S&P 500 (NYSE:SPY) component Assurant, Inc. (NYSE:AIZ) reported net income above Wall Street’s expectations for the second quarter. Assurant, Inc. provides specialized insurance products and related services in North America and some international markets.
Assurant Earnings Cheat Sheet for the Second Quarter
Results: Net income for Assurant, Inc. rose to $165.9 million ($1.68 per share) vs. $164.7 million ($1.46 per share) in the same quarter a year earlier. This marks a rise of 0.7% from the year earlier quarter.
Revenue: Fell 3.6% to $2.06 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: AIZ beat the mean analyst estimate of 88 cents per share. It beat the average revenue estimate of $2.02 billion.
Quoting Management: “Second quarter operating results reflect our continuing efforts to deliver on our customer commitments and achieve long-term value for our shareholders,” said Robert B. Pollock, president and CEO of Assurant. “Improved results at Assurant Solutions, ongoing operating improvements at Assurant Health and increased sales at Assurant Employee Benefits were consistent with our priorities for the year. At the same time, results reflect the impact of storm-related claims as we quickly responded to help our customers recover and rebuild.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 15 cents in the first quarter, by 10 cents in the fourth quarter of the last fiscal year, and by 7 cents in the third quarter of the last fiscal year.
Revenue has fallen in the past four quarters. Revenue declined 6.1% to $2.04 billion in the first quarter. The figure fell 3.5% in the fourth quarter of the last fiscal year from the year earlier and dropped 2% in the third quarter of the last fiscal year from the year-ago quarter.
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).
(Source: Xignite Financials)