million for Assurant.

“2020 marks our fourth consecutive year of strong profitable growth, demonstrating not only the effectiveness of our strategy, but also the strength and resiliency of our business model in the face of the unprecedented global challenges resulting from the COVID-19 pandemic,” said Assurant President and CEO Alan Colberg in a news release.

He said that the company’s performance during 2020 surpassed initial expectations and reflected “the stability of our large, installed customer base, significant client partnerships and embedded growth in (the Global Lifestyle segment).”

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The increase in net income during the fourth quarter of 2020 was attributed in part to an absence of a $32.5 million charge seen during the same quarter in 2019 as well as an increase in net realized gains on investments, according to the news release.

However, that was partially offset by $27.7 million of higher reportable catastrophes and lower legacy Affordable Care Act receivable recoveries compared to the prior year period, according to the release.

An increase in full year net income was partially attributed to a $84.4 million one-time tax benefit in full-year 2020 related to the enactment of the federal “CARES” Act, which allowed the carryback of net operating losses to years taxed at higher rates.

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