Q1 for Q1 2023 Financial Supplement 2023

Assurant, Inc. (AIZ)

Financial Supplement as of March 31, 2023

	ASSURANT, INC.
	FINANCIAL SUPPLEMENT
	(UNAUDITED)
	As of March 31, 2023
INDEX TO FINANCIAL SUPPLEMENT
	Page:
SUMMARY FINANCIAL HIGHLIGHTS	1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS	2
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME AND ADJUSTED EARNINGS	3
SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA	4
SEGMENT CONDENSED BALANCE SHEETS	9
INVESTMENTS	10
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS	12
RATINGS SUMMARY	13
REGULATION G - NON-GAAP FINANCIAL MEASURES	14

CONTACT INFORMATION
Corporate Headquarters Address:	Investor Inquiries:
260 Interstate North Circle SE	Suzanne Shepherd	Sean Moshier
Atlanta, Georgia 30339	Senior Vice President	Vice President
770-763-1000	Investor Relations and Sustainability	Investor Relations
	201-788-4324	914-204-2253
Website Address:	[email protected]	[email protected]
www.assurant.com

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 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. Leamore at assurant.com or on Twitter @Assurant.

Assurant, Inc.

Summary Financial Highlights (Unaudited)

	2023		2022		1Q23-1Q22	1Q23-4Q22
($ in millions, except per share amounts and closing stock price)					% Change	% Change
1Q	4Q	3Q	2Q	1Q

KEY FINANCIAL METRICS

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

Total segment revenues(1)

Net income

Adjusted EBITDA(2)

Adjusted EBITDA, excluding reportable catastrophes(3)(4)

Per share:

Net income, 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)

Dividends from subsidiaries, net of capital infusions

Share repurchases:

Shares repurchased

Average repurchase price per share

Total cost of share repurchase(5)

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 Weighted average diluted common shares outstanding

$	2,545.6
$	2,643.5
$	113.6
$	242.9
$	293.3

$	2.12
$	2.75
$	3.49
	32.6 %
	28.7 %
$	112.0

	-
$	-
$	-

$	0.70
$	37.0
	2.33 %
$	120.07

53,492,413

205,749

53,698,162

$	2,547.2	$	2,474.4	$	2,479.0	$	2,445.9	4.1 %	(0.1)%
$	2,640.8	$	2,550.2	$	2,562.7	$	2,522.2	4.8 %	0.1 %
$	68.1	$	7.3	$	52.2	$	149.0	(23.8)%	66.8 %
$	274.2	$	116.0	$	257.1	$	308.9	(21.4)%	(11.4)%
$	296.3	$	239.6	$	277.4	$	315.0	(6.9)%	(1.0)%

$	1.27	$	0.14	$	0.95	$	2.65	(20.0)%	66.9 %
$	3.23	$	1.01	$	2.95	$	3.89	(29.3)%	(14.9)%
$	3.56	$	2.81	$	3.25	$	3.98	(12.3)%	(2.0)%
	33.5 %		34.2 %		32.3 %		30.6 %	200	bps	(90) bps
	29.0 %		29.1 %		28.7 %		28.7 %	-	bps	(30) bps
$	89.1	$	142.5	$	188.8	$	129.1	(13.2)%	25.7 %

	89,887		492,615		1,285,056		1,480,000	(100.0)%	(100.0)%
$	144.63	$	163.34	$	180.38	$	163.80	(100.0)%	(100.0)%
$	13.0	$	80.4	$	231.8	$	242.4	(100.0)%	(100.0)%

$	0.70	$	0.68	$	0.68	$	0.68	2.9 %	- %
$	37.5	$	36.7	$	38.6	$	37.4	(1.1)%	(1.3)%
	2.24 %		1.87 %		1.57 %		1.50 %	83 bps	9 bps
$	125.06	$	145.27	$	172.85	$	181.83	(34.0)%	(4.0)%

53,415,238	53,717,373	54,607,321	55,779,362	(4.1)%	0.1 %
358,624		349,232		407,626		401,042	(48.7)%	(42.6)%
53,773,862	54,066,605	55,014,947	56,180,404	(4.4)%	(0.1)%

Includes net earned premiums, fees and other income and total revenues of the Global Lifestyle and Global Housing operating segments.
Refer to page 3 for a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income.
Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
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.
As of March 31, 2023, there was $274.5 million remaining under the total repurchase authorization.
Common stock dividend yield is calculated by annualizing the quarterly common stock dividend per share and dividing by the quarter's closing stock price.

Assurant, Inc.

