Amortization of deferred gains and gains on disposal of businesses
103.9
394.5
13.0
(1.5
)
16.3
Gain on pension plan curtailment
—
29.6
—
—
—
Total revenues
6,415.0
7,531.8
10,325.5
10,381.6
9,047.6
Benefits, losses and expenses
Policyholder benefits
1,870.6
1,808.5
4,742.5
4,405.3
3,675.5
Amortization of deferred acquisition costs and value of businesses acquired
1,340.0
1,351.3
1,402.6
1,485.6
1,470.3
Underwriting, general and administrative expenses (2)
2,710.4
3,442.8
3,924.1
3,688.2
3,034.4
Interest expense
49.5
57.6
55.1
58.4
77.7
Loss on extinguishment of debt
—
23.0
—
—
—
Total benefits, losses and expenses
5,970.5
6,683.2
10,124.3
9,637.5
8,257.9
Income before provision for income taxes (4)
444.5
848.6
201.2
744.1
789.7
(Benefit) provision for income taxes (5)
(75.1
)
283.2
59.6
273.2
300.8
Net income
$
519.6
$
565.4
$
141.6
$
470.9
$
488.9
Earnings per share:
Basic
$
9.45
$
9.23
$
2.08
$
6.52
$
6.38
Diluted
$
9.39
$
9.13
$
2.05
$
6.44
$
6.30
Dividends per share
$
2.15
$
2.03
$
1.37
$
1.06
$
0.96
Share data:
Weighted average shares outstanding used in basic per share calculations
54,986,654
61,261,288
68,163,825
72,181,447
76,648,688
Plus: Dilutive securities
324,378
673,486
853,384
970,563
1,006,076
Weighted average shares used in diluted per share calculations
55,311,032
61,934,774
69,017,209
73,152,010
77,654,764
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments
$
12,550.3
$
12,511.0
$
14,283.1
$
15,450.1
$
15,961.2
Total assets
$
31,843.0
$
29,709.1
$
30,036.4
$
31,554.9
$
29,706.3
Policy liabilities (6)
$
21,218.2
$
20,040.6
$
19,787.1
$
19,711.9
$
18,698.6
Debt
$
1,068.2
$
1,067.0
$
1,164.7
$
1,163.5
$
1,629.7
Total Assurant, Inc. stockholders’ equity
$
4,270.6
$
4,098.1
$
4,524.0
$
5,181.3
$
4,833.5
Per share data:
Total book value per basic share (7)
$
80.46
$
72.33
$
67.92
$
73.73
$
66.23
(1)
The decline in 2016 primarily relates to the Assurant Health wind-down and the sale of our Assurant Employee Benefits segment.
(2)
Amounts in 2017 are lower due to a change in program structure impacting the accounting for revenues on a net instead of gross basis for a large client in global connected living. The change in program structure had no impact on net income.
(3)
Included in net realized gains are other-than-temporary impairments of $0.9 million, $6.9 million, $5.0 million, less than $0.1 million and $4.4 million for 2017, 2016, 2015, 2014 and 2013, respectively.
(4)
2017 includes $295.7 million of reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums), primarily related to Hurricanes Harvey, Irma and Maria. The comparable reportable catastrophes in 2016, 2015, 2014 and 2013 were $157.4 million, $19.3 million, $18.5 million and $19.2 million, respectively. Reportable catastrophe losses include only
individual catastrophic events that generated losses to the Company in excess of $5.0 million, pre-tax and net of reinsurance. The decline in 2016 primarily relates to lower losses from Assurant Health and only two months of results of Assurant Employee Benefits prior to its sale on March 1, 2016. 2015 includes higher loss experience and adverse claim development on 2015 individual major medical policies associated with Assurant Health.
(5)
2017 includes a $177.0 million one-time benefit from the reduction of net deferred tax liabilities following the enactment of the U.S. Tax Cuts and Jobs Act. The reduction in net deferred tax liabilities was recorded at the reportable segment level using our best estimate of deferred tax balances as of the December 22, 2017 enactment date.
(6)
Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(7)
Total stockholders’ equity divided by the basic shares outstanding for book value per basic share calculation. At December 31, 2017, 2016, 2015, 2014, and 2013 there were 53,078,396, 56,660,642, 66,606,258, 70,276,896 and 72,982,023 shares, respectively, outstanding.
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