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Q1 for Q1 2024 Financial Supplement 2024

Assurant, Inc. (AIZ)

Financial Supplement as of March 31, 2024

ASSURANT, INC.

FINANCIAL SUPPLEMENT

(UNAUDITED)

As of March 31, 2024

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

Sean Moshier

Matt Cafarchio

Atlanta, Georgia 30339

Vice President

Director

770-763-1000

Investor Relations

Investor Relations

Website Address:

914-204-2253

484-356-4791

[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.

Assurant, Inc.

Summary Financial Highlights (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

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

1Q

4Q

3Q

2Q

1Q

% Change

% Change

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

$

2,760.0

$

2,852.2

$

2,661.0

$

2,645.5

$

2,545.6

8.4 %

(3.2)%

$

2,878.7

$

2,989.7

$

2,776.7

$

2,751.6

$

2,643.5

8.9 %

(3.7)%

$

236.4

$

182.5

$

190.1

$

156.3

$

113.6

108.1 %

29.5 %

$

370.7

$

360.8

$

330.7

$

323.1

$

242.9

52.6 %

2.7 %

$

383.7

$

382.4

$

357.1

$

336.5

$

293.3

30.8 %

0.3 %

$

4.47

$

3.42

$

3.54

$

2.90

$

2.12

110.8 %

30.7 %

$

4.78

$

4.58

$

4.29

$

3.89

$

2.75

73.8 %

4.4 %

$

4.97

$

4.90

$

4.68

$

4.09

$

3.49

42.4 %

1.4 %

29.7 %

30.2 %

31.7 %

32.2 %

32.6 %

(290) bps

(50) bps

26.6 %

27.2 %

27.3 %

28.2 %

28.7 %

(210) bps

(60) bps

$

253.5

$

279.5

$

201.6

$

179.5

$

112.0

126.3 %

(9.3)%

225,406

801,766

359,947

157,491

-

N/A

(71.9)%

$

176.77

$

162.14

$

138.89

$

127.05

$

-

N/A

9.0 %

$

39.9

$

130.0

$

50.0

$

20.0

$

-

N/A

(69.3)%

$

0.72

$

0.72

$

0.70

$

0.70

$

0.70

2.9 %

- %

$

37.4

$

38.5

$

37.1

$

39.7

$

37.0

1.1 %

(2.9)%

1.53 %

1.71 %

1.95 %

2.23 %

2.33 %

(80) bps

(18) bps

$

188.24

$

168.49

$

143.58

$

125.72

$

120.07

56.8 %

11.7 %

52,531,865

53,050,518

53,535,982

53,745,611

53,492,413

(1.8)%

(1.0)%

340,389

383,997

209,191

144,071

205,749

65.4 %

(11.4)%

52,872,254

53,434,515

53,745,173

53,889,682

53,698,162

(1.5)%

(1.1)%
  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.
  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 March 31, 2024, there was $634.6 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.

1

Assurant, Inc.

Consolidated Condensed Statements of Operations (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Net realized losses on investments and fair value changes to equity securities Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Interest expense

Gain on extinguishment of debt

Total benefits, losses and expenses

Income before provision for income taxes

Provision for income taxes

Net Income

Pre-tax income margin(1)

Net income margin(2)

Effective tax rate for net income

Investment yield(3)

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

$

2,376.5

$

2,422.2

$

2,357.3

$

2,343.0

$

2,265.5

4.9 %

(1.9)%

385.7

434.4

310.4

295.7

282.7

36.4 %

(11.2)%

2,762.2

2,856.6

2,667.7

2,638.7

2,548.2

8.4 %

(3.3)%

126.7

145.5

125.5

112.9

105.2

20.4 %

(12.9)%

(8.8)

(19.0)

(19.1)

(20.0)

(10.6)

17.0 %

53.7 %

2,880.1

2,983.1

2,774.1

2,731.6

2,642.8

9.0 %

(3.5)%

623.1

599.1

644.6

632.5

645.6

(3.5)%

4.0 %

1,937.3

2,130.6

1,873.7

1,867.6

1,823.2

6.3 %

(9.1)%

26.8

26.8

27.0

27.2

27.0

(0.7)%

- %

-

-

-

-

(0.1)

