Assurant 2010 Annual Report Download - page 123

F-53ASSURANT, INC.  2010 Form 10K
23 Segment Information
Defi ned Contribution Plan
 e Company and its subsidiaries participate in a defi ned contribution
plan covering substantially all employees.  e defi ned contribution plan
provides benefi ts payable to participants on retirement or disability and
to benefi ciaries of participants in the event of the participant’s death.
 e amounts expensed by the Company related to this plan were
$33,043, $32,962 and $30,064 in 2010, 2009, and 2008, respectively.
23. Segment Information
 e Company has fi ve reportable segments, which are defi ned based
on the nature of the products and services off ered: Assurant Solutions,
Assurant Specialty Property, Assurant Health, Assurant Employee
Benefi ts, and Corporate & Other. Assurant Solutions provides debt
protection administration, credit-related insurance, warranties and
service contracts, and pre-funded funeral insurance. Assurant Specialty
Property provides lender-placed homeowners insurance and manufactured
housing homeowners insurance. Assurant Health provides individual
health and small employer group health insurance. Assurant Employee
Benefi ts primarily provides group dental insurance, group disability
insurance, and group life insurance. Corporate & Other includes
activities of the holding company, fi nancing and interest expenses,
net realized gains (losses) on investments, interest income earned from
short-term investments held and additional costs associated with excess
of loss reinsurance programs reinsured and ceded to certain subsidiaries
in the London market between 1995 and 1997. Corporate & Other
also includes the amortization of deferred gains associated with the sales
of Fortis Financial Group and Long-Term Care through reinsurance
agreements.
 e Company evaluates performance of the operating segments based
on segment income (loss) after-tax excluding realized gains (losses)
on investments.  e Company determines reportable segments in a
manner consistent with the way the Company organizes for purposes of
making operating decisions and assessing performance.  e accounting
policies of the reportable segments are the same as those described in
the summary of signifi cant accounting policies. See Note 2 for further
information.
 e following tables summarize selected fi nancial information by segment for the years ended December 31, 2010, 2009 and 2008:
Year Ended December 31, 2010
Solutions Specialty Property Health Employee Benefi ts Corporate & Other Consolidated
Revenues
Net earned premiums and other
considerations $ 2,484,299 $ 1,953,223 $ 1,864,122 $ 1,101,395 $ — $ 7,403,039
Net investment income 397,297 107,092 48,540 132,388 17,873 703,190
Net realized gains on investments — — — — 48,403 48,403
Amortization of deferred gain
on disposal of businesses — — — — 10,406 10,406
Fees and other income 228,052 69,147 40,133 25,152 200 362,684
Total revenues 3,109,648 2,129,462 1,952,795 1,258,935 76,882 8,527,722
Benefi ts, losses and expenses
Policyholder benefi ts 889,387 684,652 1,302,928 766,049 (2,038) 3,640,978
Amortization of deferred acquisition
costs and value of business acquired 1,104,925 374,029 6,877 35,407 — 1,521,238
Underwriting, general
and administrative expenses 947,703 423,967 558,183 360,352 101,830 2,392,035
Interest expense — — — — 60,646 60,646
Total benefi ts, losses and expenses 2,942,015 1,482,648 1,867,988 1,161,808 160,438 7,614,897
Segment income (loss) before provision
(benefi t) for income tax and goodwill
impairment 167,633 646,814 84,807 97,127 (83,556) 912,825
Provision (benefi t) for income taxes 64,427 222,527 30,778 33,589 (24,054) 327,267
Segment income (loss) before goodwill
impairment 103,206 424,287 54,029 63,538 (59,502) 585,558
Goodwill impairment — — — — 306,381 306,381
Net income $ 103,206 $ 424,287 $ 54,029 $ 63,538 $ (365,883) $ 279,177
Segment Assets:
Segment assets, excluding goodwill $ 10,916,959 $ 3,164,604 $ 1,046,662 $ 2,487,966 $ 8,161,048 $ 25,777,239
Goodwill 619,779
Total assets $ 26,397,018