Assurant reported a slight bump in income for the first quarter this year, which company officials said was partially offset by declines in the lender-placed insurance portion of its business based in Springfield.
Assurant reported net operating income of $106 million, compared to about $100 million at the same time last year, company officials said this morning. The company’s Global Housing Division, based in Springfield, is one the Clark County’s largest employers with more than 1,800 workers.
“We delivered solid first quarter results, due mainly to better underlying profitability in extended services contracts and certain one-time items,” said Alan Colberg, Assurant’s president and chief executive.
The Global Housing Division reported about $62 million in net operating income for the first quarter, about 19 percent less than at the same time last year.
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.
Company leaders attributed the results to a decline in lender-placed insurance and weaker performance in Assurant’s mortgage solutions business.
The company’s overall results saw a boost from extended service contracts and other one-time items, Colberg said.
“We are confident that growth in targeted areas and expense efficiencies will enable us to deliver on our 2017 earnings and capital deployment commitments, despite lender-placed insurance and legacy business declines,” Colberg said in a statement. “While results may vary by quarter, our ongoing transformation is solidifying a foundation for profitable growth in 2018 and beyond.”