We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Assurant Inc | NYSE:AIZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.46 | 0.84% | 176.08 | 176.97 | 172.23 | 174.48 | 300,797 | 21:23:11 |
x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
|
001-31978
|
|
39-1126612
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
|||
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
|
Item
Number
|
|
Page
Number
|
|
|
|
|
|
|
1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
2.
|
||
|
|
|
3.
|
||
|
|
|
4.
|
||
|
|
|
|
|
|
|
|
|
1.
|
||
|
|
|
1A.
|
||
|
|
|
2.
|
||
|
|
|
6.
|
||
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(in thousands except number of shares and per
share amounts)
|
||||||
Assets
|
|
|
|
||||
Investments:
|
|
|
|
||||
Fixed maturity securities available for sale, at fair value (amortized cost - $8,230,871 in 2016 and
$9,470,795 in 2015) |
$
|
9,039,747
|
|
|
$
|
10,215,328
|
|
Equity securities available for sale, at fair value (cost - $361,537 in 2016 and $450,563 in 2015)
|
403,702
|
|
|
500,057
|
|
||
Commercial mortgage loans on real estate, at amortized cost
|
872,196
|
|
|
1,151,256
|
|
||
Policy loans
|
41,124
|
|
|
43,858
|
|
||
Short-term investments
|
449,691
|
|
|
508,950
|
|
||
Other investments
|
618,651
|
|
|
575,323
|
|
||
Total investments
|
11,425,111
|
|
|
12,994,772
|
|
||
Cash and cash equivalents
|
2,060,815
|
|
|
1,288,305
|
|
||
Premiums and accounts receivable, net
|
1,331,527
|
|
|
1,260,717
|
|
||
Reinsurance recoverables
|
8,689,823
|
|
|
7,470,403
|
|
||
Accrued investment income
|
114,572
|
|
|
129,743
|
|
||
Deferred acquisition costs
|
3,079,611
|
|
|
3,150,934
|
|
||
Property and equipment, at cost less accumulated depreciation
|
312,324
|
|
|
298,414
|
|
||
Tax receivable
|
—
|
|
|
24,176
|
|
||
Goodwill
|
839,766
|
|
|
833,512
|
|
||
Value of business acquired
|
38,950
|
|
|
41,154
|
|
||
Other intangible assets, net
|
274,131
|
|
|
277,163
|
|
||
Other assets
|
401,111
|
|
|
469,005
|
|
||
Assets held in separate accounts
|
1,719,454
|
|
|
1,798,104
|
|
||
Total assets
|
$
|
30,287,195
|
|
|
$
|
30,036,402
|
|
Liabilities
|
|
|
|
||||
Future policy benefits and expenses
|
$
|
9,723,211
|
|
|
$
|
9,466,694
|
|
Unearned premiums
|
6,308,939
|
|
|
6,423,720
|
|
||
Claims and benefits payable
|
3,341,718
|
|
|
3,896,719
|
|
||
Commissions payable
|
354,965
|
|
|
393,260
|
|
||
Reinsurance balances payable
|
110,056
|
|
|
132,728
|
|
||
Funds held under reinsurance
|
101,400
|
|
|
94,417
|
|
||
Deferred gain on disposal of businesses
|
564,122
|
|
|
92,327
|
|
||
Accounts payable and other liabilities
|
1,825,894
|
|
|
2,049,810
|
|
||
Tax payable
|
258,087
|
|
|
—
|
|
||
Debt
|
1,414,704
|
|
|
1,164,656
|
|
||
Liabilities related to separate accounts
|
1,719,454
|
|
|
1,798,104
|
|
||
Total liabilities
|
25,722,550
|
|
|
25,512,435
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 62,643,447 and 65,850,386
shares outstanding at March 31, 2016 and December 31, 2015, respectively |
1,500
|
|
|
1,497
|
|
||
Additional paid-in capital
|
3,152,977
|
|
|
3,148,409
|
|
||
Retained earnings
|
5,044,544
|
|
|
4,856,674
|
|
||
Accumulated other comprehensive income
|
225,240
|
|
|
118,549
|
|
||
Treasury stock, at cost; 86,945,291 and 83,523,031 shares at March 31, 2016 and December 31,
2015, respectively |
(3,859,616
|
)
|
|
(3,601,162
|
)
|
||
Total stockholders’ equity
|
4,564,645
|
|
|
4,523,967
|
|
||
Total liabilities and stockholders’ equity
|
$
|
30,287,195
|
|
|
$
|
30,036,402
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands except number of shares and per share amounts)
|
||||||
Revenues
|
|
|
|
||||
Net earned premiums
|
$
|
1,415,238
|
|
|
$
|
2,159,562
|
|
Fees and other income
|
357,690
|
|
|
279,562
|
|
||
Net investment income
|
135,707
|
|
|
152,273
|
|
||
Net realized gains on investments, excluding other-than-temporary impairment losses
|
162,366
|
|
|
6,525
|
|
||
Total other-than-temporary impairment losses
|
(311
|
)
|
|
(3,208
|
)
|
||
Portion of net (gain) loss recognized in other comprehensive income, before taxes
|
(337
|
)
|
|
638
|
|
||
Net other-than-temporary impairment losses recognized in earnings
|
(648
|
)
|
|
(2,570
|
)
|
||
Amortization of deferred gain on disposal of businesses
|
47,596
|
|
|
3,258
|
|
||
Gain on pension plan curtailment
|
29,578
|
|
|
—
|
|
||
Total revenues
|
2,147,527
|
|
|
2,598,610
|
|
||
Benefits, losses and expenses
|
|
|
|
||||
Policyholder benefits
|
543,816
|
|
|
1,210,727
|
|
||
Amortization of deferred acquisition costs and value of business acquired
|
334,342
|
|
|
369,003
|
|
||
Underwriting, general and administrative expenses
|
917,359
|
|
|
921,909
|
|
||
Interest expense
|
14,503
|
|
|
13,778
|
|
||
Total benefits, losses and expenses
|
1,810,020
|
|
|
2,515,417
|
|
||
Income before provision for income taxes
|
337,507
|
|
|
83,193
|
|
||
Provision for income taxes
|
117,189
|
|
|
33,149
|
|
||
Net income
|
$
|
220,318
|
|
|
$
|
50,044
|
|
Earnings Per Share
|
|
|
|
||||
Basic
|
$
|
3.38
|
|
|
$
|
0.72
|
|
Diluted
|
$
|
3.34
|
|
|
$
|
0.71
|
|
Dividends per share
|
$
|
0.50
|
|
|
$
|
0.27
|
|
Share Data
|
|
|
|
||||
Weighted average shares outstanding used in basic per share calculations
|
65,086,935
|
|
|
69,770,224
|
|
||
Plus: Dilutive securities
|
833,611
|
|
|
987,325
|
|
||
Weighted average shares used in diluted per share calculations
|
65,920,546
|
|
|
70,757,549
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Net income
|
$
|
220,318
|
|
|
$
|
50,044
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Change in unrealized gains on securities, net of taxes of $(14,836) and $(28,349),
respectively
|
29,872
|
|
|
57,459
|
|
||
Change in other-than-temporary impairment gains, net of taxes of $674 and $481,
respectively
|
(1,251
|
)
|
|
(894
|
)
|
||
Change in foreign currency translation, net of taxes of $(1,609) and $2,654, respectively
|
11,860
|
|
|
(65,951
|
)
|
||
Pension plan curtailment and amortization of pension and postretirement unrecognized
net periodic benefit cost, net of taxes of $(35,651) and $(1,409), respectively
|
66,210
|
|
|
2,616
|
|
||
Total other comprehensive income (loss)
|
106,691
|
|
|
(6,770
|
)
|
||
Total comprehensive income
|
$
|
327,009
|
|
|
$
|
43,274
|
|
|
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Treasury
Stock
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Balance at December 31, 2015
|
$
|
1,497
|
|
|
$
|
3,148,409
|
|
|
$
|
4,856,674
|
|
|
$
|
118,549
|
|
|
$
|
(3,601,162
|
)
|
|
$
|
4,523,967
|
|
Stock plan exercises
|
3
|
|
|
(3,781
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,778
|
)
|
||||||
Stock plan compensation
expense
|
—
|
|
|
6,514
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,514
