Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Assurant, Inc.

Five-Year Summary of Selected Financial Data



	For the Years Ended December 31,
	2019			2018			2017			2016		2015
	(in millions except number of shares and per share amounts)
Consolidated Statements of Operations Data:
Revenues
Net earned premiums	$	8,020.0		$	6,156.9		$	4,404.1		$	5,007.3	$	8,351.0
Fees and other income	1,311.2			1,308.1			1,383.1			1,422.5		1,303.5
Net investment income	675.0			598.4			493.8			515.7		626.2
Net realized gains (losses) on investments	66.3			(62.7		)	30.1			162.2		31.8
Amortization of deferred gains and gains on disposal of businesses	14.3			56.9			103.9			394.5		13.0
Gain on pension plan curtailment	—			—			—			29.6		—
Total revenues (1)	10,086.8			8,057.6			6,415.0			7,531.8		10,325.5
Benefits, losses and expenses
Policyholder benefits (2)	2,654.7			2,342.6			1,870.6			1,808.5		4,742.5
Amortization of deferred acquisition costs and value of businesses acquired	3,322.1			2,300.8			1,340.0			1,351.3		1,402.6
Underwriting, general and administrative expenses	3,250.5			2,980.4			2,710.4			3,442.8		3,924.1
Iké net losses	163.0			—			—			—		—
Interest expense	110.6			100.3			49.5			57.6		55.1
Loss on extinguishment of debt	31.4			—			—			23.0		—
Total benefits, losses and expenses (1)	9,532.3			7,724.1			5,970.5			6,683.2		10,124.3
Income before provision (benefit) for income taxes	554.5			333.5			444.5			848.6		201.2
Provision (benefit) for income taxes (3)	167.7			80.9			(75.1		)	283.2		59.6
Net income	386.8			252.6			519.6			565.4		141.6
Less: Net income attributable to non-controlling interest	(4.2		)	(1.6		)	—			—		—
Net income attributable to stockholders	382.6			251.0			519.6			565.4		141.6
Less: Preferred stock dividends	(18.7		)	(14.2		)	—			—		—
Net income attributable to common stockholders	$	363.9		$	236.8		$	519.6		$	565.4	$	141.6
Earnings per common share:
Basic	$	5.87		$	4.00		$	9.45		$	9.23	$	2.08
Diluted	$	5.84		$	3.98		$	9.39		$	9.13	$	2.05
Dividends per common share	$	2.43		$	2.28		$	2.15		$	2.03	$	1.37
Share data:
Weighted average common shares outstanding used in basic per common share calculations	61,942,969			59,239,608			54,986,654			61,261,288		68,163,825
Plus: Dilutive securities	370,499			305,916			324,378			673,486		853,384
Weighted average common shares used in diluted per common share calculations	62,313,468			59,545,524			55,311,032			61,934,774		69,017,209
Other data:
Pre-tax reportable catastrophes (4)	$	51.8		$	214.8		$	295.7		$	157.4	$	29.7


(1)	The increase for the years ended December 31, 2019 and 2018 reflects the acquisition of TWG on May 31, 2018. The decrease for the year ended December 31, 2017 was primarily due to a change in program structure impacting the accounting for revenues on a net instead of gross basis for a large client in Connected Living. The change in program structure had no impact on net income. The decrease for the year ended December 31, 2016 primarily relates to the Assurant Health wind-down and the sale of our Assurant Employee Benefits segment.

(1)

The increase for the years ended December 31, 2019 and 2018 reflects the acquisition of TWG on May 31, 2018. The decrease for the year ended December 31, 2017 was primarily due to a change in program structure impacting the accounting for revenues on a net instead of gross basis for a large client in Connected Living. The change in program structure had no impact on net income. The decrease for the year ended December 31, 2016 primarily relates to the Assurant Health wind-down and the sale of our Assurant Employee Benefits segment.


(2)	The year ended December 31, 2015 included higher loss experience and adverse claim development on 2015 individual major medical policies associated with Assurant Health.


(3)	The year ended December 31, 2017 included a $177.0 million one-time benefit from the reduction of net deferred tax liabilities following the enactment of the TCJA. The reduction of 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.


(4)	Includes reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums. Reportable catastrophe losses include only individual catastrophic events that generated losses to us in excess of $5.0 million, pre-tax.



	As of December 31,
	2019		2018		2017		2016		2015
	(in millions except number of shares and per share amounts)
Consolidated Balance Sheets Data:
Cash and cash equivalents and total investments	$	16,434.4	$	14,657.9	$	12,550.3	$	12,511.0	$	14,283.1
Total assets	$	44,291.2	$	41,089.3	$	31,843.0	$	29,709.1	$	30,036.4
Policy liabilities (1)	$	29,098.6	$	27,702.6	$	21,218.2	$	20,040.6	$	19,787.1
Debt	$	2,006.9	$	2,006.0	$	1,068.2	$	1,067.0	$	1,164.7
Total Assurant, Inc. stockholders’ equity	$	5,652.8	$	5,112.0	$	4,270.6	$	4,098.1	$	4,524.0
Per share data:
Total book value per basic common share (2)	$	93.14	$	81.44	$	80.46	$	72.33	$	67.92


(1)	Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.


(2)	Total book value per basic common share equals total Assurant, Inc. stockholders’ equity divided by the basic common shares outstanding. At December 31, 2019, 2018, 2017, 2016 and 2015 there were 60,693,295, 62,770,031, 53,078,396, 56,660,642, and 66,606,258 common shares, respectively, outstanding.

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