Assurant Earnings: Net Income Lighter than Expected

S&P 500 (NYSE:SPY) component Assurant, Inc. (NYSE:AIZ) posted lower net income in the first quarter compared with a year-earlier period. Assurant, Inc. provides specialized insurance products and related services in North America and some international markets.

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Assurant Earnings Cheat Sheet for the First Quarter

Results: Net income for the accident and health insurance company fell to $141.7 million ($1.39/share) vs. $157.2 million ($1.34/share) a year earlier. A decline of 9.9% from the year earlier quarter.

Revenue: Fell 6.1% to $2.04 billion YoY.

Actual vs. Wall St. Expectations: AIZ beat the mean analyst estimate of $1.22/share. Estimates ranged from $1.15 per share to $1.40 per share.

Quoting Management: “First quarter results were consistent with our plans to respond and adapt our operations to the changing markets we serve,” said Robert B. Pollock, president and CEO of Assurant. “We increased book value per share by three percent, returned $190 million to our shareholders through disciplined capital deployment and are focused on growing revenue in our select specialty markets to ensure long-term success.”

Competitors to Watch: Hartford Financial Services (NYSE:HIG), American Financial Group (NYSE:AFG), HCC Insurance Hldgs., Inc. (NYSE:HCC), Hilltop Holdings Inc. (NYSE:HTH), The Allstate Corporation (NYSE:ALL), Old Republic Intl. Corp. (NYSE:ORI), American Intl. Group, Inc. (NYSE:AIG), The Travelers Companies, Inc. (NYSE:TRV), CNA Financial Corporation (NYSE:CNA), and The Chubb Corporation (NYSE:CB).

Today’s Performance: Shares of AIZ are unchanged in after hours trading.

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