|
|
||||||
Change in tax benefit from
share-based payment
arrangements
|
—
|
|
|
1,835
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,835
|
|
||||||
Dividends
|
—
|
|
|
|
|
|
(32,448
|
)
|
|
—
|
|
|
—
|
|
|
(32,448
|
)
|
||||||
Acquisition of common
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(258,454
|
)
|
|
(258,454
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
220,318
|
|
|
—
|
|
|
—
|
|
|
220,318
|
|
||||||
Other comprehensive
income
|
—
|
|
|
—
|
|
|
—
|
|
|
106,691
|
|
|
—
|
|
|
106,691
|
|
||||||
Balance, March 31, 2016
|
$
|
1,500
|
|
|
$
|
3,152,977
|
|
|
$
|
5,044,544
|
|
|
$
|
225,240
|
|
|
$
|
(3,859,616
|
)
|
|
$
|
4,564,645
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Net cash used in operating activities
|
$
|
(339,030
|
)
|
|
$
|
(177,666
|
)
|
Investing activities
|
|
|
|
||||
Sales of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
707,385
|
|
|
452,944
|
|
||
Equity securities available for sale
|
112,051
|
|
|
14,660
|
|
||
Other invested assets
|
3,554
|
|
|
6,685
|
|
||
Property and equipment and other
|
20
|
|
|
10
|
|
||
Subsidiary, net of cash transferred (2)
|
914,811
|
|
|
65,002
|
|
||
Maturities, calls, prepayments, and scheduled redemption of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
197,638
|
|
|
179,339
|
|
||
Commercial mortgage loans on real estate
|
25,984
|
|
|
45,887
|
|
||
Purchases of:
|
|
|
|
||||
Fixed maturity securities available for sale
|
(750,742
|
)
|
|
(708,069
|
)
|
||
Equity securities available for sale
|
(74,925
|
)
|
|
(37,886
|
)
|
||
Commercial mortgage loans on real estate
|
(7,500
|
)
|
|
(36,180
|
)
|
||
Other invested assets
|
(18,393
|
)
|
|
(5,303
|
)
|
||
Property and equipment and other
|
(22,750
|
)
|
|
(22,157
|
)
|
||
Subsidiary, net of cash transferred (3)
|
(10,843
|
)
|
|
—
|
|
||
Equity interest (1)
|
—
|
|
|
(457
|
)
|
||
Change in short-term investments
|
55,539
|
|
|
95,250
|
|
||
Change in policy loans
|
1,159
|
|
|
1,544
|
|
||
Change in collateral held/pledged under securities agreements
|
—
|
|
|
2,746
|
|
||
Net cash provided by investing activities
|
1,132,988
|
|
|
54,015
|
|
||
Financing activities
|
|
|
|
||||
Issuance of debt
|
249,625
|
|
|
—
|
|
||
Change in tax benefit from share-based payment arrangements
|
1,835
|
|
|
1,559
|
|
||
Acquisition of common stock
|
(245,804
|
)
|
|
(84,329
|
)
|
||
Dividends paid
|
(32,448
|
)
|
|
(18,834
|
)
|
||
Change in obligation under securities agreements
|
—
|
|
|
(2,746
|
)
|
||
Net cash used in financing activities
|
(26,792
|
)
|
|
(104,350
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(514
|
)
|
|
(22,277
|
)
|
||
Reversal of Cash included in business classified as held for sale
|
5,858
|
|
|
(3,213
|
)
|
||
Change in cash and cash equivalents
|
772,510
|
|
|
(253,491
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,288,305
|
|
|
1,318,656
|
|
||
Cash and cash equivalents at end of period
|
$
|
2,060,815
|
|
|
$
|
1,065,165
|
|
(1)
|
Relates to the purchase of equity interest in Iké Asistencia.
|
(2)
|
Relates to the sale of Assurant's Employee Benefits segment mainly through reinsurance transactions and
supplemental and small group self-funded business.
|
(3)
|
Relates primarily to an immaterial acquisition and the purchase of renewal rights to the National Flood Insurance block of business of Nationwide Mutual Insurance Company.
|
|
|
|
|
|
|
|
|
|
|
Severance and retention
|
|
Long-lived asset impairments and contract and lease terminations
|
|
Other transaction costs
|
|
Total
|
||||||||
Balance at January 1, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Cash payments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at March 31, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
14,435
|
|
|
22,307
|
|
|
4,996
|
|
|
41,738
|
|
||||
Non-cash adjustment
|
—
|
|
|
(21,247
|
)
|
|
(2,947
|
)
|
|
(24,194
|
)
|
||||
Cash payments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at June 30, 2015
|
$
|
14,435
|
|
|
$
|
1,060
|
|
|
$
|
2,049
|
|
|
$
|
17,544
|
|
Charges
|
20,927
|
|
|
13
|
|
|
5,795
|
|
|
26,735
|
|
||||
Cash payments
|
(10,728
|
)
|
|
(168
|
)
|
|
(4,338
|
)
|
|
(15,234
|
)
|
||||
Balance at September 30, 2015
|
$
|
24,634
|
|
|
$
|
905
|
|
|
$
|
3,506
|
|
|
$
|
29,045
|
|
Charges
|
16,344
|
|
|
17
|
|
|
795
|
|
|
17,156
|
|
||||
Cash payments
|
(4,413
|
)
|
|
(152
|
)
|
|
(3,808
|
)
|
|
(8,373
|
)
|
||||
Balance at December 31, 2015
|
$
|
36,565
|
|
|
$
|
770
|
|
|
$
|
493
|
|
|
$
|
37,828
|
|
Charges
|
14,561
|
|
|
4,903
|
|
|
(47
|
)
|
|
19,417
|
|
||||
Cash payments
|
(16,181
|
)
|
|
(136
|
)
|
|
(436
|
)
|
|
(16,753
|
)
|
||||
Balance at March 31, 2016
|
$
|
34,945
|
|
|
$
|
5,537
|
|
|
$
|
10
|
|
|
$
|
40,492
|
|
|
|
|
|
|
|
|
|
||||||||
Amount expected to be incurred, including charges to
date
|
$
|
82,668
|
|
|
$
|
27,240
|
|
|
$
|
11,539
|
|
|
$
|
121,447
|
|
|
|
|
|
|
|
|
|
||||||||
Premium deficiency charges
|
|
|
|
|
|
|
$
|
182,627
|
|
||||||
Total amount expected to be incurred
|
|
|
|
|
|
|
$
|
304,074
|
|
|
|
|
Total expected gain at close
|
$
|
638,517
|
|
|
|
|
|
||
Transaction closing gains on March 1, 2016:
|
|
|
||
Gain on sale of entities, net of transaction costs
|
$
|
41,098
|
|
|
Novations, resulting in recognized gains
|
60,913
|
|
(b)
|
|
Loss on retroactive reinsurance component, before realized gains
|
(128,661
|
)
|
(c)
|
|
Net loss prior to realized gains on transferred securities supporting retroactive component
|
(26,650
|
)
|
(a)
|
|
Realized gains on transferred securities supporting retroactive component
|
146,727
|
|
(c)
|
|
Net gain realized as of March 1, 2016
|
$
|
120,077
|
|
|
|
|
|
||
Deferred gain as of March 1, 2016
|
$
|
518,440
|
|
|
Amortization of deferred gain for March 2016
|
44,593
|
|
(d)
|
|
Deferred gain as of March 31, 2016
|
$
|
473,847
|
|
(e)
|
Total net gains realized for the first quarter 2016
|
$
|
164,670
|
|
|
(a)
|
Amount classified within underwriting, general and administrative expenses within the Consolidated Statements of Operations.
|
(b)
|
Novations of certain insurance policies directly to Sun Life allowed for immediate gain recognition.
|
(c)
|
Reinsurance of existing claims liabilities requires retroactive accounting necessitating losses to be recognized immediately. However, upon transfer of the associated assets supporting the liabilities, the Company recognized realized gains which more than offset the retroactive losses. The Company was required to classify the realized gains as part of net realized gains on investments, within the Consolidated Statements of Operations.
|
(d)
|
Amount classified as amortization of deferred gain on disposal of businesses within the Consolidated Statements of Operations.
