PDF for 2024 Annual Report 2024

About Assurant

Assurant is a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes, and automobiles. As a Fortune 500 company operating in 21 countries, Assurant leverages data-driven technology solutions to provide exceptional customer experiences.

We operate in North America, Latin America, Europe, and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through our Global Lifestyle segment, we provide mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products (referred to as "Connected Living"); and vehicle protection services, commercial equipment services, and other related services (referred to as "Global Automotive"). Through our Global Housing segment, we provide lender- placed homeowners, manufactured housing, and flood insurance, as well as voluntary manufactured housing, condominium, and homeowners insurance (referred to as "Homeowners"); and renters insurance and other products (referred to as "Renters and Other").

ADJUSTED EBITDA1

excluding reportable catastrophes

(in millions)

2022$1,128.3

2023$1,369.3

2024$1,569.4

ADJUSTED EPS1

excluding reportable catastrophes

2022$13.61

2023$17.13

2024$20.35

TOTAL REVENUE2

(in billions)

2022$9.9

2023$10.7

2024$11.4

A Message

to Our Shareholders

Assurant's continued outperformance and business momentum in 2024 is testament to the power of our differentiated business model and tremendously talented and high- performing teams consistently delivering best-in-class services, innovative solutions, and an exceptional customer experience.

I'm proud to share that 2024 extended our track record of impressive performance and generated significant commercial success across Assurant. It also marks our eighth consecutive year of profitable growth. We successfully delivered on our growth strategy by driving continued outperformance within Global Housing, leveraging our expertise and scale across specialty housing business lines. Across our Global Housing and Global Lifestyle businesses, we renewed significant, multi-year client contracts, and secured new business with industry leaders to position us for sustained growth in the years ahead.

Our consistent growth is testament to our incredible talent, the value of the products and services we deliver to our clients and their customers, and the quality of our customer experience. With momentum at an all- time high, Assurant continued to exceed expectations, reinforcing our position as a market leader and preferred partner, and maintaining our track record of financial excellence for our shareholders.

What Differentiates Assurant

We believe in the power of Assurant's unique business-to-business- to-consumer (B2B2C) business model and the value of our products and services for our clients and their end-customers. Our portfolio benefits from earnings and capital diversification across geographies and business lines, enabling resiliency through various macroeconomic environments and positioning us for ongoing growth. We build and maintain deep partnerships with the world's leading brands, delivering long-term growth opportunities alongside market leaders.

Assurant has significant scale in attractive and specialized markets. We have built a history of excellent risk management, long-tenured client relationships, and strong public company financials and ethics, elevating our standing with market leaders. Our decades of investments and innovation allow our services to complement our protection and

"At Assurant, we are united by our shared purpose, grounded by our values, and propelled by our commitment to passionately serve our customers."

KEITH DEMMINGS

President &

Chief Executive Officer

specialty insurance products, creating unique, hard-to-replicate solutions. And, our technology platforms are embedded with our clients' systems and processes to create exceptional customer experiences.

Significant new client wins and key partnership renewals reflect the benefits of our business model, the accountability we've shown, the trust we've earned, and the lasting demand for our offerings and solutions.

INNOVATING FOR OUR CLIENTS AND CUSTOMERS

In 2024, Assurant opened an Innovation and Device Care Center outside Nashville, Tennessee. Leveraging Industry 4.0 principles and technology - including automation, robotics, and machine learning - the

259,000-square-foot facility is a hub for Assurant's Device Lifecycle Solutions business, which serviced 23 million devices in 2024.

Approximately 800 onsite employees extend device lifecycles and reduce e-waste by processing, testing, and refurbishing connected devices. Customers trading in their old devices benefit financially from trade-in credits and positively impact the environment. Assurant Carbon IQ℠ , a proprietary Assurant solution that measures the carbon impact of connected devices, estimates that repurposing 9 million devices at our previous Nashville facility in 2023 prevented approximately 495,000 metric tons of carbon emissions.

Our People

The foundation of Assurant's success is our more than 14,000 dedicated employees, representing more than 80 nationalities, with a presence in

21 markets across North America, Latin America, Europe, and Asia Pacific. A premier global protection company, we partner with the world's leading brands to safeguard and service connected devices, homes, and automobiles. Our workforce is inspired by a shared purpose, grounded by our values, and propelled by our commitment to passionately serve more than 300 million global customers.

Continuous learning is essential to Assurant's success. Strategically investing in our people, we provide employees with a wide range of training and developmental opportunities to unlock their potential. In 2024, this included continuing to build out our manager and senior leader programming to strengthen our bench of future-ready leaders, implementing an enterprise-wide mentorship program to support emerging talent, further integrating AI tools like virtual mentors to support career pathing, technology labs and assessment for our IT employees, and access to industry-leading digital content for professional, technical, and managerial skill development.

