Assurant 2012 Annual Report Download - page 37

ASSURANT, INC.2012 Form10-K 29
PARTII
ITEM 6 Selected Financial Data
Dividend Policy
On January11, 2013, our Board of Directors declared a quarterly
dividend of $0.21per common share payable on March11, 2013 to
stockholders of record as of February25, 2013. We paid dividends
of $0.21 on December10, 2012, September11, 2012 and June12,
2012, and $0.18 per common share on March12, 2012. We paid
dividends of $0.18 on December12, 2011, September13, 2011 and
June7, 2011 and $0.16 per common share on March14, 2011. Any
determination to pay future dividends will be at the discretion of our
Board of Directors and will be dependent upon: our subsidiaries’
payment of dividends and/or other statutorily permissible payments
to us; our results of operations and cash  ows; our  nancial position
and capital requirements; general business conditions; any legal, tax,
regulatory and contractual restrictions on the payment of dividends;
and any other factors our Board of Directors deems relevant.
We are a holding company and, therefore, our ability to pay dividends,
service our debt and meet our other obligations depends primarily on
the ability of our regulated U.S. domiciled insurance subsidiaries to
pay dividends and make other statutorily permissible payments to us.
Our insurance subsidiaries are subject to signi cant regulatory and
contractual restrictions limiting their ability to declare and pay dividends.
See “Item1A—Risk Factors—Risks Relating to Our Company— e
inability of our subsidiaries to pay su cient dividends to us could
prevent us from meeting our obligations and paying future stockholder
dividends.” For the calendar year 2013, the maximum amount of
dividends that our regulated U.S. domiciled insurance subsidiaries could
pay to us under applicable laws and regulations without prior regulatory
approval is approximately $524,000. Dividends or returns of capital
paid by our subsidiaries, net of infusions, totaled $581,908 in 2012.
We may seek approval of regulators to pay dividends in excess of any
amounts that would be permitted without such approval. However,
there can be no assurance that we would obtain such approval if sought.
Payments of dividends on shares of common stock are subject to
the preferential rights of preferred stock that our Board of Directors
may create from time to time.  ere is no preferred stock issued
and outstanding as of December31, 2012. For more information
regarding restrictions on the payment of dividends by us and our
insurance subsidiaries, including pursuant to the terms of our revolving
credit facilities, see “Item7—Management’s Discussion and Analysis
of Financial Condition and Results of Operations—Liquidity and
Capital Resources.”
In addition, our $350,000 revolving credit facility restricts payments
of dividends if an event of default under the facility has occurred or
a proposed dividend payment would cause an event of default under
the facility.
ITEM 6 Selected Financial Data
ASSURANT, INC.
FIVEYEAR SUMMARY OF SELECTED FINANCIAL DATA
As of and for the years ended December31,
2012 2011 2010 2009 2008
Consolidated Statement of Operations Data:
Revenues
Net earned premiums and other considerations $ 7,236,984 $ 7,125,368 $ 7,403,039 $ 7,550,335 $ 7,925,348
Net investment income 713,128 689,532 703,190 698,838 774,347
Net realized gains (losses) on investments(1) 64,353 32,580 48,403 (53,597) (428,679)
Amortization of deferred gain on disposal of
businesses 18,413 20,461 10,406 22,461 29,412
Fees and other income 475,392 404,863 362,684 482,464 300,800
Total revenues 8,508,270 8,272,804 8,527,722 8,700,501 8,601,228
Benefi ts, losses and expenses
Policyholder bene ts(2) 3,655,404 3,749,734 3,635,999 3,863,447 4,020,259
Amortization of deferred acquisition costs and
value of businesses acquired 1,403,215 1,327,788 1,401,569 1,467,141 1,522,312
Underwriting, general and administrative expenses 2,631,594 2,428,795 2,516,622 2,511,955 2,434,127
Interest expense 60,306 60,360 60,646 60,669 60,953
Goodwill impairment(3) 0 0 306,381 83,000 0
Total bene ts, losses and expenses 7,750,519 7,566,677 7,921,217 7,986,212 8,037,651
Income before provision for income taxes 757,751 706,127 606,505 714,289 563,577
Provision for income taxes(4) 274,046 167,171 327,898 280,929 116,411
NET INCOME $ 483,705 $ 538,956 $ 278,607 $ 433,360 $ 447,166