100.0 %

N/A

2,587.2

2,756.5

2,545.3

2,527.3

2,495.7

3.7 %

(6.1)%

292.9

226.6

228.8

204.3

147.1

99.1 %

29.3 %

56.5

44.1

38.7

48.0

33.5

68.7 %

28.1 %

$

236.4

$

182.5

$

190.1

$

156.3

$

113.6

108.1 %

29.5 %

10.6 %

7.9 %

8.6 %

7.7 %

5.8 %

480 bps

270 bps

8.6 %

6.4 %

7.1 %

5.9 %

4.5 %

410 bps

220 bps

19.3 %

19.5 %

16.9 %

23.5 %

22.8 %

(350) bps

(20) bps

5.01 %

5.78 %

5.04 %

4.58 %

4.34 %

67 bps

(77) bps

$

(0.2)

$

18.9

$

(3.1)

$

(4.0)

$

(4.4)

95.5 %

(101.1)%
  1. Equals income before provision for income taxes divided by total net earned premiums, fees and other income.
  2. Equals net income divided by total net earned premiums, fees and other income.
  3. Equals annualized net investment income divided by average investments and cash and cash equivalents.

2

Assurant, Inc.

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

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

GAAP net income

$

236.4

$

182.5

$

190.1

$

156.3

$

113.6

108.1 %

29.5 %

Less:

Interest expense

26.8

26.8

27.0

27.2

27.0

(0.7)%

- %

Provision for income taxes

56.5

44.1

38.7

48.0

33.5

68.7 %

28.1 %

Depreciation expense

30.6

31.7

25.8

25.4

26.4

15.9 %

(3.5)%

Amortization of purchased intangible assets

17.6

22.3

18.2

18.7

18.7

(5.9)%

(21.1)%

Adjustments, pre-tax:

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

8.8

19.0

19.1

20.0

10.6

(17.0)%

(53.7)%

Non-core operations

2.6

11.0

(3.0)

30.2

12.2

(78.7)%

(76.4)%

Restructuring costs

-

16.0

13.2

(1.3)

6.4

(100.0)%

(100.0)%

Assurant Health runoff operations

(0.4)

0.3

0.3

-

(7.5)

94.7 %

(233.3)%

Other adjustments(1)

(8.2)

7.1

1.3

(1.4)

2.0

(510.0)%

(215.5)%

Adjusted EBITDA

$

370.7

$

360.8

$

330.7

$

323.1

$

242.9

52.6 %

2.7 %

Segment Adjusted EBITDA

Global Lifestyle

$

207.7

$

204.6

$

191.8

$

197.0

$

198.9

4.4 %

1.5 %

Global Housing

192.5

186.1

165.1

154.6

68.4

181.4 %

3.4 %

Corporate and Other

(29.5)

(29.9)

(26.2)

(28.5)

(24.4)

(20.9)%

1.3 %

Total

$

370.7

$

360.8

$

330.7

$

323.1

$

242.9

52.6 %

2.7 %

Adjusted EBITDA(2)

$

370.7

$

360.8

$

330.7

$

323.1

$

242.9

52.6 %

2.7 %

Interest expense

(26.8)

(26.8)

(27.0)

(27.2)

(27.0)

0.7 %

- %

Provision for income taxes

(60.7)

(57.4)

(47.3)

(61.0)

(41.6)

(45.9)%

(5.7)%

Depreciation expense

(30.6)

(31.7)

(25.8)

(25.4)

(26.4)

(15.9)%

3.5 %

Adjusted earnings(2)

252.6

244.9

230.6

209.5

147.9

70.8 %

3.1 %

Reportable catastrophes, pre-tax

13.0

21.6

26.4

13.4

50.4

(74.2)%

(39.8)%

Tax impact of reportable catastrophes

(2.7)

(4.6)

(5.5)

(2.8)

(10.6)

