Assurant 2014 Annual Report Download - page 18

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ASSURANT, INC. – 2014 Form 10-K4
PART I
ITEM 1 Business
Competition
Assurant’s businesses focus on niche products and related
services within broader insurance markets. Although we
face competition in each of our businesses, we believe
that no single competitor competes against us in all of our
business lines. The business lines in which we operate are
generally characterized by a limited number of competitors.
Competition in each business is based on a number of factors,
including quality of service, product features, price, scope of
distribution, fi nancial strength ratings and name recognition.
The relative importance of these factors varies by product
and market. We compete for customers and distributors with
insurance companies and other fi nancial services companies
in our businesses.
Competitors of Assurant Solutions and Assurant Specialty
Property include insurance companies and fi nancial institutions.
Assurant Health’s main competitors are other health insurance
companies, Health Maintenance Organizations (“HMOs”) and
the Blue Cross/Blue Shield plans in states where we sell
business. Assurant Employee Benefi ts’ competitors include
other benefi t and life insurance companies, dental managed
care entities and not-for-profi t dental plans.
Segments
For additional information on our segments, see “Item 7. Management’s Discussion and Analysis of Financial Condition and
Results of Operations—Results of Operations” and Note 22 to the Consolidated Financial Statements included elsewhere in
this report.
Assurant Solutions
For the Years Ended
December 31, 2014
December 31, 2013
Net earned premiums for selected product groupings:
Extended service contracts and warranties—domestic(1) $ 1,631,339 $ 1,372,314
Extended service contracts and warranties—international(1) 850,454 685,039
Preneed life insurance 61,093 66,523
Credit insurance—domestic 160,794 166,417
Credit insurance—international 318,104 380,683
Other 107,084 112,782
TOTAL $ 3,128,868 $ 2,783,758
Fees and other income $ 667,852 $ 400,370
Segment net income $ 218,948 $ 125,152
Combined ratio(2):
Domestic 93.3% 97.9%
International 101.5% 102.8%
Equity(3) $ 1,605,669 $ 1,447,306
(1) Extended service contracts include warranty contracts for products such as mobile devices, personal computers, consumer electronics, appliances,
automobiles and recreational vehicles.
(2) The combined ratio is equal to total benefits, losses and expenses divided by net earned premiums and fees and other income excluding the
preneed business.
(3) Equity excludes accumulated other comprehensive income.