Assurant 2015 Annual Report Download - page 44

32 ASSURANT, INC. – 2015 Form 10-K
PART II
ITEM 6 Selected Financial Data
Dividend Policy
On January 15, 2016, our Board of Directors declared a quarterly
dividend of $0�50 per common share payable on March 14, 2016
to stockholders of record as of February 29, 2016� We paid
dividends of $0�50 per common share on December 14, 2015,
$0�30 on September 15, 2015 and June 9, 2015, and $0�27
on March 9, 2015� We paid dividends of $0�27 per common
share on December 15, 2014, September 9, 2014 and June 10,
2014, and $0�25 per common share on March 10, 2014� Any
determination to pay future dividends will be at the discretion
of our Board of Directors and will be dependent upon: our
subsidiaries’ payment of dividends and/or other statutorily
permissible payments to us; our results of operations and cash
ows; our nancial position and capital requirements; general
business conditions; any legal, tax, regulatory and contractual
restrictions on the payment of dividends; and any other factors
our Board of Directors deems relevant�
Assurant, Inc� is a holding company and, therefore, its ability
to pay dividends, service its debt and meet its other obligations
depends primarily on the ability of its regulated U�S� domiciled
insurance subsidiaries to pay dividends and make other statutorily
permissible payments to the holding company� Our insurance
subsidiaries are subject to signicant regulatory and contractual
restrictions limiting their ability to declare and pay dividends�
See “Item 1A—Risk Factors—Risks Relating to Our Company—The
inability of our subsidiaries to pay sufcient dividends to the
holding company could prevent us from meeting our obligations
and paying future stockholder dividends�” For the calendar year
2016, the maximum amount of dividends our regulated U�S�
domiciled insurance subsidiaries could pay us, under applicable
laws and regulations without prior regulatory approval, is
approximately $564,000� Dividends or returns of capital paid
by our subsidiaries, net of infusions and excluding amounts
received from dispositions and amounts used for acquisitions,
totaled $174,579 in 2015�
We may seek approval of regulators to pay dividends in excess
of any amounts that would be permitted without such approval�
However, there can be no assurance that we would obtain such
approval if sought�
Payments of dividends on shares of common stock are subject
to the preferential rights of preferred stock that our Board of
Directors may create from time to time� There is no preferred
stock issued and outstanding as of December 31, 2015� For more
information regarding restrictions on the payment of dividends
by us and our insurance subsidiaries, including those pursuant
to the terms of our revolving credit facilities, see “Item 7—
Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources�”
In addition, our $400,000 revolving credit facility restricts
payments of dividends if an event of default under the facility
has occurred or if a proposed dividend payment would cause
an event of default under the facility�
ITEM 6 Selected Financial Data
ASSURANT, INC.
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
As of and for the years ended December 31,
2015 2014 2013 2012
2011
Consolidated Statement of Operations Data:
Revenues
Net earned premiums $ 8,350,997 $ 8,632,142 $ 7,759,796 $ 7,236,984 $ 7,125,368
Net investment income 626,217 656,429 650,296 713,128 689,532
Net realized gains on investments(1) 31,826 60,783 34,525 64,353 32,580
Amortization of deferred gain on disposal of
businesses 12,988 (1,506) 16,310 18,413 20,461
Fees and other income 1,303,466 1,033,805 586,730 475,392 404,863
Total revenues 10,325,494 10,381,653 9,047,657 8,508,270 8,272,804
Benets, losses and expenses
Policyholder benets(2) 4,742,535 4,405,333 3,675,532 3,655,404 3,749,734
Amortization of deferred acquisition costs and value
of businesses acquired 1,402,573 1,485,558 1,470,287 1,403,215 1,327,788
Underwriting, general and administrative expenses 3,924,089 3,688,230 3,034,404 2,631,594 2,428,795
Interest expense 55,116 58,395 77,735 60,306 60,360
Total benets, losses and expenses 10,124,313 9,637,516 8,257,958 7,750,519 7,566,677
Income before provision for income taxes 201,181 744,137 789,699 757,751 706,127
Provision for income taxes(3) 59,626 273,230 300,792 274,046 167,171
NET INCOME $ 141,555 $ 470,907 $ 488,907 $ 483,705 $ 538,956