NU Online News Service, May 12, 2004, 5:36 p.m. EDT – Assurant Inc., New York, got off to a strong start as a stand-alone company during the first quarter.[@@]
Fortis, Brussels, formed the multi-line insurer in February by turning its U.S. health insurance, benefits, funeral insurance and specialty insurance operations into a separate company through a $2 billion initial public offering.
Assurant is reporting $94.4 million in net income for its first quarter as an independent company on $1.9 billion in revenue, up from $73.2 million in net income on $1.7 billion in revenue for the comparable quarter in 2003.
Strong growth in individual health insurance and steady growth in small group health insurance helped Assurant’s health unit increase net earned premiums 16% in the first quarter, to $550.9 million.