|
(e)
|
Amount classified as a component of the deferred gain on disposal of businesses within the Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
March 31, 2016
|
||||||||||||||||||
|
Cost or
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
OTTI in
AOCI
(a)
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
United States government and
government agencies and authorities
|
$
|
171,926
|
|
|
$
|
6,061
|
|
|
$
|
(5
|
)
|
|
$
|
177,982
|
|
|
$
|
—
|
|
States, municipalities and political
subdivisions
|
561,971
|
|
|
46,948
|
|
|
—
|
|
|
608,919
|
|
|
—
|
|
|||||
Foreign governments
|
500,754
|
|
|
75,054
|
|
|
(465
|
)
|
|
575,343
|
|
|
—
|
|
|||||
Asset-backed
|
3,026
|
|
|
1,291
|
|
|
(306
|
)
|
|
4,011
|
|
|
1,237
|
|
|||||
Commercial mortgage-backed
|
20,628
|
|
|
496
|
|
|
—
|
|
|
21,124
|
|
|
—
|
|
|||||
Residential mortgage-backed
|
880,676
|
|
|
61,281
|
|
|
(296
|
)
|
|
941,661
|
|
|
14,760
|
|
|||||
Corporate
|
6,091,890
|
|
|
675,220
|
|
|
(56,403
|
)
|
|
6,710,707
|
|
|
16,590
|
|
|||||
Total fixed maturity securities
|
$
|
8,230,871
|
|
|
$
|
866,351
|
|
|
$
|
(57,475
|
)
|
|
$
|
9,039,747
|
|
|
$
|
32,587
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stocks
|
$
|
12,311
|
|
|
$
|
6,865
|
|
|
$
|
(3
|
)
|
|
$
|
19,173
|
|
|
$
|
—
|
|
Non-redeemable preferred stocks
|
349,226
|
|
|
37,004
|
|
|
(1,701
|
)
|
|
384,529
|
|
|
—
|
|
|||||
Total equity securities
|
$
|
361,537
|
|
|
$
|
43,869
|
|
|
$
|
(1,704
|
)
|
|
$
|
403,702
|
|
|
$
|
—
|
|
|
|||||||||||||||||||
|
December 31, 2015
|
||||||||||||||||||
|
Cost or
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
OTTI in
AOCI
(a)
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
United States government and
government agencies and authorities
|
$
|
150,681
|
|
|
$
|
3,891
|
|
|
$
|
(537
|
)
|
|
$
|
154,035
|
|
|
$
|
—
|
|
States, municipalities and political
subdivisions
|
647,335
|
|
|
48,389
|
|
|
(94
|
)
|
|
695,630
|
|
|
—
|
|
|||||
Foreign governments
|
497,785
|
|
|
65,188
|
|
|
(723
|
)
|
|
562,250
|
|
|
—
|
|
|||||
Asset-backed
|
3,499
|
|
|
1,367
|
|
|
(204
|
)
|
|
4,662
|
|
|
1,285
|
|
|||||
Commercial mortgage-backed
|
22,169
|
|
|
352
|
|
|
—
|
|
|
22,521
|
|
|
—
|
|
|||||
Residential mortgage-backed
|
953,247
|
|
|
48,676
|
|
|
(3,409
|
)
|
|
998,514
|
|
|
15,343
|
|
|||||
Corporate
|
7,196,079
|
|
|
677,549
|
|
|
(95,912
|
)
|
|
7,777,716
|
|
|
17,885
|
|
|||||
Total fixed maturity securities
|
$
|
9,470,795
|
|
|
$
|
845,412
|
|
|
$
|
(100,879
|
)
|
|
$
|
10,215,328
|
|
|
$
|
34,513
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stocks
|
$
|
13,048
|
|
|
$
|
6,623
|
|
|
$
|
(7
|
)
|
|
$
|
19,664
|
|
|
$
|
—
|
|
Non-redeemable preferred stocks
|
437,515
|
|
|
45,495
|
|
|
(2,617
|
)
|
|
480,393
|
|
|
—
|
|
|||||
Total equity securities
|
$
|
450,563
|
|
|
$
|
52,118
|
|
|
$
|
(2,624
|
)
|
|
$
|
500,057
|
|
|
$
|
—
|
|
(a)
|
Represents the amount of OTTI recognized in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.
|
|
|
|
|
Cost or
Amortized
Cost
|
|
Fair Value
|
||||
Due in one year or less
|
$
|
302,193
|
|
|
$
|
305,652
|
|
Due after one year through five years
|
1,620,861
|
|
|
1,694,597
|
|
||
Due after five years through ten years
|
1,960,202
|
|
|
2,047,978
|
|
||
Due after ten years
|
3,443,285
|
|
|
4,024,724
|
|
||
Total
|
7,326,541
|
|
|
8,072,951
|
|
||
Asset-backed
|
3,026
|
|
|
4,011
|
|
||
Commercial mortgage-backed
|
20,628
|
|
|
21,124
|
|
||
Residential mortgage-backed
|
880,676
|
|
|
941,661
|
|
||
Total
|
$
|
8,230,871
|
|
|
$
|
9,039,747
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2016 (a)
|
|
2015
|
||||
Proceeds from sales
|
$
|
2,267,717
|
|
|
$
|
552,513
|
|
Gross realized gains
|
176,317
|
|
|
12,343
|
|
||
Gross realized losses
|
26,461
|
|
|
5,599
|
|
(a)
|
2016 includes
$146,727
related to the sale of Assurant Employee Benefits mainly through reinsurance transactions.
|
|
Three Months Ended
March 31, |
||||||
|
2016 (a)
|
|
2015
|
||||
Net realized gains related to sales and other:
|
|
|
|
||||
Fixed maturity securities
|
$
|
139,149
|
|
|
$
|
5,513
|
|
Equity securities
|
9,806
|
|
|
874
|
|
||
Commercial mortgage loans on real estate
|
12,453
|
|
|
—
|
|
||
Other investments
|
958
|
|
|
138
|
|
||
Total net realized gains related to sales and other
|
162,366
|
|
|
6,525
|
|
||
Net realized losses related to other-than-temporary
impairments:
|
|
|
|
||||
Fixed maturity securities
|
(648
|
)
|
|
(2,570
|
)
|
||
Total net realized losses related to other-than-temporary impairments
|
(648
|
)
|
|
(2,570
|
)
|
||
Total net realized gains
|
$
|
161,718
|
|
|
$
|
3,955
|
|
(a)
|
2016 includes
$146,727
related to the sale of Assurant Employee Benefits mainly through reinsurance transactions.
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Balance, January 1,
|
$
|
32,377
|
|
|
$
|
35,424
|
|
Additions for credit loss impairments recognized in the current period on securities
previously impaired
|
554
|
|
|
—
|
|
||
Additions for credit loss impairments recognized in the current period on securities not
previously impaired
|
—
|
|
|
2,570
|
|
||
Reductions for increases in cash flows expected to be collected that are recognized over
the remaining life of the security
|
(609
|
)
|
|
(472
|
)
|
||
Reductions for credit loss impairments previously recognized on securities which
matured, paid down, prepaid or were sold during the period
|
(1,341
|
)
|
|
(1,465
|
)
|
||
Balance, March 31,
|
$
|
30,981
|
|
|
$
|
36,057
|
|
|
|
|
|
March 31, 2016
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States Government and
government agencies and authorities
|
$
|
19,565
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,565
|
|
|
$
|
(5
|
)
|
Foreign governments
|
23,005
|
|
|
(28
|
)
|
|
24,700
|
|
|
(437
|
)
|
|
47,705
|
|
|
(465
|
)
|
||||||
Asset-backed
|
—
|
|
|
—
|
|
|
995
|
|
|
(306
|
)
|
|
995
|
|
|
(306
|
)
|
||||||
Residential mortgage-backed
|
63,375
|
|
|
(193
|
)
|
|
17,348
|
|
|
(103
|
)
|
|
80,723
|
|
|
(296
|
)
|
||||||
Corporate
|
664,039
|
|
|
(44,440
|
)
|
|
103,361
|
|
|
(11,963
|
)
|
|
767,400
|
|
|
(56,403
|
)
|
||||||
Total fixed maturity securities
|
$
|
769,984
|
|
|
$
|
(44,666
|
)
|
|
$
|
146,404
|
|
|
$
|
(12,809
|
)
|
|
$
|
916,388
|
|
|
$
|
(57,475
|
)
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock
|
$
|
227
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
227
|
|
|
$
|
(3
|
)
|
Non-redeemable preferred stocks
|
36,980
|
|
|
(810
|
)
|
|
12,226
|
|
|
(891
|
)
|
|
49,206
|
|
|
(1,701
|
)
|
||||||
Total equity securities
|
$
|
37,207
|
|
|
$
|
(813
|
)
|
|
$
|
12,226
