Q3 for Q3 2021 Financial Supplement 2021

Assurant, Inc. (AIZ)

Financial Supplement as of September 30, 2021

	ASSURANT, INC.
	FINANCIAL SUPPLEMENT
	(UNAUDITED)
	As of September 30, 2021
INDEX TO FINANCIAL SUPPLEMENT
	Page:
SUMMARY FINANCIAL HIGHLIGHTS	1
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME FROM CONTINUING OPERATIONS	2
RECONCILIATION OF EBITDA TO NET INCOME FROM CONTINUING OPERATIONS	3
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND SELECTED DATA	4
SEGMENT CONDENSED BALANCE SHEETS	10
INVESTMENTS	11
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS	13
RATINGS SUMMARY	14
REGULATION G - NON GAAP FINANCIAL MEASURES	15

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 provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future. Learn more at assurant.com or on Twitter @AssurantNews.

Assurant, Inc.

Summary Financial Highlights (Unaudited)

							2021									2020							Nine Months		3Q21-3Q20		3Q21-2Q21		9M'21-9M'20
($ in millions, except per share amounts and closing stock price)			3Q				2Q			1Q			4Q			3Q			2Q			1Q			2021			2020		% Change		% Change		% Change
KEY FINANCIAL METRICS
Segment net earned premiums, fees and other income(1)		$	2,449.7		$	2,448.9	$	2,355.3	$	2,313.7	$	2,296.3	$	2,257.6	$	2,447.3	$	7,253.9	$	7,001.2	6.7 %	- %	3.6 %
Total segment revenues(1)		$	2,518.4		$	2,522.0	$	2,425.5	$	2,382.4	$	2,357.4	$	2,318.2	$	2,524.0	$	7,465.9	$	7,199.6	6.8 %	(0.1)%	3.7 %
Net income (loss) attributable to common stockholders		$	882.4		$	203.4	$	158.3	$	134.5	$	(34.9)	$	173.5	$	150.0	$	1,244.1	$	288.6	2,628.4 %	333.8 %	331.1 %
Net income from continuing operations		$	153.6		$	184.7	$	148.5	$	119.1	$	88.0	$	164.7	$	148.6	$	486.8	$	401.3	74.5 %	(16.8)%	21.3 %
Net operating income(2)		$	84.1		$	183.2	$	147.8	$	96.6	$	69.4	$	153.7	$	148.5	$	415.1	$	371.6	21.2 %	(54.1)%	11.7 %
Net operating income, excluding reportable catastrophes(2)(3)		$	162.1		$	183.6	$	182.3	$	123.9	$	156.4	$	163.7	$	161.4	$	528.0	$	481.5	3.6 %	(11.7)%	9.7 %
Adjusted EBITDA(4)		$	163.6		$	297.1	$	258.6	$	192.8	$	141.6	$	257.6	$	247.7	$	719.3	$	646.9	15.5 %	(44.9)%	11.2 %
Adjusted EBITDA, excluding reportable catastrophes(2)(3)		$	262.3		$	297.6	$	302.2	$	227.5	$	251.7	$	270.2	$	264.0	$	862.1	$	785.9	4.2 %	(11.9)%	9.7 %
Per share:
Net income (loss) attributable to common stockholders, per diluted share		$	14.83		$	3.32	$	2.64	$	2.23	$	(0.58)	$	2.81	$	2.43	$	20.52	$	4.78	2,656.9 %	346.7 %	329.3 %
Net income from continuing operations, per diluted share		$	2.58		$	3.01	$	2.41	$	1.91	$	1.38	$	2.59	$	2.32	$	8.00	$	6.32	87.0 %	(14.3)%	26.6 %
Net operating income, per diluted share(2)		$	1.41		$	2.99	$	2.47	$	1.62	$	1.15	$	2.50	$	2.41	$	6.90	$	6.09	22.6 %	(52.8)%	13.3 %
Net operating income, excluding reportable catastrophes, per diluted share(2)(3)		$	2.73		$	2.99	$	3.03	$	2.06	$	2.59	$	2.66	$	2.61	$	8.75	$	7.82	5.4 %	(8.7)%	11.9 %
Debt to total capital ratio			27.7 %				30.2 %			27.5 %			27.5 %			25.3 %			27.0 %			29.1 %			27.7 %			25.3 %		240 bps		(250) bps		240 bps
Debt to total capital ratio, excluding AOCI(2)			27.4 %				32.5 %			29.3 %			30.1 %			27.6 %			29.0 %			29.5 %			27.4 %			27.6 %		(20) bps		(510) bps		(20) bps
Dividends from subsidiaries, net of capital infusions		$	127.0		$	243.0	$	183.0	$	292.0	$	245.0	$	157.0	$	127.0	$	553.0	$	529.0	(48.2)%	(47.7)%	4.5 %
Share repurchases:
Shares repurchased			2,001,336				1,204,534			308,000			1,126,532			577,476			254,000			480,967			3,513,870			1,312,443	246.6 %	66.2 %	167.7 %
Average repurchase price per share		$	161.16		$	158.34	$	134.69	$	130.20	$	121.39	$	101.88	$	118.92	$	157.88	$	116.71	32.8 %	1.8 %	35.3 %
Total cost of share repurchase(5)		$	322.5		$	190.7	$	41.5	$	146.6	$	70.1	$	25.8	$	57.3	$	554.7	$	153.2	360.1 %	69.1 %	262.1 %
Common stock dividends:
Dividend per share		$	0.66		$	0.66	$	0.66	$	0.66	$	0.63	$	0.63	$	0.63	$	1.98	$	1.89	4.8 %	- %	4.8 %
Total paid		$	38.5		$	41.8	$	38.2	$	39.5	$	37.5	$	39.6	$	38.0	$	118.5	$	115.1	2.7 %	0.8 %	3.0 %
Yield(6)			1.67 %				1.69 %			1.86 %			1.94 %			2.08 %			2.44 %			2.42 %			1.67 %			2.08 %		(41) bps		(2) bps		(40) bps
AIZ closing stock price (NYSE)		$	157.75		$	156.18	$	141.77	$	136.22	$	121.31	$	103.29	$	104.09	$	157.75	$	121.31	30.0 %	1.0 %	30.0 %
Share Data:
Weighted average basic common shares outstanding			59,126,313				60,990,609			59,192,880			59,310,101			60,190,103			60,363,577			60,602,911			59,769,690			60,384,817	(1.8)%	(3.1)%	(1.0)%
Incremental common shares from:
Performance share units and employee stock purchase plan			353,151				331,947			367,274			387,292			235,619			206,362			327,840			371,793			256,128	49.9 %	6.4 %	45.2 %
Mandatory convertible preferred stock(7)			-				-			2,223,238			2,701,925			-			2,777,250			2,696,175			713,838			2,699,913		N/A		N/A	(73.6)%
Weighted average diluted common shares outstanding			59,479,464				61,322,556			61,783,392			62,399,318			60,425,722			63,347,189			63,626,926			60,855,321			63,340,858	(1.6)%	(3.0)%	(3.9)%
Anti-dilutive incremental common shares from mandatory convertible preferred stock(7)
		-				-			-			-			2,699,913			-			-			-			-	(100.0)%		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 the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure
3. Represents reportable catastrophe losses net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums. Reportable catastrophes include individual Insurance Services Office ("ISO") events greater than $5 million (pre-tax).
4. Refer to page 3 for the reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income from continuing operations.
5. As of September 30, 2021, there was $1.13 billion 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.

