Assurant : Q1 for Q1 2024 Investor Presentation 2024

Investor Presentation

First Quarter 2024

© 2024 Assurant, Inc. All rights reserved. Company confidential. 1

Keith Demmings	Keith Meier
President	Executive Vice President
& Chief Executive Officer	& Chief Financial Officer

© 2024 Assurant, Inc. All rights reserved. Company confidential. 2

2

Cautionary Statement

Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth and operating strategies and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability and resiliency of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Refer to Exhibit 1 in the Appendix for more information such as factors that could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook and financial objectives, and information on where you can find a more detailed discussion of these factors in our SEC filings.

Assurant uses non-GAAP financial measures to analyze the company's operating performance. Assurant's non-GAAP financial measures should not be

considered in isolation or as a substitute for GAAP financial measures. Because Assurant's calculation of these measures may differ from similar

measures used by other companies, investors should be careful when comparing Assurant's non-GAAP financial measures to those of other

companies. Refer to Exhibit 2 in the Appendix for more information, including a reconciliation of non-GAAP financial measures to the most comparable

GAAP financial measures.

Assurant, Inc. is an insurance holding company and the ownership of its stock is subject to certain state and foreign insurance law requirements. Refer

to Exhibit 3 in the Appendix for additional detail.

© 2024 Assurant, Inc. All rights reserved. Company confidential. 3

Delivered a Strong Start to 2024

• Performance driven by continued

strength in Global Housing and	+31% growth	$254M
growth in Global Lifestyle	Adjusted EBITDA,
Cash generated(2)
	excl. cats(1)
✓ Continued strong cash generation	+42% growth	$77M
	Adjusted EPS,	Returned to
	excl. cats(1)	Shareholders(3)

• Maintained a strong balance sheet along with disciplined capital return

Information listed is for the period ended March 31, 2024. Growth rates are compared to the prior year period.

1. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
2. Consists of dividends or returns of capital from subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.
3. Includes share repurchases and common stock dividends.

© 2024 Assurant, Inc. All rights reserved. Company confidential. 4

Differentiated & Unique Business Model Positions Assurant to Deliver Long-term Outperformance

B2B2C Model

Aligned with

Industry

Leadership

Leaders

Demonstrated

Differentiated &

Unique

Business Model

Positions in

Attractive

Markets

Ability to Innovate including Add-on Services

Positioned to

Deliver

Long-term

Outperformance

Low Capital

Intensity &

Strong Cash

Generation

Attractive Risk

Profile

with Less Volatility

Ability to

Adjust Pricing

with Client Alignment

© 2024 Assurant, Inc. All rights reserved. Company confidential. 5

Global Lifestyle Highlights

Global Lifestyle delivered solid Adjusted EBITDA year-over- year growth led by double-digit growth in Connected Living

Connected Living

•	Strong performance led by domestic mobile device protection and
	higher investment income
•	Continued to make strategic investments to support long-term growth,
	including:
	- Recently launched partnership with Australia's largest mobile carrier
	- Acquisition of iSmash, a leading independent tech repair brand in

Global Lifestyle

Adjusted EBITDA ($ millions)

199	208	+4%
		+5%
		75	constant
82		currency(1)

the United Kingdom

- Multi-year renewal with a large U.S. mobile client, including launch

of a new program

117

133

Global Automotive

• Auto repair costs remain elevated
• Continuing to implement prospective rate increases
• Investment income growth continues to partially offset impacts

Q1'23Q1'24

		Connected Living		Global Automotive

1. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

© 2024 Assurant, Inc. All rights reserved. Company confidential. 6

Global Housing Highlights

Global Housing Adjusted EBITDA, excl. cats(1), delivered significant year-over-year growth

• Q1 performance continues to highlight Global Housing's unique and differentiated P&C businesses

Homeowners

• Improving loss experience, top-line growth, and ongoing expense leverage drove continued strong performance
• Began to onboard loan portfolio of a major U.S. banking client in
  Q1'24