|
|
|
$
|
(891
|
)
|
|
$
|
49,433
|
|
|
$
|
(1,704
|
)
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States Government and
government agencies and authorities
|
$
|
90,008
|
|
|
$
|
(465
|
)
|
|
$
|
5,564
|
|
|
$
|
(72
|
)
|
|
$
|
95,572
|
|
|
$
|
(537
|
)
|
States, municipalities and political
subdivisions
|
6,881
|
|
|
(94
|
)
|
|
—
|
|
|
—
|
|
|
6,881
|
|
|
(94
|
)
|
||||||
Foreign governments
|
24,071
|
|
|
(347
|
)
|
|
22,239
|
|
|
(376
|
)
|
|
46,310
|
|
|
(723
|
)
|
||||||
Asset-backed
|
—
|
|
|
—
|
|
|
1,136
|
|
|
(204
|
)
|
|
1,136
|
|
|
(204
|
)
|
||||||
Residential mortgage-backed
|
260,620
|
|
|
(3,179
|
)
|
|
11,147
|
|
|
(230
|
)
|
|
271,767
|
|
|
(3,409
|
)
|
||||||
Corporate
|
1,636,457
|
|
|
(85,247
|
)
|
|
54,029
|
|
|
(10,665
|
)
|
|
1,690,486
|
|
|
(95,912
|
)
|
||||||
Total fixed maturity securities
|
$
|
2,018,037
|
|
|
$
|
(89,332
|
)
|
|
$
|
94,115
|
|
|
$
|
(11,547
|
)
|
|
$
|
2,112,152
|
|
|
$
|
(100,879
|
)
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock
|
$
|
623
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
623
|
|
|
$
|
(7
|
)
|
Non-redeemable preferred stocks
|
63,665
|
|
|
(1,632
|
)
|
|
13,806
|
|
|
(985
|
)
|
|
77,471
|
|
|
(2,617
|
)
|
||||||
Total equity securities
|
$
|
64,288
|
|
|
$
|
(1,639
|
)
|
|
$
|
13,806
|
|
|
$
|
(985
|
)
|
|
$
|
78,094
|
|
|
$
|
(2,624
|
)
|
|
|
|
|
|
|
|
March 31, 2016
|
||||||||
Loan-to-Value
|
Carrying
Value
|
|
% of Gross
Mortgage
Loans
|
|
Debt-Service
Coverage Ratio
|
||||
70% and less
|
$
|
836,139
|
|
|
95.6
|
%
|
|
2.00
|
|
71 – 80%
|
27,961
|
|
|
3.2
|
%
|
|
1.18
|
|
|
81 – 95%
|
5,862
|
|
|
0.7
|
%
|
|
0.92
|
|
|
Greater than 95%
|
4,816
|
|
|
0.5
|
%
|
|
3.52
|
|
|
Gross commercial mortgage loans
|
874,778
|
|
|
100
|
%
|
|
1.97
|
|
|
Less valuation allowance
|
(2,582
|
)
|
|
|
|
|
|||
Net commercial mortgage loans
|
$
|
872,196
|
|
|
|
|
|
||
|
|||||||||
|
December 31, 2015
|
||||||||
Loan-to-Value
|
Carrying
Value
|
|
% of Gross
Mortgage
Loans
|
|
Debt-Service
Coverage Ratio
|
||||
70% and less
|
$
|
1,101,572
|
|
|
95.5
|
%
|
|
2.01
|
|
71 – 80%
|
39,080
|
|
|
3.4
|
%
|
|
1.19
|
|
|
81 – 95%
|
8,370
|
|
|
0.7
|
%
|
|
1.05
|
|
|
Greater than 95%
|
4,816
|
|
|
0.4
|
%
|
|
3.52
|
|
|
Gross commercial mortgage loans
|
1,153,838
|
|
|
100
|
%
|
|
1.98
|
|
|
Less valuation allowance
|
(2,582
|
)
|
|
|
|
|
|||
Net commercial mortgage loans
|
$
|
1,151,256
|
|
|
|
|
|
|
|
|
•
|
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
|
•
|
Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly, for substantially the full term of the asset. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset. The observable inputs are used in valuation models to calculate the fair value for the asset.
|
•
|
Level 3 inputs are unobservable but are significant to the fair value measurement for the asset, and include situations where there is little, if any, market activity for the asset. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset.
|
|
|
|
|
March 31, 2016
|
|
||||||||||||||||
|
Total
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
United States Government and government agencies
and authorities
|
$
|
177,982
|
|
|
$
|
—
|
|
|
|
$
|
177,982
|
|
|
|
$
|
—
|
|
|
State, municipalities and political subdivisions
|
608,919
|
|
|
—
|
|
|
|
608,919
|
|
|
|
—
|
|
|
||||
Foreign governments
|
575,343
|
|
|
842
|
|
|
|
574,501
|
|
|
|
—
|
|
|
||||
Asset-backed
|
4,011
|
|
|
—
|
|
|
|
4,011
|
|
|
|
—
|
|
|
||||
Commercial mortgage-backed
|
21,124
|
|
|
—
|
|
|
|
20,970
|
|
|
|
154
|
|
|
||||
Residential mortgage-backed
|
941,661
|
|
|
—
|
|
|
|
941,661
|
|
|
|
—
|
|
|
||||
Corporate
|
6,710,707
|
|
|
—
|
|
|
|
6,644,815
|
|
|
|
65,892
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common stocks
|
19,173
|
|
|
18,490
|
|
|
|
683
|
|
|
|
—
|
|
|
||||
Non-redeemable preferred stocks
|
384,529
|
|
|
—
|
|
|
|
382,169
|
|
|
|
2,360
|
|
|
||||
Short-term investments
|
449,691
|
|
|
354,391
|
|
b
|
|
95,300
|
|
c
|
|
—
|
|
|
||||
Other investments
|
283,059
|
|
|
65,490
|
|
a
|
|
216,017
|
|
c
|
|
1,552
|
|
d
|
||||
Cash equivalents
|
1,564,470
|
|
|
1,542,075
|
|
b
|
|
22,395
|
|
c
|
|
—
|
|
|
||||
Other assets
|
1,838
|
|
|
—
|
|
|
|
1,477
|
|
e
|
|
361
|
|
e
|
||||
Assets held in separate accounts
|
1,672,325
|
|
|
1,510,461
|
|
a
|
|
161,864
|
|
c
|
|
—
|
|
|
||||
Total financial assets
|
$
|
13,414,832
|
|
|
$
|
3,491,749
|
|
|
|
$
|
9,852,764
|
|
|
|
$
|
70,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
$
|
93,114
|
|
|
$
|
65,490
|
|
a
|
|
$
|
32
|
|
e
|
|
$
|
27,592
|
|
e
|
Liabilities related to separate accounts
|
1,672,325
|
|
|
1,510,461
|
|
a
|
|
161,864
|
|
c
|
|
—
|
|
|
||||
Total financial liabilities
|
$
|
1,765,439
|
|
|
$
|
1,575,951
|
|
|
|
$
|
161,896
|
|
|
|
$
|
27,592
|
|
|
|
|
|
|
December 31, 2015
|
|
||||||||||||||||
|
Total
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
United States Government and government agencies
and authorities
|
$
|
154,035
|
|
|
$
|
—
|
|
|
|
$
|
154,035
|
|
|
|
$
|
—
|
|
|
State, municipalities and political subdivisions
|
695,630
|
|
|
—
|
|
|
|
695,630
|
|
|
|
—
|
|
|
||||
Foreign governments
|
562,250
|
|
|
944
|
|
|
|
561,306
|
|
|
|
—
|
|
|
||||
Asset-backed
|
4,662
|
|
|
—
|
|
|
|
4,662
|
|
|
|
—
|
|
|
||||
Commercial mortgage-backed
|
22,521
|
|
|
—
|
|
|
|
22,317
|
|
|
|
204
|
|
|
||||
Residential mortgage-backed
|
998,514
|
|
|
—
|
|
|
|
998,514
|
|
|
|
—
|
|
|
||||
Corporate
|
7,777,716
|
|
|
—
|
|
|
|
7,714,570
|
|
|
|
63,146
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common stocks
|
19,664
|
|
|
18,981
|
|
|
|
683
|
|
|
|
—
|
|
|
||||
Non-redeemable preferred stocks
|
480,393
|
|
|
—
|
|
|
|
478,143
|
|
|
|
2,250
|
|
|
||||
Short-term investments
|
508,950
|
|
|
453,335
|
|
b
|
|
55,615
|
|
c
|
|
—
|
|
|
||||
Other investments
|
253,708
|
|
|
62,076
|
|
a
|
|
189,407
|
|
c
|
|
2,225
|
|
d
|
||||
Cash equivalents
|
908,936
|
|
|
907,248
|
|
b
|
|
1,688
|
|
c
|
|
—
|
|
|
||||
Other assets
|
1,320
|
|
|
—
|
|
|
|
886
|
|
e
|
|
434
|
|
e
|
||||
Assets held in separate accounts
|
1,750,556
|
|
|
1,570,000
|
|
a
|
|
180,556
|
|
c
|
|
—
|
|
|
||||
Total financial assets
|
$
|
14,138,855
|
|
|
$
|
3,012,584
|
|
|
|
$
|
11,058,012
|
|
|
|
$
|
68,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
$
|
89,765
|
|
|
$
|
62,076
|
|
a
|
|
$
|
6
|
|
e
|
|
$
|
27,683
|
|
e
|
Liabilities related to separate accounts
|
1,750,556
|
|
|
1,570,000
|
|
a
|
|
180,556
|
|
c
|
|
—
|
|
|
||||
Total financial liabilities
|
$
|
1,840,321
|
|
|
$
|
1,632,076
|
|
|
|
$
|
180,562
|
|
|
|
$
|
27,683
|
|
|
a.
