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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2017
OR 
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Assurant, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
001-31978
 
39-1126612
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
28 Liberty Street, 41st Floor
New York, New York 10005
(212) 859-7000
(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
x
  
Accelerated filer
 
¨
 
 
 
 
Non-accelerated filer
 
¨ (Do not check if a smaller reporting company)
  
Smaller reporting company
 
¨
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x
The number of shares of the registrant’s Common Stock outstanding at October 27, 2017 was 53,811,707.
 
 
 
 
 


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
 
 
 
 
 
1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.
 
 
 
3.
 
 
 
4.
 
 
 
 
 
 
 
 
1.
 
 
 
1A.
 
 
 
2.
 
 
 
6.
 
 
 
 
Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in millions, except number of shares and per share amounts.

1


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
At September 30, 2017 and December 31, 2016
 
 
 



 
September 30, 2017
 
December 31, 2016
 
(in millions except number of shares and per
share amounts)
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities available for sale, at fair value (amortized cost - $8,888.9 in 2017 and
$8,870.8 in 2016)
$
9,732.4

 
$
9,572.1

Equity securities available for sale, at fair value (cost - $348.7 in 2017 and $381.8 in 2016)
403.3

 
421.4

Commercial mortgage loans on real estate, at amortized cost
648.1

 
624.0

Policy loans
36.9

 
38.5

Short-term investments
266.6

 
227.7

Other investments
589.3

 
595.3

Total investments
11,676.6

 
11,479.0

Cash and cash equivalents
992.8

 
1,032.0

Premiums and accounts receivable, net
1,286.4

 
1,218.0

Reinsurance recoverables
10,578.3

 
9,083.2

Accrued investment income
114.1

 
110.1

Deferred acquisition costs
3,482.6

 
3,267.4

Property and equipment, at cost less accumulated depreciation
358.4

 
343.6

Tax receivable
117.4

 
20.5

Goodwill
916.0

 
830.9

Value of business acquired
26.3

 
32.1

Other intangible assets, net
306.6

 
240.3

Other assets (includes assets of special purpose entities of $349.7 in 2017)
749.4

 
359.7

Assets held in separate accounts
1,800.3

 
1,692.3

Total assets
$
32,405.2

 
$
29,709.1

Liabilities
 
 
 
Future policy benefits and expenses
$
10,436.9

 
$
10,112.9

Unearned premiums
6,962.6

 
6,626.5

Claims and benefits payable
4,794.2

 
3,301.2

Commissions payable
377.5

 
386.2

Reinsurance balances payable
173.4

 
95.3

Funds held under reinsurance
142.7

 
111.7

Deferred gains on disposal of businesses
148.5

 
232.2

Accounts payable and other liabilities (includes liabilities of special purpose entities of $279.7 in 2017)
2,363.0

 
1,985.7

Debt
1,067.9

 
1,067.0

Liabilities related to separate accounts
1,800.3

 
1,692.3

Total liabilities
28,267.0

 
25,611.0

Commitments and contingencies (Note 15)

 

Stockholders’ equity
 
 
 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,796,348 and 55,941,480
shares outstanding at September 30, 2017 and December 31, 2016, respectively
1.5

 
1.5

Additional paid-in capital
3,186.8

 
3,175.9

Retained earnings
5,414.6

 
5,296.7

Accumulated other comprehensive income
256.4

 
94.6

Treasury stock, at cost; 96,577,040 and 94,041,583 shares at September 30, 2017 and December 31,
2016, respectively
(4,721.1
)
 
(4,470.6
)
Total stockholders’ equity
4,138.2

 
4,098.1

Total liabilities and stockholders’ equity
$
32,405.2

 
$
29,709.1


See the accompanying Notes to Consolidated Financial Statements

2


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
Three and Nine Months Ended September 30, 2017 and 2016
 
 
 

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions except number of shares and per share amounts)
Revenues
 
 
 
 
 
 
 
