Feb. 19--Assurant's net operating income fell more than 30 percent last year, but company leaders said they have made progress in a restructuring effort that should make it more profitable in the future.
The company, based in New York, reported net operating income of $276.9 million in 2016. That's about a 31 percent decrease compared to 2015, when the company reported net operating income of $398.6 million.
The company is one of Clark County's largest employers with more than 1,900 employees here.
Assurant had previously announced plans to exit the health insurance and employee benefits business.
"While operating earnings for the year were lower, primarily due to catastrophe losses and the anticipated lender-placed normalization, we continued positioning Assurant for long-term, profitable growth," said CEO and President Alan Colberg in a statement. "Importantly, we returned nearly $1 billion to shareholders last year through dividends and share repurchases, which represents substantial progress toward our two-year, $1.5 billion commitment."
Assurant's Springfield office provides operational support for customers and clients of its Global Housing Division. The Global Housing Division, previously known as its Specialty Property Division, provides insurance and related services in partnership with financial institutions and other major clients.
That division reported $188.7 million in net operating income last year, down about 40 percent compared to the $308 million the division earned in 2015.
The company also had a weaker fourth quarter compared to 2015. Assurant's net operating income in the fourth quarter last year was $27 million. That's down 43 percent compared to 2015, when the company earned $47.7 million.
The Global Housing Division reported net operating income of $10.8 million in the fourth quarter last year, down 81 percent compared to the same time in 2015.
Those lower earnings were mainly from higher catastrophe losses related to Hurricane Matthew, according to information from the company. That hurricane caused damage in the Caribbean and Southeast U.S. last fall.
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