US specialty insurer Assurant, Inc. has reported a GAAP net income of $7.3 million for the third quarter of 2022, a 95% decrease compared to $151 million from the same period last year.
The company noted that the decline was primarily due to the absence of net unrealized gains from Assurant Ventures in third quarter 2021 and an increase in net realized losses from sales of fixed maturity securities.
At the same time, Assurant’s GAAP net income for the year so far stands at $208.5 million, a 56% decrease compared to $478.9 million from the same period last year.
Net earned premiums for the quarter were $2.19 billion, compared to $2.14 billion from the prior year quarter, while net earned premiums for the year so far stands at $6.50 billion, compared to $6.39 billion from the same period last year.
Meanwhile, Assurant reported a $83.5 million net investment income for the quarter, compared to $76 million from the same period last year.
Assurant President and CEO Keith Demmings, commented: “We remain confident in Assurant’s strategy and our ability to drive profitable growth despite disappointing third quarter results. To deliver on our vision, we have continued to strengthen our relationships with industry-leading brands while attracting and retaining the very best talent to maintain our steadfast focus on innovation.
“As we continue to navigate the challenging macroeconomic environment, we are implementing additional actions to simplify our business portfolio and realize greater expense efficiencies. We believe these actions position us to deliver profitable growth in 2023 and increase shareholder value long term.”