Assurant 2015 Annual Report Download - page 146
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Please find page 146 of the 2015 Assurant annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.ASSURANT, INC. – 2015 Form 10-KF-60
22 Segment Information
The following table for the Company’s qualied pension plan and retirement health benet plan summarizes the change in
fair value associated with the MIMSF and Private Equity Partners XI Limited Partnership, the only Level 3 nancial assets.
Pension Benet
Retirement
Health Benet
Beginning balance at December 31, 2014 $67,746 $3,858
Purchases 1,403 79
Refund of capital (86) (5)
Actual return on plan assets and plan expenses still held at the reporting date (1,092) (107)
ENDING BALANCE AT DECEMBER 31, 2015 $ 67,971 $ 3,825
For all the nancial assets included in the above hierarchy,
the market valuation technique is used. For the year ended
December 31, 2015, the application of the valuation technique
applied to similar assets has been consistent�
Level 1 and Level 2 securities are valued using various
observable market inputs obtained from a pricing service� The
pricing service prepares estimates of fair value measurements
for our Level 2 securities using proprietary valuation models
based on techniques such as matrix pricing which include
observable market inputs� Observable market inputs for
Level 1 and 2 securities are consistent with the observable
market inputs described in Note 6—Fair Value Disclosures. The
MIFSF utilizes all three levels of inputs to price its holdings�
Since unobservable inputs may have been signicant to the
fair value measurement, it was classied as Level 3.
The Company obtains one price for each investment� A
quarterly analysis is performed to assess if the evaluated
prices represent a reasonable estimate of their fair value�
This process involves quantitative and qualitative analysis
and is overseen by benets, investment and accounting
professionals. Examples of procedures performed include, but
are not limited to, initial and on-going review of pricing service
methodologies, review of pricing statistics and trends, and
comparison of prices for certain securities with two different
appropriate price sources for reasonableness� Following this
analysis, the Company uses the best estimate of fair value
based upon all available inputs� The pricing service provides
information regarding their pricing procedures so that the
Company can properly categorize the Plans’ nancial assets
in the fair value hierarchy�
Due to the Plan’s current funding status, no contributions are
expected to be made to its qualied pension plan in 2016.
No contributions are expected to be made to the retirement
health benet plan in 2016.
The following pension benets, which reect expected future service, as appropriate, are expected to be paid:
Pension Benets
Retirement Health
Benets
2016 $ 60,555 $4,000
2017 58,245 4,361
2018 57,881 4,708
2019 60,056 5,066
2020 75,144 5,446
2021-2025 394,654 32,844
TOTAL
$ 706,535 $ 56,425
Dened Contribution Plan
The Company and its subsidiaries participate in a dened contribution plan covering substantially all employees. The dened
contribution plan provides benets payable to participants on retirement or disability and to beneciaries of participants
in the event of the participant’s death. The amounts expensed by the Company related to this plan were $44,455, $44,796
and $39,263 in 2015, 2014, and 2013, respectively.
22� Segment Information
The Company has ve reportable segments, which are dened
based on the nature of the products and services offered:
Assurant Solutions, Assurant Specialty Property, Assurant
Health, Assurant Employee Benets, and Corporate & Other.
Assurant Solutions provides mobile device protection products
and services; debt protection administration; credit insurance;
extended service products and related services for consumer
electronics, appliances and vehicles; and pre-funded funeral
insurance� Assurant Specialty Property provides lender-placed
homeowners insurance; property preservation and valuation
services; ood insurance; renters insurance and related
products; and manufactured housing homeowners insurance�
Assurant Health provides individual health and small employer
group health insurance. Assurant Employee Benets primarily