Assurant’s Colberg expects further value on back of TWG purchase
US-based insurer Assurant saw its 2018 net earned premiums and other income rise substantially on the back of its acquisition of The Warranty Group (TWG) in May 2018.
In its full year results, the company stated that net earned premiums, fees and other income from its global housing, global lifestyle and global preneed segments had increased to $7.5 billion from $5.8 billion in 2017. The rise was driven by $1.5 billion of revenue from TWG. .
Net income dropped to $236.8 million in 2018 from $519.6 million a year earlier.
Organic growth of 7 percent was attributed to the company’s mobile, global automotive, various specialty property products and multifamily housing, excluding the TWG figures and the sale of mortgage solutions.
“In 2018, we successfully executed on our financial commitments, achieving solid earnings growth, while further expanding our offerings across connected living, global automotive and multifamily housing,” said Assurant president and chief executive officer Alan Colberg.
“By building on our momentum, we expect to realize incremental value from our acquisition of TWG, while strengthening our lifestyle and housing offerings to continue our outperformance over the long-term,” Colberg added.
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