|
Mainly includes mutual funds.
|
b.
|
Mainly includes money market funds.
|
c.
|
Mainly includes fixed maturity securities.
|
d.
|
Mainly includes fixed maturity securities and other derivatives.
|
e.
|
Mainly includes other derivatives.
|
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||
|
Balance,
beginning of
period
|
|
Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)
|
|
Net unrealized
(losses) gains
included in
other
comprehensive
income (2)
|
|
Purchases
|
|
Sales
|
|
Transfers
out (3)
|
|
Balance,
end of
period
|
||||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed Maturity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial mortgage-backed
|
$
|
204
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(49
|
)
|
|
$
|
—
|
|
|
$
|
154
|
|
Corporate
|
63,146
|
|
|
145
|
|
|
51
|
|
|
8,100
|
|
|
(719
|
)
|
|
(4,831
|
)
|
|
65,892
|
|
|||||||
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-redeemable preferred stocks
|
2,250
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,360
|
|
|||||||
Other investments
|
2,225
|
|
|
(636
|
)
|
|
(11
|
)
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
1,552
|
|
|||||||
Other assets
|
434
|
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
361
|
|
|||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other liabilities
|
(27,683
|
)
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,592
|
)
|
|||||||
Total level 3 assets and liabilities
|
$
|
40,576
|
|
|
$
|
(473
|
)
|
|
$
|
149
|
|
|
$
|
8,100
|
|
|
$
|
(794
|
)
|
|
$
|
(4,831
|
)
|
|
$
|
42,727
|
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||
|
Balance,
beginning of
period
|
|
Total
(losses)
gains
(realized/
unrealized)
included in
earnings (1)
|
|
Net unrealized
(losses) gains
included in
other
comprehensive
income (2)
|
|
Sales
|
|
Transfers
in (3)
|
|
Transfers
out (3)
|
|
Balance,
end of
period
|
||||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed Maturity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial mortgage-backed
|
$
|
403
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(46
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
354
|
|
Residential mortgage-backed
|
4,645
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,645
|
)
|
|
—
|
|
|||||||
Corporate
|
104,275
|
|
|
(8
|
)
|
|
880
|
|
|
(2,155
|
)
|
|
2,130
|
|
|
(4,132
|
)
|
|
100,990
|
|
|||||||
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-redeemable preferred stocks
|
2,000
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,060
|
|
|||||||
Other investments
|
2,121
|
|
|
128
|
|
|
(4
|
)
|
|
(21
|
)
|
|
236
|
|
|
—
|
|
|
2,460
|
|
|||||||
Other assets
|
807
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
944
|
|
|||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other liabilities
|
(25,233
|
)
|
|
(948
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,181
|
)
|
|||||||
Total level 3 assets and liabilities
|
$
|
89,018
|
|
|
$
|
(691
|
)
|
|
$
|
933
|
|
|
$
|
(2,222
|
)
|
|
$
|
2,366
|
|
|
$
|
(8,777
|
)
|
|
$
|
80,627
|
|
(1)
|
Included as part of net realized gains on investments in the consolidated statement of operations.
|
(2)
|
Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
|
(3)
|
Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs.
|
|
|
|
|
|
|
|
|
|
•
|
There are few recent transactions,
|
•
|
Little information is released publicly,
|
•
|
The available prices vary significantly over time or among market participants,
|
•
|
The prices are stale (i.e., not current), and
|
•
|
The magnitude of the bid-ask spread.
|
|
|
|
•
|
Cash and cash equivalents
|
•
|
Fixed maturity securities
|
•
|
Equity securities
|
•
|
Short-term investments
|
•
|
Other investments
|
•
|
Other assets
|
•
|
Assets held in separate accounts
|
•
|
Other liabilities
|
•
|
Liabilities related to separate accounts
|
|
|
|
|
March 31, 2016
|
||||||||||||||||||
|
|
|
Fair Value
|
||||||||||||||||
|
Carrying
Value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage loans on real estate
|
$
|
872,196
|
|
|
$
|
920,283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
920,283
|
|
Policy loans
|
41,124
|
|
|
41,124
|
|
|
41,124
|
|
|
—
|
|
|
—
|
|
|||||
Other investments
|
28,356
|
|
|
28,356
|
|
|
—
|
|
|
—
|
|
|
28,356
|
|
|||||
Total financial assets
|
$
|
941,676
|
|
|
$
|
989,763
|
|
|
$
|
41,124
|
|
|
$
|
—
|
|
|
$
|
948,639
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Policy reserves under investment products
(Individual and group annuities, subject
to discretionary withdrawal) (1)
|
$
|
675,539
|
|
|
$
|
684,546
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
684,546
|
|
Funds withheld under reinsurance
|
101,400
|
|
|
101,400
|
|
|
101,400
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
1,414,704
|
|
|
1,519,466
|
|
|
—
|
|
|
1,519,466
|
|
|
—
|
|
|||||
Total financial liabilities
|
$
|
2,191,643
|
|
|
$
|
2,305,412
|
|
|
$
|
101,400
|
|
|
$
|
1,519,466
|
|
|
$
|
684,546
|
|
|
|||||||||||||||||||
|
December 31, 2015
|
||||||||||||||||||
|
|
|
Fair Value
|
||||||||||||||||
|
Carrying
Value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage loans on real estate
|
$
|
1,151,256
|
|
|
$
|
1,201,806
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,201,806
|
|
Policy loans
|
43,858
|
|
|
43,858
|
|
|
43,858
|
|
|
—
|
|
|
—
|
|
|||||
Other investments
|
27,534
|
|
|
27,534
|
|
|
—
|
|
|
—
|
|
|
27,534
|
|
|||||
Total financial assets
|
$
|
1,222,648
|
|
|
$
|
1,273,198
|
|
|
$
|
43,858
|
|
|
$
|
—
|
|
|
$
|
1,229,340
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Policy reserves under investment products
(Individual and group annuities, subject
to discretionary withdrawal) (1)
|
$
|
666,068
|
|
|
$
|
676,586
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
676,586
|
|
Funds withheld under reinsurance
|
94,417
|
|
|
94,417
|
|
|
94,417
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
1,164,657
|
|
|
1,250,602
|
|
|
—
|
|
|
1,250,602
|
|
|
—
|
|
|||||
Total financial liabilities
|
$
|
1,925,142
|
|
|
$
|
2,021,605
|
|
|
$
|
94,417
|
|
|
$
|
1,250,602
|
|
|
$
|
676,586
|
|
(1)
|
Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||
|
Foreign
currency
translation
adjustment
|
|
Unrealized
gains on
securities
|
|
OTTI
|
|
Pension
under-
funding
|
|
Accumulated
other
comprehensive
income
|
||||||||||
Balance at December 31, 2015
|
$
|
(270,734
|
)
|
|
$
|
495,443
|
|
|
$
|
22,434
|
|
|
$
|
(128,594
|
)
|
|
$
|
118,549
|
|
Other comprehensive loss before
reclassifications
|
11,860
|
|
|
(66,262
|
)
|
|
(970
|
)
|
|
85,029
|
|
|
29,657
|
|
|||||
Amounts reclassified from accumulated other
comprehensive income
|
—
|
|
|
96,134
|
|
|
(281
|
)
|
|
(18,819
|
)
|
|
77,034
|
|
|||||
Net current-period other comprehensive (loss)
income
|
11,860
|
|
|
29,872
|
|
|
(1,251
|
)
|
|
66,210
|
|
|
106,691
|
|
|||||
Balance at March 31, 2016
|
$
|
(258,874
|
)
|
|
$
|
525,315
|
|
|
$
|
21,183
|
|
|
$
|
(62,384
|
)
|
|
$
|
225,240
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended March 31, 2015
|
||||||||||||||||||
|
Foreign
currency
translation
adjustment
|
|
Unrealized
gains on
securities
|
|
OTTI
|
|
Pension
under-
funding
|
|
Accumulated
other
comprehensive
income
|
||||||||||
Balance at December 31, 2014
|
$
|
(127,711
|
)
|
|
$
|
793,082
|
|
|
$
|
26,594
|
|
|
$
|
(136,198
|
)
|
|
$
|
555,767
|
|
Other comprehensive (loss) income before
reclassifications
|
(65,951
|
)
|
|
53,523
|
|
|
777
|
|
|
—
|
|
|
(11,651
|
)
|
|||||
Amounts reclassified from accumulated other
comprehensive income
|
—
|
|
|
3,936
|
|
|
(1,671
|
)
|
|
2,616
|
|
|
4,881
|
|
|||||
Net current-period other comprehensive (loss) income
|
(65,951
|
)
|
|
57,459
|
|
|
(894
|
)
|
|
2,616
|
|
|
(6,770
|
)
|
|||||
Balance at March 31, 2015
|
$
|
(193,662
|
)
|
|
$
|
850,541
|
|
|
$
|
25,700
|
|
|
$
|
(133,582
|
)
|
|
$
|
548,997
|
|
|
|
|
Details about accumulated other comprehensive income components
|
|
Amount reclassified from
accumulated other
comprehensive income
|
|
Affected line item in the
statement where net
income is presented
|
||||||
|
|
Three Months Ended March 31,
|
|
|
||||||
|
|
2016
|
|
2015
|
|
|
||||
Unrealized gains on securities
|
|
$
|
147,898
|
|
|
$
|
6,056
|
|
|
Net realized gains on investments, excluding other-than-temporary impairment losses
|
|
|
(51,764
|
)
|
|
(2,120
|
)
|
|
Provision for income taxes
|
||
|
|
96,134
|
|
|
3,936
|
|
|
Net of tax
|
||
OTTI
|
|
(432
|
)
|
|
(2,570
|
)
|
|
Portion of net loss recognized in other comprehensive income, before taxes
|
||
|
|
151
|
|
|
899
|
|
|
Provision for income taxes
|
||
|
|
$
|
(281
|
)
|
|
$
|
(1,671
|
)
|
|
Net of tax
|
Amortization of pension and
postretirement unrecognized net
periodic benefit cost:
|
|
|
|
|
|
|
||||
Amortization of prior service cost
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
(1)
|
Amortization of net loss
|
|
625
|
|
|
4,050
|
|
|
(1)
|
||
Gain on pension plan curtailment
|
|
(29,578
|
)
|
|
—
|
|
|
Gain on pension plan curtailment
|
||
|
|
(28,953
|
)
|
|
4,025
|
|
|
Total before tax
|
||
|
|
10,134
|
|
|
(1,409
|
)
|
|
Provision for income taxes
|
||
|
|
(18,819
|
)
|
|
2,616
|
|
|
Net of tax
|
||
Total reclassifications for the period
|
|
$
|
77,034
|
|
|
$
|
4,881
|
|
|
Net of tax
|
(1)
|
These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14 - Retirement and Other Employee Benefits for additional information.