Net earned premiums
$
1,073.1

 
$
1,215.1

 
$
3,238.7

 
$
3,832.6

Fees and other income
349.1

 
347.7

 
1,016.2

 
1,033.7

Net investment income
132.6

 
124.8

 
374.9

 
380.3

Net realized gains on investments, excluding other-than-temporary impairment losses
8.9

 
10.7

 
26.0

 
194.7

Total other-than-temporary impairment losses
(0.4
)
 
—

 
(0.9
)
 
(0.4
)
Portion of net gain recognized in other comprehensive income, before taxes
—

 
—

 
—

 
(0.3
)
Net other-than-temporary impairment losses recognized in earnings
(0.4
)
 
—

 
(0.9
)
 
(0.7
)
Amortization of deferred gains and gains on disposal of businesses
23.1

 
135.8

 
83.5

 
309.2

Gain on pension plan curtailment
—

 
—

 
—

 
29.6

Total revenues
1,586.4

 
1,834.1

 
4,738.4

 
5,779.4

Benefits, losses and expenses
 
 
 
 
 
 
 
Policyholder benefits
682.2

 
435.2

 
1,456.6

 
1,379.8

Amortization of deferred acquisition costs and value of business acquired
332.5

 
330.3

 
993.7

 
1,007.3

Underwriting, general and administrative expenses
667.1

 
833.7

 
1,964.7

 
2,554.6

Interest expense
12.2

 
14.0

 
37.2

 
43.7

Total benefits, losses and expenses
1,694.0

 
1,613.2

 
4,452.2

 
4,985.4

(Loss) income before (benefit) provision for income taxes
(107.6
)
 
220.9

 
286.2

 
794.0

(Benefit) provision for income taxes
(50.3
)
 
76.5

 
79.5

 
259.9

Net (loss) income
$
(57.3
)
 
$
144.4

 
$
206.7

 
$
534.1

Earnings Per Share
 
 
 
 
 
 
 
Basic
$
(1.05
)
 
$
2.40

 
$
3.75

 
$
8.54

Diluted
$
(1.05
)
 
$
2.37

 
$
3.73

 
$
8.46

Dividends per share
$
0.53

 
$
0.50

 
$
1.59

 
$
1.50

Share Data
 
 
 
 
 
 
 
Weighted average shares outstanding used in basic per share calculations
54,524,874

 
60,262,073

 
55,096,933

 
62,522,980

Plus: Dilutive securities
—

 
566,268

 
312,318

 
570,340

Weighted average shares used in diluted per share calculations
54,524,874

 
60,828,341

 
55,409,251

 
63,093,320

See the accompanying Notes to Consolidated Financial Statements

3


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
Three and Nine Months Ended September 30, 2017 and 2016
 
 
 

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions)
Net (loss) income
$
(57.3
)
 
$
144.4

 
$
206.7

 
$
534.1

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Change in unrealized gains on securities, net of taxes of $4.0, $(8.4), $(53.7) and $(85.7), respectively
(7.7
)
 
16.3

 
98.6

 
162.1

Change in other-than-temporary impairment gains, net of taxes of $0.5, $(0.2), $1.5 and $0.4, respectively
(1.0
)
 
0.3

 
(2.8
)
 
(0.8
)
Change in foreign currency translation, net of taxes of $(1.5), $0.5, $(2.8) and $(1.2), respectively
27.6

 
(15.9
)
 
65.1

 
(18.6
)
Amortization of pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.3), $(0.1), $(0.5) and $(36.0), respectively
0.6

 
0.2

 
0.9

 
66.8

Total other comprehensive income
19.5

 
0.9

 
161.8

 
209.5

Total comprehensive (loss) income
$
(37.8
)
 
$
145.3

 
$
368.5

 
$
743.6

See the accompanying Notes to Consolidated Financial Statements

4


Assurant, Inc.
Consolidated Statement of Stockholders’ Equity (unaudited)
From December 31, 2016 through September 30, 2017
 
 
 

 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Treasury
Stock
 
Total
 
(in millions)
Balance at December 31, 2016
$
1.5

 
$
3,175.9

 
$
5,296.7

 
$
94.6

 
$
(4,470.6
)
 
