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ASSURANT, INC.2012 Form10-KF-14
2 Summary of Signi cant Accounting Policies
e e ect of adoption of this new guidance on the December31, 2011 consolidated balance sheet was as follows:
As Previously Reported E ect of Change As Currently Reported
Deferred acquisition costs $ 2,632,720 $ (139,863) $ 2,492,857
Deferred income taxes, net 0 44,280 44,280
Total assets 27,115,445 (95,583) 27,019,862
Future policy bene ts and expenses 8,269,343 89,863 8,359,206
Deferred income taxes, net 32,460 (32,460) 0
Total liabilities 22,088,509 57,403 22,145,912
Retained earnings 3,742,479 (155,695) 3,586,784
Accumulated other comprehensive income 554,867 2,709 557,576
Total stockholders’ equity 5,026,936 (152,986) 4,873,950
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY 27,115,445 95,583 27,019,862
e e ect of adoption of this new guidance on the December31, 2010 consolidated balance sheet was as follows:
As Previously Reported E ect of Change As Currently Reported
Deferred acquisition costs $ 2,493,422 $ (127,239) $ 2,366,183
Deferred income taxes, net 76,430 75,722 152,152
Total assets 26,397,018 (51,517) 26,345,501
Future policy bene ts and expenses 8,105,153 95,884 8,201,037
Total liabilities 21,616,481 95,884 21,712,365
Retained earnings 3,264,025 (148,812) 3,115,213
Accumulated other comprehensive income 285,524 1,411 286,935
Total stockholders’ equity 4,780,537 (147,401) 4,633,136
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY 26,397,018 51,517 26,345,501
e e ect of adoption of this new guidance on the consolidated statement of operations for the year ended December31, 2011 was as follows:
As Previously
Reported E ect of Change
As Currently
Reported
Policyholder bene ts $ 3,755,209 $ (5,475) $ 3,749,734
Amortization of deferred acquisition costs and value of business acquired 1,448,575 (120,787) 1,327,788
Underwriting, general and administrative expenses 2,293,705 135,090 2,428,795
Total bene ts, losses and expenses 7,557,849 8,828 7,566,677
Income before provision for income taxes 714,955 (8,828) 706,127
Provision for income taxes 169,116 (1,945) 167,171
Net income 545,839 (6,883) 538,956
Earnings per share
Basic $ 5.65 $ (0.07) $ 5.58
Diluted $ 5.58 $ (0.07) $ 5.51
e e ect of adoption of this new guidance on the consolidated statement of operations for the year ended December31, 2010 was as follows:
As Previously
Reported E ect of Change As Currently
Reported
Policyholder bene ts $ 3,640,978 $ (4,979) $ 3,635,999
Amortization of deferred acquisition costs and value of business acquired 1,521,238 (119,669) 1,401,569
Underwriting, general and administrative expenses 2,392,035 124,587 2,516,622
Total bene ts, losses and expenses 7,921,278 (61) 7,921,217
Income before provision for income taxes 606,444 61 606,505
Provision for income taxes 327,267 631 327,898
Net income 279,177 (570) 278,607
Earnings per share
Basic $ 2.52 $ (0.00) $ 2.52
Diluted $ 2.50 $ (0.00) $ 2.50