Assurant sees strong first quarter, reports net income of $148.5M

Assurant, which has a large presence in Clark County, saw a strong first quarter this year as the company reported a net income of $148.5 million.

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

Those results were stronger than expected, said Assurant President and CEO Alan Colberg, who attributed the first quarter earnings for this year to continued growth within several of the company’s segments.

That included growth in Multihousing that falls within the Global Housing segment as well as the continued expansion in Global Automotive and Connected Living within the Global Lifestyle segment.

“Our success has been supported by the breadth and depth of our multi-channel distribution strategy across our businesses, together with an unrelenting focus on innovation, both of which have contributed to our significant growth,” Colberg said in a recent news release from the company.

Net operating income reported during the first quarter this year dipped slightly to $147.8 million from the $148.5 million reported during the same quarter in 2020.

The net operating income seen this quarter was also driven by more favorable non-catastrophe loss reported by the company.

However, when excluding reportable catastrophes, the net operating income actually rose by 13% for the quarter this fiscal year when compared to the previous fiscal year.

Adjusted EBITDA, excluding reportable catastrophes, also went up by 14% to $302.2 million and share repurchases and common stock dividends totaled $80 million for the quarter.

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 $2.36 billion so far this fiscal year when compared to the $2.45 billion reported during the first quarter of 2020.

Revenue for the quarter this year was impacted by a previously disclosed mobile contract change, according to a news release from Assurant.

Excluding the change, revenue was flat year-over-year, as growth in Global Automotive within Global Lifestyle was offset by a modest decline in Global Housing.

About the Author