filings.toolsItem 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, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (in millions except number of shares and per share amounts) | |||||||||||||||||||||||||||||
| Consolidated Statements of Operations Data: | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Net earned premiums | $ | 8,342.7 | $ | 8,020.0 | $ | 6,156.9 | $ | 4,404.1 | $ | 5,007.3 | |||||||||||||||||||
| Fees and other income | 1,182.7 | 1,311.2 | 1,308.1 | 1,383.1 | 1,422.5 | ||||||||||||||||||||||||
| Net investment income | 574.9 | 675.0 | 598.4 | 493.8 | 515.7 | ||||||||||||||||||||||||
| Net realized (losses) gains on investments | (16.2) | 66.3 | (62.7) | 30.1 | 162.2 | ||||||||||||||||||||||||
| Amortization of deferred gains and gains on disposal of businesses | 10.7 | 14.3 | 56.9 | 103.9 | 394.5 | ||||||||||||||||||||||||
| Gain on pension plan curtailment | — | — | — | — | 29.6 | ||||||||||||||||||||||||
| Total revenues (1) | 10,094.8 | 10,086.8 | 8,057.6 | 6,415.0 | 7,531.8 | ||||||||||||||||||||||||
| Benefits, losses and expenses | |||||||||||||||||||||||||||||
| Policyholder benefits | 2,549.3 | 2,654.7 | 2,342.6 | 1,870.6 | 1,808.5 | ||||||||||||||||||||||||
| Amortization of deferred acquisition costs and value of businesses acquired | 3,672.0 | 3,322.1 | 2,300.8 | 1,340.0 | 1,351.3 | ||||||||||||||||||||||||
| Underwriting, general and administrative expenses | 3,110.0 | 3,250.5 | 2,980.4 | 2,710.4 | 3,442.8 | ||||||||||||||||||||||||
| Goodwill impairment | 137.8 | — | — | — | — | ||||||||||||||||||||||||
| Iké net losses | 5.9 | 163.0 | — | — | — | ||||||||||||||||||||||||
| Interest expense | 104.5 | 110.6 | 100.3 | 49.5 | 57.6 | ||||||||||||||||||||||||
| Loss on extinguishment of debt | — | 31.4 | — | — | 23.0 | ||||||||||||||||||||||||
| Total benefits, losses and expenses (1) | 9,579.5 | 9,532.3 | 7,724.1 | 5,970.5 | 6,683.2 | ||||||||||||||||||||||||
| Income before provision (benefit) for income taxes | 515.3 | 554.5 | 333.5 | 444.5 | 848.6 | ||||||||||||||||||||||||
| Provision (benefit) for income taxes (2) | 72.6 | 167.7 | 80.9 | (75.1) | 283.2 | ||||||||||||||||||||||||
| Net income | 442.7 | 386.8 | 252.6 | 519.6 | 565.4 | ||||||||||||||||||||||||
| Less: Net income attributable to non-controlling interest | (0.9) | (4.2) | (1.6) | — | — | ||||||||||||||||||||||||
| Net income attributable to stockholders | 441.8 | 382.6 | 251.0 | 519.6 | 565.4 | ||||||||||||||||||||||||
| Less: Preferred stock dividends | (18.7) | (18.7) | (14.2) | — | — | ||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 423.1 | $ | 363.9 | $ | 236.8 | $ | 519.6 | $ | 565.4 | |||||||||||||||||||
| Earnings per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 7.04 | $ | 5.87 | $ | 4.00 | $ | 9.45 | $ | 9.23 | |||||||||||||||||||
| Diluted | $ | 6.99 | $ | 5.84 | $ | 3.98 | $ | 9.39 | $ | 9.13 | |||||||||||||||||||
| Dividends per common share | $ | 2.55 | $ | 2.43 | $ | 2.28 | $ | 2.15 | $ | 2.03 | |||||||||||||||||||
| Share data: | |||||||||||||||||||||||||||||
| Weighted average common shares outstanding used in basic per common share calculations | 60,114,670 | 61,942,969 | 59,239,608 | 54,986,654 | 61,261,288 | ||||||||||||||||||||||||
| Plus: Dilutive securities | 3,065,268 | 370,499 | 305,916 | 324,378 | 673,486 | ||||||||||||||||||||||||
| Weighted average common shares used in diluted per common share calculations | 63,179,938 | 62,313,468 | 59,545,524 | 55,311,032 | 61,934,774 | ||||||||||||||||||||||||
| Other data: | |||||||||||||||||||||||||||||
| Pre-tax reportable catastrophes (3) | $ | 173.7 | $ | 51.8 | $ | 214.8 | $ | 295.7 | $ | 157.4 |
(1)Reflects the acquisition of TWG beginning 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.
(2)The year ended December 31, 2020 included a $79.3 million tax benefit related to the ability to carryback net operating losses to prior periods under the federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The year ended December 31, 2017 included a $177.0 million 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.
(3)Includes reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums. Reportable catastrophe losses include only individual catastrophe events that generated losses to us in excess of $5.0 million, pre-tax.
| As of December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (in millions except number of shares and per share amounts) | |||||||||||||||||||||||||||||
| Consolidated Balance Sheets Data: | |||||||||||||||||||||||||||||
| Cash and cash equivalents and total investments | $ | 17,908.0 | $ | 16,434.4 | $ | 14,657.9 | $ | 12,550.3 | $ | 12,511.0 | |||||||||||||||||||
| Total assets | $ | 44,649.9 | $ | 44,291.2 | $ | 41,089.3 | $ | 31,843.0 | $ | 29,709.1 | |||||||||||||||||||
| Policy liabilities (1) | $ | 30,029.5 | $ | 29,098.6 | $ | 27,702.6 | $ | 21,218.2 | $ | 20,040.6 | |||||||||||||||||||
| Debt | $ | 2,252.9 | $ | 2,006.9 | $ | 2,006.0 | $ | 1,068.2 | $ | 1,067.0 | |||||||||||||||||||
| Total Assurant, Inc. stockholders’ equity | $ | 5,951.4 | $ | 5,652.8 | $ | 5,112.0 | $ | 4,270.6 | $ | 4,098.1 | |||||||||||||||||||
| Per share data: | |||||||||||||||||||||||||||||
| Total book value per basic common share (2) | $ | 101.40 | $ | 93.14 | $ | 81.44 | $ | 80.46 | $ | 72.33 |
(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, 2020, 2019, 2018, 2017 and 2016 there were 58,690,004, 60,693,295, 62,770,031, 53,078,396, and 56,660,642 common shares, respectively, outstanding.
Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.