Leveraging the capabilities of transformative technologies, we are enabling employees to spend their time on critical customer interactions, automating routine tasks, and improving how work is done. Our approach, grounded in our values, common sense, common decency, and uncommon thinking, continues to yield uncommon results that outperform our competitors. I couldn't be prouder of our collective accomplishments.

Continued Outperformance

Since 2019, we have increased Adjusted EBITDA1 by over $660 million, representing a 12 percent compounded annual growth rate, while growing adjusted EPS1 by over $11 per share, or an

18 percent compounded annual growth rate, both excluding catastrophes.

For 2024, we increased adjusted EBITDA1 by

15 percent to more than $1.5 billion, while growing adjusted EPS1 by 19 percent to more than $20, both excluding reportable catastrophes. GAAP Net Income exceeded $760 million, an 18 percent increase versus 2023. We are proud of our history of success and consistently demonstrating the momentum

of Assurant.

Global Housing

Our Global Housing business had another exceptional year, outperforming the Property and Casualty (P&C) industry.3 The segment's unique advantages and multiple growth levers generated over $900 million of Adjusted EBITDA, excluding catastrophes,4 differentiating the business from the broader P&C industry and laying the groundwork for additional underlying growth in 2025.

We achieved a retuon equity, including reporting catastrophes, of more than 30 percent for the second consecutive year. Growth has been supported through securing a new major U.S. banking client and more than ten renewals, representing over 17 million loans tracked in our lender-placed business. We also demonstrated continued expansion in our Renters' property management company relationships, renewing our relationships with two top-ten property management companies (PMCs) and more than 15 of the top 35 PMCs. We continued to enhance our customer experience through technological innovation.

Global Lifestyle

Connected Living

In Global Lifestyle, we experienced a strong year of key client wins and renewals, particularly within Connected Living. This included renewals with major carrier and cable operators, representing more than 40 million mobile subscribers, and winning fourteen new mobile trade-in programs, as well as the leading wireless carrier in Australia.

We continue investing in strategic, leading-edge partnerships and programs, including our mobile and financial services businesses. Our state-of-the-art Innovation & Device Care Center near Nashville is a

"Our continued growth through significant new client wins and key partnership renewals reflects the benefits of our business model, the accountability we've shown, the trust we've earned, and the lasting demand for our offerings and solutions."

great example, repurposing millions of devices per year and leveraging automation through robotics and AI.

We recently collaborated with a top U.S. carrier, on the launch of a new product that protects an unlimited number of Wi-Fi-enabled devices and electronics while providing premium tech support to consumers. This partnership represents another strategic growth vector and underscores the long-term opportunity presented by the convergence of broadband and mobile in the connected home.

Global Automotive

In Global Automotive, we partnered with auto dealers and agents, third-party administrators, manufacturers, and equipment retailers to market our vehicle protection, commercial equipment-related products, and other related services. We made progress in stabilizing earnings through targeted actions to address elevated claim costs in our vehicle service contract business and our Guaranteed Asset Protection (GAP) product. We also achieved key renewals across distribution channels and won nine new strategic clients globally, including continued expansion of our commercial equipment segment with two new partners.

We continue to be optimistic about the long-term outlook for this business.

Deep partnerships with the world's leading brands deliver long-term growth opportunities alongside market leaders.

We have significant scale in attractive and specialized markets benefitting from secular tailwinds.

A history of excellent risk management, long-tenured client relationships and strong public company financials and ethics elevate our standing with market leaders.

Decades of investment and innovation allow our services to complement our protection and specialty insurance products, creating unique, hard-to-replicate solutions.

Data-driven technology solutions are embedded with our clients' systems and processes to create exceptional customer experiences.

Capital Position

Global Lifestyle and Global Housing continued to generate significant cash flow in 2024, as the operating segments produced $805 million in segment dividends. This enabled us to retuover

$456 million to shareholders, including repurchasing

1.5 million shares of common stock for $300 million. In November, we increased our common stock dividend by 11 percent, which represented the 20th consecutive year we have raised our dividend since our IPO. We are proud of this achievement and expect our strong capital retuto continue.

We ended the year with $673 million of liquidity at the holding company, $448 million above the company's targeted minimum level of $225 million. This further reinforces our confidence in the cash flows of our businesses and our strong capital position.

2025 Outlook

Looking ahead to 2025, we expect to continue profitable growth, driven by our business momentum. Our results will once again demonstrate the combined capabilities of our diversified portfolio.

Focused on executing our growth strategy, we will continue to scale new and expand existing partnerships, invest in product innovation and program launches, and accelerate emerging growth opportunities. Supported by our diverse and talented global workforce, we will further elevate the customer experience, drive efficiencies across our operations, and focus on data-driven technology solutions

to enhance our leading position and extend our compelling track record of financial performance.