July 25 (Reuters) - Assurant Inc’s quarterly operating income more-than-doubled as strong premium growth in the specialty insurer’s core businesses offset continued weakness in its health insurance unit.
Second-quarter net income rose marginally to $169.2 million, or $1.94 per share, from $165 million, or $1.67 per share, a year earlier.
Net operating income more than doubled to $1.81 per share from 76 cents per share a year earlier.
Analysts on average were expecting the company to earn $1.39 per share, according to Thomson Reuters I/B/E/S.
Net earned premiums, fees and other income in Assurant Solutions segment rose 6 percent to $721.7 million, reflecting a growth in international and domestic premiums.
Assurant’s health insurance segment, however, was hurt by lower sales for the second straight quarter and earned premiums fell 5 percent in the segment.
Net investment income for the company, which raised its dividend and approved a new $600 million buyback during the quarter, was up 15 percent at $199.3 million for the quarter.
Shares of the company, which started off as a disability insurer about 120 years ago, have fallen 16 percent in the last three months.
They closed at $33.31 on Wednesday on the New York Stock Exchange. (Reporting by Aman Shah in Bangalore; Editing by Anil D‘Silva)