Big Banks Still a Force in Insurance Industry
2. Assurant, Inc.
Shares of Assurant, Inc. of New York have risen 38% year-to-date, closing at $40.19 Wednesday.
The company reported second-quarter net income of $164.7 million or $1.46 a share, up from $157.2 million or $1.34 the previous quarter but down from $193.3 million or $1.63 a year earlier, when the company received $85 million after-tax from a legal settlement with Wilson Group.
Based on combined statutory filings for the company's insurance subsidiaries, Assurant's first-quarter ROE before policyholder dividends and income taxes was 59.08% and the ROA was 22.12%, according to SNL.
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For Assurant's combined subsidiaries, the annualized increase in cash and invested assets during the first quarter was 25.44%, and capital and surplus grew at a rate of 56.44%, according to statutory filings, according to SNL.
Assurant's shares were trading just above tangible book value and for 7.9 times the consensus earnings estimate for 2011.
Out of 12 analysts covering Assurant, four recommend buying the shares, while seven have hold ratings and 1 analyst says to sell. Among analysts polled by Thomson Reuters, the mean 12-month price target is $43.33.