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Assurant, Inc.

Reconciliation of Net Income from Continuing Operations to Net Operating Income (Unaudited)

2021

2020

Nine Months

3Q21-3Q20

3Q21-2Q21

9M'21-9M'20

($ in millions)

3Q

2Q

1Q

4Q

3Q

2Q

1Q

2021

2020

% Change

% Change

% Change

GAAP net income from continuing operations	$	153.6	$	184.7	$	148.5	$	119.1	$	88.0	$	164.7	$	148.6	$	486.8	$	401.3	74.5 %	(16.8)%	21.3 %
Adjustments, net of tax:
Net realized (gains) losses on investments		(88.5)				(8.1)			(0.7)				(22.4)			(13.5)			(22.7)			67.2			(97.3)			31.0	(555.6)%	(992.6)%	(413.9)%
COVID-19 direct and incremental expenses		1.5				1.9			2.4				4.2			(0.3)			15.0			2.3			5.8			17.0	600.0 %	(21.1)%	(65.9)%
CARES Act tax benefit		-				-			-				-			-			(5.1)			(79.3)			-			(84.4)	N/A	N/A	100.0 %
Loss on extinguishment of debt		16.3				-			-				-			-			-			-			16.3			-	N/A	N/A	N/A
Other adjustments		1.2				4.9			2.1				0.2			(0.4)			6.7			15.5			8.2			21.8	400.0 %	(75.5)%	(62.4)%
Net (income) loss attributable to non-controlling interests		-				(0.2)			0.2				0.2			0.3			(0.3)			(1.1)			-			(1.1)	(100.0)%	100.0 %	100.0 %
Preferred stock dividends		-				-			(4.7)				(4.7)			(4.7)			(4.6)			(4.7)			(4.7)			(14.0)	100.0 %	N/A	66.4 %
Net operating income(1)	$	84.1		$	183.2		$	147.8		$	96.6		$	69.4		$	153.7		$	148.5		$	415.1		$	371.6	21.2 %	(54.1)%	11.7 %
Global Lifestyle	$	124.0	$	123.8	$	129.1	$	87.9	$	106.6	$	121.8	$	120.9	$	376.9	$	349.3	16.3 %	0.2 %	7.9 %
Global Housing		3.2				93.7			67.4				61.1			13.1			85.4			74.2			164.3			172.7	(75.6)%	(96.6)%	(4.9)%
Corporate and Other(1)		(21.3)				(11.5)			(21.6)				(26.6)			(25.7)			(28.8)			(21.8)			(54.4)			(76.3)	17.1 %	(85.2)%	28.7 %
Interest expense		(21.8)				(22.8)			(22.4)				(21.1)			(19.9)			(20.1)			(20.1)			(67.0)			(60.1)	(9.5)%	4.4 %	(11.5)%
Preferred stock dividends			-				-			(4.7)				(4.7)			(4.7)			(4.6)			(4.7)			(4.7)			(14.0)	100.0 %	N/A	66.4 %
Net operating income(1)	$	84.1	$	183.2	$	147.8	$	96.6	$	69.4	$	153.7	$	148.5	$	415.1	$	371.6	21.2 %	(54.1)%	11.7 %

