Assurant Says Earnings Disappointing
Oct. 26--Assurant, a major Springfield employer, reported the company's net operating income fell to $60.7 million in the third quarter this year, results company leaders said Wednesday fell short of expectations.
The figure was a significant decrease compared to the same quarter last year, when the company reported net operating income of $104.3 million. The lower earnings were the result of higher reportable catastrophe losses and declines in mobile and legacy extended service contracts and credit insurance, according to information from the New York-based company.
"Despite disappointing third quarter results that fell short of expectations, we remain confident in Assurant's long-term strategy and growth potential, as we execute our multi-year transformation," said Alan Coberg, the company's president and CEO in a news release.
The company is one of Springfield's largest employers. Assurant employs more than 1,600 workers in Clark County.
Its Springfield office provides operational support for customers and clients of its Specialty Property Division. The Specialty Property Division provides insurance and related services in partnership with financial institutions and other major clients.
Assurant's Specialty Property Division, which has a large office in Springfield, reported net operating income of $44.6 million. Those results were down almost 50 percent compared to the third quarter in 2015, when then company reported $87.3 million in net operating income.
Company officials attributed the decline largely to higher weather-related claims, including $33.1 million of reportable catastrophe losses such as flooding in Louisiana. There were no reportable catastrophe losses in the third quarter last year.
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