May 6 (Reuters) - Insurer Assurant AIZ.N reported a 38% slump in first-quarter profit on Tuesday, hurt by lower investment returns and higher expenses.
Equities globally have been volatile and under pressure over the last few months as U.S. President Donald Trump's sweeping tariffs on the country's trade partners triggered economic turmoil.
Assurant's net investment income fell to $124.8 million in the quarter ended March 31, compared to $126.7 million in the same period a year earlier.
The company's underwriting, selling, general and administrative expenses rose to $2.08 billion in the reported quarter compared with $1.93 billion from a year ago quarter.
Atlanta, Georgia-based Assurant provides specialty insurance products and related services globally. Its offerings include renters insurance, vehicle protection services, extended service contracts and lender-placed insurance products, among others.
Assurant's net income fell to $146.6 million, or $2.83 per share, in the three months ended March 31, from $236.4 million, or $4.47 per share, a year earlier.
(Reporting by Prakhar Srivastava and Jaiveer Shekhawat in Bengaluru; Editing by Leroy Leo)
((Prakhar.srivastava2@thomsonreuters.com;))
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