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Higher cat losses drive down Assurant's Q1 net operating income YOY

Assurant Inc.reported first-quarter 2016 net operating income of $100.1 million, or $1.52 pershare, down from $116.5 million, or $1.65 per share, in the first quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was $1.21.

Assurant reported net income of $220.3 million, or $3.34 pershare, compared with $50.0 million, or 71 cents per share, in the year-ago period.

Net operating income included $9.4 million of reportable catastrophelosses at Assurant Specialty Property, compared with $3.4 million in the prior-yearperiod. The business unit reported net earned premiums, fees and other income of$577.4 million, down 6% from $612.7 million year over year.

Overall, Assurant's net earned premiums, fees and other incometotaled $1.55 billion, up slightly from $1.54 billion in the year-ago quarter.

Assurant Health runoff operations reported a net loss of $27.2million. In April 2015, Assurant said it would exit the health insurance market, and in June 2015, it a deal to sell health assetsto National General Holdings Corp.

Assurant expects to substantially complete the process to exitthe health insurance market in 2016. The company will incur up to $20 million to$30 million, pretax, of additional charges related to the exit.