2021 Q2 Form 10-Q Financial Statement

#000126723821000035 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $2.542B $2.352B
YoY Change 8.09% -7.6%
Cost Of Revenue $535.2M $523.6M
YoY Change 2.22% -23.78%
Gross Profit $2.007B $1.828B
YoY Change 9.77% -1.62%
Gross Profit Margin 78.95% 77.74%
Selling, General & Admin $747.2M $725.4M
YoY Change 3.01% -11.93%
% of Gross Profit 37.23% 39.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $844.3M $31.50M
YoY Change 2580.32% 3.62%
% of Gross Profit 42.07% 1.72%
Operating Expenses $747.2M $725.4M
YoY Change 3.01% -11.93%
Operating Profit $1.260B $1.103B
YoY Change 14.22% 6.59%
Interest Expense $28.80M $26.70M
YoY Change 7.87% 0.75%
% of Operating Profit 2.29% 2.42%
Other Income/Expense, Net
YoY Change
Pretax Income $239.7M $209.3M
YoY Change 14.52% 14.18%
Income Tax $52.60M $44.60M
% Of Pretax Income 21.94% 21.31%
Net Earnings $205.8M $178.1M
YoY Change 15.55% 23.59%
Net Earnings / Revenue 8.1% 7.57%
Basic Earnings Per Share $3.38 $2.87
Diluted Earnings Per Share $3.36 $2.81
COMMON SHARES
Basic Shares Outstanding 60.99M shares 60.36M shares
Diluted Shares Outstanding 61.32M shares 63.35M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.746B $2.108B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $495.2M $450.1M
YoY Change 10.02% 7.37%
Goodwill $2.589B $2.441B
YoY Change 6.03% 4.42%
Intangibles $654.4M $582.1M
YoY Change 12.42% 3.19%
Long-Term Investments $7.894B $16.32B
YoY Change -51.62% -1.2%
Other Assets $13.65B
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $45.99B $44.23B
YoY Change 3.98% 2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.605B $2.417B
YoY Change 7.77% -3.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.950B $5.560B
YoY Change -10.97% -3.62%
LONG-TERM LIABILITIES
Long-Term Debt $2.551B $2.208B
YoY Change 15.51% 10.01%
Other Long-Term Liabilities $12.48B $1.541B
YoY Change 710.18% -12.54%
Total Long-Term Liabilities $15.04B $3.749B
YoY Change 301.05% -0.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.950B $5.560B
Total Long-Term Liabilities $15.04B $3.749B
Total Liabilities $40.09B $38.25B
YoY Change 4.8% 2.33%
SHAREHOLDERS EQUITY
Retained Earnings $3.640B $6.194B
YoY Change -41.23% 3.57%
Common Stock $1.787B $4.552B
YoY Change -60.74% 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $122.8M $5.350B
YoY Change -97.7% 5.05%
Treasury Stock Shares 2.296M shares 102.4M shares
Shareholders Equity $5.908B $5.968B
YoY Change
Total Liabilities & Shareholders Equity $45.99B $44.23B
YoY Change 3.98% 2.54%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $205.8M $178.1M
YoY Change 15.55% 23.59%
Depreciation, Depletion And Amortization $844.3M $31.50M
YoY Change 2580.32% 3.62%
Cash From Operating Activities $947.7M $415.9M
YoY Change 127.87% -13.17%
INVESTING ACTIVITIES
Capital Expenditures -$45.60M -$24.60M
YoY Change 85.37% -3.15%
Acquisitions
YoY Change
Other Investing Activities $64.40M -$189.5M
YoY Change -133.98% 38.32%
Cash From Investing Activities $18.80M -$214.1M
YoY Change -108.78% 31.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 132.2M -79.40M
YoY Change -266.5% -22.39%
NET CHANGE
Cash From Operating Activities 947.7M 415.9M
Cash From Investing Activities 18.80M -214.1M
Cash From Financing Activities 132.2M -79.40M
Net Change In Cash 1.099B 122.4M
YoY Change 797.63% -42.88%
FREE CASH FLOW
Cash From Operating Activities $947.7M $415.9M
Capital Expenditures -$45.60M -$24.60M
Free Cash Flow $993.3M $440.5M
YoY Change 125.49% -12.67%

