Nov 5 (Reuters) - Insurer Assurant reported a

better-than-expected third-quarter profit on Tuesday, driven by

growth in its global housing segment and higher investment

returns.

The company's global housing unit, which offers

lender-placed homeowners, manufactured housing and flood

insurance, posted net earned premiums, fees and other income of

$603.8 million, a 9% jump from the previous year.

The unit benefited from strong performance in its

homeowners' business, thanks to growth in policies in-force and

higher average premiums, the company said.

Assurant's ( AIZ ) net investment income jumped to $129.7 million in

the quarter ended Sept. 30 - from $125.5 million a year earlier.

Risk-averse insurers allocate a major chunk of their

investment portfolio to bonds, which return better yields in a

high interest rate environment.

The New York-based insurer now expects annual adjusted

earnings per share, excluding reportable catastrophes, to

increase in the mid- to high-teens range.

The insurance sector at large has benefited from growing

hopes of a soft landing for the economy and a strong labor

market, which has revived spending on insurance policies.

On an adjusted basis, Assurant ( AIZ ) earned $3.00 per share,

beating Wall Street expectations of $2.52 per share, according

to estimates compiled by LSEG.

Shares of the company have risen 14.6% so far this year,

underperforming a 21.2% gain in the benchmark S&P 500

index.