Assurant (NYSE: AIZ) reported Q3 EPS of $1.00, $0.02 better than the analyst estimate of $0.98. Revenue for the quarter came in at $1.83 billion versus the consensus estimate of $1.76 billion.

Company Outlook

Based on current market conditions, for full-year 2016, the company expects:

• Assurant Solutions’ net operating income to decline modestly from 2015. Growth from new and existing mobile programs in 2016 is not expected to offset declines in legacy extended service contracts, credit insurance and the loss of the tablet program. Net earned premiums and fees to increase, driven by growth in mobile subscribers and vehicle service contracts, partially offset by lower service contract revenue from legacy North American retail clients and continued declines in credit insurance.
• Assurant Specialty Property’s net earned premiums and net operating income to decrease from 2015 levels. Results to be affected by the ongoing normalization of lender-placed insurance business, partially offset by increased efficiencies and related expense saving initiatives. Multi-family housing and mortgage solutions businesses to expand via market share gains. Overall results to reflect catastrophe losses including claims from Hurricane Matthew, a fourth quarter 2016 catastrophe event.
• Corporate & Other4 full-year net operating loss to approximate $70 million.
• Capital to be deployed through a combination of share repurchases, common stock dividends, reinvestments in the business and acquisitions in Housing and Lifestyle, subject to market conditions and other factors. Business segment dividends from Assurant Solutions and Assurant Specialty Property to approximate segment net operating income, subject to reportable catastrophe losses, the growth of the businesses, rating agency and regulatory capital requirements. Company to receive nearly $1 billion of net proceeds, including capital releases, related to the sale of Assurant Employee Benefits mainly in 2016, with a total of $768 million received year-to-date.

For earnings history and earnings-related data on Assurant (AIZ) click here.