74.5 %

41.3 %

Adjusted earnings, excluding reportable catastrophes(2)

$

262.9

$

261.9

$

251.5

$

220.1

$

187.7

40.1 %

0.4 %
  1. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for detail of what is included in Other adjustments.
  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

Global Lifestyle

Condensed Statements of Operations and Selected Data (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Total benefits, losses and expenses

Global Lifestyle Adjusted EBITDA

Adjusted EBITDA margin(1)

Supplemental financial information:

Income tax expense Effective tax rate Depreciation expense

Amortization of purchased intangible assets

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

Key Metrics:

Global mobile devices protected (in millions)(2)

Global mobile devices serviced (in millions)(3)

Global protected vehicles (in millions)(4)

Investment yield(5)

$

1,834.3

$

1,905.5

$

1,828.7

$

1,840.3

$

1,788.1

2.6 %

(3.7)%

353.5

400.9

277.1

268.6

252.2

40.2 %

(11.8)%

2,187.8

2,306.4

2,105.8

2,108.9

2,040.3

7.2 %

(5.1)%

90.2

103.8

86.1

80.9

76.7

17.6 %

(13.1)%

2,278.0

2,410.2

2,191.9

2,189.8

2,117.0

7.6 %

(5.5)%

417.7

412.7

421.9

402.3

371.0

12.6 %

1.2 %

1,652.6

1,792.9

1,578.2

1,590.5

1,547.1

6.8 %

(7.8)%

2,070.3

2,205.6

2,000.1

1,992.8

1,918.1

7.9 %

(6.1)%

$

207.7

$

204.6

$

191.8

$

197.0

$

198.9

4.4 %

1.5 %

9.5 %

8.9 %

9.1 %

9.3 %

9.7 %

(20) bps

60 bps

$

35.1

$

28.1

$

22.0

$

36.2

$

35.1

- %

24.9 %

20.8 %

17.1 %

14.0 %

22.3 %

21.4 %

(60) bps

370 bps

$

21.5

$

23.1

$

17.0

$

17.0

$

17.3

24.3 %

(6.9)%

$

17.3

$

17.4

$

17.4

$

17.9

$

17.9

(3.4)%

(0.6)%

$

-

$

15.3

$

(2.4)

$

(3.1)

$

(3.4)

100.0 %

(100.0)%

60.9

61.3

61.1

61.5

61.8

(1.5)%

(0.7)%

6.1

7.5

5.5

5.8

6.6

(7.6)%

(18.7)%

55.0

55.0

54.8

54.5

54.2

1.5 %

- %

5.33 %

6.19 %

5.26 %

4.97 %

4.71 %

62 bps

(86) bps
  1. Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
  2. Global mobile devices protected includes insurance and upgrade contracts inforce for mobile phones, tablets, e-readers and accessories.
  3. Global mobile devices serviced includes number of devices for which we provide value to our consumers and partners, through trade-ins and upgrades, technology, claims fulfillment, repair capabilities, logistics, and asset disposition.
  4. Global protected vehicles includes insurance and service contracts inforce for vehicles, RVs, powersports and ancillary products.
  5. Equals annualized net investment income divided by average investments and cash and cash equivalents.

4

Global Lifestyle (continued)

Condensed Statements of Operations and Selected Data (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Net written premiums:

Connected Living

Global Automotive

Total

Net earned premiums, fees and other income:

Connected Living

Global Automotive

Total

Adjusted EBITDA:

Connected Living

Global Automotive

Total

Line of business supplemental financial information:

Connected Living:

Income tax expense

Depreciation expense

Amortization of purchased intangible assets

Global Automotive:

Income tax expense

Depreciation expense

Amortization of purchased intangible assets

Constant Currency(1):

Percentage change in net earned premiums, fees and other income: Including foreign currency translation ("FX") impact

FX impact

Excluding FX impact

Percentage change in Global Lifestyle Adjusted EBITDA:

Including FX impact

FX impact

Excluding FX impact

Percentage change in Connected Living net earned premiums, fees and other income:

Including FX impact

FX impact

Excluding FX impact

Percentage change in Connected Living Adjusted EBITDA:

