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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, 2018
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 every Interactive Data File required to be submitted 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 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
 
¨
  
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 November 2, 2018 was 62,053,935.
 
 
 
 
 


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
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, 2018 and December 31, 2017
 
 
 




2


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
At September 30, 2018 and December 31, 2017
 
 
 

 
September 30, 2018
 
December 31, 2017
 
(in millions except number of shares 
and per share amounts)
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities available for sale, at fair value (amortized cost - $10,669.2 in 2018 and $8,756.5 in 2017)
$
11,116.6

 
$
9,662.6

Equity securities, at fair value (cost - $349.3 in 2018 and $316.3 in 2017)
385.4

 
368.0

Commercial mortgage loans on real estate, at amortized cost
757.9

 
670.2

Short-term investments
604.8

 
284.1

Other investments
633.5

 
568.6

Total investments
13,498.2

 
11,553.5

Cash and cash equivalents
1,306.6

 
996.8

Premiums and accounts receivable, net
1,601.0

 
1,237.3

Reinsurance recoverables
11,256.8

 
9,790.2

Accrued investment income
133.7

 
105.4

Deferred acquisition costs
4,270.1

 
3,484.5

Property and equipment, at cost less accumulated depreciation
381.7

 
347.6

Tax receivable
42.7

 
126.3

Goodwill
2,312.5

 
917.7

Value of business acquired
3,905.5

 
24.4

Other intangible assets, net
642.8

 
288.6

Other assets
587.6

 
387.1

Assets held in separate accounts
1,904.4

 
1,837.1

Assets of consolidated investment entities (1)
1,599.5

 
746.5

Total assets
$
43,443.1

 
$
31,843.0

Liabilities
 
 
 
Future policy benefits and expenses
$
10,464.9

 
$
10,397.4

Unearned premiums
15,497.2

 
7,038.6

Claims and benefits payable
3,764.7

 
3,782.2

Commissions payable
316.9

 
365.1

Reinsurance balances payable
302.7

 
145.3

Funds held under reinsurance
279.0

 
179.8

Deferred gains on disposal of businesses
81.9

 
128.1

Accounts payable and other liabilities
2,212.1

 
2,046.3

Debt
2,005.4

 
1,068.2

Liabilities related to separate accounts
1,904.4

 
1,837.1

Liabilities of consolidated investment entities (1)
1,374.2

 
573.4

Total liabilities
38,203.4

 
27,561.5

Commitments and contingencies (Note 18)

 

Stockholders’ equity
 
 
 
6.50% Series D mandatory convertible preferred stock, $1.00 par value, 2,875,000 shares authorized, 2,875,000 issued and outstanding at September 30, 2018
2.9

 
—

Common stock, par value $0.01 per share, 800,000,000 shares authorized, 161,134,668 and 150,392,604 shares issued and 62,376,266 and 52,417,812 shares outstanding at September 30, 2018 and December 31, 2017, respectively
1.6

 
1.5

Additional paid-in capital
4,478.8

 
3,197.9

Retained earnings
5,777.1

 
5,697.3

Accumulated other comprehensive (loss) income
(97.7
)
 
234.0

Treasury stock, at cost; 98,758,402 and 97,974,792 shares at September 30, 2018 and December 31, 2017, respectively
(4,943.3
)
 
(4,860.1
)
Total Assurant, Inc. stockholders’ equity
5,219.4

 
4,270.6

Non-controlling interest
20.3

 
10.9

Total equity
5,239.7

 
4,281.5

Total liabilities and equity
$
43,443.1

 
$
31,843.0

(1)
The following table presents information on assets and liabilities related to consolidated investment entities as of September 30, 2018 and December 31, 2017.

3


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
At September 30, 2018 and December 31, 2017
 
 
 


 
September 30, 2018
 
December 31, 2017
 
(in millions)
Assets
 
 
 
Cash and cash equivalents
$
125.3

 
$
69.8

Investments, at fair value
1,450.9

 
655.0

Other receivables
23.3

 
21.7

Total assets
$
1,599.5

 
$
746.5

Liabilities
 
 
 
Collateralized loan obligation notes, at fair value
1,177.7

 
450.7

Other liabilities
196.5

 
122.7

Total liabilities
$
1,374.2

 
$
573.4



See the accompanying Notes to Consolidated Financial Statements

4


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
Three and Nine Months Ended September 30, 2018 and 2017
 
 
 

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
(in millions except number of shares and per share amounts)
Revenues
 
 
 
 
 
