Amortization of deferred gains and gains on disposal of businesses
394,513
12,988
(1,506
)
16,310
18,413
Gain on pension plan curtailment
29,578
—
—
—
—
Total revenues
7,531,780
10,325,494
10,381,653
9,047,657
8,508,270
Benefits, losses and expenses
Policyholder benefits (3)
1,808,472
4,742,535
4,405,333
3,675,532
3,655,404
Amortization of deferred acquisition costs and value of businesses acquired
1,351,314
1,402,573
1,485,558
1,470,287
1,403,215
Underwriting, general and administrative expenses
3,442,756
3,924,089
3,688,230
3,034,404
2,631,594
Interest expense
57,619
55,116
58,395
77,735
60,306
Loss on extinguishment of debt
23,031
—
—
—
—
Total benefits, losses and expenses
6,683,192
10,124,313
9,637,516
8,257,958
7,750,519
Income before provision for income taxes
848,588
201,181
744,137
789,699
757,751
Provision for income taxes
283,238
59,626
273,230
300,792
274,046
Net income
$
565,350
$
141,555
$
470,907
$
488,907
$
483,705
Earnings per share:
Basic
$
9.23
$
2.08
$
6.52
$
6.38
$
5.74
Diluted
$
9.13
$
2.05
$
6.44
$
6.30
$
5.67
Dividends per share
$
2.03
$
1.37
$
1.06
$
0.96
$
0.81
Share data:
Weighted average shares outstanding used in basic per share calculations
61,261,288
68,163,825
72,181,447
76,648,688
84,276,427
Plus: Dilutive securities
673,486
853,384
970,563
1,006,076
1,030,638
Weighted average shares used in diluted per share calculations
61,934,774
69,017,209
73,152,010
77,654,764
85,307,065
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments
$
12,511,047
$
14,283,077
$
15,450,108
$
15,961,199
$
15,885,722
Total assets
$
29,709,128
$
30,036,402
$
31,554,881
$
29,706,273
$
28,942,565
Policy liabilities (4)
$
20,040,660
$
19,787,133
$
19,711,953
$
18,698,615
$
18,666,355
Debt
$
1,067,020
$
1,164,656
$
1,163,494
$
1,629,702
$
968,357
Total stockholders’ equity
$
4,098,100
$
4,523,967
$
5,181,307
$
4,833,479
$
5,185,366
Per share data:
Total book value per basic share (5)
$
72.33
$
67.92
$
73.73
$
66.23
$
64.93
(1)
The decline in 2016 primarily relates to the Assurant Health wind-down and the sale of our Assurant Employee Benefits segment.
(2)
Included in net realized gains are other-than-temporary impairments of $6,874, $5,024, $30, $4,387 and $1,843 for 2016, 2015, 2014, 2013 and 2012, respectively.
(3)
The decline in 2016 primarily relates to lower losses from Assurant Health and only two months of results of AEB prior to its sale. 2016 includes $157,437 of reportable catastrophe losses primarily related to Hurricane Matthew and flooding. 2015 includes higher loss experience and adverse claim development on 2015 individual major medical policies. During 2012, we incurred losses of $250,206, net of reinsurance, mainly associated with Superstorm Sandy. Reportable catastrophe losses include only individual catastrophic events that generated losses to the Company in excess of $5,000, pre-tax and net of reinsurance.
(4)
Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(5)
Total stockholders’ equity divided by the basic shares outstanding for book value per basic share calculation. At December 31, 2016, 2015, 2014, 2013, and 2012 there were 56,660,642, 66,606,258, 70,276,896, 72,982,023 and 79,866,858 shares, respectively, outstanding.
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