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Segment Information
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
As of September 30, 2020, the Company had four reportable segments, which are defined based on the manner in which the Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered:
Global Lifestyle: provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”);
Global Housing: provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”);
Global Preneed: provides pre-funded funeral insurance, final need insurance and related services; and
Corporate and Other: includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), interest income earned from short-term investments held, income (expenses) primarily related to the Company’s frozen benefit plans, amounts related to businesses previously disposed of through reinsurance and the run-off of the Assurant Health business. Corporate and Other also includes the foreign currency gains (losses) from remeasurement of monetary assets and liabilities, changes in the fair value of derivative instruments and other expenses related to merger and acquisition activities, as well as other highly variable or unusual items other than reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums).
The following tables summarize selected financial information by segment:
Three Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other
Consolidated
Revenues
Net earned premiums$1,633.2 $453.6 $16.0 $— $2,102.8 
Fees and other income171.8 37.7 35.9 0.5 245.9 
Net investment income44.6 16.5 70.1 3.9 135.1 
Net realized gains on investments— — — 16.6 16.6 
Amortization of deferred gains on disposal of businesses — — — 2.1 2.1 
Total revenues1,849.6 507.8 122.0 23.1 2,502.5 
Benefits, losses and expenses
Policyholder benefits365.4 272.8 71.1 0.3 709.6 
Amortization of deferred acquisition costs and value of business acquired870.5 56.8 18.9 — 946.2 
Underwriting, general and administrative expenses480.8 162.2 15.3 29.2 687.5 
Goodwill impairment— — — 137.8 137.8 
Interest expense— — — 25.5 25.5 
Total benefits, losses and expenses1,716.7 491.8 105.3 192.8 2,506.6 
Segment income (loss) before provision (benefit) for income tax132.9 16.0 16.7 (169.7)(4.1)
Provision (benefit) for income taxes26.3 2.9 3.5 (6.3)26.4 
Segment income (loss) after taxes106.6 13.1 13.2 (163.4)(30.5)
Less: Net loss attributable to non-controlling interests— — — 0.3 0.3 
Net income (loss) attributable to stockholders106.6 13.1 13.2 (163.1)(30.2)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$106.6 $13.1 $13.2 $(167.8)$(34.9)
As of September 30, 2020
Segment assets:$23,563.3 $4,194.2 $7,507.0 $8,318.1 $43,582.6 
Three Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other
Consolidated
Revenues
Net earned premiums$1,525.1 $475.2 $15.1 $— $2,015.4 
Fees and other income224.2 35.1 35.7 0.1 295.1 
Net investment income62.1 22.4 73.0 12.0 169.5 
Net realized gains on investments— — — 14.9 14.9 
Amortization of deferred gains on disposal of businesses — — — 4.4 4.4 
Total revenues1,811.4 532.7 123.8 31.4 2,499.3 
Benefits, losses and expenses
Policyholder benefits392.1 245.8 67.3 — 705.2 
Amortization of deferred acquisition costs and value of business acquired791.9 47.3 30.3 — 869.5 
Underwriting, general and administrative expenses 496.6 187.6 18.2 62.1 764.5 
Iké net losses— — — 121.1 121.1 
Interest expense— — — 32.2 32.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses1,680.6 480.7 115.8 246.8 2,523.9 
Segment income (loss) before provision (benefit) for income tax130.8 52.0 8.0 (215.4)(24.6)
Provision (benefit) for income taxes28.7 10.4 0.6 (11.1)28.6 
Segment income (loss) after taxes102.1 41.6 7.4 (204.3)(53.2)
Less: Net income attributable to non-controlling interest— — — (1.6)(1.6)
Net income (loss) attributable to stockholders102.1 41.6 7.4 (205.9)(54.8)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$102.1 $41.6 $7.4 $(210.6)$(59.5)
Nine Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other
Consolidated
Revenues
Net earned premiums$4,799.0 $1,374.6 $49.4 $— $6,223.0 
Fees and other income721.6 106.0 106.2 0.5 934.3 
Net investment income143.5 54.9 210.3 19.6 428.3 
Net realized losses on investments— — — (54.6)(54.6)
Amortization of deferred gains on disposal of businesses — — — 8.7 8.7 
Total revenues5,664.1 1,535.5 365.9 (25.8)7,539.7 
Benefits, losses and expenses
Policyholder benefits1,044.7 651.9 211.6 0.7 1,908.9 
Amortization of deferred acquisition costs and value of business acquired2,519.7 169.9 56.1 — 2,745.7 
Underwriting, general and administrative expenses1,649.4 496.6 48.4 137.4 2,331.8 
Goodwill impairment— — — 137.8 137.8 
Iké net losses— — — 5.9 5.9 
Interest expense— — — 77.7 77.7 
Total benefits, losses and expenses5,213.8 1,318.4 316.1 359.5 7,207.8 
Segment income (loss) before provision (benefit) for income tax450.3 217.1 49.8 (385.3)331.9 
Provision (benefit) for income taxes101.0 44.4 10.6 (127.8)28.2 
Segment income (loss) after taxes349.3 172.7 39.2 (257.5)303.7 
Less: Net income attributable to non-controlling interests— — — (1.1)(1.1)
Net income (loss) attributable to stockholders349.3 172.7 39.2 (258.6)302.6 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$349.3 $172.7 $39.2 $(272.6)$288.6 
Nine Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other
Consolidated
Revenues
Net earned premiums$4,499.1 $1,407.1 $46.3 $— $5,952.5 
Fees and other income740.9 113.3 103.2 2.1 959.5 
Net investment income177.5 66.6 212.7 33.2 490.0 
Net realized gains on investments— — — 61.5 61.5 
Amortization of deferred gains on disposal of businesses — — — 16.9 16.9 
Total revenues5,417.5 1,587.0 362.2 113.7 7,480.4 
Benefits, losses and expenses
Policyholder benefits1,152.2 652.5 202.1 0.1 2,006.9 
Amortization of deferred acquisition costs and value of business acquired2,238.4 158.7 65.5 — 2,462.6 
Underwriting, general and administrative expenses 1,622.6 541.6 49.8 174.1 2,388.1 
Iké net losses— — — 130.5 130.5 
Interest expense— — — 85.2 85.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses5,013.2 1,352.8 317.4 421.3 7,104.7 
Segment income (loss) before provision (benefit) for income tax404.3 234.2 44.8 (307.6)375.7 
Provision (benefit) for income taxes92.3 48.4 8.7 (31.7)117.7 
Segment income (loss) after taxes312.0 185.8 36.1 (275.9)258.0 
Less: Net income attributable to non-controlling interest — — — (3.0)(3.0)
Net income (loss) attributable to stockholders312.0 185.8 36.1 (278.9)255.0 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$312.0 $185.8 $36.1 $(292.9)$241.0