Assurant sees continued momentum in second quarter, reports net income of $184.7 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, saw continued momentum throughout its second quarter this fiscal year as it reported a net income of $184.7 million for that period.

The global provider of risk management products and services, with offices in Springfield, released its second quarter earnings for 2021 this week, which tracked a three-month period that ended in June.

Those results showed that several segments of the company benefited from continued momentum seen last year, according to Assurant President and CEO Alan Colberg.

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“Our second quarter performance demonstrated continued momentum and strong embedded growth across our Global Lifestyle and Global Housing businesses,” Colberg said.

“Looking ahead, we are well-positioned to deliver on our financial objectives for 2021 and remain focused on driving innovation and profitable growth across our market-leading lifestyle and specialty (property and casualty) businesses,” he added.

The New York based company saw a 12% increase in net income this quarter when compared to the same period last fiscal year. That number went from $164.7 million to $184.7 million.

That increase was primarily driven by a lower corporate and other net operating losses as well as a decline in direct and incremental expenses related to the pandemic.

However, that was partially offset by lower net realized gains on investments compared to the prior year period. That information came from a news release from Assurant this week.

Net income per diluted share went up 16% between those periods going from $2.59 to $3.01.

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Net operating income, excluding reportable catastrophes, also increased during the second quarter of this fiscal year and was reported at $183.2 million, up from the $153.7 million reported during the same quarter in 2020.

Net operating income per diluted share also increased during those two periods going from $2.50 to $2.99, according to data released by Assurant.

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

The New York based company employs approximately 1,600 people in Clark County. That includes those working virtually or on-site during the coronavirus pandemic.

Revenue from the Global Lifestyle and Global Housing segments totaled $2.45 billion and was up compared to the $2.26 billion reported in the second quarter of 2020.

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