Assurant Reports Higher Preneed Profits

Assurant reported their 2nd Quarter results last week.  You can read their report here.

The worldwide conglomerate operating in the insurance and warranty business has one of its three business segments that operates in what they call “Global Preneed”.  That is the part of the company that we at Funeral Director Daily like to review.

As an entire company Assurant reported operating profits of over $121 million for the quarter as compared to $90.5 million for the 2nd Quarter 2017.  Most of the increase came from their Global Housing and Global Lifestyle divisions but Global Preneed reported a $14.7 million profit for the quarter as compared to last year’s 2Q of $12.8 million – an increase of over 14%.  Assurant reflects that its growing operating profits came from a lower effective tax rate and the acquisition of TWG and its benefit to the bottom line.

Specifically to the Global Preneed segment of their business Assurant announced:

  • Net Earned Premiums for the quarter of $46.9 million as compared to 2017 of $46.3 million
  • Growth in the United States market but lower production in Canada
  • $257 million in face value sold in 2Q 2018 as compared to $239 million in face value sold in 2Q 2017
  • Finally, the company reported that the Preneed segment continues to benefit from alignment with market leaders.

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