 
 
Net earned premiums
$
1,853.6

 
$
1,073.1

 
$
4,316.8

 
$
3,238.7

Fees and other income
257.9

 
349.1

 
976.6

 
1,016.2

Net investment income
151.8

 
132.6

 
417.6

 
374.9

Net realized (losses) gains on investments, excluding other-than-temporary impairment losses
(5.2
)
 
8.9

 
(16.1
)
 
26.0

Other-than-temporary impairment losses recognized in earnings
(0.5
)
 
(0.4
)
 
(0.5
)
 
(0.9
)
Amortization of deferred gains on disposal of businesses
12.7

 
23.1

 
46.2

 
83.5

Total revenues
2,270.3

 
1,586.4

 
5,740.6

 
4,738.4

Benefits, losses and expenses
 
 
 
 
 
 
 
Policyholder benefits
680.9

 
682.2

 
1,586.1

 
1,456.6

Amortization of deferred acquisition costs and value of business acquired
750.6

 
332.5

 
1,560.2

 
993.7

Underwriting, general and administrative expenses
736.5

 
667.1

 
2,229.7

 
1,964.7

Interest expense
26.5

 
12.2

 
74.0

 
37.2

Total benefits, losses and expenses
2,194.5

 
1,694.0

 
5,450.0

 
4,452.2

Income (loss) before provision (benefit) for income taxes
75.8

 
(107.6
)
 
290.6

 
286.2

Provision (benefit) for income taxes
22.8

 
(50.3
)
 
64.6

 
79.5

Net income (loss)
53.0

 
(57.3
)
 
226.0

 
206.7

Less: Preferred stock dividends
(4.7
)
 
—

 
(9.5
)
 
—

Net income (loss) attributable to common stockholders
$
48.3

 
$
(57.3
)
 
$
216.5

 
$
206.7

 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
Basic
$
0.76

 
$
(1.05
)
 
$
3.73

 
$
3.75

Diluted
$
0.76

 
$
(1.05
)
 
$
3.72

 
$
3.73

Share Data
 
 
 
 
 
 
 
Weighted average shares outstanding used in basic per share calculations
63,621,184

 
54,524,874

 
57,988,570

 
55,096,933

Plus: Dilutive securities
179,163

 
—

 
205,370

 
312,318

Weighted average shares used in diluted per share calculations
63,800,347

 
54,524,874

 
58,193,940

 
55,409,251

See the accompanying Notes to Consolidated Financial Statements

5


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
Three and Nine Months Ended September 30, 2018 and 2017
 
 
 

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
(in millions)
Net income

$
53.0

 
$
(57.3
)
 
$
226.0

 
$
206.7

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Change in unrealized gains on securities, net of taxes of $13.7, $4.0, $89.7 and $(53.7), respectively
(47.0
)
 
(7.7
)
 
(328.1
)
 
98.6

Change in unrealized gains on derivative transactions, net of taxes of $0.1 and $(5.3) for the three and nine months ended September 30, 2018, respectively
0.1

 
—

 
21.0

 
—

Change in other-than-temporary impairment losses, net of taxes of $0.1, $0.5, $1.4 and $1.5, respectively
(0.5
)
 
(1.0
)
 
(5.4
)
 
(2.8
)
Change in foreign currency translation, net of taxes of $(0.8), $(1.5), $0.7 and $(2.8), respectively
4.8

 
27.6

 
(69.1
)
 
65.1

Amortization of pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.2), $(0.3), $(0.5) and $(0.5), respectively
0.8

 
0.6

 
1.8

 
0.9

Total other comprehensive (loss) income
(41.8
)
 
19.5

 
(379.8
)
 
161.8

Total comprehensive income (loss)
$
11.2

 
$
(37.8
)
 
$
(153.8
)
 
$
368.5




See the accompanying Notes to Consolidated Financial Statements

6


Assurant, Inc.
Consolidated Statements of Stockholders’ Equity (unaudited)
Three and Nine Months Ended September 30, 2018 and 2017
 
 
 

 
Three Months Ended September 30, 2018
 
Common
Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Treasury
Stock
 
Non-controlling Interest
 
Total
 
(in millions)
Balance at June 30, 2018
$
1.6

 
$
2.9

 
$
4,459.7

 
$
5,846.3

 
$
(137.9
)
 
$
(4,860.1
)
 
$
20.4

 
$
5,332.9

Cumulative effect of change in accounting principles (1)
—

 
—

 
—

 
(82.0
)
 