Segment net earned premiums, fees and other income(2)
Global Lifestyle	$	1,963.0	$	1,937.8	$	1,862.3	$	1,817.0	$	1,805.0	$	1,768.7	$	1,946.9	$	5,763.1	$	5,520.6	8.8 %	1.3 %	4.4 %
Global Housing		486.7			511.1			493.0				496.7			491.3			488.9			500.4			1,490.8			1,480.6	(0.9)%	(4.8)%	0.7 %
Total	$	2,449.7		$	2,448.9		$	2,355.3		$	2,313.7		$	2,296.3		$	2,257.6		$	2,447.3		$	7,253.9		$	7,001.2	6.7 %	- %	3.6 %
Segment net operating income(3)
$	127.2	$	217.5	$	196.5	$	149.0	$	119.7	$	207.2	$	195.1	$	541.2	$	522.0	6.3 %	(41.5)%	3.7 %
Segment net operating margin(4)		5.2 %			8.9 %			8.3 %				6.4 %			5.2 %			9.2 %			8.0 %			7.5 %			7.5 %	- bps	(370) bps	- bps

1. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
2. Includes net earned premiums, fees and other income of the Global Lifestyle and Global Housing operating segments.
3. Includes net operating income of the Global Lifestyle and Global Housing operating segments. Segment net operating income is equal to GAAP segment net income.
4. Equals segment net operating income divided by segment net earned premiums, fees and other income.

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Assurant, Inc.

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

					2021										2020							Nine Months			3Q21-3Q20		3Q21-2Q21		9M'21-9M'20
($ in millions)		3Q			2Q			1Q				4Q			3Q			2Q			1Q			2021			2020		% Change		% Change		% Change
GAAP net income from continuing operations	$	153.6	$	184.7	$	148.5	$	119.1	$	88.0	$	164.7	$	148.6	$	486.8	$	401.3	74.5 %	(16.8)%	21.3 %
Less:
Interest expense		27.5			28.8			28.4				26.8			25.5			26.7			25.5			84.7			77.7	7.8 %	(4.5)%	9.0 %
Provision (benefit) for income taxes		37.9			51.9			44.6				39.8			24.5			44.6			(48.5)			134.4			20.6	54.7 %	(27.0)%	552.4 %
Depreciation expense		18.1			17.5			16.8				15.5			13.9			14.3			12.4			52.4			40.6	30.2 %	3.4 %	29.1 %
Amortization of purchased intangible assets		15.7			17.3			17.0				16.7			12.5			12.3			11.2			50.0			36.0	25.6 %	(9.2)%	38.9 %
Adjustments, pre-tax:
Net realized (gains) losses on investments		(112.1)			(10.3)			(0.9)				(29.6)			(17.1)			(28.9)			85.0			(123.3)			39.0	(555.6)%	(988.3)%	(416.2)%
COVID-19 direct and incremental expenses		2.0			2.2			3.0				5.3			(0.6)			17.5			3.0			7.2			19.9	433.3 %	(9.1)%	(63.8)%
Loss on extinguishment of debt		20.7			-			-				-			-			-			-			20.7			-		N/A		N/A		N/A
Other adjustments(1)		0.2			5.2			1.0				(1.1)			(5.3)			6.7			11.9			6.4			13.3	103.8 %	(96.2)%	(51.9)%
(Income) loss attributable to non-controlling interests		-			(0.2)			0.2				0.3			0.2			(0.3)			(1.4)			-			(1.5)	(100.0)%	100.0 %	100.0 %
Adjusted EBITDA(2)	$	163.6	$	297.1	$	258.6	$	192.8	$	141.6	$	257.6	$	247.7	$	719.3	$	646.9	15.5 %	(44.9)%	11.2 %
Segment Adjusted EBITDA
Global Lifestyle(3)	$	176.5	$	186.0	$	193.0	$	137.2	$	150.6	$	175.4	$	173.8	$	555.5	$	499.8	17.2 %	(5.1)%	11.1 %
Global Housing(3)		10.1			128.0			93.5				85.9			24.0			116.0			101.2			231.6			241.2	(57.9)%	(92.1)%	(4.0)%
Corporate and Other(3)		(23.0)			(16.9)			(27.9)				(30.3)			(33.0)			(33.8)			(27.3)			(67.8)			(94.1)	30.3 %	(36.1)%	27.9 %
Total	$	163.6	$	297.1	$	258.6	$	192.8	$	141.6	$	257.6	$	247.7	$	719.3	$	646.9	15.5 %	(44.9)%	11.2 %

