The report showed net operating income was about $119 million or $1.62 per share, in the second quarter of this year, compared to $120 million at the same time last year. The company’s net operating income is up about 9 percent overall compared to the first six months of last year, however.
“Our second quarter results demonstrate solid execution of our strategy,” said Robert Pollock, president and CEO in a statement released by Assurant. “Although weather-related claims rose in the quarter, we are pleased with accelerating momentum in areas targeted for growth.”
The Specialty Property Group saw net operating income of $68.3 million in the second quarter, down 36 percent compared to the same time last year. The division’s earnings were also down 17 percent overall compared to the first six months of 2013.
The earnings report showed the losses were mostly due to more claims due to severe weather and a “high severity of fire claims.”
The Specialty Property Group provides services including lender-placed homeowners insurance, manufactured housing insurance, outsourcing services and other products. The company employs about 1,800 workers at its site along I-70 in Springfield, as well as another 600 employees who work from home.
In addition, the company employs about 200 workers at a separate location in Dayton.
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