Including FX impact

FX impact

Excluding FX impact

Net earned premiums, fees and other income:

Domestic

International

Total

$

843.2

$

838.7

$

817.4

$

792.8

$

788.2

7.0 %

0.5 %

1,040.1

1,047.9

1,096.6

1,143.3

928.4

12.0 %

(0.7)%

$

1,883.3

$

1,886.6

$

1,914.0

$

1,936.1

$

1,716.6

9.7 %

(0.2)%

$

1,140.3

$

1,188.1

$

1,082.9

$

1,079.2

$

1,026.6

11.1 %

(4.0)%

1,047.5

1,118.3

1,022.9

1,029.7

1,013.7

3.3 %

(6.3)%

$

2,187.8

$

2,306.4

$

2,105.8

$

2,108.9

$

2,040.3

7.2 %

(5.1)%

$

132.9

$

123.0

$

120.7

$

122.0

$

116.9

13.7 %

8.0 %

74.8

81.6

71.1

75.0

82.0

(8.8)%

(8.3)%

$

207.7

$

204.6

$

191.8

$

197.0

$

198.9

4.4 %

1.5 %

$

22.9

$

16.5

$

14.2

$

22.6

$

20.5

11.7 %

38.8 %

$

15.4

$

18.7

$

13.0

$

12.8

$

13.1

17.6 %

(17.6)%

$

7.5

$

7.5

$

7.8

$

8.0

$

8.0

(6.3)%

- %

$

12.2

$

11.6

$

7.8

$

13.6

$

14.6

(16.4)%

5.2 %

$

6.1

$

4.4

$

4.0

$

4.2

$

4.2

45.2 %

38.6 %

$

9.8

$

9.9

$

9.6

$

9.9

$

9.9

(1.0)%

(1.0)%

7.2 %

13.2 %

4.1 %

4.8 %

2.6 %

460

bps

(600) bps

(0.2)%

0.2 %

0.1 %

(0.8)%

(1.4)%

120

bps

(40) bps

7.4 %

13.0 %

4.0 %

5.6 %

4.0 %

340

bps

(560) bps

4.4 %

12.2 %

6.9 %

(10.9)%

(12.3)%

1,670

bps

(780) bps

(1.0)%

- %

- %

(1.3)%

(2.5)%

150

bps

(100) bps

5.4 %

12.2 %

6.9 %

(9.6)%

(9.8)%

1,520

bps

(680) bps

11.1 %

12.2 %

2.8 %

0.8 %

(4.7)%

1,580

bps

(110) bps

(0.6)%

0.1 %

(0.1)%

(1.6)%

(2.3)%

170

bps

(70) bps

11.7 %

12.1 %

2.9 %

2.4 %

(2.4)%

1,410

bps

(40) bps

13.7 %

22.8 %

18.0 %

(4.5)%

(14.7)%

2,840

bps

(910) bps

(2.1)%

(1.0)%

(0.8)%

(2.4)%

(3.9)%

180

bps

(110) bps

15.8 %

23.8 %

18.8 %

(2.1)%

(10.8)%

2,660

bps

(800) bps

$

1,716.5

$

1,835.8

$

1,633.8

$

1,660.1

$

1,609.8

6.6 %

(6.5)%

471.3

470.6

472.0

448.8

430.5

9.5 %

0.1 %

$

2,187.8

$

2,306.4

$

2,105.8

$

2,108.9

$

2,040.3

7.2 %

(5.1)%
  1. Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to- period comparisons.

