Assurant Inc. reported first-quarter net increased 10 percent to $179.5 million, or $1.45 per diluted share, versus net income of $162.5 million or $1.23 per diluted share for the period last year
Robert B. Pollock, president and chief executive officer of the New York-based carrier, said the company's annualized operating return on equity for first-quarter 2007 of 18.6 percent indicated excellent progress in targeted growth areas.
Net earned premiums of $1.8 billion in the first quarter of 2007 increased 5 percent from the same period in 2006, driven primarily by growth in Assurant Specialty Property.
Net investment income in the first quarter of 2007 increased 13 percent to $216.9 million from $192.6 million in the first quarter of 2006, primarily as a result of an $18.8 million pre-tax increase in real estate investment income, the company said.
Morgan Stanley property-casualty analyst William Wilt noted the company beat his estimates by 26 cents, primarily from net investment income and forced-place property homeowners' growth.
“We continue to believe that Assurant's dominance in forced-place homeowners will fuel substantial property growth considering macro events unfolding across the country,” he wrote.
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