NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- Assurant, Inc. ("Assurant") (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today reported its results for the quarter and the nine-month period ended September 30, 2004.
J. Kerry Clayton, President and Chief Executive Officer, said: "Excluding the rare occurrence of four hurricanes, Assurant had a very good quarter. The strength of our diversified specialty insurance strategy is demonstrated in our strong operating performance so far this year. We remain focused on generating profitable growth from our market-leading specialty insurance businesses."
Third Quarter Results:
Net income in the third quarter of 2004, which includes the impact of claims related to the unprecedented catastrophic activity in the quarter, decreased 24.7% to $74.8 million, or $0.53 per pro forma share (see footnote 1 at the end of this release), versus third quarter 2003 net income of $99.4 million, or $0.70 per pro forma share.
Net operating income (see footnote 2 at the end of this release) for the third quarter of 2004 decreased 23.2% to $73.2 million, or $0.52 per pro forma share, compared to third quarter 2003 net operating income of $95.3 million, or $0.67 per pro forma share. Net operating income excludes capital gains and losses, loss on disposal of business and IPO related expenses.
Net earned premiums in the third quarter of 2004 grew 3.7% to $1.6 billion from $1.5 billion for the same period in 2003. Assurant Health was the leading contributor of net earned premium growth in the third quarter of 2004.
Net investment income in the third quarter of 2004 increased to $160.0 million from $150.7 million in the third quarter of 2003 as a result of an increase in invested assets. The yield on average invested assets and cash and cash equivalents was 5.56% in the third quarter of 2004, compared to 5.71% in the third quarter of 2003.
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