Assurant : Q1 for Q1 2024 Financial Supplement 2024

Assurant, Inc. (AIZ)

Financial Supplement as of March 31, 2024

	ASSURANT, INC.
	FINANCIAL SUPPLEMENT
	(UNAUDITED)
	As of March 31, 2024
INDEX TO FINANCIAL SUPPLEMENT
	Page:
SUMMARY FINANCIAL HIGHLIGHTS	1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS	2
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME AND ADJUSTED EARNINGS	3
SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA	4
SEGMENT CONDENSED BALANCE SHEETS	9
INVESTMENTS	10
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS	12
RATINGS SUMMARY	13
REGULATION G - NON-GAAP FINANCIAL MEASURES	14

CONTACT INFORMATION
Corporate Headquarters Address:	Investor Inquiries:
260 Interstate North Circle SE	Sean Moshier	Matt Cafarchio
Atlanta, Georgia 30339	Vice President	Director
770-763-1000	Investor Relations	Investor Relations
Website Address:	914-204-2253	484-356-4791
[e-mail]	[e-mail]
www.assurant.com

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world's leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender- placed insurance products and other specialty products. Learn more at assurant.com.

Assurant, Inc.

Summary Financial Highlights (Unaudited)

	2024			2023				1Q24-1Q23		1Q24-4Q23
($ in millions, except per share amounts and closing stock price)	1Q		4Q	3Q	2Q	1Q		% Change		% Change

KEY FINANCIAL METRICS

Segment net earned premiums, fees and other income(1)

Total segment revenues(1)

Net income

Adjusted EBITDA(2)

Adjusted EBITDA, excluding reportable catastrophes(3)(4)

Per share:

Net income, per diluted share Adjusted earnings, per diluted share(3)

Adjusted earnings, excluding reportable catastrophes, per diluted share(3)(4)

Debt to total capital ratio

Debt to total capital ratio, excluding AOCI(3)

Dividends from subsidiaries, net of capital infusions

Share repurchases:

Shares repurchased

Average repurchase price per share

Total cost of share repurchase(5)

Common stock dividends:

Dividend per share

Total paid

Yield(6)

AIZ closing stock price (NYSE)

Share Data:

Weighted average basic common shares outstanding Incremental common shares from:

Performance share units and employee stock purchase plan Weighted average diluted common shares outstanding

$	2,760.0	$	2,852.2	$	2,661.0	$	2,645.5	$	2,545.6	8.4 %	(3.2)%
$	2,878.7	$	2,989.7	$	2,776.7	$	2,751.6	$	2,643.5	8.9 %	(3.7)%
$	236.4	$	182.5	$	190.1	$	156.3	$	113.6	108.1 %	29.5 %
$	370.7	$	360.8	$	330.7	$	323.1	$	242.9	52.6 %	2.7 %
$	383.7	$	382.4	$	357.1	$	336.5	$	293.3	30.8 %	0.3 %

$	4.47	$	3.42	$	3.54	$	2.90	$	2.12	110.8 %	30.7 %
$	4.78	$	4.58	$	4.29	$	3.89	$	2.75	73.8 %	4.4 %
$	4.97	$	4.90	$	4.68	$	4.09	$	3.49	42.4 %	1.4 %
	29.7 %		30.2 %		31.7 %		32.2 %		32.6 %	(290) bps	(50) bps
	26.6 %		27.2 %		27.3 %		28.2 %		28.7 %	(210) bps	(60) bps
$	253.5	$	279.5	$	201.6	$	179.5	$	112.0	126.3 %	(9.3)%

	225,406		801,766		359,947		157,491		-	N/A	(71.9)%
$	176.77	$	162.14	$	138.89	$	127.05	$	-	N/A	9.0 %
$	39.9	$	130.0	$	50.0	$	20.0	$	-	N/A	(69.3)%

