The Global Housing Division reported earnings of $71.2 million, about a 15-percent increase compared to the first quarter of last year.
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Company officials attributed the results to underlying growth and in part to a lower effective tax rate related to last year’s federal tax legislation. The gains were partially offset by an increase in costs related to natural disasters in the Global Housing Division.
Assurant reported costs of about $7.4 million related severe winter storms in the Northeast U.S. in the first quarter this year, compared to about $600,000 for the first quarter last year.
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“The quarter benefited from the lower effective U.S. tax rate and modest underlying profitable growth in key businesses such as mobile and multi-family housing, despite higher corporate expenses and catastrophe losses,” Colberg said.
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Based on current market conditions, the company said it expects to see an increase of between 10 and 14 percent in net operating income compared to last year. The company attributed its projection to modest growth and a lower effective tax rate.
BY THE NUMBERS
$107 million: Net operating income for Assurant in the first quarter of this year
$7.4 million: Costs related to natural disasters for the quarter
$71.2 million: Earnings of the Global Housing Division