Assurant 2008 Annual Report Download - page 4

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to our shareholders:
Without question, 2008 presented the most challenging economic
environment we’ve experienced in more than a generation. It’s
understandable that investors, partners, customers and employees
would be more cautious as a result — and looking for reasons to
believe that the future could be brighter. While we can’t wash
away or reverse the events of the past year, we believe there are
many reasons to be optimistic — eight reasons, to be exact — why
Assurant should be strongly considered as both an attractive long-
term value investment opportunity and a reliable business partner.
An Enduring Business Model
Like a world-class marathoner, Assurant’s business is built for the long run.
Our model is designed around several key attributes that enable the company
to perform, adapt and lead throughout the cyclical turns of the economy. As
2008 proved once again, a strong financial foundation is essential for stability
and long-term growth — and numerous empirical measures from the past year
demonstrate that Assurant is fundamentally sound. Despite the challenging
environment, net earned premiums were $7.93 billion, up 7%, and we generated
$637.4 million, or $5.36 per diluted share, in net operating income. Operating return
on equity remained in the top quartile, and we maintained our low debt to capital
ratio. Excess capital at year-end was $230 million. The strength of our balance
sheet is the direct result of our disciplined capital management philosophy and
ongoing, disciplined risk management across all of our businesses. In 2008, we
maintained A- or better ratings on all our statutory entities from A.M. Best while
our conservative investment philosophy is helping us navigate through these
challenging economic times.
01 Strong Financial Foundation
02 Disciplined Risk Management
03 Diversied Specialty Strategy
04 Alignment with Market Leaders
05 Customer-centric Focus
06 Customized Administrative Capabilities
07 Leadership Culture
08 Long-term Value