Assurant sees continued growth in 2021, reported net income of $613.5 million

The Assurant company on Leffel Lane in Springfield. BILL LACKEY/STAFF

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The Assurant company on Leffel Lane in Springfield. BILL LACKEY/STAFF

Assurant, which has a large presence in Clark County, reported its fifth consecutive year of profitable growth.

The New York-based company that sells insurance products released its earnings report this week for both fiscal year 2021, as well as the fourth quarter of that year. Those financial results showed growth and larger net incomes compared to the previous year.

Assurant, which has an office in Springfield and employs roughly 1,600 people in the area, saw a total net income of $613.5 million last year, including $126.7 million in the fourth quarter.

That’s up from a total net income of $520.4 million in fiscal year 2020, including $119.1 million for the fourth quarter of that year.

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“In 2021, we delivered our fifth consecutive year of profitable growth with double-digit growth in earnings and earnings per share,” Assurant President and CEO Keith Demmings said.

By the end of fiscal year 2021, Assurant had a total net operating income, excluding reportable catastrophes, of $672 million, up 11% when compared to the previous fiscal year, it reported.

The increase in net income was primarily driven by higher gains on investments, as well as factoring in losses reported in the prior year period. There was also growth in the company’s Global Lifestyle segment.

Demmings said moving forward the company is focused on several key priorities that have been identified to better support Assurant’s long-term vision and strategy.

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“For 2022, our key priorities to support our long-term vision and strategy include developing our diverse talent, strengthening our client partnerships while attracting key prospects globally, and further enhancing our product and service capabilities that differentiate Assurant in the marketplace,” Demmings added. “This will require an accelerated pace of innovation and prioritizing investments across our operations and technology to advance our market leading positions. And finally, sustainability and inclusivity will continue to be a top priority for the benefit of all stakeholders and the communities in which we operate.”

Assurant saw continued growth between its four quarters during 2021. That momentum carried into the fourth quarter of that year as the increase in net income was primarily driven by $26.1 million of lower reportable catastrophes within its Global Housing segment, as well as growth in the Global Lifestyle segment.

Assurant’s Springfield location provides operational support to customers and clients associated with Global Housing. That segment saw a net operating income of $80.3 million for the fourth quarter and $244.6 million for the entire fiscal year.

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