Assurant Profit Rises as Housing Unit Strength and Lower Catastrophe Costs Boost Results
Assurant posted a rise in fourth-quarter profit driven by its housing unit and lower catastrophe losses. Net income climbed to $225.2 million for the period.
Insights:
Assurant, Inc. announced a rise in its fourth-quarter profit for the period ending December 31, driven by strength in its global housing unit and a significant decline in reportable catastrophes. The company, which operates within the specialty insurance industry, reported that net income rose to $225.2 million, or $4.41 per share, from $201.3 million, or $3.87 per share, in the same quarter a year earlier.
The Assurant global housing unit was a primary driver of the improved results, with net earned premiums, fees, and other income increasing 10 percent to reach $711.4 million for the quarter. This growth reflects resilience in customer insurance spending and the relative strength of the company's housing business during the final months of the year.
