Assurant 2008 Annual Report Download - page 7

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At the same time, we believe a balanced product portfolio is just as important
as a balanced financial portfolio. That’s why Assurant has pursued and is
continuing to advance our diversified specialty strategy. We focus on products
and markets where we can deliver differentiated services and achieve a sustainable
leadership position. In 2008, Assurant was able to maintain its leading market
positions within our chosen specialty niches. One of the ways we do this is through
alignment with market leaders in each business segment. By partnering with
well-respected companies that have well-established distribution networks,
Assurant is able to make its unique products and services available to the widest
range of potential customers.
Delivering Products Customers Need
Truth be told, it doesn’t matter if you have a wide portfolio of products if they aren’t
the products your customers want. We are committed to serving our clients and
customers and our customer-centric focus is what enables us to develop practical
products that are relevant to their needs and today’s market conditions. A few
examples include extended service contracts on major purchases to protect against
costly repairs; creditor-placed homeowners insurance; individual medical insurance
with greater coverage choices geared to individual customer needs; and group dental
products that allow plan members to pool dental benefits within their immediate
family and spend as they see fit. These products and services are delivered and
actively managed through our customized administrative capabilities. Using
proprietary tools and systems, we are able to provide the coverage options, clarity
and responsiveness desired by both our distribution partners and their end customers.
Inherent and Lasting Value
Perhaps the least tangible — yet immeasurably valuable — asset Assurant has
is the leadership culture that drives our business year over year. Our culture
encourages a determined and resilient entrepreneurial spirit where our employees
constantly strive for new ways to better serve our customers. They consistently
create new solutions that make our company easier to do business with each day.
Through their collective will, our employees leverage Assurant’s unique strengths
to build lasting relationships with our customers and long-term value for
our shareholders.
Since year-end 2004, Assurant has achieved steady and considerable growth as
a public company. We have increased net operating income by more than 80%,
doubled our dividends and increased our operating return on equity by more
than 400 basis points. We’ve joined the S&P 500 and broadened our shareholder
base. Despite a challenging economic landscape, the same underlying strengths
that made Assurant a great company when we went public in 2004 remain true at
the beginning of 2009. A look at the individual businesses reveals the substantial
progress we made in pursuit of our goals during 2008.