Assurant : Q4 for Q4 2021 Restated Financial Supplement 2021 (opens in new window)

Assurant, Inc. (AIZ)

REVISED Financial Supplement as of December 31, 2021

Note: In conjunction with the transition of its new CEO and chief operating decision maker, Assurant changed its segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, the primary measure used for purposes of making decisions about allocating resources to the segments and assessing performance, from segment net income from continuing operations, effective January 1, 2022. In addition, the Company will report Adjusted earnings, both including and excluding reportable catastrophes, per diluted share, as an additional non-GAAP measure, a global mobile devices serviced metric for the Global Lifestyle segment and a revised Connected Living line of business within the Global Lifestyle segment, which will include the business previously reported as Global Financial Services and Other. These changes are reflected for all periods presented and highlighted in yellow throughout this revised financial supplement as of December 31, 2021.

As previously disclosed, Assurant will no longer report net operating income and net operating income per diluted share, both including and excluding reportable catastrophes.

ASSURANT, INC. FINANCIAL SUPPLEMENT

(UNAUDITED)

As of December 31, 2021

INDEX TO FINANCIAL SUPPLEMENT
Page:
SUMMARY FINANCIAL HIGHLIGHTS	1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS	2
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME FROM CONTINUING OPERATIONS	3
SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA	4
SEGMENT CONDENSED BALANCE SHEETS	9
INVESTMENTS	10
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS	11
RATINGS SUMMARY	13
REGULATION G - NON-GAAP FINANCIAL MEASURES	14
CONTACT INFORMATION

Corporate Headquarters Address:	Investor Inquiries:
55 Broadway, Suite 2901	Suzanne Shepherd	Sean Moshier
New York, NY 10006	Senior Vice President, Investor Relations and Sustainability	Assistant Vice President
212-859-7000	Investor Relations	Investor Relations
201-788-4324	914-204-2253
Website Address:	[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 300 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 or on Twitter @Assurant.

Assurant, Inc.

Summary Financial Highlights

(Unaudited)

2021

2020

($ in millions, except per share amounts and closing stock price)

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1QKEY FINANCIAL METRICS

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

Net income (loss) attributable to common stockholders Net income from continuing operations

Adjusted EBITDA(2)

Adjusted EBITDA, excluding reportable catastrophes(3)(4)Per share:

Net income (loss) attributable to common stockholders, per diluted share Net income from continuing operations, 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)

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 Mandatory convertible preferred stock(7)

Weighted average diluted common shares outstanding

Anti-dilutive incremental common shares from mandatory convertible preferred stock(7)

$ $ $ $ $ $

2,296.3 2,357.4

(34.9) 88.0 141.6 251.7

$ $ $ $ $ $

2,257.6 2,318.2

173.5 164.7 257.6 270.2

$ $ $ $ $ $

2,447.3 2,524.0

150.0 148.6 247.7 264.0

$ $ $ $ $ $

$ $

(0.58) 1.38

$ $

2.81 2.59

$ $

2.43 2.32

$ $

$ $

1.31 2.75

$ $

2.65 2.81

$ $

2.55 2.75

60,190,103

60,363,577

60,602,911

235,619

206,362

327,840

• - 2,777,250 2,696,175

  60,425,722

• 63,347,189 63,626,926

2,699,913

-

-

155.86$

59,140,861

448,920

533,913

60,123,694

-

2021
9,744.3	$
10,026.6	$
1,367.7	$
613.5	$
963.2	$
1,107.5	$

Twelve Months

4Q21-4Q20	4Q21-3Q21	12M'21-12M'20
2020	% Change	% Change	% Change
9,314.9	7.6 %	1.7 %	4.6 %
9,582.0	7.5 %	1.7 %	4.6 %
423.1	(8.1)%	(86.0)%	223.3 %
520.4	6.4 %	(17.5)%	17.9 %
839.7	26.5 %	49.1 %	14.7 %
1,013.4	7.9 %	(6.4)%	9.3 %
22.83$	6.99	(4.0)%	(85.6)%	226.6 %
10.20$	8.22	15.2 %	(14.7)%	24.1 %
8.36	47.0 %	66.0 %	22.2 %
10.54	19.4 %	(7.5)%	15.0 %
27.5 %	110 bps	90 bps	110 bps
30.1 %	(200) bps	70 bps	(200) bps
821.0	(39.7)%	38.6 %	(11.2)%
2,438,975	61.8 %	(8.9)%	118.8 %
122.94	22.1 %	(1.4)%	28.7 %
299.8	97.6 %	(10.2)%	181.7 %
2.55	3.0 %	3.0 %	4.3 %
154.6	(1.0)%	2.4 %	1.9 %
1.87 %	(19) bps	7 bps	(17) bps
136.22	14.4 %	(1.2)%	14.4 %
60,114,670	(3.4)%	(3.1)%	(1.6)%
363,343	17.0 %	28.3 %	23.6 %
2,701,925	(100.0)%	N/A	(80.2)%
63,179,938	(7.5)%	(2.9)%	(4.8)%
-	N/A	N/A	N/A