$
4,098.1

Stock plan exercises
—

 
(12.1
)
 
—

 
—

 
—

 
(12.1
)
Stock plan compensation
—

 
23.0

 
—

 
—

 
—

 
23.0

Dividends
—

 
—

 
(88.8
)
 
—

 
—

 
(88.8
)
Acquisition of common
  stock
—

 
—

 
—

 
—

 
(250.5
)
 
(250.5
)
Net income
—

 
—

 
206.7

 
—

 
—

 
206.7

Other comprehensive
 income
—

 
—

 
—

 
161.8

 
—

 
161.8

Balance, September 30, 2017
$
1.5

 
$
3,186.8

 
$
5,414.6

 
$
256.4

 
$
(4,721.1
)
 
$
4,138.2

 
See the accompanying Notes to Consolidated Financial Statements

5


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30, 2017 and 2016
 
 
 

 
Nine Months Ended September 30,
 
2017
 
2016
 
(in millions)
Net cash provided by (used in) operating activities
$
366.4

 
$
(68.0
)
Investing activities
 
 
 
Sales of:
 
 
 
Fixed maturity securities available for sale
2,270.3

 
1,736.1

Equity securities available for sale
59.1

 
160.0

Other invested assets
72.6

 
51.9

Subsidiary, net of cash transferred (1)
—

 
873.9

Commercial mortgage loans on real estate
—

 
268.8

Maturities, calls, prepayments, and scheduled redemption of:
 
 
 
Fixed maturity securities available for sale
631.5

 
589.4

Commercial mortgage loans on real estate
102.9

 
87.0

Purchases of:
 
 
 
Fixed maturity securities available for sale
(2,734.2
)
 
(2,832.4
)
Equity securities available for sale
(18.8
)
 
(150.5
)
Commercial mortgage loans on real estate
(124.0
)
 
(52.2
)
Other invested assets
(71.6
)
 
(79.2
)
Property and equipment and other
(43.4
)
 
(66.8
)
Subsidiaries, net of cash transferred (2)
(127.4
)
 
(63.2
)
Special purpose entities (3):
 
 
 
Purchases of investments
(265.3
)
 
—

Proceeds from sales and redemptions of investments
36.2

 
—

Change in short-term investments
(31.7
)
 
106.0

Other
1.8

 
2.5

Net cash (used in) provided by investing activities
(242.0
)
 
631.3

Financing activities
 
 
 
Issuance of debt
—

 
249.6

Repayment of debt
—

 
(250.0
)
Change in tax benefit from share-based payment arrangements
—

 
9.4

Issuance of debt for special purpose entities (3)
157.7

 
—

Acquisition of common stock
(256.8
)
 
(674.3
)
Dividends paid
(88.8
)
 
(95.0
)
Withholding on stock based compensation
18.2

 
25.0

Net cash used in financing activities
(169.7
)
 
(735.3
)
Effect of exchange rate changes on cash and cash equivalents
6.1

 
(5.5
)
Adjustments for cash included in business classified as held for sale
—

 
5.9

Change in cash and cash equivalents
(39.2
)
 
(171.6
)
Cash and cash equivalents at beginning of period
1,032.0

 
1,288.3

Cash and cash equivalents at end of period
$
992.8

 
$
1,116.7

 
(1)
Primarily relates to the sale of Assurant's Employee Benefits segment mainly through reinsurance transactions.
(2)
2017 primarily includes the acquisition of Green Tree Insurance Agency, Inc.
(3)
Refer to Note 7- Investments for additional information regarding 2017 activity.

