Assurant 2013 Annual Report Download - page 143

ASSURANT, INC. – 2013 Form 10-K F-57
21 Segment Information
Defi ned Contribution Plan
The Company and its subsidiaries participate in a defi ned contribution plan covering substantially all employees. The 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. The amounts expensed by the Company related to this plan were $39,263, $37,237
and $33,337 in 2013, 2012, and 2011, respectively.
21. Segment Information
The Company has fi ve reportable segments, which are
defi ned based on the nature of the products and services
offered: Assurant Solutions, Assurant Specialty Property,
Assurant Health, Assurant Employee Benefi ts, and Corporate &
Other. Assurant Solutions provides mobile device protection,
debt protection administration, credit-related insurance,
warranties and service contracts and pre-funded funeral
insurance. Assurant Specialty Property provides lender-placed
homeowners insurance, renters insurance and related products
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 and interest income
earned from short-term investments held. Corporate & Other
also includes the amortization of deferred gains associated
with the sales of Fortis Financial Group and Long-Term Care
through reinsurance agreements.
The Company evaluates performance of the operating segments
based on segment income (loss) after-tax excluding realized
gains (losses) on investments. The Company determines
reportable segments in a manner consistent with the way the
Chief Operating Decision Maker makes operating decisions
and assesses performance. The 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.
The following tables summarize selected fi nancial information by segment:
Year Ended December 31, 2013
Solutions
Specialty
Property Health
Employee
Benefi ts
Corporate
& Other
Consolidated
Revenues
Net earned premiums $ 2,783,758 $ 2,380,044 $ 1,581,407 $ 1,014,587 $ 0 $ 7,759,796
Net investment income 376,245 98,935 36,664 117,853 20,599 650,296
Net realized gains on investments 0 0 0 0 34,525 34,525
Amortization of deferred gain on disposal of
businesses 0 0 0 0 16,310 16,310
Fees and other income 400,370 133,135 29,132 23,434 659 586,730
Total revenues 3,560,373 2,612,114 1,647,203 1,155,874 72,093 9,047,657
Benefi ts, losses and expenses
Policyholder benefi ts 895,504 890,409 1,169,075 715,656 4,888 3,675,532
Amortization of deferred acquisition costs and
value of business acquired 1,132,298 309,332 801 27,856 0 1,470,287
Underwriting, general and administrative
expenses 1,341,961 758,941 434,749 360,303 138,450 3,034,404
Interest expense 0 0 0 0 77,735 77,735
Total benefi ts, losses and expenses 3,369,763 1,958,682 1,604,625 1,103,815 221,073 8,257,958
Segment income (loss) before provision (benefi t)
for income taxes 190,610 653,432 42,578 52,059 (148,980) 789,699
Provision (benefi t) for income taxes 65,458 229,846 36,721 17,506 (48,739) 300,792
Segment income (loss) after taxes $ 125,152 $ 423,586 $ 5,857 $ 34,553 $ (100,241)
Net income $ 488,907
Segment Assets:
Segment assets, excluding goodwill $ 13,321,648 $ 3,858,314 $ 884,077 $ 2,298,698 $ 8,567,391
$ 28,930,128
Goodwill 784,561
TOTAL ASSETS
$29,714,689