Insurer Assurant profit rises on housing unit strength, lower catastrophes

Feb 10 (Reuters) - Insurer ‌Assurant reported ​a ​rise fourth-quarter profit on Tuesday, driven by strength in its housing unit ‌and lower catastrophes.

Insurance spending has continued to ⁠remain resilient as individuals and businesses seek coverage to ‌manage risks such as ‌natural disasters and accidents.

Atlanta, Georgia-based Assurant provides specialty insurance products and related services globally. Its ​offerings include renters insurance, vehicle protection services, extended service contracts and lender-placed insurance products, ⁠among others.

The company's global housing unit — which offers lender-placed homeowner insurance, ​manufactured housing insurance and flood coverage — posted net earned premiums, fees and other ​income of $711.4 million for ‌the fourth quarter, a 10% jump from a year earlier.

Reportable catastrophes dropped ⁠to $9.4 million in the quarter, from $50 million a year earlier.

The specialty insurance industry is expanding as traditional ⁠coverage models adapt to changing consumer needs, rising asset ​values and evolving technology.

Its net investment income rose to $140.3 million in the quarter ended December 31, compared with $137.8 ‌million a year earlier.

Assurant's net income rose to $225.2 million, or $4.41 per share, ‌in the three months ended December 31, from $201.3 ⁠million, or $3.87 per ‌share, a year ​earlier.

(Reporting by Ateev Bhandari and Prakhar Srivastava in Bengaluru; Editing by Krishna Chandra ‌Eluri)

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