|
|
|
|
|
|
|
Period in 2016
|
Number of
Shares Repurchased
|
|
Average Price
Paid Per Share
|
|
Total Number of Shares
Repurchased as Part of
Publicly Announced
Programs
|
||||
January
|
1,147,337
|
|
|
$
|
78.44
|
|
|
1,147,337
|
|
February
|
869,898
|
|
|
70.69
|
|
|
869,898
|
|
|
March
|
1,405,025
|
|
|
76.12
|
|
|
1,405,025
|
|
|
Total
|
3,422,260
|
|
|
$
|
75.52
|
|
|
3,422,260
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Numerator
|
|
|
|
||||
Net income
|
$
|
220,318
|
|
|
$
|
50,044
|
|
Deduct dividends paid
|
(32,448
|
)
|
|
(18,834
|
)
|
||
Undistributed earnings
|
$
|
187,870
|
|
|
$
|
31,210
|
|
Denominator
|
|
|
|
||||
Weighted average shares outstanding used in basic earnings per share
|
65,086,935
|
|
|
69,770,224
|
|
||
Incremental common shares from:
|
|
|
|
||||
PSUs
|
833,611
|
|
|
987,325
|
|
||
Weighted average shares used in diluted earnings per share calculations
|
65,920,546
|
|
|
70,757,549
|
|
||
Earnings per common share - Basic
|
|
|
|
||||
Distributed earnings
|
$
|
0.50
|
|
|
$
|
0.27
|
|
Undistributed earnings
|
2.88
|
|
|
0.45
|
|
||
Net income
|
$
|
3.38
|
|
|
$
|
0.72
|
|
Earnings per common share - Diluted
|
|
|
|
||||
Distributed earnings
|
$
|
0.49
|
|
|
$
|
0.27
|
|
Undistributed earnings
|
2.85
|
|
|
0.44
|
|
||
Net income
|
$
|
3.34
|
|
|
$
|
0.71
|
|
|
|
|
|
Qualified Pension
Benefits
|
|
Nonqualified Pension
Benefits (1)
|
|
Retirement Health
Benefits
|
|||||||||||||||||||||
|
For the Three Months Ended March 31,
|
|
For the Three Months Ended March 31,
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||||||
|
2016 Plan 1
|
2016 Plan 2
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||
Service cost
|
$
|
—
|
|
$
|
—
|
|
|
$
|
9,750
|
|
|
$
|
100
|
|
|
$
|
1,125
|
|
|
$
|
—
|
|
|
$
|
625
|
|
Interest cost
|
3,400
|
|
3,500
|
|
|
9,050
|
|
|
925
|
|
|
1,350
|
|
|
875
|
|
|
950
|
|
|||||||
Expected return on plan assets
|
(7,800
|
)
|
(5,950
|
)
|
|
(13,725
|
)
|
|
—
|
|
|
—
|
|
|
(750
|
)
|
|
(825
|
)
|
|||||||
Amortization of prior service cost
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
(225
|
)
|
|||||||
Amortization of net loss (gain)
|
—
|
|
325
|
|
|
3,325
|
|
|
300
|
|
|
725
|
|
|
—
|
|
|
—
|
|
|||||||
Curtailment/settlement (gain) charge
|
(23,057
|
)
|
—
|
|
|
—
|
|
|
(2,285
|
)
|
|
400
|
|
|
(4,236
|
)
|
|
—
|
|
|||||||
Net periodic benefit (gain) cost
|
$
|
(27,457
|
)
|
$
|
(2,125
|
)
|
|
$
|
8,400
|
|
|
$
|
(960
|
)
|
|
$
|
3,800
|
|
|
$
|
(4,111
|
)
|
|
$
|
525
|
|
(1)
|
The Company’s nonqualified plan is unfunded.
|
|
|
|
|
|
|
|
|
(1)
|
Assurant Employee Benefits amounts represent January and February results of operations prior to the sale on March 1, 2016.
|
(2)
|
Includes
$146,727
related to assets transferred to Sun Life as part of the Assurant Employee Benefits sale on March 1, 2016.
|
(3)
|
Includes
$44,593
related to the additional deferred gain related to the Assurant Employee Benefits sale on March 1, 2016.
|
|
|
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||
|
Solutions
|
|
Specialty
Property
|
|
Health
|
|
Employee
Benefits
|
|
Corporate &
Other
|
|
Consolidated
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earned premiums
|
$
|
754,477
|
|
|
$
|
528,446
|
|
|
$
|
609,742
|
|
|
$
|
266,897
|
|
|
$
|
—
|
|
|
$
|
2,159,562
|
|
Net investment income
|
92,191
|
|
|
20,515
|
|
|
7,007
|
|
|
27,821
|
|
|
4,739
|
|
|
152,273
|
|
||||||
Net realized gains on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,955
|
|
|
3,955
|
|
||||||
Amortization of deferred gain on
disposal of businesses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,258
|
|
|
3,258
|
|
||||||
Fees and other income
|
173,068
|
|
|
84,236
|
|
|
15,976
|
|
|
6,274
|
|
|
8
|
|
|
279,562
|
|
||||||
Total revenues
|
1,019,736
|
|
|
633,197
|
|
|
632,725
|
|
|
300,992
|
|
|
11,960
|
|
|
2,598,610
|
|
||||||
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Policyholder benefits
|
215,548
|
|
|
204,603
|
|
|
604,763
|
|
|
185,813
|
|
|
—
|
|
|
1,210,727
|
|
||||||
Amortization of deferred acquisition
costs and value of business acquired
|
265,032
|
|
|
92,069
|
|
|
4,273
|
|
|
7,629
|
|
|
—
|
|
|
369,003
|
|
||||||
Underwriting, general and
administrative expenses
|
459,284
|
|
|
223,612
|
|
|
129,178
|
|
|
91,339
|
|
|
18,496
|
|
|
921,909
|
|
||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,778
|
|
|
13,778
|
|
||||||
Total benefits, losses and
expenses
|
939,864
|
|
|
520,284
|
|
|
738,214
|
|
|
284,781
|
|
|
32,274
|
|
|
2,515,417
|
|
||||||
Segment income (loss) before
provision (benefit) for income tax
|
79,872
|
|
|
112,913
|
|
|
(105,489
|
)
|
|
16,211
|
|
|
(20,314
|
)
|
|
83,193
|
|
||||||
Provision (benefit) for income taxes
|
25,513
|
|
|
37,826
|
|
|
(21,520
|
)
|
|
6,063
|
|
|
(14,733
|
)
|
|
33,149
|
|
||||||
Segment income (loss) after tax
|
$
|
54,359
|
|
|
$
|
75,087
|
|
|
$
|
(83,969
|
)
|
|
$
|
10,148
|
|
|
$
|
(5,581
|
)
|
|
|
||
Net income
|
|
|
|
|
|
|
|
|
|
|
$
|
50,044
|
|
||||||||||
|
As of December 31, 2015
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment assets:
|
$
|
14,356,484
|
|
|
$
|
3,648,738
|
|
|
$
|
1,437,032
|
|
|
$
|
2,190,808
|
|
|
$
|
8,403,340
|
|
|
$
|
30,036,402
|
|
|
|
|
|
|
|
i.
