Assurant Profit Falls Amid Revenue Growth

(RTTNews) - Specialized insurance provider Assurant Inc (AIZ) on Tuesday reported second-quarter net earnings of $32.8 million or $0.47 per share compared with $143.6 million or $1.95 per share last year.

Net operating earnings for the quarter were $2.07 per share compared with $1.65 per share a year ago, mainly reflecting fewer weather-related claims at Assurant Specialty Property, the company said.

Analysts polled by Thomson Reuters estimated earnings of $1.59 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were higher at $2.64 billion compared with $2.61 billion in the prior year.

Analysts expected revenues of $2.03 billion for the quarter.

Net earned premiums dropped to $2.14 billion from $2.17 billion a year ago, the company said, adding that fees and other income as well as gains from investment increased.

Benefits, losses and expenses for the quarter climbed to $2.6 billion from $2.4 billion last year, hurting profits, the company said.