82.0

 
—

 
—

 
—

Stock plan exercises
—

 
—

 
1.7

 
—

 
—

 
—

 
—

 
1.7

Stock plan compensation expense
—

 
—

 
17.4

 
—

 
—

 
—

 
—

 
17.4

Common stock dividends ($0.56 per share)
—

 
—

 
—

 
(35.5
)
 
—

 
—

 
—

 
(35.5
)
Acquisition of common stock
—

 
—

 
—

 
—

 
—

 
(83.2
)
 
—

 
(83.2
)
Net income
—

 
—

 
—

 
53.0

 
—

 
—

 
—

 
53.0

Preferred stock dividends ($1.63 per share)
—

 
—

 
—

 
(4.7
)
 
—

 
—

 
—

 
(4.7
)
Change in equity of non-controlling interest
—

 
—

 
—

 
—

 
—

 
—

 
(0.1
)
 
(0.1
)
Other comprehensive loss
—

 
—

 
—

 
—

 
(41.8
)
 
—

 
—

 
(41.8
)
Balance at September 30, 2018
$
1.6

 
$
2.9

 
$
4,478.8

 
$
5,777.1

 
$
(97.7
)
 
$
(4,943.3
)
 
$
20.3

 
$
5,239.7

(1)
Amounts relate to the reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act ("TCJA"). See Note 3 for additional information.

 
Three Months Ended September 30, 2017
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Treasury
Stock
 
Total
 
(in millions)
Balance at June 30, 2017
$
1.5

 
$
3,172.4

 
$
5,500.7

 
$
236.9

 
$
(4,686.9
)
 
$
4,224.6

Stock plan exercises
—

 
2.7

 
—

 
—

 
—

 
2.7

Stock plan compensation expense
—

 
11.7

 
—

 
—

 
—

 
11.7

Common stock dividends ($0.53 per share)
—

 
—

 
(28.8
)
 
—

 
—

 
(28.8
)
Acquisition of common stock
—

 
—

 
—

 
—

 
(34.2
)
 
(34.2
)
Net income
—

 
—

 
(57.3
)
 
—

 
—

 
(57.3
)
Other comprehensive income
—

 
—

 
—

 
19.5

 
—

 
19.5

Balance at September 30, 2017
$
1.5

 
$
3,186.8

 
$
5,414.6

 
$
256.4

 
$
(4,721.1
)
 
$
4,138.2



7


Assurant, Inc.
Consolidated Statements of Stockholders’ Equity (unaudited)
Three and Nine Months Ended September 30, 2018 and 2017
 
 
 

 
Nine Months Ended September 30, 2018
 
Common
Stock
 
Preferred
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Treasury
Stock
 
Non-controlling Interest
 
Total
 
(in millions)
Balance at December 31, 2017
$
1.5

 
$
—

 
$
3,197.9

 
$
5,697.3

 
$
234.0

 
$
(4,860.1
)
 
$
10.9

 
$
4,281.5

Cumulative effect of
  change in accounting
  principles, net of taxes (1)
—

 
—

 
—

 
(40.6
)
 
48.1

 
—

 
—

 
7.5

Stock plan exercises
—

 
—

 
(7.1
)
 
—

 
—

 
—

 
—

 
(7.1
)
Stock plan compensation expense
—

 
—

 
39.1

 
—

 
—

 
—

 
—

 
39.1

Common stock dividends ($1.68 per share)
—

 
—

 
—

 
(96.1
)
 
—

 
—

 
—

 
(96.1
)
Acquisition of common stock
—

 
—

 
—

 
—

 
—

 
(83.2
)
 
—

 
(83.2
)
Net income
—

 
—

 
—

 
226.0

 
—

 
—

 
—

 
226.0

Issuance of preferred
  stock
—

 
2.9

 
273.5

 
—

 
—

 
—

 
—

 
276.4

Issuance of common stock
0.1

 
—

 
975.4

 
—

 
—

 
—

 
—

 
975.5

Preferred stock dividends ($3.30 per share)
—

 
—

 
—

 
(9.5
)
 
—

 
—

 
—

 
(9.5
)
Change in equity of non-controlling interest
—

 
—

 
—

 
—

 
—

 
—

 
9.4

 
9.4

Other comprehensive
 loss
—

 
—

 
—

 
—

 
(379.8
)
 
—

 
—

 
(379.8
)
Balance, September 30, 2018
$
1.6

 
$
2.9

 
$
4,478.8

 
$
5,777.1

 
$
(97.7