1. Refer to Footnote (4) in the Regulation G - Non GAAP Financial Measures for detail of what is included in other adjustments.
2. Below is a bridge from net operating income to Adjusted EBITDA (both including and excluding reportable catastrophes). Certain adjustments below are different from similarly captioned items above because of non-operating impacts that are included in GAAP net income from continuing operations and excluded from net operating income and Adjusted EBITDA. The reconciliation of these non-GAAP financial measures can be found above or in the Footnotes in Regulation G - Non GAAP Financial Measures.

			2021											2020							Nine Months			3Q21-3Q20		3Q21-2Q21		9M'21-9M'20
	3Q			2Q				1Q				4Q			3Q		2Q			1Q				2021			2020		% Change		% Change		% Change
Net operating income	$	84.1	$	183.2	$	147.8	$	96.6	$	69.4	$	153.7	$	148.5	$	415.1	$	371.6	21.2 %	(54.1)%	11.7 %
Interest expense		27.5			28.8			28.4				26.8			25.3			25.3			25.5			84.7			76.1	8.7 %	(4.5)%	11.3 %
Provision for income taxes		19.1			51.2			44.8				33.7			16.8			48.3			46.4			115.1			111.5	13.7 %	(62.7)%	3.2 %
Depreciation expense		17.2			16.6			15.9				14.3			12.9			13.4			11.4			49.7			37.7	33.3 %	3.6 %	31.8 %
Amortization of purchased intangible assets		15.7			17.3			17.0				16.7			12.5			12.3			11.2			50.0			36.0	25.6 %	(9.2)%	38.9 %
Preferred stock dividends		-			-			4.7				4.7			4.7			4.6			4.7			4.7			14.0	(100.0)%		N/A	(66.4)%
Adjusted EBITDA	$	163.6		$	297.1		$	258.6		$	192.8		$	141.6		$	257.6		$	247.7		$	719.3		$	646.9	15.5 %	(44.9)%	11.2 %
Net operating income, excluding reportable catastrophes
$	162.1	$	183.6	$	182.3	$	123.9	$	156.4	$	163.7	$	161.4	$	528.0	$	481.5	3.6 %	(11.7)%	9.7 %
Interest expense		27.5			28.8			28.4				26.8			25.3			25.3			25.5			84.7			76.1	8.7 %	(4.5)%	11.3 %
Provision for income taxes		39.8			51.3			53.9				41.1			39.9			50.9			49.8			145.0			140.6	(0.3)%	(22.4)%	3.1 %
Depreciation expense		17.2			16.6			15.9				14.3			12.9			13.4			11.4			49.7			37.7	33.3 %	3.6 %	31.8 %
Amortization of purchased intangible assets		15.7			17.3			17.0				16.7			12.5			12.3			11.2			50.0			36.0	25.6 %	(9.2)%	38.9 %
Preferred stock dividends		-			-			4.7				4.7			4.7			4.6			4.7			4.7			14.0	(100.0)%		N/A	(66.4)%
Adjusted EBITDA, excluding reportable catastrophes	$	262.3	$	297.6	$	302.2	$	227.5	$	251.7	$	270.2	$	264.0	$	862.1	$	785.9	4.2 %	(11.9)%	9.7 %

(3) Global Lifestyle Adjusted EBITDA, Global Housing Adjusted EBITDA and Corporate and Other Adjusted EBITDA are reconciled to its most comparable GAAP measure on pages 5, 7 and 9, respectively.

3