Assurant sees net income of $145.5M for first quarter of 2022

Hasan Karim, Springfield News-Sun, Ohio
·2 min read

May 10—Assurant, which employs about 1,600 people out of its Springfield office, saw a net income of $145.5 million during the first quarter of this fiscal year.

The global provider of risk management products and services is expecting growth this year, including by 16% to 20% in adjusted earnings. The company released its financial results last week for the first quarter of the 2022 fiscal year, which tracked a three month period that ended in March.

However, the company's earnings were lower this quarter than what was reported during the same period last year, when it saw a net income of $148.5 million.

But, diluted earnings per share were higher this year as Assurant reported that number to be $2.59 per diluted share compared to $2.41 per diluted share during the first quarter of fiscal year 2021.

During the first quarter of this fiscal year, the New York-based company also reported that its share repurchases and common stock dividends totaled $280 million. Holding company liquidity was reported to be at $738 million.

Assurant has a large presence in Clark County and its Springfield location provides operational support to customers and clients associated with Global Housing segment.

Revenue from both Assurant's Global Lifestyle and Global Housing segments totaled to $2.46 billion during the first quarter of this year. That is up from the $2.36 billion reported during the same period last fiscal year.

"Our first quarter results were led by strong performance from our fee-based and capital-light offerings within Global Lifestyle, which came in ahead of our expectations," said Assurant President and CEO Keith Demmings.

"While Global Housing results were weaker in the first quarter, we continue to believe we are well-positioned to deliver on our financial objectives for 2022 as we focus on driving profitable growth while delivering market-leading innovation for our clients and their customers," Demmings added.

The Global Housing segment reported a net income of $103.8 million and revenues of $496.8 million for the first quarter of fiscal year 2022. During the same period last year, net income was reported to be $93.5 million and revenues were $493 million.

"Revenue increased modestly year-over-year, as growth in lender-placed from higher average insured values and premium rates and multifamily housing was partially offset by a decline in specialty products from client runoff," stated a release put out by the company this week.

Assurant's Global Lifestyle saw a net income of $217 million and revenues of $1.96 billion. That was up when compared to the same period las year, which saw a net income of $193 million and revenues of 1.86 billion.