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ASSURANT, INC. – 2015 Form 10-K F-61
22 Segment Information
provides group dental insurance, group disability insurance
and group life insurance� Corporate & Other includes activities
of the holding company, 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. Beginning January 1, 2015,
segment assets for Assurant Solutions and Assurant Specialty
Property include their proportionate share of goodwill�
As previously announced, the Company concluded a
comprehensive review of its portfolio and decided to sharpen
its focus on specialty housing and lifestyle protection products
and services. As a result, the Company will exit the health
insurance market and has signed a denitive agreement to
sell its Assurant Employee Benets segment. See Note 3 and
Note 4, respectively, for more information.
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 signicant accounting policies. See Note 2 for
further information�
The following tables summarize selected nancial information by segment:
Year Ended December 31, 2015
Solutions
Specialty
Property Health
Employee
Benets
Corporate
& Other
Consolidated
Revenues
Net earned premiums $ 3,015,846 $2,044,701 $2,223,696 $1,066,754 $ — $ 8,350,997
Net investment income 376,683 92,859 24,487 110,998 21,190 626,217
Net realized gains on investments — — — — 31,826 31,826
Amortization of deferred gain on disposal of
businesses — — — — 12,988 12,988
Fees and other income 785,611 405,545 54,622 25,006 32,682 1,303,466
Total revenues 4,178,140 2,543,105 2,302,805 1,202,758 98,686 10,325,494
Benets, losses and expenses
Policyholder benets 919,403 788,549 2,301,241 730,192 3,150 4,742,535
Amortization of deferred acquisition costs and
value of business acquired 1,078,551 280,492 10,694 32,836 —1,402,573
Underwriting, general and administrative
expenses 1,903,712 1,010,445 516,726 365,921 127,285 3,924,089
Interest expense — — — — 55,116 55,116
Total benets, losses and expenses 3,901,666 2,079,486 2,828,661 1,128,949 185,551 10,124,313
Segment income (loss) before provision
(benet) for income taxes 276,474 463,619 (525,856) 73,809 (86,865)201,181
Provision (benet) for income taxes 79,291 155,914 (157,949) 26,487 (44,117)59,626
Segment income (loss) after taxes $197,183 $307,705 $(367,907) $47,322 $(42,748)
Net income $ 141,555
Segment assets(1):$14,356,484 $3,648,738 $1,437,032 $2,190,808 $8,410,066
$30,043,128
(1) Beginning January 1, 2015, goodwill is included on the respective segment balance sheets. Prior to January 1, 2015, all goodwill on Assurant’s
balance sheet was held in the Corporate & Other segment.