WASHINGTON (dpa-AFX) - Assurant Inc (AIZ), a provider of specialized insurance products, on Thursday reported fourth-quarter net earnings of $49.8 million or $0.69 per share compared with $108.8 million or $1.46 per share last year.
Excluding items, operating earnings for the quarter were $0.87 per share compared with $1.42 per share a year ago.
Analysts polled by Thomson Reuters estimated earnings of $1.66 per share for the quarter. Analysts' estimates typically exclude special items.
The company said strong mobile results at Assurant Solutions were offset by increased claims at Assurant Health and the anticipated normalization of lender-placed insurance at Assurant Specialty Property.
The latest quarter also included an $8 million reduction in the amortization of deferred gain on disposal of businesses.
Results also were affected by a $19.4 million loss on the sale of Assurant Specialty Property's general agency business and associated insurance carrier, American Reliable Insurance Co, and a $6.8 million change in tax liabilities.
Meanwhile total revenues for the quarter climbed to $2.62 billion from $2.4 billion last year. Analysts estimated revenues of $2.57 billion.
Net earned premiums, fees and other income for the quarter increased to $2.5 billion from $2.2 billion last year, while net investment income slightly fell to $158.9 million.
'We are disappointed in weaker than expected fourth quarter results. Additional actions are being implemented across Assurant to improve profitability as we align resources to support strategic growth in mobile, mortgage solutions and other targeted areas,' said Assurant's CEO Alan Colberg.
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