• (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 from continuing operations.

• (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 December 31, 2021, there was $842.1 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.

• (7) Dilution for the mandatory convertible preferred stock is calculated based on the assumed conversion of the outstanding mandatory convertible preferred stock, using the average closing stock price for the period the shares were outstanding. Net income attributable to common stockholders per diluted share excludes the effect of shares potentially dilutive securities which were anti-dilutive for the period. Accordingly, the numerator has not been increased by the amount of the preferred stock dividends in the periods in which the incremental common shares from mandatory convertible preferred stock were anti-dilutive. Each outstanding share of mandatory convertible preferred stock converted to common stock in March 2021.

1

Consolidated Condensed Statements of Operations (Unaudited)

2021

2020

Twelve Months

($ in millions)

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

2021

2020

4Q21-4Q20 % Change

4Q21-3Q21 % Change

12M'21-12M'20 % ChangeRevenues:

Net earned premiums Fees and other income

Total net earned premiums, fees and other income

Net investment income

Net realized gains (losses) on investments and fair value changes to equity securities

Total revenues

Benefits, losses and expenses: Policyholder benefits

Selling, underwriting, general and administrative expenses Interest expense

Loss on extinguishment of debt Total benefits, losses and expensesIncome from continuing operations before provision (benefit) for income taxes Provision (benefit) for income taxes

Net income from continuing operations

Net income (loss) from discontinued operations

Net income (loss)

Less: Net (income) loss attributable to non-controlling interests

Net income (loss) attributable to stockholders

Less: Preferred stock dividends

Net income (loss) attributable to common stockholders

Pre-tax income from continuing operations margin(1)

Net income from continuing operations margin(2)

6.5 % 5.1 %

$

2,140.1

309.6 2,449.7

76.0

112.1 2,637.8

614.2

1,783.9

27.5

20.7

2,446.3

191.5

37.9

153.6

728.8

882.4

-

882.4

-$

882.4

$

2,150.6

298.5 2,449.1

82.9

10.3 2,542.3

538.3

1,738.6

28.8

-

2,305.7

236.6

51.9

184.7

18.9

203.6

(0.2)

203.4

-$

203.4

$

2,105.6

249.9 2,355.5

76.3

0.8 2,432.6

528.7

1,682.4

28.4

-

2,239.5

193.1

44.6

148.5

14.3

162.8

0.2

163.0

(4.7)

$

158.3

$

2,102.2

212.9 2,315.1

73.3

29.7 2,418.1

567.6

1,664.8

26.8

-

2,259.2

158.9

39.8

119.1

19.9

139.0

0.2

139.2

(4.7)

$

134.5

$

2,086.8

209.4 2,296.2

63.3

17.2 2,376.7

638.5

1,600.2

25.5

-

2,264.2

112.5

24.5

88.0

(118.5)

(30.5)

0.3

(30.2)

(4.7)

$

$

(34.9) $

2,021.3

236.4 2,257.7

65.4

28.9 2,352.0

523.6

1,592.4

26.7

-

2,142.7

209.3

44.6

164.7

13.7

178.4

(0.3)

178.1

(4.6)

173.5

$

2,065.5

383.6 2,449.1

83.6

(84.0) 2,448.7

535.2

1,787.9

25.5

-

2,348.6

100.1

(48.5)

148.6

7.2

155.8

(1.1)

154.7

(4.7)

$

150.0

$

8,572.1 $ 1,172.9 9,745.0

314.4

128.2 10,187.6

2,195.7

7,076.4

111.8

20.7

9,404.6

783.0

169.5

613.5

758.9

1,372.4

-

1,372.4

(4.7)

$

1,367.7

8,275.8 1,042.3 9,318.1 285.6

(8.2)