Facts In Submission

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aiz Change In Credit Related Impairment Losses Tax
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Nature of Operations Assurant, Inc. (the “Company”) is a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. The Company partners with leading brands to develop innovative products and services and to deliver enhanced customer experience. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company 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”). Through its Global Housing segment, the Company 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”). The businesses previously reported as the Global Preneed segment, through which the Company provides pre-funded funeral insurance, final need insurance and related services, as well as certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment, have been classified as held for sale. Refer to Note 4 for additional information on the sale, which closed in August 2021.The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.
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us-gaap Basis Of Accounting
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Basis of Presentation<div style="margin-bottom:5pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. </span></div><div style="margin-bottom:5pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim financial data as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation, including the impacts of businesses held for sale and discontinued operations as further summarized in Note 4. </span></div>Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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AvailableForSaleSecuritiesGrossUnrealizedLossesPercentage
0.02
CY2021Q2 aiz Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Percentage
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLossesPercentage
0.88
CY2020Q4 aiz Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Percentage
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLossesPercentage
0.60
CY2021Q2 aiz Number Of Available For Sale Securities Comprising Gross Unrealized Loss
NumberOfAvailableForSaleSecuritiesComprisingGrossUnrealizedLoss
487 investment
CY2020Q4 aiz Number Of Available For Sale Securities Comprising Gross Unrealized Loss
NumberOfAvailableForSaleSecuritiesComprisingGrossUnrealizedLoss
180 investment
aiz Approximate Percentage Outstanding Principal Balance Of Commercial Mortgage Loans
ApproximatePercentageOutstandingPrincipalBalanceOfCommercialMortgageLoans
0.46
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
1054800000 USD
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-bottom:5pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.</span></div><div style="margin-bottom:5pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.</span></div><div style="margin-bottom:5pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented. </span></div><div style="margin-top:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.929%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.530%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.522%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Six Months Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Claims and benefits payable, at beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,610.3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,613.1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: Reinsurance ceded and other</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(849.4)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(855.1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net claims and benefits payable, at beginning of period</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">760.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">758.0 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Incurred losses and loss adjustment expenses related to:</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,101.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,101.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(34.5)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(42.8)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total incurred losses and loss adjustment expenses</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,067.0 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,058.5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Paid losses and loss adjustment expenses related to:</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">684.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">676.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">370.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">371.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total paid losses and loss adjustment expenses</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,054.8 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,047.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net claims and benefits payable, at end of period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">773.1 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">768.9 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Plus: Reinsurance ceded and other (1) </span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">829.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">866.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Claims and benefits payable, at end of period (1)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,602.6 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,635.8 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>(1)Includes reinsurance recoverables and claims and benefits payable of $76.1 million and $72.0 million as of June 30, 2021 and 2020, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
CY2020Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1610300000 USD
CY2019Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1613100000 USD
CY2020Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
849400000 USD
CY2019Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
855100000 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
760900000 USD
CY2019Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
758000000.0 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
1101500000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
1101300000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-34500000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-42800000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
1067000000.0 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
1058500000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
684400000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
676600000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
370400000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
371000000.0 USD
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
1047600000 USD
CY2021Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
773100000 USD
CY2020Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
768900000 USD
CY2021Q2 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
829500000 USD
CY2020Q2 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
866900000 USD
CY2021Q2 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1602600000 USD
CY2020Q2 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1635800000 USD
CY2021Q2 us-gaap Unsecured Debt
UnsecuredDebt
2550500000 USD
CY2020Q4 us-gaap Unsecured Debt
UnsecuredDebt
2252900000 USD
CY2020Q2 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
800000 USD
CY2021Q2 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
800000 USD
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1500000 USD
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1500000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
104200000 USD
CY2021Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
4700000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
99500000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
442300000 USD
CY2020Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-38200000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
480500000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-96800000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
9000000.0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-105800000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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1450000000 USD
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184700000 USD
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164700000 USD
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333200000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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313300000 USD
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200000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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328500000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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0 USD
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1400000 USD
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
333200000 USD
us-gaap Income Loss From Continuing Operations
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311900000 USD
CY2021Q2 us-gaap Preferred Stock Dividends And Other Adjustments
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0 USD
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4600000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
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4700000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
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9300000 USD
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184500000 USD
CY2021Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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184500000 USD
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328500000 USD
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328500000 USD
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us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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328500000 USD
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302600000 USD
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184500000 USD
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159800000 USD
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302600000 USD
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Diluted
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302600000 USD
CY2021Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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18900000 USD
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13700000 USD
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33200000 USD
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20900000 USD
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203400000 USD
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203400000 USD
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173500000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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173500000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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361700000 USD
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NetIncomeLossAvailableToCommonStockholdersDiluted
361700000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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323500000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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323500000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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60990609 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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60363577 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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60096711 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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60483244 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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61322556 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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63347189 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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61554002 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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63473312 shares
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3.03
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CY2021Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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4.90
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0.31
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0.34
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5.24
CY2021Q2 us-gaap Defined Benefit Plan Funded Status Of Plan
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50800000 USD
CY2020Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
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43200000 USD
CY2021Q2 us-gaap Defined Benefit Plan Funded Percentage
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1.07
CY2020Q4 us-gaap Defined Benefit Plan Funded Percentage
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1.05
us-gaap Pension Contributions
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CY2021Q2 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
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0 USD
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7200000 USD
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
7600000 USD

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