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.
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.