$	0.72	$	0.72	$	0.70	$	0.70	$	0.70	2.9 %	- %
$	37.4	$	38.5	$	37.1	$	39.7	$	37.0	1.1 %	(2.9)%
	1.53 %		1.71 %		1.95 %		2.23 %		2.33 %	(80) bps	(18) bps
$	188.24	$	168.49	$	143.58	$	125.72	$	120.07	56.8 %	11.7 %

52,531,865	53,050,518	53,535,982	53,745,611	53,492,413	(1.8)%	(1.0)%
340,389	383,997	209,191	144,071	205,749	65.4 %	(11.4)%
52,872,254		53,434,515		53,745,173		53,889,682		53,698,162	(1.5)%	(1.1)%

1. Includes net earned premiums, fees and other income and total revenues of the Global Lifestyle and Global Housing operating segments.
2. Refer to page 3 for a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income.
3. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
4. Represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums.
5. As of March 31, 2024, there was $634.6 million remaining under the total repurchase authorization.
6. Common stock dividend yield is calculated by annualizing the quarterly common stock dividend per share and dividing by the quarter's closing stock price.

1

Assurant, Inc.

Consolidated Condensed Statements of Operations (Unaudited)

	2024				2023			1Q24-1Q23		1Q24-4Q23
($ in millions)	1Q		4Q	3Q	2Q	1Q		% Change		% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Net realized losses on investments and fair value changes to equity securities Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Interest expense

Gain on extinguishment of debt

Total benefits, losses and expenses

Income before provision for income taxes

Provision for income taxes

Net Income

Pre-tax income margin(1)

Net income margin(2)

Effective tax rate for net income

Investment yield(3)

Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax

$	2,376.5	$	2,422.2	$	2,357.3	$	2,343.0	$	2,265.5	4.9 %	(1.9)%
	385.7			434.4			310.4			295.7			282.7	36.4 %	(11.2)%
	2,762.2			2,856.6			2,667.7			2,638.7			2,548.2	8.4 %	(3.3)%
	126.7			145.5			125.5			112.9			105.2	20.4 %	(12.9)%
	(8.8)			(19.0)			(19.1)			(20.0)			(10.6)	17.0 %	53.7 %
	2,880.1			2,983.1			2,774.1			2,731.6			2,642.8	9.0 %	(3.5)%
	623.1			599.1			644.6			632.5			645.6	(3.5)%	4.0 %
	1,937.3			2,130.6			1,873.7			1,867.6			1,823.2	6.3 %	(9.1)%
	26.8			26.8			27.0			27.2			27.0	(0.7)%	- %
	-			-			-			-			(0.1)	100.0 %	N/A
	2,587.2			2,756.5			2,545.3			2,527.3			2,495.7	3.7 %	(6.1)%
	292.9			226.6			228.8			204.3			147.1	99.1 %	29.3 %
	56.5			44.1			38.7			48.0			33.5	68.7 %	28.1 %
$	236.4		$	182.5		$	190.1		$	156.3		$	113.6	108.1 %	29.5 %
	10.6 %			7.9 %			8.6 %			7.7 %			5.8 %	480 bps	270 bps
	8.6 %			6.4 %			7.1 %			5.9 %			4.5 %	410 bps	220 bps
	19.3 %			19.5 %			16.9 %			23.5 %			22.8 %	(350) bps	(20) bps
	5.01 %			5.78 %			5.04 %			4.58 %			4.34 %	67 bps	(77) bps
$	(0.2)	$	18.9	$	(3.1)	$	(4.0)	$	(4.4)	95.5 %	(101.1)%

1. Equals income before provision for income taxes divided by total net earned premiums, fees and other income.
2. Equals net income divided by total net earned premiums, fees and other income.
3. Equals annualized net investment income divided by average investments and cash and cash equivalents.

2

Assurant, Inc.