Consolidated Condensed Statements of Operations (Unaudited)

		2023						2022					1Q23-1Q22			1Q23-4Q22
($ in millions)
	1Q			4Q			3Q			2Q			1Q	% Change			% Change

Revenues:

Net earned premiums	$	2,265.5	$	2,262.9	$	2,197.1	$	2,168.9	$	2,136.4	6.0 %	0.1 %
Fees and other income		282.7			301.1			294.6			325.2			322.4	(12.3)%	(6.1)%
Total net earned premiums, fees and other income		2,548.2			2,564.0			2,491.7			2,494.1			2,458.8	3.6 %	(0.6)%
Net investment income		105.2			102.3			83.5			92.0			86.3	21.9 %	2.8 %
Net realized losses on investments and fair value changes to equity securities		(10.6)			(13.5)			(27.4)			(76.4)			(62.4)	83.0	%	21.5 %
Total revenues		2,642.8			2,652.8			2,547.8			2,509.7			2,482.7	6.4	%	(0.4)%
Benefits, losses and expenses:
Policyholder benefits		645.6			599.3			670.5			600.0			490.0	31.8	%	7.7 %
Underwriting, selling, general and administrative expenses		1,823.2			1,921.5			1,842.5			1,811.7			1,790.6	1.8	%	(5.1)%
Goodwill impairment		-			7.8			-			-			-		N/A	(100.0)%
Interest expense		27.0			27.9			26.3			27.2			26.9	0.4	%	(3.2)%
(Gain) loss on extinguishment of debt		(0.1)			-			-			0.9			-		N/A			N/A

Total benefits, losses and expenses		2,495.7			2,556.5			2,539.3			2,439.8			2,307.5	8.2	%	(2.4)%
Income before provision for income taxes		147.1			96.3			8.5			69.9			175.2	(16.0)%	52.8 %
Provision for income taxes		33.5			28.2			1.2			17.7			26.2	27.9	%	18.8 %
Net income	$	113.6	$	68.1	$	7.3	$	52.2	$	149.0	(23.8)%	66.8 %
Pre-tax income margin(1)

	5.8 %			3.8 %			0.3 %			2.8 %			7.1 %	(130) bps	200	bps

Net income margin(2)		4.5 %			2.7 %			0.3 %			2.1 %			6.1 %	(160) bps	180	bps
Effective tax rate for net income		22.8 %			29.3 %			14.1 %			25.3 %			15.0 %	780	bps		(650) bps
Investment yield		4.34 %			4.27 %			3.57 %			3.93 %			3.46 %	88	bps	7	bps
Real estate joint venture partnerships (loss) income from sales and	$	(4.4)	$	9.2	$	(2.9)	$	12.2	$	(0.6)	(633.3)%	(147.8)%
depreciation expense, pre-tax

Equals income before provision for income taxes divided by total net earned premiums, fees and other income.
Equals net income divided by total net earned premiums, fees and other income.

Assurant, Inc.

Reconciliation of Adjusted EBITDA to Net Income and Adjusted Earnings (Unaudited)

			2023								2022					1Q23-1Q22			1Q23-4Q22
($ in millions)			1Q				4Q				3Q			2Q			1Q	% Change			% Change


GAAP net income		$	113.6		$	68.1	$	7.3	$	52.2	$	149.0	(23.8)%	66.8 %

Less:
Interest expense			27.0				27.9				26.3			27.2			26.9	0.4	%	(3.2)%
Provision for income taxes			33.5				28.2				1.2			17.7			26.2	27.9	%	18.8	%
Depreciation expense			26.4				21.6				22.6			21.8			20.3	30.0	%	22.2 %
Amortization of purchased intangible assets			18.7				17.8				17.3			17.0			17.6	6.2	%	5.1	%
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity securities			10.6				13.5				27.4			76.4			62.4	(83.0)%	(21.5)%

Non-core operations			12.2				34.4				2.9			36.7			5.5	121.8	%	(64.5)%
Restructuring costs			6.4				52.9				-			0.2			-	N/A	(87.9)%
Assurant Health runoff operations			(7.5)				-				0.1			0.5			-	N/A		N/A
Other adjustments(1)			2.0				9.8				10.9			7.4			1.0	100.0	%	(79.6)%
Adjusted EBITDA		$	242.9		$	274.2	$	116.0	$	257.1	$	308.9	(21.4)%	(11.4)%



Segment Adjusted EBITDA
Global Lifestyle		$	198.9		$	182.3	$	179.4	$	221.0	$	226.7	(12.3)%	9.1	%
Global Housing			68.4				119.1				(38.5)			61.0			104.4	(34.5)%	(42.6)%
Corporate and Other			(24.4)				(27.2)				(24.9)			(24.9)			(22.2)	(9.9)%	10.3	%
Total		$	242.9		$	274.2	$	116.0	$	257.1	$	308.9	(21.4)%	(11.4)%



Adjusted EBITDA(2)		$	242.9		$	274.2	$	116.0	$	257.1	$	308.9	(21.4)%	(11.4)%
Interest expense			(27.0)				(27.9)				(26.3)			(27.2)			(26.9)	(0.4)%	3.2	%
Provision for income taxes			(41.6)				(50.9)				(12.4)			(45.7)			(43.1)	3.5	%	18.3	%
Depreciation expense			(26.4)				(21.6)				(22.6)			(21.8)			(20.3)	(30.0)%	(22.2)%
Adjusted earnings(2)
		147.9				173.8				54.7			162.4			218.6	(32.3)%	(14.9)%
Reportable catastrophes, pre-tax			50.4				22.1				123.6			20.3			6.1	726.2	%	128.1	%
Tax impact of reportable catastrophes			(10.6)				(4.7)				(26.0)			(4.2)			(1.3)	(715.4)%	(125.5)%
Adjusted earnings, excluding reportable catastrophes(2)
	$	187.7		$	191.2	$	152.3	$	178.5	$	223.4	(16.0)%	(1.8)%

Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for detail of what is included in Other adjustments.
Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.

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Assurant Inc. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 20:37:06 UTC.