See the accompanying Notes to Consolidated Financial Statements

6

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 





1. Nature of Operations
Assurant, Inc. (the “Company”) is a holding company whose subsidiaries globally provide risk management solutions in the housing and lifestyle markets, protecting where consumers live and the goods they buy.
The Company is traded on the New York Stock Exchange under the symbol "AIZ."
Through its operating subsidiaries, the Company provides mobile device protection products and services; extended service contracts and related services for consumer electronics and appliances; vehicle protection services; pre-funded funeral insurance; credit insurance; lender-placed homeowners insurance; manufactured housing and flood insurance; renters insurance and related products; and field services, valuation services and other property risk management services.
2. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The interim financial data as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 is unaudited; in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2017 presentation.
Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
3. Recent Accounting Pronouncements
Adopted
Amortization period of premiums associated with callable debt: On April 1, 2017, the Company early adopted the amended guidance to shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. Such guidance would have been required to be adopted in 2019. Since the Company’s current policy is to amortize premiums on callable debt securities to the earliest call date, at the date of adoption there was no impact to the Company’s financial position or results of operations.
Goodwill impairment testing: On January 1, 2017, the Company adopted the amended guidance on goodwill impairment testing. Under the amended guidance, the optional qualitative assessment (Step 0) and the first step of the quantitative assessment (Step 1) remain unchanged. Step 2 is eliminated. As a result, for annual impairment testing or in the event a test is required prior to the annual test, the Company will use Step 1 to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. The Company is adopting this guidance on a prospective basis as a change in accounting principle, therefore at the date of adoption there is no impact to the Company’s financial position or results of operations.
Employee share-based stock compensation: On January 1, 2017, the Company adopted the amended guidance on accounting for employee share-based stock compensation. The updated guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and accounting for forfeitures. Upon adoption the Company recognizes excess tax benefits or deficiencies in net income, as well as the related cash flows in operating activities, on a prospective basis. The earnings impact of the adoption did not have a material impact on the Company’s financial results of operations. The

7

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




updated guidance allows companies a policy election with regard to forfeitures and the Company has elected to continue its existing practice of estimating the number of awards that will be forfeited. As required in the updated guidance, the Company will present cash flows related to employee withholding taxes as financing activities as opposed to operating activities, on a retrospective basis, which resulted in the reclassification of $18.2 and $25.0 in the consolidated statements of cash flows for the periods ending September 30, 2017 and 2016, respectively.
Not Yet Adopted
Income tax consequences for intra-entity transfers of assets: In October 2016, the FASB issued amended guidance on tax accounting for intra-entity transfers of assets. Current guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Also, the amended guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The amended guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2018. Early adoption is permitted. The adoption of this amended guidance will not have an impact on the Company’s financial position and results of operations.
Statement of cash flows presentation and classification: In August 2016, the FASB issued amended guidance on presentation and classification in the statement of cash flows. The amendments address certain specific cash flow issues: debt prepayment and debt extinguishment costs; settlement of zero-coupon or insignificant coupon debt instruments; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and guidance related to the identification of the primary source for separately identifiable cash flows. The amended guidance is effective in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2018. The adoption of this amended guidance will not have an impact on the Company’s financial position and results of operations.
Reporting credit losses of assets held at amortized cost: In June 2016, the FASB issued amended guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities. For assets held at amortized cost, the amended guidance eliminates the probable recognition threshold, and, instead requires an entity to reflect the current estimate of all expected credit losses. For available for sale debt securities, credit losses will be measured in a manner similar to current accounting requirements; however, the amended guidance requires that credit losses be presented as an allowance rather than as a permanent impairment. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amended guidance is effective in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2020. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the requirements of this amended guidance and the potential impact on the Company’s financial position and results of operations.
Lease accounting: In February 2016, the FASB issued new guidance on leases, which replaces the current lease guidance. The new guidance requires that entities recognize the assets and liabilities associated with leases on the balance sheet and disclose key information about leasing arrangements. The new guidance is effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2019. Early adoption is permitted. The Company is evaluating the requirements of this new lease guidance and the potential impact on the Company’s financial position and results of operations.
Financial instruments measurement and classification: In January 2016, the FASB issued amended guidance on the measurement and classification of financial instruments. This amended guidance requires that all equity investments be measured at fair value with changes in fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the fair value option has been elected for financial liabilities. The amendments eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, however public business entities will be required to use the exit price when measuring