Reconciliation of Adjusted EBITDA to Net Income and Adjusted Earnings (Unaudited)

			2024								2023							1Q24-1Q23		1Q24-4Q23
($ in millions)			1Q				4Q			3Q				2Q			1Q			% Change		% Change
GAAP net income		$	236.4		$	182.5	$	190.1	$	156.3	$	113.6	108.1 %	29.5 %
Less:
Interest expense			26.8					26.8			27.0				27.2			27.0	(0.7)%		- %
Provision for income taxes			56.5					44.1			38.7				48.0			33.5	68.7 %	28.1 %
Depreciation expense			30.6					31.7			25.8				25.4			26.4	15.9 %	(3.5)%
Amortization of purchased intangible assets			17.6					22.3			18.2				18.7			18.7	(5.9)%	(21.1)%
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity securities			8.8					19.0			19.1				20.0			10.6	(17.0)%	(53.7)%
Non-core operations			2.6					11.0			(3.0)				30.2			12.2	(78.7)%	(76.4)%
Restructuring costs			-					16.0			13.2				(1.3)			6.4	(100.0)%	(100.0)%
Assurant Health runoff operations			(0.4)					0.3			0.3				-			(7.5)	94.7 %	(233.3)%
Other adjustments(1)			(8.2)					7.1			1.3				(1.4)			2.0	(510.0)%	(215.5)%
Adjusted EBITDA		$	370.7		$	360.8	$	330.7	$	323.1	$	242.9	52.6 %	2.7 %
Segment Adjusted EBITDA
Global Lifestyle		$	207.7		$	204.6	$	191.8	$	197.0	$	198.9	4.4 %	1.5 %
Global Housing			192.5					186.1			165.1				154.6			68.4	181.4 %	3.4 %
Corporate and Other			(29.5)					(29.9)			(26.2)				(28.5)			(24.4)		(20.9)%	1.3 %
Total		$	370.7		$	360.8	$	330.7	$	323.1	$	242.9	52.6 %	2.7 %
Adjusted EBITDA(2)		$	370.7		$	360.8	$	330.7	$	323.1	$	242.9	52.6 %	2.7 %
Interest expense			(26.8)					(26.8)			(27.0)				(27.2)			(27.0)	0.7 %		- %
Provision for income taxes			(60.7)					(57.4)			(47.3)				(61.0)			(41.6)	(45.9)%	(5.7)%
Depreciation expense			(30.6)					(31.7)			(25.8)				(25.4)			(26.4)	(15.9)%	3.5 %
Adjusted earnings(2)			252.6					244.9			230.6				209.5			147.9	70.8 %	3.1 %
Reportable catastrophes, pre-tax			13.0					21.6			26.4				13.4			50.4	(74.2)%	(39.8)%
Tax impact of reportable catastrophes			(2.7)					(4.6)			(5.5)				(2.8)			(10.6)	74.5 %	41.3 %
Adjusted earnings, excluding reportable catastrophes(2)		$	262.9			$	261.9		$	251.5		$	220.1		$	187.7	40.1 %	0.4 %

1. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for detail of what is included in Other adjustments.
2. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.

3

Global Lifestyle

Condensed Statements of Operations and Selected Data (Unaudited)

	2024				2023			1Q24-1Q23		1Q24-4Q23
($ in millions)	1Q		4Q	3Q	2Q	1Q		% Change		% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Total benefits, losses and expenses

Global Lifestyle Adjusted EBITDA

Adjusted EBITDA margin(1)

Supplemental financial information:

Income tax expense Effective tax rate Depreciation expense

Amortization of purchased intangible assets

Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax

Key Metrics:

Global mobile devices protected (in millions)(2)

Global mobile devices serviced (in millions)(3)

Global protected vehicles (in millions)(4)

Investment yield(5)

