Assurant 2009 Annual Report Download

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2009 ANNUAL REPORT
INVESTED

Table of contents

  • Page 1
    I NVE ST ED 2009 ANNUAL REPORT

  • Page 2
    .... CONTENTS 02 Our Shareholders 10 Our Businesses 12 Our Customers 14 Our Partners 16 Our Employees 18 Our Communities 21 Other Information The 2009 Annual Report on Form 10-K, included as an Appendix and also available from our Investor Relations Web site at http://ir.assurant.com, is part of this...

  • Page 3
    01 our s hareholders our bus in es s es our cus tomers our partn ers our employees our commun ities

  • Page 4
    ...Assurant uses net operating income (a non-GAAP financial measure) as an important measure of the company's operating performance. Net operating income equals net income excluding net realized gains (or losses...information included on page 3 of this report includes non-GAAP measures. A reconciliation ...

  • Page 5
    ...is not just a phrase, it's a way of life at Assurant. In 2009, the economic environment again tested the mettle of our operations and our organization. Despite the challenges, our businesses, our strategy, our specialty expertise and our employees continued to demonstrate strength, resiliency Robert...

  • Page 6
    ...be risk-averse in these challenging times, but we know that assuming risk is central to the value we offer our customers. Our ERM program promotes a risk-aware culture, so that decisions are made with a full understanding of risk/reward trade-offs. We apply uniform metrics across the organization to...

  • Page 7
    05 25% ASSURANT SPECIALTY PROPERTY 2009 Segment Revenue $7.89B (1) 37% ASSURANT SOLUTIONS 24% ASSURANT HEALTH 14% ASSURANT EMPLOYEE BENEFITS (1) Segment revenue includes net earned premiums and fees and other income.

  • Page 8
    ... to be a great market for us, and we were pleased to add the Royal Bank of Canada as a new credit insurance client. The outstanding performance at Assurant Specialty Property continued in 2009. Net operating income was $406 million and net earned premiums were $1.95 billion. A benign hurricane...

  • Page 9
    ... access to one of the nation's largest dental networks. We're also investing in voluntary (employee-paid) benefits where sales were up 20 percent in 2009. We introduced four new products to help fill unmet needs in today's marketplace, including accident, cancer, critical illness and gap insurance...

  • Page 10
    ... success over the long term. That means making the right investments - in people and products, processes and technology - today and every day. For all of our constituents, shareholders, customers, employees and the communities in which we operate, you can be certain that at Assurant we are invested...

  • Page 11
    ...left: Bart R. Schwartz, Executive Vice President, Chief Legal Officer and Secretary, Assurant; Donald G. Hamm, President and CEO, Assurant Health Middle row from left: John S. Roberts, President and CEO, Assurant Employee Benefits; S. Craig Lemasters, President and CEO, Assurant Solutions; Michael...

  • Page 12
    ... FOR TOMORROW Assurant Solutions | Assurant Specialty Property | Assurant Health | Assurant Employee Benefits Assurant's business model generates strong cash flow, yielding corporate capital available for deployment. These resources provide financial flexibility so the company can return...

  • Page 13
    ...auto finance companies, property management companies and managing general agents. - Assurant Health focuses on individual medical insurance, short-term health insurance and group health insurance coverage for small employers with groups of two to 50 employees. - Assurant Employee Benefits provides...

  • Page 14
    12 The spirit of service at Assurant can be experienced in every customer interaction - a willingness to listen, an eagerness to help and a readiness to act.

  • Page 15
    ... for extended service contracts. - Do you want to use your iPhoneâ„¢ to find a dentist? Assurant Employee Benefits began development of a downloadable locator created by an innovative employee to help customers identify the nearest in-network dentist. - Assurant Affordable Health Access offers...

  • Page 16
    ... of partnering with market leaders. - The Claims Learning Center, built by Assurant Specialty Property, trains staff adjusters with the goal of providing our clients' customers with better service and more timely processing of claims. - Assurant ClaritySM consolidates the patient billing process...

  • Page 17
    ... processing time. Our commitment is to be the company that is easiest to do business with and a preferred partner for our distribution networks. Assurant's specialty expertise and partnerships with industry leaders enable us to anticipate needs and design innovative solutions to help our customers.

  • Page 18
    .... our employees At a time when so many other companies are cutting back, Assurant continues to invest in and develop the talents of our employees. The Assurant culture inspires collaboration and encourages innovative thinking. Strong organizational development programs, centralized benefits and...

  • Page 19
    ... of interactive, online learning games to help employees understand customers' needs at Assurant Employee Benefits. Ninety-five percent of employees participated in 2009 with post-program research showing that customers saw a corresponding improvement in "excellent" service. - Understanding the...

  • Page 20
    18 Employees prepare food at God's Love We Deliver, a charity that delivers 3,300 nutritious meals each day to people who, because of serious illness, are unable to do so for themselves.

  • Page 21
    ... agencies in 2009. - Assurant Solutions and Assurant Specialty Property created three new opportunities for employees to volunteer through new home build sponsorships with Habitat for Humanity affiliates in Duluth, Ga., Rapid City, S.D., and Norristown, Pa. - Assurant's Annual United Way Campaign...

  • Page 22
    ...2009 Juan N. Cento 2006 President, FedEx Express - Latin American & Caribbean Division Chair of the Board, The Kresge Foundation; former President, UNUM Life Insurance Company of America Allen R. Freedman 1979 Owner and Principal, arfreedman&co; former Chairman and Chief Executive Officer, Assurant...

  • Page 23
    ... Senior Vice President Investor Relations Assurant One Chase Manhattan Plaza New York, NY 10005 212.859.7029 [email protected] You may also visit our Investor Relations Web site: http://ir.assurant.com APPENDIX; FORM 10-K AND OTHER REPORTS The 2009 Annual Report on Form 10-K, included as...

  • Page 24
    ... below. As of December 31, 2009 Book value per diluted share (excluding AOCI) Change due to effect of including AOCI Book value per diluted share 10.1% -0.8% - 1.8% -7.7% 6.7% 10.1% $ 40.47 $ 0.56 $ 41.03 Net realized gains (losses) on investments Tax benefit realized from the sale of an...

  • Page 25
    ...of tax) 2009 2008 Assurant Solutions Assurant Specialty Property Assurant Health Assurant Employee Benefits Corporate and other Amortization of deferred gains on disposal of businesses Interest expense Net operating income Adjustments: Net realized losses on investments Tax benefit realized from...

  • Page 26
    ... (xv) insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xvi) credit risk of some of our agents in Assurant Specialty Property and Assurant Solutions; (xvii) a decline in our credit or financial strength ratings (including the risk...

  • Page 27
    ...: Paragraphs, Chicago Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. The four key businesses - Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits - have partnered with...

  • Page 28
    One Chase Manhattan Plaza New York, NY 10005 212.859.7000 www.assurant.com