Assurant 2015 Annual Report Download - page 64

52 ASSURANT, INC. – 2015 Form 10-K
PART II
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Year Ended December 31, 2015 Compared
to the Year Ended December 31, 2014
Net Income
Segment net income decreased $1,359, or 3%, to $47,322 for
Twelve Months 2015 from $48,681 for Twelve Months 2014�
The decrease is primarily attributable to less favorable
life loss experience and lower net investment income�
Total Revenues
Total revenues increased $9,637, or 1%, to $1,202,758
for Twelve Months 2015 from $1,193,121 for Twelve
Months 2014� Twelve Months 2015 net earned premiums
increased 1% or $15,029, primarily driven by voluntary
products which increased $37,109, or 8%, partially offset
by declines in employer paid products Net investment
income decreased 5% or $6,194 driven by lower investment
income from real estate joint venture partnerships as
well as lower investment yields�
Total Benets, Losses and Expenses
Total benets, losses and expenses increased $12,509, or
1%, to $1,128,949 for Twelve Months 2015 from $1,116,440
for Twelve Months 2014� The loss ratio increased slightly
to 68�4% from 68�2%, primarily due to less favorable life
loss experience� The expense ratio decreased to 36�5% for
Twelve Months 2015 compared with 37�1% for Twelve Months
2014, primarily due to ongoing expense savings initiatives�
Year Ended December 31, 2014 Compared
to the Year Ended December 31, 2013
Net Income
Segment net income increased $14,128 or 41%, to $48,681
for Twelve Months 2014 from $34,553 for Twelve Months
2013� The increase was primarily attributable to favorable
loss experience in all major product lines�
Total Revenues
Total revenues increased $37,247 or 3%, to $1,193,121
for Twelve Months 2014 from $1,155,874 for Twelve
Months 2013� Net earned premiums growth was driven
by voluntary products which increased $47,510, or 12%,
partially offset by declines in employer paid products�
Total Benets, Losses and Expenses
Total benefits, losses and expenses increased $12,625, or
1%, to $1,116,440 for Twelve Months 2014 from $1,103,815
for Twelve Months 2013� The loss ratio decreased to 68�2%
from 70�5% driven by favorable experience in all major
product lines� The expense ratio remained relatively
consistent at 37�1% for Twelve Months 2014 compared
with 37�4% for Twelve Months 2013�
Corporate and Other
The table below presents information regarding the Corporate and Other segment’s results of operations:
For the Years Ended December 31,
2015
2014 2013
Revenues:
Net investment income $ 21,190 $ 19,320 $ 20,599
Net realized gains on investments 31,826 60,783 34,525
Amortization of deferred gain on disposal of businesses 12,988 (1,506) 16,310
Fees and other income 32,682 685 659
Total revenues 98,686 79,282 72,093
Benets, losses and expenses:
Policyholder benets 3,150 — 4,888
Selling, underwriting and general expenses 127,285 143,078 138,450
Interest expense 55,116 58,395 77,735
Total benets, losses and expenses 185,551 201,473 221,073
Segment loss before benet for income taxes (86,865) (122,191) (148,980)
Benet for income taxes (44,117) (47,460) (48,739)
SEGMENT NET LOSS $ (42,748) $ (74,731) $ (100,241)