9,595.5

2,264.9

6,645.3

104.5

-

9,014.7

580.8

60.4

520.4

(77.7)

442.7

(0.9)

441.8

(18.7)

$

423.1

(83.2)%

3.5 % 47.9 % 7.6 % 8.0 %

6.5 %

(95.5)% (2.4)%

1.7 % 1.7 % 1.7 % 4.2 %

3.6 % 12.5 % 4.6 % 10.1 % 1663.4 % 6.2 %

(9.4)%

(16.2)%

(3.1)%

12.4 %

4.9 %

6.5 %

1.1 % N/A

(100.0)%

(1.5)%

7.0 % N/A

6.8 %

(1.4)%

4.3 %

1.8 %

(15.5)%

34.8 %

(11.8)%

(7.4)%

180.6 %

6.4 %

(17.5)%

17.9 %

(115.6)%

(100.4)%

1076.7 %

(11.1)%

(86.0)%

210.0 %

(100.0)%

N/A

100.0 %

(11.2)%

(86.0)%

210.6 %

100.0 %

N/A

74.9 %

(8.1)%

(86.0)%

223.3 %

7.8 % 6.3 %

9.7 % 7.5 %

8.2 % 6.3 %

6.9 % 5.1 %

4.9 % 3.8 %

9.3 % 7.3 %

4.1 % 6.1 %

8.0 % 6.3 %

6.2 % 5.6 %

(40) bps 0 bps

(130) bps (120) bps

180 bps 70 bps

Effective tax rate for net income from continuing operations

21.7 %

19.8 %

21.9 %

23.1 %

25.0 %

21.8 %

21.3 %

(48.5)%

21.6 %

10.4 %

(330) bps

190 bps

1,120 bps

Investment yield(3)

3.02 %

2.94 %

3.48 %

3.22 %

3.01 %

2.68 %

2.85 %

3.65 %

3.16 %

3.03 %

1 bps

8 bps

13 bps

Real estate joint venture partnerships (loss) income from sales and depreciation expense, pre-tax(3)

$

(3.0)

$

(3.4) $

11.1

$

(5.8) $

(0.9) $

(1.6) $

(1.2) $

(1.9) $

(1.1) $

• (1) Equals income from continuing operations before provision (benefit) for income taxes divided by total net earned premiums, fees and other income. The margins for 3Q 2020, 2Q 2020 and 1Q 2020 have been revised for a correction to the calculation.

• (2) Equals net income from continuing operations divided by total net earned premiums, fees and other income.

• (3) Excludes investment income attributable to non-controlling interests. Prior period investment yields have been revised for a correction to the calculation.

(5.6)

(233.3)%

11.8 %

80.4 %

Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations (Unaudited)

2021

2020

Twelve Months

($ in millions)

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

2021

2020

4Q21-4Q20 % Change

4Q21-3Q21 % Change

12M'21-12M'20 % Change

GAAP net income from continuing operationsLess:

Interest expense

Provision (benefit) for income taxes Depreciation expense

Amortization of purchased intangible assetsAdjustments, pre-tax:

Net realized (gains) losses on investments and fair value changes to equity securities

COVID-19 direct and incremental expenses Loss on extinguishment of debt

Other adjustments(1)

(Income) loss attributable to non-controlling interests Adjusted EBITDA

Segment Adjusted EBITDA Global Lifestyle

Global Housing Corporate and Other Total

520.4

104.5

60.4 56.1

52.7

9.4

25.2

-

12.2

(1.2)

(1) Refer to the Footnotes in the Regulation G - Non GAAP Financial Measures for detail of what is included in other adjustments.

839.7

$

637.0 327.1 (124.4)

$

839.7

6.4 %

1.1 % (11.8)% 38.1 % (5.4)%

82.8 %

(47.2)%

N/A

1,927.3 %

(17.5)%

(1.5)% (7.4)% 18.2 % 0.6 %

95.5 %

40.0 %

(100.0)%

9,950.0 %

(100.0)%

N/A

26.5 %

49.1 %

15.7 % 28.9 % 15.8 % 26.5 %

17.9 %

7.0 % 180.6 % 31.6 % 24.9 %

(1,466.0)%

(60.3)%

N/A

117.2 %

100.0 %

14.7 %

(10.1)% 996.0 % (10.9)% 49.1 %

12.1 % 4.6 % 25.0 % 14.7 %