|
actions by governmental agencies or government sponsored entities or other circumstances, including pending regulatory matters affecting our lender-placed insurance business, that could result in reductions of premium rates or increases in expenses, including claims, commissions, fines, penalties or other expenses;
|
ii.
|
loss of significant client relationships or business, distribution sources or contracts and reliance on a few clients;
|
iii.
|
potential variations between the final risk adjustment amount and reinsurance amounts, as determined by the U.S. Department of Health and Human Services under the Affordable Care Act, and the Company's estimate;
|
iv.
|
unfavorable outcomes in litigation and/or regulatory investigations that could negatively affect our results, business and reputation;
|
v.
|
inability to execute strategic plans related to acquisitions, dispositions or new ventures;
|
vi.
|
failure to adequately predict or manage benefits, claims and other costs;
|
vii.
|
inadequacy of reserves established for future claims;
|
viii.
|
current or new laws and regulations that could increase our costs and decrease our revenues;
|
ix.
|
significant competitive pressures in our businesses;
|
x.
|
failure to attract and retain sales representatives, key managers, agents or brokers;
|
xi.
|
losses due to natural or man-made catastrophes;
|
xii.
|
a decline in our credit or financial strength ratings (including the risk of ratings downgrades in the insurance industry);
|
xiii.
|
deterioration in the Company’s market capitalization compared to its book value that could result in an impairment of goodwill;
|
xiv.
|
risks related to our international operations, including fluctuations in exchange rates;
|
xv.
|
data breaches compromising client information and privacy;
|
xvi.
|
general global economic, financial market and political conditions (including difficult conditions in financial, capital, credit and currency markets, the global economic slowdown, fluctuations in interest rates or a prolonged period of low interest rates, monetary policies, unemployment and inflationary pressure);
|
xvii.
|
cyber security threats and cyber attacks;
|
xviii.
|
failure to effectively maintain and modernize our information systems;
|
xix.
|
uncertain tax positions and unexpected tax liabilities;
|
xx.
|
risks related to outsourcing activities;
|
xxi.
|
unavailability, inadequacy and unaffordable pricing of reinsurance coverage;
|
xxii.
|
diminished value of invested assets in our investment portfolio (due to, among other things, volatility in financial markets; the global economic slowdown; credit, currency and liquidity risk; other than temporary impairments and increases in interest rates);
|
xxiii.
|
insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance;
|
xxiv.
|
inability of reinsurers to meet their obligations;
|
xxv.
|
credit risk of some of our agents in Assurant Specialty Property and Assurant Solutions;
|
xxvi.
|
inability of our subsidiaries to pay sufficient dividends;
|
xxvii.
|
failure to provide for succession of senior management and key executives; and
|
xxviii.
|
cyclicality of the insurance industry.
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
1,415,238
|
|
|
$
|
2,159,562
|
|
Fees and other income
|
357,690
|
|
|
279,562
|
|
||
Net investment income
|
135,707
|
|
|
152,273
|
|
||
Net realized gains on investments
|
161,718
|
|
|
3,955
|
|
||
Amortization of deferred gain on disposal of businesses
|
47,596
|
|
|
3,258
|
|
||
Gain on pension plan curtailment
|
29,578
|
|
|
—
|
|
||
Total revenues
|
2,147,527
|
|
|
2,598,610
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
543,816
|
|
|
1,210,727
|
|
||
Selling, underwriting and general expenses
|
1,251,701
|
|
|
1,290,912
|
|
||
Interest expense
|
14,503
|
|
|
13,778
|
|
||
Total benefits, losses and expenses
|
1,810,020
|
|
|
2,515,417
|
|
||
Income before provision for income taxes
|
337,507
|
|
|
83,193
|
|
||
Provision for income taxes
|
117,189
|
|
|
33,149
|
|
||
Net income
|
$
|
220,318
|
|
|
$
|
50,044
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
738,924
|
|
|
$
|
754,477
|
|
Fees and other income
|
238,109
|
|
|
173,068
|
|
||
Net investment income
|
88,923
|
|
|
92,191
|
|
||
Total revenues
|
1,065,956
|
|
|
1,019,736
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
226,751
|
|
|
215,548
|
|
||
Selling, underwriting and general expenses
|
770,220
|
|
|
724,316
|
|
||
Total benefits, losses and expenses
|
996,971
|
|
|
939,864
|
|
||
Segment income before provision for income taxes
|
68,985
|
|
|
79,872
|
|
||
Provision for income taxes
|
21,851
|
|
|
25,513
|
|
||
Segment net income
|
$
|
47,134
|
|
|
$
|
54,359
|
|
|
|
|
|
||||
Net earned premiums, fees and other:
|
|
|
|
||||
Global connected living
|
$
|
662,179
|
|
|
$
|
620,383
|
|
Global vehicle protection
|
165,888
|
|
|
144,720
|
|
||
Global preneed
|
42,728
|
|
|
40,709
|
|
||
Global credit and other
|
106,238
|
|
|
121,733
|
|
||
Total
|
$
|
977,033
|
|
|
$
|
927,545
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
469,609
|
|
|
$
|
528,446
|
|
Fees and other income
|
107,762
|
|
|
84,236
|
|
||
Net investment income
|
18,344
|
|
|
20,515
|
|
||
Total revenues
|
595,715
|
|
|
633,197
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
179,472
|
|
|
204,603
|
|
||
Selling, underwriting and general expenses
|
300,908
|
|
|
315,681
|
|
||
Total benefits, losses and expenses
|
480,380
|
|
|
520,284
|
|
||
Segment income before provision for income taxes
|
115,335
|
|
|
112,913
|
|
||
Provision for income taxes
|
38,984
|
|
|
37,826
|
|
||
Segment net income
|
$
|
76,351
|
|
|
$
|
75,087
|
|
|
|
|
|
||||
Net earned premiums, fees and other:
|
|
|
|
||||
Lender-placed insurance
|
$
|
346,690
|
|
|
$
|
414,086
|
|
Multi-family housing
|
77,015
|
|
|
62,654
|
|
||
Mortgage solutions
|
75,916
|
|
|
59,395
|
|
||
Manufactured housing and other
|
77,750
|
|
|
76,547
|
|
||
Total
|
$
|
577,371
|
|
|
$
|
612,682
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
|
||||
Net earned premiums
|
|
$
|
28,734
|
|
|
$
|
609,742
|
|
Fees and other income
|
|
5,118
|
|
|
15,976
|
|
||
Net investment income
|
|
3,938
|
|
|
7,007
|
|
||
Total revenues
|
|
37,790
|
|
|
632,725
|
|
||
Benefits, losses and expenses:
|
|
|
|
|
||||
Policyholder benefits
|
|
19,112
|
|
|
604,763
|
|
||
Selling, underwriting and general expenses
|
|
52,955
|
|
|
133,451
|
|
||
Total benefits, losses and expenses
|
|
72,067
|
|
|
738,214
|
|
||
Segment loss before benefit for
income taxes
|
|
(34,277
|
)
|
|
(105,489
|
)
|
||
Benefit for income taxes
|
|
(7,104
|
)
|
|
(21,520
|
)
|
||
Segment net loss
|
|
$
|
(27,173
|
)
|
|
$
|
(83,969
|
)
|
Net earned premiums:
|
|
|
|
|
||||
Individual
|
|
$
|
21,877
|
|
|
$
|
514,198
|
|
Small employer group
|
|
6,857
|
|
|
95,544
|
|
||
Total
|
|
$
|
28,734
|
|
|
$
|
609,742
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Net earned premiums
|
$
|
177,971
|
|
|
$
|
266,897
|
|
Fees and other income
|
4,244
|
|
|
6,274
|
|
||
Net investment income
|
17,340
|
|
|
27,821
|
|
||
Total revenues
|
199,555
|
|
|
300,992
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Policyholder benefits
|
118,481
|
|
|
185,813
|
|
||
Selling, underwriting and general expenses
|
64,327
|
|
|
98,968
|
|
||
Total benefits, losses and expenses
|
182,808
|
|
|
284,781
|
|
||
Segment income before provision for income taxes
|
16,747
|
|
|
16,211
|
|
||
Provision for income taxes
|
6,277
|
|
|
6,063
|
|
||
Segment net income
|
$
|
10,470
|
|
|
$
|
10,148
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Fees and other income
|
$
|
2,457
|
|
|
$
|
8
|
|
Net investment income
|
7,162
|
|
|
4,739
|
|
||
Net realized gains on investments
|
161,718
|
|
|
3,955
|
|
||
Amortization of deferred gain on disposal of businesses
|
47,596
|
|
|
3,258
|
|
||
Gain on pension plan curtailment
|
29,578
|
|
|
—
|
|
||
Total revenues
|
248,511
|
|
|
11,960
|
|
||
Benefits, losses and expenses:
|
|
|
|
||||
Selling, underwriting and general expenses
|
63,291
|
|
|
18,496
|
|
||
Interest expense
|
14,503
|
|
|
13,778
|
|
||
Total benefits, losses and expenses
|
77,794
|
|
|
32,274
|
|
||
Segment income (loss) before provision (benefit) for income taxes
|
170,717
|
|
|
(20,314
|
)
|
||
Provision (benefit) for income taxes
|
57,181
|
|
|
(14,733
|
)
|
||
Segment net income (loss)
|
$
|
113,536
|
|
|
$
|
(5,581
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Fixed maturity securities
|
$
|
111,824
|
|
|
$
|
123,491
|
|
Equity securities
|
6,742
|
|
|
7,211
|
|
||
Commercial mortgage loans on real estate
|
13,723
|
|
|
18,104
|
|
||
Policy loans
|
606
|
|
|
543
|
|
||
Short-term investments
|
631
|
|
|
419
|
|
||
Other investments
|
1,754
|
|
|
4,233
|
|
||
Cash and cash equivalents
|
5,022
|
|
|
4,081
|
|
||
Total investment income
|
140,302
|
|
|
158,082
|
|
||
Investment expenses
|
(4,595
|
)
|
|
(5,809
|
)
|
||
Net investment income
|
$
|
135,707
|
|
|
$
|
152,273
|
|
•
|
Removed ratings of Union Security Insurance Company and Union Security Life Insurance Company of New York from under review with negative implications and affirmed with a stable outlook.
