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ASSURANT, INC.2011 Form10-K42
PARTII
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Assurant Solutions
Overview
e table below presents information regarding Assurant Solutions’ segment results of operations:
For the Years Ended December31,
2011 2010 2009
Revenues:
Net earned premiums and other considerations $ 2,438,407 $ 2,484,299 $ 2,671,041
Net investment income 393,575 397,297 391,229
Fees and other income 265,204 228,052 216,550
Total revenues 3,097,186 3,109,648 3,278,820
Bene ts, losses and expenses:
Policyholder bene ts 852,729 889,387 1,029,151
Selling, underwriting and general expenses(4) 2,025,501 2,052,628 2,055,348
Total bene ts, losses and expenses 2,878,230 2,942,015 3,084,499
Segment income before provision for income taxes 218,956 167,633 194,321
Provision for income taxes 77,403 64,427 74,269
SEGMENT NET INCOME $ 141,553 $ 103,206 $ 120,052
Net earned premiums and other considerations:
Domestic:
Credit $ 173,287 $ 189,357 $ 241,293
Service contracts 1,198,510 1,291,725 1,411,953
Other(1) 53,219 49,017 84,939
Total Domestic 1,425,016 1,530,099 1,738,185
International:
Credit 391,124 346,475 320,462
Service contracts 495,853 459,166 415,694
Other(1) 24,692 18,001 15,731
Total International 911,669 823,642 751,887
Preneed 101,722 130,558 180,969
TOTAL $ 2,438,407 $ 2,484,299 $ 2,671,041
Fees and other income:
Domestic:
Debt protection $ 29,501 $ 33,049 $ 40,058
Service contracts 120,896 110,386 102,410
Other(1) 4,123 8,839 18,534
Total Domestic 154,520 152,274 161,002
International 32,059 28,930 27,730
Preneed 78,625 46,848 27,818
TOTAL $ 265,204 $ 228,052 $ 216,550
Gross written premiums(2):
Domestic:
Credit $ 399,564 $ 422,825 $ 526,532
Service contracts 1,470,605 1,193,423 1,012,670
Other(1) 86,503 65,732 92,111
Total Domestic 1,956,672 1,681,980 1,631,313
International:
Credit 1,013,486 968,878 843,225
Service contracts 622,674 523,382 462,964
Other(1) 45,312 22,407 26,567
Total International 1,681,472 1,514,667 1,332,756
TOTAL $ 3,638,144 $ 3,196,647 $ 2,964,069
Preneed (face sales) $ 759,692 $ 734,884 $ 512,366
Combined ratio(3):
Domestic 97.4% 100.5% 97.2%
International 103.2% 105.9% 110.7%
(1) This includes emerging products and run-off products lines.
(2) Gross written premiums does not necessarily translate to an equal amount of subsequent net earned premiums since Assurant Solutions reinsures a portion of its premiums to insurance
subsidiaries of its clients.
(3) The combined ratio is equal to total benefits, losses and expenses divided by net earned premiums and other considerations and fees and other income excluding the preneed business.
(4) 2010 selling, underwriting and general expenses includes a $47,612 intangible asset impairment charge.