Assurant 2014 Annual Report Download - page 60
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46 ASSURANT, INC. – 2014 Form 10-K
PART II
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Assurant Solutions
Overview
The table below presents information regarding Assurant Solutions’ segment results of operations:
For the Years Ended December 31,
2014 2013
2012
Revenues:
Net earned premiums $ 3,128,868 $ 2,783,758 $ 2,579,220
Net investment income 382,640 376,245 396,681
Fees and other income 667,852 400,370 314,072
Total revenues 4,179,360 3,560,373 3,289,973
Benefi ts, losses and expenses:
Policyholder benefi ts 1,027,469 895,504 840,133
Selling, underwriting and general expenses(4) 2,830,058 2,474,259 2,267,986
Total benefi ts, losses and expenses 3,857,527 3,369,763 3,108,119
Segment income before provision for income taxes 321,833 190,610 181,854
Provision for income taxes 102,885 65,458 58,101
SEGMENT NET INCOME $ 218,948 $ 125,152 $ 123,753
Net earned premiums:
Domestic:
Credit $ 160,794 $ 166,417 $ 165,765
Service contracts 1,631,339 1,372,314 1,260,578
Other(1) 73,254 82,864 62,298
Total Domestic 1,865,387 1,621,595 1,488,641
International:
Credit 318,104 380,683 425,078
Service contracts 850,454 685,039 556,207
Other(1) 33,830 29,918 28,316
Total International 1,202,388 1,095,640 1,009,601
Preneed 61,093 66,523 80,978
TOTAL $ 3,128,868 $ 2,783,758 $ 2,579,220
Fees and other income:
Domestic:
Debt protection $ 30,938 $ 29,100 $ 27,912
Service contracts 424,259 206,130 139,636
Other(1) 8,344 6,920 4,039
Total Domestic 463,541 242,150 171,587
International 97,265 51,873 38,840
Preneed 107,046 106,347 103,645
TOTAL $ 667,852 $ 400,370 $ 314,072
Gross written premiums(2):
Domestic:
Credit $ 316,815 $ 387,038 $ 390,648
Service contracts 3,112,526 2,090,160 1,799,577
Other(1) 88,298 106,256 113,067
Total Domestic 3,517,639 2,583,454 2,303,292
International:
Credit 879,526 964,236 1,002,347
Service contracts 826,046 780,393 722,251
Other(1) 63,211 47,932 44,721
Total International 1,768,783 1,792,561 1,769,319
TOTAL $ 5,286,422 $ 4,376,015 $ 4,072,611
Preneed (face sales) $ 969,784 $ 1,007,915 $ 863,734
Combined ratio(3):
Domestic 93.3% 97.9% 98.9%
International 101.5% 102.8% 104.8%
(1) This includes emerging products and run-off products lines.
(2) Gross written premiums does not necessarily translate to an equal amount of subsequent net earned premiums since Assurant Solutions reinsures
a portion of its premiums to insurance subsidiaries of its clients.
(3) 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.
(4) 2012 selling, underwriting and general expenses includes $26,458 of intangible asset impairment charges.