Assurant Q4 2023 Earnings Transcript

Fourth Quarter & Full-Year 2023 Results

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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.

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Significant Outperformance in 2023

Successfully delivered on our enterprise objectives

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. Includes share repurchases and common stock dividends.

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Defended our Market Leading Positions and Expanded Our Client Base

Global Housing 2023

Financial Highlights

Global Housing Adjusted EBITDA, excl. cats(1), delivered significant growth led by Homeowners

1. • Net earned premiums, fees and other income increased 14%
   • Strong retuonequity(2) and combined ratio (3)
   • Prior year reserves developed favorably
   • Further drove expense leverage & operational excellence
   • Expanded market position in Homeowners
   • • New partnership with major U.S. banking client
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.
3. Retuon equity is equal to (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.
4. Combined ratio is equal to (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.

Global Housing

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

685 +64%

417

20222023

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2024 Outlook: Continuing Track Record of Profitable Growth

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.

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