Assurant Inc. has reported second-quarter net operating income of $90.5 million, or $1.63 per share, up from $89.0 million, or $1.42 per share, in the year-ago period.
Net operating income benefited primarily from lower corporate and other expenses, partly offset by lower contributions from global lifestyle, driven by the absence of an $18 million one-time tax benefit in the year-ago quarter. Assurant saw no net reportable catastrophe losses in the second quarter, compared with $16 million in the second quarter of 2016. Excluding catastrophe losses, net operating income in the year-ago period was $105 million.
GAAP net income for the quarter was $120.2 million, or $2.16 per share, compared with $169.3 million, or $2.70 per share, in the second quarter of 2016. The drop mainly resulted from a lower amortization of deferred gains from the sale of Assurant Employee Benefits, partly offset by improvements in health and other items.
Assurant previously announced changes to its reportable segments to align with a new global operating model. As of Dec. 31, 2016, the new segments are global housing, global lifestyle, global preneed, and corporate and other. Results from past periods were revised to conform to the new presentation.
For full year 2017, Assurant expects net operating income, excluding reportable catastrophe losses, to be flat with 2016. Operating EPS, excluding catastrophe losses, is expected to grow double digits year over year, mostly due to share buybacks.