Assurant, Inc. (AIZ) has reported a 52.37 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $31.32 million, or $0.54 a share in the quarter, compared with $65.74 million, or $0.97 a share for the same period last year.
Revenue during the quarter plunged 31.22 percent to $1,752.29 million from $2,547.83 million in the previous year period. Net premium earned for the quarter dropped 41.11 percent or $819.99 million to $1,174.77 million.
Benefits, losses and expenses for the quarter were at $1,697.58 million, or 144.50 percent of premium earned from $2,437.62 million or 122.20 percent of premium earned in the last year period. Operating income for the quarter was $54.71 million, compared with $110.21 million in the previous year period.
Net investment income was at $135.35 million for the quarter, down 14 percent or $22.04 million from year-ago period. Meanwhile, income from fees and commission for the quarter moved up marginally by 1.57 percent or $6 million to $388.78 million. The company has booked a loss on investments of $31.86 million in the quarter compared with a gain of $9.67 million for the previous year period.
"Progress on our multi year transformation defined 2016 for us, as we completed the realignment of our portfolio to focus on the Housing and Lifestyle markets and established our new global operating model," said Assurant president and chief executive officer Alan Colberg.
Assets fall, liabilities grow
Total assets decreased 1.11 percent or $327.27 million to $29,709.13 million on Dec. 31, 2016.
Return on assets stood at 0.15 percent in the quarter, down 0.11 from 0.26 percent in the last year period. At the same time, return on equity was at 0.76 percent in the quarter, down 0.69 from 1.45 percent in the last year period.
Meanwhile, reinsurance recoverables moved up 21.59 percent or $1,612.80 million over the year to $9,083.21 million on Dec. 31, 2016.
Total debt was at $1,067.02 million as on Dec. 31, 2016, down 8.38 percent or $97.64 million from year-ago. Shareholders equity stood at $4,098.10 million as on Dec. 31, 2016, down 9.41 percent or $425.87 million from year-ago. As a result, debt to equity ratio was almost stable at 0.26 percent in the quarter, when compared with the last year period.
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