8

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




the fair value of financial instruments measured at amortized cost for disclosure purposes. In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The amended guidance is effective in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Therefore, the Company is required to adopt the guidance on January 1, 2018. Upon adoption, all common and preferred stocks will be measured at fair value through the income statement. For certain private equity investments recorded in Other investments, the Company will elect the measurement alternative to record these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The measurement alternative will be applied on a prospective basis. The potential impact of this amended measurement and classification of financial instruments guidance on the Company’s financial position and results of operations will be determined based on the market values of the common and preferred stocks on the date of adoption.
Revenue recognition from contracts with customers: In May 2014, the FASB issued amended guidance on revenue recognition from contracts with customers, which is required to be implemented in 2018 for public companies. Further amendments and technical corrections were made to the amended guidance during 2016 and 2017. The amended guidance, which the Company will adopt effective January 1, 2018, affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. Insurance and similar contracts issued by insurance entities are within the scope of other standards and therefore are specifically excluded from the scope of the amended revenue recognition guidance. The amended guidance creates a five step approach that emphasizes the recognition of revenue when the performance obligations are met in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive. This guidance may be adopted using the full retrospective method, whereby the amended guidance is applied to each prior period presented, and the cumulative effect of applying the amended guidance is recognized at the beginning of the earliest period presented or the modified retrospective approach, whereby the cumulative effect of applying the amended guidance is recognized at the beginning of the year of adoption and the comparative information is not restated and continues to be reported under the accounting standards in effect for those periods.
The Company is nearing completion of its process to implement the guidance, which has included assessment of industry and technical developments and interpretations. The Company has assessed its revenue streams to identify those contracts that may be subject to the new standard. The Company had previously identified that up to 40% of its 2016 reported revenues required assessment under the new standard, including its fee based revenue contracts as well as its extended service warranty contracts. Based on the Company’s ongoing evaluation of its products and issuing entities, the adjusted in-scope revenues are now estimated to be just under 20% of 2016 reported revenues. The Company selected a representative sample of contracts from the in-scope product lines for review (“key contracts”) to identify revenues that should be separately disclosed or earned using a different recognition period. The review of such key contracts is complete. The Company grouped the remaining contracts with similar features based on the conclusions reached with the key contracts reviewed and is finalizing the additional review of specific contracts with unique features that require separate assessment. Based on the work completed to date, the Company does not expect the implementation of the amended guidance to have a material impact on the timing of revenue recognition for its in-scope revenue streams, therefore the Company does not expect the amended revenue recognition standard to have a material impact on its financial position, results of operations and related disclosures. However, the in-scope revenues will be subject to additional disclosure requirements pursuant to the standard.

4. Segment Information
As of September 30, 2017, the Company had four reportable segments, which are defined based on the manner in which our Chief Operating Decision Makers (CEO and COO) review the business to assess performance and allocate resources, and align to the nature of the products and services offered:
•Global Housing: provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (referred to as multi-family housing); and valuation and field services (referred to as mortgage solutions).
•Global Lifestyle: provides mobile device protection and related services and extended service products and related services (referred to as Connected Living); vehicle protection services and credit insurance.
•Global Preneed: provides pre-funded funeral insurance.

9

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




•Total Corporate & Other: Corporate & Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments, interest income earned from short-term investments held and income (expenses) primarily related to the Company's frozen benefit plans. Corporate & Other also includes the amortization of deferred gains and gains associated with the sales of Fortis Financial Group, Long-Term Care and Assurant Employee Benefits ("AEB") through reinsurance agreements, expenses related to the pending acquisition of The Warranty Group (see Note 17), and other unusual or infrequent items. Additionally, the Total Corporate & Other segment includes amounts related to the runoff of the Assurant Health business. As Assurant Health was a reportable segment in prior years, these amounts are disclosed separately in the following segment tables for comparability.
In addition, AEB was a separate reportable segment in 2016 and primarily includes the results of operations for the periods prior to its sale on March 1, 2016. See Note 5 for more information.
The following tables summarize selected financial information by segment: 
 
Three Months Ended September 30, 2017
 
 
 
 
 
 
 