5

Global Housing

Condensed Statements of Operations and Selected Data (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Revenues:

Net earned premiums

Fees and other income

Total net earned premiums, fees and other income

Net investment income

Total revenues

Benefits, losses and expenses:

Policyholder benefits

Underwriting, selling, general and administrative expenses

Total benefits, losses and expenses

Global Housing Adjusted EBITDA

Reportable catastrophes

Global Housing Adjusted EBITDA, excluding reportable catastrophes(1)

Adjusted EBITDA margin(2)

Supplemental financial information:

Income tax expense

Effective tax rate

Depreciation expense

Amortization of purchased intangible assets

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

Net earned premiums, fees and other income:

Homeowners

Renters and Other

Total

Gross earned premiums

Gross written premiums

Reconciliation of gross earned premiums to net earned premiums:

Gross earned premiums

Ceded catastrophe reinsurance(3)

Ceded to U.S. Government

Ceded to clients

Net earned premiums

$

540.6

$

513.1

$

521.9

$

504.5

$

475.0

13.8 %

5.4 %

31.6

32.7

33.3

32.1

30.3

4.3 %

(3.4)%

572.2

545.8

555.2

536.6

505.3

13.2 %

4.8 %

28.5

33.7

29.6

25.2

21.2

34.4 %

(15.4)%

600.7

579.5

584.8

561.8

526.5

14.1 %

3.7 %

200.3

176.6

218.7

207.8

258.9

(22.6)%

13.4 %

207.9

216.8

201.0

199.4

199.2

4.4 %

(4.1)%

408.2

393.4

419.7

407.2

458.1

(10.9)%

3.8 %

192.5

186.1

165.1

154.6

68.4

181.4 %

3.4 %

12.9

21.9

26.2

13.4

49.5

(73.9)%

(41.1)%

74.2 %

(1.3)%

$

205.4

$

208.0

$

191.3

$

168.0

$

117.9

33.6 %

34.1 %

29.7 %

28.8 %

13.5 %

2,010 bps

(50) bps

$

36.6

$

35.5

$

31.9

$

30.9

$

12.0

205.0 %

3.1 %

19.9 %

20.5 %

20.4 %

21.2 %

20.3 %

(40) bps

(60) bps

$

8.6

$

7.9

$

8.0

$

7.9

$

8.5

1.2 %

8.9 %

$

0.3

$

4.9

$

0.8

$

0.8

$

0.8

(62.5)%

(93.9)%

$

(0.2)

$

3.4

$

(0.7)

$

(0.9)

$

(1.0)

80.0 %

(105.9)%

$

447.4

$

425.6

$

434.1

$

412.3

$

391.4

14.3 %

5.1 %

124.8

120.2

121.1

124.3

113.9

9.6 %

3.8 %

13.2 %

4.8 %

$

572.2

$

545.8

$

555.2

$

536.6

$

505.3

$

780.5

$

779.7

$

767.1

$

748.2

$

724.9

7.7 %

0.1 %

$

730.1

$

783.5

$

858.9

$

833.3

$

630.5

15.8 %

(6.8)%

$

780.5

$

779.7

$

767.1

$

748.2

$

724.9

7.7 %

0.1 %

(34.4)

(62.1)

(46.6)

(46.6)

(46.7)

26.3 %

44.6 %

(107.7)

(109.1)

(106.7)

(108.8)

(117.1)

8.0 %

1.3 %

(97.8)

(95.4)

(91.9)

(88.3)

(86.1)

(13.6)%

(2.5)%

13.8 %

5.4 %

$

540.6

$

513.1

$

521.9

$

504.5

$

475.0
  1. Represents a non-GAAP financial measure because it excludes reportable catastrophes. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Footnote 2 in Regulation G - Non-GAAP Measures.
  2. Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.
  3. All periods reflect catastrophe reinsurance premiums.

6

Global Housing (continued)

Condensed Statements of Operations and Selected Data (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Key Metrics:

Global Housing loss ratio(1)

Global Housing non-catastrophe loss ratio(2)

Global Housing expense ratio(3)

Global Housing combined ratio(4)

Global Housing annualized ROE(5)

Investment yield(6)

Lender-Placed Insurance: Loans tracked (in millions)(7)

Lender-Placed Insurance: Placement rates(8)

Lender-Placed Insurance: Average insured value ("AIV") (in thousands)(7)

Renters policies (in millions)

  • Spread of exposure(9) Region Name
    Middle U.S. states Northeastecoastal exposure Northeinland exposure Southeinland exposure Southeand HI coastal exposure WesteU.S. states
    Total

