Assurant Reports Q4 EPS of $1.08 vs. $.98

Assurant, Inc. AIZ today reported results for the fourth quarter and twelve months ended Dec. 31, 2010. Net operating income for the fourth quarter 2010 increased 14 percent to $115.8 million, or $1.08 per diluted share, compared to fourth quarter 2009 net operating income of $101.6 million, or $0.86 per diluted share, due to improvements at Assurant Health and Assurant Employee Benefits. The quarter included a $30.9 million after-tax intangible asset impairment at Assurant Solutions. Net loss for the fourth quarter 2010 was $184.4 million, or $(1.74) per diluted share, compared to fourth quarter 2009 net income of $11.9 million, or $0.10 per diluted share. The fourth quarters of 2010 and 2009 include goodwill impairment charges of $306.4 million and $83.0 million, respectively. The goodwill impairment charges are not tax-deductible. Fourth quarter 2010 and 2009 include changes in the tax valuation allowance. Net earned premiums in the fourth quarter 2010 decreased 6 percent to $1.8 billion from $1.9 billion in fourth quarter 2009, primarily reflecting a decline in premiums at Assurant Solutions.