Total Corporate & Other
 
 
 
Global Housing
 
Global Lifestyle
 
Global Preneed
 
Corporate &
Other
 
Health
 
Total
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
423.0

 
$
636.0

 
$
14.0

 
$
—

 
$
0.1

 
$
0.1

 
$
1,073.1

Fees and other income
107.3

 
205.7

 
30.6

 
4.5

 
1.0

 
5.5

 
349.1

Net investment income
23.6

 
33.1

 
66.4

 
8.6

 
0.9

 
9.5

 
132.6

Net realized gains on investments
—

 
—

 
—

 
8.5

 
—

 
8.5

 
8.5

Amortization of deferred gains and
  gains on disposal of businesses (1)
—

 
—

 
—

 
23.1

 
—

 
23.1

 
23.1

Total revenues
553.9

 
874.8

 
111.0

 
44.7

 
2.0

 
46.7

 
1,586.4

Benefits, losses and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits (2)
436.7

 
190.6

 
62.6

 
—

 
(7.7
)
 
(7.7
)
 
682.2

Amortization of deferred
  acquisition costs and value of
  business acquired
49.7

 
266.1

 
16.7

 
—

 
—

 
—

 
332.5

Underwriting, general and
  administrative expenses (3)
235.0

 
371.9

 
13.3

 
38.2

 
8.7

 
46.9

 
667.1

Interest expense
—

 
—

 
—

 
12.2

 
—

 
12.2

 
12.2

Total benefits, losses and
  expenses
721.4

 
828.6

 
92.6

 
50.4

 
1.0

 
51.4

 
1,694.0

Segment (loss) income before
(benefit) provision for income
tax
(167.5
)
 
46.2

 
18.4

 
(5.7
)
 
1.0

 
(4.7
)
 
(107.6
)
(Benefit) provision for income
taxes
(57.2
)
 
3.6

 
6.1

 
(3.7
)
 
0.9

 
(2.8
)
 
(50.3
)
Segment (loss) income after tax
$
(110.3
)
 
$
42.6

 
$
12.3

 
$
(2.0
)
 
$
0.1

 
$
(1.9
)
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
$
(57.3
)



10

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except number of shares and per share amounts)
 
 
 




 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
Total Corporate & Other
 
 
 
Global Housing
 
Global Lifestyle
 
Global Preneed
 
Corporate &
Other
 
Health
 
Total
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
457.4

 
$
742.0

 
$
15.2

 
$
—

 
$
0.5

 
$
0.5

 
$
1,215.1

Fees and other income
121.6

 
185.8

 
28.0

 
7.3

 
5.0

 
12.3

 
347.7

Net investment income
17.0

 
27.4

 
68.0

 
10.8

 
1.6

 
12.4

 
124.8

Net realized gains on
  investments
—

 
—

 
—

 
10.7

 
—

 
10.7

 
10.7

Amortization of deferred gains and
  gains on disposal of businesses (1)
—

 
—

 
—

 
135.8

 
—

 
135.8

 
135.8

Total revenues
596.0

 
955.2

 
111.2

 
164.6

 
7.1

 
171.7

 
1,834.1

Benefits, losses and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits (2)
218.6

 
180.1

 
60.9

 
—

 
(24.4
)
 
(24.4
)
 
435.2

Amortization of deferred
  acquisition costs and value of
  business acquired
52.1

 
263.0

 
15.2

 
—

 
—

 
—

 
330.3

Underwriting, general and
  administrative expenses (3)
260.7

 
470.0

 
14.3

 
57.2

 
31.5

 
88.7

 
833.7

Interest expense
—

 
—

 
—

 
14.0

 
—

 
14.0

 
14.0

Total benefits, losses and
  expenses
531.4

 
913.1

 
90.4

 
71.2

 
7.1

 
78.3

 
1,613.2

Segment income before provision
  for income tax
64.6

 
42.1

 
20.8

 
93.4

 
—

 
93.4

 
220.9

Provision for income taxes
20.1

 
13.8

 
6.4

 
34.5

 
1.7