37.1 %

34.7 %

37.9 %

72.9 %

44.8 %

4.57 %

32.3

1.83 %

$ 270

2.713

12.7 %

17.0 %

10.3 %

11.8 %

17.1 %

31.1 %

100.0 %

34.4 %

41.9 %

41.2 %

54.5 %

(1,740) bps

270

bps

30.1 %

36.6 %

38.5 %

43.8 %

(910) bps

460

bps

42.1 %

37.8 %

38.8 %

41.3 %

(340) bps

(420) bps

74.4 %

77.2 %

77.5 %

92.5 %

(1,960) bps

(150) bps

40.5 %

35.0 %

33.6 %

14.6 %

3,020 bps

430

bps

5.25 %

4.55 %

4.01 %

3.64 %

93 bps

(68) bps

30.4

30.7

31.1

31.4

2.9 %

6.3 %

1.80 %

1.74 %

1.71 %

1.71 %

12 bps

3 bps

$

263

$

258

$

247

$

239

13.0 %

2.7 %

2.702

2.690

2.646

2.639

2.8 %

0.4 %

12.5 %

11.9 %

11.5 %

11.2 %

150

bps

20 bps

17.2 %

17.1 %

17.0 %

17.1 %

(10) bps

(20) bps

9.4 %

8.3 %

7.5 %

7.5 %

280

bps

90 bps

12.2 %

12.5 %

13.0 %

12.9 %

(110) bps

(40) bps

18.6 %

20.9 %

22.1 %

23.1 %

(600) bps

(150) bps

30.1 %

29.3 %

28.9 %

28.2 %

290

bps

100 bps

100.0 %

100.0 %

100.0 %

100.0 %

Middle U.S. States

NortheasteCoastal Exposure

NortheInland Exposure

SoutheInland Exposure

Southeand HI Coastal Exposure

WesteU.S. States

  1. Equals policyholder benefits divided by net earned premiums.
  2. Represents a non-GAAP financial measure. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.
  3. Equals (i) underwriting, selling, general and administrative expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income.
  4. Equals (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.
  5. Calculated using (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.
  6. Equals annualized net investment income divided by average investments and cash and cash equivalents.
  7. Includes tracked hazard loans and other loans serviced.
  8. Equals hazard policies in force divided by tracked hazard loans.
  9. Geographical spread of exposure is based on the company's assessment of total insured value for all of Global Housing.

7

Total Corporate and Other

Condensed Statements of Operations and Selected Data (Unaudited)

2024

2023

1Q24-1Q23

1Q24-4Q23

($ in millions)

1Q

4Q

3Q

2Q

1Q

% Change

% Change

Revenues:

Net earned premiums

$

-

$

-

$

-

$

-

$

-

N/A

N/A

Fees and other income

0.2

-

0.1

-

0.1

100.0 %

N/A

Net investment income

5.6

5.8

7.3

3.8

4.5

24.4 %

(3.4)%

Total revenues

5.8

5.8

7.4

3.8

4.6

26.1 %

- %

Benefits, losses and expenses:

Policyholder benefits

-

-

-

-

0.1

(100.0)%

N/A

Underwriting, selling, general and administrative expenses

35.3

35.7

33.6

32.3

28.9

22.1 %

(1.1)%

Total benefits, losses and expenses

35.3

35.7

33.6

32.3

29.0

21.7 %

(1.1)%

Corporate and Other Adjusted EBITDA

$

(29.5)

$

(29.9)

$

(26.2)

$

(28.5)

$

(24.4)

(20.9)%

1.3 %

Supplemental financial information:

Interest expense

$

26.8

$

26.8

$

27.0

$

27.2

$

27.0

(0.7)%

- %

Income tax benefit

$

(15.2)

$

(19.5)

$

(15.2)

$

(19.1)

$

(13.6)

(11.8)%

22.1 %

Depreciation expense

$

0.5

$

0.7

$

0.8

$

0.5

$

0.6

(16.7)%

(28.6)%

8

Disclaimer

Assurant Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 20:28:23 UTC.

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