Assurant Plunges Most Since 2008 on Mobile Device Results
- Fourth-quarter results were `disappointing,' CEO says
- Operating profit declined 35 percent from year earlier
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Assurant Inc. plummeted the most since 2008 after the insurer’s operating profit slumped on deteriorating results from policies protecting mobile devices such as phones and tablets.
The insurer plunged $10.26, or 13 percent to $66.23 at 4:15 p.m. in New York trading, making it the worst-performing stock in the Standard & Poor’s 500 Index. Assurant reported late Tuesday that fourth-quarter operating profit dropped 35 percent to $65.3 million.