	$	1,834.3	$	1,905.5	$	1,828.7	$	1,840.3	$	1,788.1	2.6 %	(3.7)%
		353.5				400.9			277.1			268.6			252.2	40.2 %	(11.8)%
		2,187.8				2,306.4			2,105.8			2,108.9			2,040.3	7.2 %	(5.1)%
		90.2				103.8			86.1			80.9			76.7	17.6 %	(13.1)%
		2,278.0				2,410.2			2,191.9			2,189.8			2,117.0	7.6 %	(5.5)%
		417.7				412.7			421.9			402.3			371.0	12.6 %	1.2 %
		1,652.6				1,792.9			1,578.2			1,590.5			1,547.1	6.8 %	(7.8)%
		2,070.3				2,205.6			2,000.1			1,992.8			1,918.1	7.9 %	(6.1)%
	$	207.7	$	204.6	$	191.8	$	197.0	$	198.9	4.4 %	1.5 %
		9.5 %				8.9 %			9.1 %			9.3 %			9.7 %	(20) bps	60 bps

$	35.1	$	28.1	$	22.0	$	36.2	$	35.1	- %	24.9 %
	20.8 %		17.1 %		14.0 %		22.3 %		21.4 %	(60) bps	370 bps
$	21.5	$	23.1	$	17.0	$	17.0	$	17.3	24.3 %	(6.9)%
$	17.3	$	17.4	$	17.4	$	17.9	$	17.9	(3.4)%	(0.6)%
$	-	$	15.3	$	(2.4)	$	(3.1)	$	(3.4)	100.0 %	(100.0)%

60.9	61.3	61.1	61.5	61.8	(1.5)%	(0.7)%
6.1	7.5	5.5	5.8	6.6	(7.6)%	(18.7)%
55.0	55.0	54.8	54.5	54.2	1.5 %	- %
5.33 %	6.19 %	5.26 %	4.97 %	4.71 %	62 bps	(86) bps

1. Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
2. Global mobile devices protected includes insurance and upgrade contracts inforce for mobile phones, tablets, e-readers and accessories.
3. Global mobile devices serviced includes number of devices for which we provide value to our consumers and partners, through trade-ins and upgrades, technology, claims fulfillment, repair capabilities, logistics, and asset disposition.
4. Global protected vehicles includes insurance and service contracts inforce for vehicles, RVs, powersports and ancillary products.
5. Equals annualized net investment income divided by average investments and cash and cash equivalents.

4

Global Lifestyle (continued)

Condensed Statements of Operations and Selected Data (Unaudited)

	2024			2023				1Q24-1Q23		1Q24-4Q23
($ in millions)	1Q		4Q	3Q	2Q	1Q		% Change		% Change

Net written premiums:

Connected Living

Global Automotive

Total

Net earned premiums, fees and other income:

Connected Living

Global Automotive

Total

Adjusted EBITDA:

Connected Living

Global Automotive

Total

Line of business supplemental financial information:

Connected Living:

Income tax expense

Depreciation expense

Amortization of purchased intangible assets

Global Automotive:

Income tax expense

Depreciation expense

Amortization of purchased intangible assets

Constant Currency(1):

Percentage change in net earned premiums, fees and other income: Including foreign currency translation ("FX") impact

FX impact

Excluding FX impact

Percentage change in Global Lifestyle Adjusted EBITDA:

Including FX impact

FX impact

Excluding FX impact

Percentage change in Connected Living net earned premiums, fees and other income:

Including FX impact

FX impact

Excluding FX impact

Percentage change in Connected Living Adjusted EBITDA:

Including FX impact

FX impact

Excluding FX impact

Net earned premiums, fees and other income:

Domestic

International

Total

$	843.2	$	838.7	$	817.4	$	792.8	$	788.2	7.0 %	0.5 %
	1,040.1			1,047.9			1,096.6			1,143.3			928.4	12.0 %	(0.7)%
$	1,883.3	$	1,886.6	$	1,914.0	$	1,936.1	$	1,716.6	9.7 %	(0.2)%

$	1,140.3	$	1,188.1	$	1,082.9	$	1,079.2	$	1,026.6	11.1 %	(4.0)%
	1,047.5			1,118.3			1,022.9			1,029.7			1,013.7	3.3 %	(6.3)%
$	2,187.8	$	2,306.4	$	2,105.8	$	2,108.9	$	2,040.3	7.2 %	(5.1)%

