Assurant reports net income of $52.2 million in Q2

Assurant has a large presence in Clark County and its Springfield location provides operational support to customers and clients associated with Global Housing segment.

Combined ShapeCaption
Assurant has a large presence in Clark County and its Springfield location provides operational support to customers and clients associated with Global Housing segment.

Assurant, which employs about 1,600 people out of its Springfield office, saw a net income of $52.2 million during its second quarter of the fiscal year.

However, that is much lower than a net income of $187.1 million that was reported during the same period last year. Representatives of the company stated that though they saw continued growth in Assurant’s services-oriented Global Lifestyle segment, earnings for the second quarter this year were impacted by higher than expected costs related to the company’s Global Housing segment.

Assurant, which is based in New York, has a large presence in Clark County and its Springfield location provides operational support to customers and clients associated with Global Housing segment.

Inflation played a large part in terms of the higher than expected costs associated with the company’s Global Housing Segment, said Assurant’s President and CEO Keith Demmings.

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“We have revised our full-year outlook for 2022 and remain confident that our combined Lifestyle and Housing business portfolio will continue to deliver attractive profitable growth, strong cash flow generation and superior shareholder returns relative to the broader market,” Demmings said.

The global provider of risk management products and services reported that it saw an adjusted earnings, excluding reportable catastrophes, of $3.25 per diluted share. The company also reported having $595 million of holding company liquidity and saw share repurchases and common stock dividends totaled at $271 million for the second quarter.

The second quarter of the fiscal year tracked a three month period that ended on June 30, according to a recent news release from the company.

The company saw nearly $2 billion in revenues in its Global Lifestyles business during the second quarter, slightly up when compared to the same quarter last year.

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Revenues in Global Housing accounted for $495.7 million during the second quarter of this year. Revenues for that segment during the same quarter in 2021 was $496.8 million.

Assurant has seen a total net income of $201.2 million for the first six months of this fiscal year, down from the $327.9 million reported during the same period in 2021. The company also saw $3.61 per diluted shares during the first six months of fiscal year 2022, down from the $5.33 per diluted shares reported during the same period last year.

However, the company now expects to see 14% to 18% growth in adjusted earnings, excluding reportable catastrophes, per diluted share for the year.

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