Renters and Other

1. • Grew Renters gross written premiums by over 15%, continuing to benefit from strong growth in our PMC channel
   • Leveraged premium technical support capabilities from Connected Living to launch Assurant Tech Pro for PMC channel
2. Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Global Housing

Adjusted EBITDA, excl. cats(1) ($ millions)

205 +74%

118

Q1'23Q1'24

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2024 Outlook: Continuing Track Record of Profitable Growth

	2023	2024
	Baseline	Outlook
			Adjusted EBITDA, ex. cats(1), to grow mid-single-digits
Adjusted EBITDA,		Mid-single-digit	• Expansion led by Global Housing, as well as Global Lifestyle growth
$1,369 million	• Partially offset by continued investments to support growth
excl. cats(1)	growth	• Given strength of Q1 Global Housing results, Adjusted EBITDA, excl.
			cats(1) growth trending towards higher end of the mid-single-digit
			outlook
		Growth rate to	Adjusted EPS, ex. cats(1), growth to approximate Adjusted
Adjusted EPS,	$17.13	approximate Adjusted	EBITDA, ex. cats(1), growth
excl. cats(1)	EBITDA, excl. cats,	• Adjusted EPS, ex. cats(1) growth driven by earnings growth and share
		growth	repurchases, partially offset by higher depreciation expense related
			to strategic technology investments
	$773 million	~2/3 of business	Segment dividends ~2/3 of segment Adjusted EBITDA,
Segment Cash	Nearly 60% of business	incl. cats(1)(3)
Generation(2)	segment Adjusted	• Strong holding company liquidity supported by ongoing cash
segment Adjusted	EBITDA, incl. cats(1)(3)
	EBITDA, incl. cats	generation of Global Lifestyle and Global Housing

1. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.
2. Consists of dividends or returns of capital from operating subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.
3. 2024 business segment (Global Lifestyle and Global Housing) cash generation includes a $155M assumed annual catastrophe load.

© 2024 Assurant, Inc. All rights reserved. Company confidential. 8

Enterprise Q1'24 Financial

Highlights

Significant Adjusted EBITDA and Adjusted EPS growth, both excl. cats(1)

• Adjusted EBITDA, excl. cats(1) up 31% year-over-year
• Adjusted EPS(1) outpaced Adjusted EBITDA growth, both excl. cats

Continued strong balance sheet and liquidity

• Holding company liquidity of $622 million

Disciplined capital return

• Share repurchases of $40 million
• Common stock dividends of $37 million

Information listed is for the period ended March 31, 2024, other than liquidity, which is as of March 31, 2024.

1. Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Adjusted EBITDA, excl. cats(1) ($ millions)

	384	+31%
	Growth
293
Q1'23	Q1'24

Adjusted EPS, excl. cats(1) ($ per share)

	4.97	+42%
	Growth
3.49
Q1'23	Q1'24

© 2024 Assurant, Inc. All rights reserved. Company confidential. 9

Global Lifestyle Q1'24 Financial

Highlights and 2024 Outlook

Q1 2024 Highlights

• Adjusted EBITDA growth of 4%, or 5% on a constant currency basis(1)
• • Connected Living Adjusted EBITDA increased 14%
  • Global Automotive Adjusted EBITDA decreased 9%

2024 Adjusted EBITDA Outlook: Expect Growth

• Connected Living expected to increase from organic growth and

improved profitability

Global Lifestyle Adjusted EBITDA ($ millions)

199	208	+4%
		+5%
82	75
constant
			currency(1)
117	133
Q1'23		Q1'24
Connected Living		Global Automotive

Global Lifestyle 2024 Adjusted EBITDA Outlook

($ millions)

-	Growth partially offset by investments for new clients and
	programs
• Global Automotive expected to be flat as higher investment
income is offset by continued loss pressure from inflation
-	Implemented rate actions expected to drive improvement

792

Growth

over time

(1) Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including

reconciliations to the most directly comparable GAAP measures.

2023 2024 Outlook

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