$	132.9	$	123.0	$	120.7	$	122.0	$	116.9	13.7 %	8.0 %
	74.8			81.6			71.1			75.0			82.0	(8.8)%	(8.3)%
$	207.7	$	204.6	$	191.8	$	197.0	$	198.9	4.4 %	1.5 %

$	22.9	$	16.5	$	14.2	$	22.6	$	20.5	11.7 %	38.8 %
$	15.4	$	18.7	$	13.0	$	12.8	$	13.1	17.6 %	(17.6)%
$	7.5	$	7.5	$	7.8	$	8.0	$	8.0	(6.3)%	- %
$	12.2	$	11.6	$	7.8	$	13.6	$	14.6	(16.4)%	5.2 %
$	6.1	$	4.4	$	4.0	$	4.2	$	4.2	45.2 %	38.6 %
$	9.8	$	9.9	$	9.6	$	9.9	$	9.9	(1.0)%	(1.0)%

	7.2 %			13.2 %			4.1 %			4.8 %			2.6 %	460	bps	(600) bps
	(0.2)%			0.2 %			0.1 %			(0.8)%			(1.4)%	120	bps	(40) bps
	7.4 %			13.0 %			4.0 %			5.6 %			4.0 %	340	bps	(560) bps
	4.4 %			12.2 %			6.9 %			(10.9)%			(12.3)%	1,670	bps	(780) bps
	(1.0)%			- %			- %			(1.3)%			(2.5)%	150	bps	(100) bps
	5.4 %			12.2 %			6.9 %			(9.6)%			(9.8)%	1,520	bps	(680) bps
	11.1 %			12.2 %			2.8 %			0.8 %			(4.7)%	1,580	bps	(110) bps
	(0.6)%			0.1 %			(0.1)%			(1.6)%			(2.3)%	170	bps	(70) bps
	11.7 %			12.1 %			2.9 %			2.4 %			(2.4)%	1,410	bps	(40) bps
	13.7 %			22.8 %			18.0 %			(4.5)%			(14.7)%	2,840	bps	(910) bps
	(2.1)%			(1.0)%			(0.8)%			(2.4)%			(3.9)%	180	bps	(110) bps
	15.8 %			23.8 %			18.8 %			(2.1)%			(10.8)%	2,660	bps	(800) bps
$	1,716.5	$	1,835.8	$	1,633.8	$	1,660.1	$	1,609.8	6.6 %	(6.5)%
	471.3			470.6			472.0			448.8			430.5	9.5 %	0.1 %
$	2,187.8	$	2,306.4	$	2,105.8	$	2,108.9	$	2,040.3	7.2 %	(5.1)%

1. Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to- period comparisons.

5

Global Housing

Condensed Statements of Operations and Selected Data (Unaudited)

	2024			2023				1Q24-1Q23		1Q24-4Q23
($ in millions)	1Q		4Q	3Q	2Q	1Q		% Change		% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Total benefits, losses and expenses

Global Housing Adjusted EBITDA

Reportable catastrophes

Global Housing Adjusted EBITDA, excluding reportable catastrophes(1)

Adjusted EBITDA margin(2)

Supplemental financial information:

Income tax expense

Effective tax rate

Depreciation expense

Amortization of purchased intangible assets

Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax

Net earned premiums, fees and other income:

Homeowners

Renters and Other

Total

Gross earned premiums

Gross written premiums

Reconciliation of gross earned premiums to net earned premiums:

Gross earned premiums

Ceded catastrophe reinsurance(3)

Ceded to U.S. Government

Ceded to clients

Net earned premiums

	$	540.6	$	513.1	$	521.9	$	504.5	$	475.0	13.8 %	5.4 %
		31.6				32.7			33.3			32.1			30.3	4.3 %	(3.4)%
		572.2				545.8			555.2			536.6			505.3	13.2 %	4.8 %
		28.5				33.7			29.6			25.2			21.2	34.4 %	(15.4)%
		600.7				579.5			584.8			561.8			526.5	14.1 %	3.7 %
		200.3				176.6			218.7			207.8			258.9	(22.6)%	13.4 %
		207.9				216.8			201.0			199.4			199.2	4.4 %	(4.1)%
		408.2				393.4			419.7			407.2			458.1	(10.9)%	3.8 %
		192.5				186.1			165.1			154.6			68.4	181.4 %	3.4 %
		12.9				21.9			26.2			13.4			49.5	(73.9)%	(41.1)%
																74.2 %	(1.3)%
	$	205.4		$	208.0	$	191.3	$	168.0	$	117.9
		33.6 %				34.1 %			29.7 %			28.8 %			13.5 %	2,010 bps	(50) bps

$	36.6	$	35.5	$	31.9	$	30.9	$	12.0	205.0 %	3.1 %
	19.9 %		20.5 %		20.4 %		21.2 %		20.3 %	(40) bps	(60) bps
$	8.6	$	7.9	$	8.0	$	7.9	$	8.5	1.2 %	8.9 %
$	0.3	$	4.9	$	0.8	$	0.8	$	0.8	(62.5)%	(93.9)%
$	(0.2)	$	3.4	$	(0.7)	$	(0.9)	$	(1.0)	80.0 %	(105.9)%

$	447.4	$	425.6	$	434.1	$	412.3	$	391.4	14.3 %	5.1 %
	124.8			120.2			121.1			124.3			113.9	9.6 %	3.8 %
														13.2 %	4.8 %
$	572.2		$	545.8		$	555.2		$	536.6		$	505.3
$	780.5	$	779.7	$	767.1	$	748.2	$	724.9	7.7 %	0.1 %
$	730.1	$	783.5	$	858.9	$	833.3	$	630.5	15.8 %	(6.8)%

$	780.5	$	779.7	$	767.1	$	748.2	$	724.9	7.7 %	0.1 %
	(34.4)			(62.1)			(46.6)			(46.6)			(46.7)	26.3 %	44.6 %
	(107.7)			(109.1)			(106.7)			(108.8)			(117.1)	8.0 %	1.3 %
	(97.8)			(95.4)			(91.9)			(88.3)			(86.1)	(13.6)%	(2.5)%
														13.8 %	5.4 %
$	540.6		$	513.1		$	521.9		$	504.5		$	475.0

1. Represents a non-GAAP financial measure because it excludes reportable catastrophes. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Footnote 2 in Regulation G - Non-GAAP Measures.
2. Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
3. All periods reflect catastrophe reinsurance premiums.

6

Global Housing (continued)

Condensed Statements of Operations and Selected Data (Unaudited)

	2024				2023			1Q24-1Q23		1Q24-4Q23
	1Q		4Q	3Q	2Q	1Q		% Change		% Change

Key Metrics:

Global Housing loss ratio(1)

Global Housing non-catastrophe loss ratio(2)

Global Housing expense ratio(3)

Global Housing combined ratio(4)

Global Housing annualized ROE(5)

Investment yield(6)

Lender-Placed Insurance: Loans tracked (in millions)(7)

Lender-Placed Insurance: Placement rates(8)

Lender-Placed Insurance: Average insured value ("AIV") (in thousands)(7)

Renters policies (in millions)

• Spread of exposure(9) Region Name
  Middle U.S. states Northeastern coastal exposure Northern inland exposure Southern inland exposure Southern and HI coastal exposure Western U.S. states
  Total

37.1 %

34.7 %

37.9 %

72.9 %

44.8 %

4.57 %

32.3

1.83 %

$ 270

2.713

12.7 %

17.0 %

10.3 %

11.8 %

17.1 %

31.1 %

100.0 %

	34.4 %		41.9 %		41.2 %		54.5 %	(1,740) bps	270	bps
	30.1 %		36.6 %		38.5 %		43.8 %	(910) bps	460	bps
	42.1 %		37.8 %		38.8 %		41.3 %	(340) bps	(420) bps
	74.4 %		77.2 %		77.5 %		92.5 %	(1,960) bps	(150) bps
	40.5 %		35.0 %		33.6 %		14.6 %	3,020 bps	430	bps
	5.25 %		4.55 %		4.01 %		3.64 %	93 bps	(68) bps
	30.4		30.7		31.1		31.4	2.9 %	6.3 %
	1.80 %		1.74 %		1.71 %		1.71 %	12 bps	3 bps
$	263	$	258	$	247	$	239	13.0 %	2.7 %
	2.702		2.690		2.646		2.639	2.8 %	0.4 %

12.5 %	11.9 %	11.5 %	11.2 %	150	bps	20 bps
17.2 %	17.1 %	17.0 %	17.1 %	(10) bps	(20) bps
9.4 %	8.3 %	7.5 %	7.5 %	280	bps	90 bps
12.2 %	12.5 %	13.0 %	12.9 %	(110) bps	(40) bps
18.6 %	20.9 %	22.1 %	23.1 %	(600) bps	(150) bps
30.1 %		29.3 %		28.9 %		28.2 %	290	bps	100 bps
100.0 %	100.0 %	100.0 %	100.0 %

Middle U.S. States

Northeastern Coastal Exposure

Northern Inland Exposure

Southern Inland Exposure

Southern and HI Coastal Exposure

Western U.S. States

1. Equals policyholder benefits divided by net earned premiums.
2. Represents a non-GAAP financial measure. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
3. Equals (i) underwriting, selling, general and administrative expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income.
4. Equals (i) total benefits, losses and expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income. Income from processing National Flood Insurance Program claims is reported as a reduction in expenses and is included in the combined ratio.
5. Calculated using (i) Global Housing Adjusted EBITDA (including reportable catastrophes) plus income tax expense, depreciation expense and amortization of purchased intangible assets, all annualized, divided by (ii) average stockholders' equity.
6. Equals annualized net investment income divided by average investments and cash and cash equivalents.
7. Includes tracked hazard loans and other loans serviced.
8. Equals hazard policies in force divided by tracked hazard loans.
9. Geographical spread of exposure is based on the company's assessment of total insured value for all of Global Housing.

7

Total Corporate and Other

Condensed Statements of Operations and Selected Data (Unaudited)

		2024						2023						1Q24-1Q23		1Q24-4Q23
($ in millions)		1Q			4Q			3Q			2Q			1Q		% Change		% Change
Revenues:
Net earned premiums	$	-	$	-	$	-	$	-	$	-		N/A		N/A
Fees and other income		0.2			-			0.1			-			0.1	100.0 %		N/A
Net investment income		5.6			5.8			7.3			3.8			4.5	24.4 %	(3.4)%
Total revenues		5.8			5.8			7.4			3.8			4.6	26.1 %		- %
Benefits, losses and expenses:
Policyholder benefits		-			-			-			-			0.1	(100.0)%		N/A
Underwriting, selling, general and administrative expenses		35.3			35.7			33.6			32.3			28.9	22.1 %	(1.1)%
Total benefits, losses and expenses		35.3			35.7			33.6			32.3			29.0	21.7 %	(1.1)%
Corporate and Other Adjusted EBITDA	$	(29.5)	$	(29.9)	$	(26.2)	$	(28.5)	$	(24.4)	(20.9)%	1.3 %
Supplemental financial information:
Interest expense	$	26.8	$	26.8	$	27.0	$	27.2	$	27.0	(0.7)%		- %
Income tax benefit	$	(15.2)	$	(19.5)	$	(15.2)	$	(19.1)	$	(13.6)	(11.8)%	22.1 %
Depreciation expense	$	0.5	$	0.7	$	0.8	$	0.5	$	0.6	(16.7)%	(28.6)%

8