|
•
|
Ratings of Assurant's senior debt were upgraded from bbb to bbb+.
|
•
|
Ratings of Assurant's commercial paper were upgraded from AMB-2 to AMB-1.
|
•
|
Ratings of all other rated entities were affirmed with a stable outlook.
|
•
|
Rating of Union Security Insurance Company was affirmed and the outlook revised from developing to stable.
|
•
|
All other ratings remain unchanged.
|
•
|
Rating of Union Security Insurance Company was upgraded from A- to A.
|
•
|
All other ratings remain unchanged.
|
|
For the Three Months Ended March 31,
|
||||||
Net cash provided by (used in):
|
2016
|
|
2015
|
||||
Operating activities (1)
|
$
|
(333,686
|
)
|
|
$
|
(203,156
|
)
|
Investing activities
|
1,132,988
|
|
|
54,015
|
|
||
Financing activities
|
(26,792
|
)
|
|
(104,350
|
)
|
||
Net change in cash
|
$
|
772,510
|
|
|
$
|
(253,491
|
)
|
(1)
|
Includes effect of exchange rate changes and the reclassification of assets held for sale on cash and cash equivalents.
|
|
For the Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Interest paid on debt
|
$
|
27,406
|
|
|
$
|
27,406
|
|
Common stock dividends
|
32,448
|
|
|
18,834
|
|
||
Total
|
$
|
59,854
|
|
|
$
|
46,240
|
|
•
|
individuals and businesses may (i) choose not to purchase our insurance products, warranties and other related products and services, (ii) terminate existing policies or contracts or permit them to lapse, and (iii) choose to reduce the amount of coverage they purchase;
|
•
|
clients are more likely to experience financial distress or declare bankruptcy or liquidation which could have an adverse impact on the remittance of premiums from such clients as well as the collection of receivables from such clients for items such as unearned premiums;
|
•
|
claims on certain specialized insurance products tend to rise;
|
•
|
there is a higher loss ratio on credit card and installment loan insurance due to rising unemployment and disability levels;
|
•
|
there is an increased risk of fraudulent insurance claims;
|
•
|
insureds tend to increase their utilization of health and dental benefits if they anticipate becoming unemployed or losing benefits; and
|
•
|
substantial decreases in loan availability and origination could reduce the demand for credit insurance that we write or debt cancellation or debt deferment products that we administer, and on the placement of hazard insurance under our lender-placed insurance programs.
|
•
|
imposed reductions on premium levels, limitations on the ability to raise premiums on existing policies, or new minimum loss ratios;
|
•
|
increases in minimum capital, reserves and other financial viability requirements;
|
•
|
enhanced or new regulatory requirements intended to prevent future financial crises or to otherwise ensure the stability of institutions;
|
•
|
new licensing requirements;
|
•
|
restrictions on the ability to offer certain types of insurance products or service contracts;
|
•
|
prohibitions or limitations on provider financial incentives and provider risk-sharing arrangements;
|
•
|
more stringent standards of review for claims denials or coverage determinations;
|
•
|
increased regulation relating to lender-placed insurance;
|
•
|
limitations on the ability to manage health care and utilization due to direct access laws that allow insureds to seek services directly from specialty medical providers without referral by a primary care provider;
|
•
|
new or enhanced regulatory requirements that require insurers to pay claims on terms other than those mandated by underlying policy contracts; and
|
•
|
restriction of solicitation of insurance consumers by funeral board laws for prefunded funeral insurance coverage.
|
(Dollar amounts in thousands, expect number of shares and per share amounts)
|
|||||||||||||
Period in 2016
|
Total
Number of
Shares Repurchased
|
|
Average Price
Paid Per Share
|
|
Total Number of Shares
Repurchased as Part of
Publicly Announced
Programs (1)
|
|
Approximate
Dollar Value of
Shares that
May Yet be
Repurchased
Under the
Programs (1)
|
||||||
January 1-31
|
1,147,337
|
|
|
$
|
78.44
|
|
|
1,147,337
|
|
|
$
|
862,125
|
|
February 1-29
|
869,898
|
|
|
70.69
|
|
|
869,898
|
|
|
800,645
|
|
||
March 1-31
|
1,405,025
|
|
|
76.12
|
|
|
1,405,025
|
|
|
693,717
|
|
||
Total
|
3,422,260
|
|
|
$
|
75.52
|
|
|
3,422,260
|
|
|
$
|
693,717
|
|
(1)
|
Shares purchased pursuant to the November 15, 2013 publicly announced share repurchase authorization of up to $600,000 of outstanding common stock, which was increased by an authorization announced on September 9, 2015 for the repurchase of up to an additional $750,000 of outstanding common stock. See Note 12 of the Notes to the Consolidated Financial Statements for a description of certain matters, which is incorporated herein by reference.
|
10.1
|
|
Amendment No. 4 to the Assurant Executive Pension Plan, effective as of February 29, 2016. *
|
|
|
|
10.2
|
|
Amendment No. 3 to the Amended and Restated Supplemental Executive Retirement Plan, effective as of February 29, 2016. *
|
|
|
|
10.3
|
|
Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Time-based Awards under the Assurant, Inc. Long Term Equity Incentive Plan, effective March 10, 2016. *
|
|
|
|
10.4
|
|
Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Performance-based Awards under the Assurant, Inc. Long Term Equity Incentive Plan, effective March 10, 2016. *
|
|
|
|
10.5
|
|
Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Performance-based Awards under the Assurant, Inc. Long Term Equity Incentive Plan for the Management Committee, effective March 10, 2016. *
|
|
|
|
12.1
|
|
Computation of Ratio of Consolidated Earnings to Fixed Charges.
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
|
|
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer of Assurant, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer of Assurant, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statement of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
|
*
|
Management contract or compensatory plan
|
|
|
|
|
|
|
|
ASSURANT, INC.
|
||
|
|
|
|
|
Date: May 03, 2016
|
|
By:
|
|
/s/ ALAN B. COLBERG
|
|
|
Name:
|
|
Alan B. Colberg
|
|
|
Title:
|
|
President, Chief Executive Officer and Director
|
|
|
|
|
|
Date: May 03, 2016
|
|
By:
|
|
/s/ CHRISTOPHER J. PAGANO
|
|
|
Name:
|
|
Christopher J. Pagano
|
|
|
Title:
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
1 Year Assurant Chart |
1 Month Assurant Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions