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Q1 for Q1 2025 Financial Supplement 2025

‌Assurant, Inc. (AIZ)

Financial Supplement as of March 31, 2025

‌ASSURANT, INC.

FINANCIAL SUPPLEMENT

(UNAUDITED)

As of March 31, 2025

INDEX TO FINANCIAL SUPPLEMENT

SUMMARY FINANCIAL HIGHLIGHTS

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME AND ADJUSTED EARNINGS SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA

SEGMENT CONDENSED BALANCE SHEETS INVESTMENTS

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS RATINGS SUMMARY

Page:

3

4

5

6

11

12

14

15

REGULATION G - NON-GAAP FINANCIAL MEASURES 16

CONTACT INFORMATION

Corporate Headquarters Address:

Investor Inquiries:

260 Interstate North Circle SE

Rebekah Biondo

Sean Moshier

Matt Cafarchio

Atlanta, Georgia 30339

Deputy CFO

Vice President, Investor Relations

Director, Investor Relations

770-763-1000

786-374-7283

914-204-2253

484-356-4791

[email protected]

[email protected]

[email protected]

Website Address:

https://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)

2025

2024

1Q25-1Q24

1Q25-4Q24

($ 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)

$ 2,993.9

$ 2,853.3

$ 2,817.1

$ 2,760.0

7.4 %

(1.0)%

Total segment revenues(1)

$ 3,123.4

$ 2,973.4

$ 2,932.7

$ 2,878.7

7.0 %

(1.4)%

Net income

$ 201.3

$ 133.8

$ 188.7

$ 236.4

(38.0)%

(27.2)%

Adjusted EBITDA(2)

$ 381.4

$ 246.9

$ 323.4

$ 370.7

(23.9)%

(26.0)%

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

$ 431.5

$ 385.1

$ 369.1

$ 383.7

14.5 %

1.8 %

Per share:

Net income, per diluted share

$ 3.87

$ 2.55

$ 3.58

$ 4.47

(36.7)%

(26.9)%

Adjusted earnings, per diluted share(3)

$ 4.79

$ 3.00

$ 4.08

$ 4.78

(29.1)%

(29.2)%

Adjusted earnings, excluding reportable catastrophes, per diluted share(3)(4)

$ 5.54

$ 5.08

$ 4.77

$ 4.97

16.5 %

4.5 %

Debt to total capital ratio

29.0 %

28.4 %

29.4 %

29.7 %

(120) bps

(50) bps

Debt to total capital ratio, excluding AOCI(3)

26.0 %

26.1 %

26.2 %

26.6 %

(80) bps

(20) bps

Dividends from subsidiaries, net of capital infusions

$ 248.3

$ 161.3

$ 141.6

$ 253.5

(73.7)%

(73.2)%

Share repurchases:

Shares repurchased

558,510

530,328

234,276

225,406

32.6 %

(46.5)%

Average repurchase price per share

$ 214.80

$ 188.55

$ 171.35

$ 176.77

18.2 %

(2.7)%

Total cost of share repurchase(5)

$ 119.9

$ 100.0

$ 40.1

$ 39.9

56.6 %

(47.9)%

Common stock dividends:

Dividend per share

$ 0.80

$ 0.72

$ 0.72

$ 0.72

11.1 %

- %

Total paid

$ 41.1

$ 37.5

$ 39.9

$ 37.4

9.4 %

(0.5)%

Yield(6)

1.50 %

1.45 %

1.73 %

1.53 %

- bps

3 bps

AIZ closing stock price (NYSE)

$ 213.22

$ 198.86

$ 166.25

$ 188.24

11.4 %

(1.6)%

Share Data:

Weighted average basic common shares outstanding

51,696,455

52,204,057

52,500,727

52,531,865

(2.4)%

(0.8)%

Incremental common shares from:

Performance share units and employee stock purchase plan

379,593

260,465

217,009

340,389

32.1 %

18.5 %

Weighted average diluted common shares outstanding

52,076,048

52,464,522

52,717,736

52,872,254

(2.2)%

(0.7)%

$ 2,963.4

$ 3,081.1

$ 146.6

$ 282.2

$ 439.2

$ 2.83

$ 3.39

$ 5.79

28.5 %

25.8 %

$ 66.6

298,946

$ 208.98

$ 62.5

$ 0.80

$ 40.9

1.53 %

$ 209.75

51,281,419

449,697

51,731,116

  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 5 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, 2025, there was $312.1 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.

‌Assurant, Inc.

Consolidated Condensed Statements of Operations (Unaudited)

2025 2024 1Q25-1Q24 1Q25-4Q24

$ 2,562.3

402.9

2,965.2

124.8

(16.0)

3,074.0

779.7

1,305.4

184.8

593.6

26.8

2,890.3

183.7

37.1

$ 146.6

6.2 %

4.9 %

20.2 %

4.64 %

$ (3.2)

($ 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

Selling and underwriting expenses Cost of sales

General expenses Interest expense

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

$ 2,557.5 $ 2,417.2 $ 2,444.6 $ 2,376.5 7.8 % 0.2 %

438.6 439.1 375.2 385.7 4.5 % (8.1)%

2,996.1 2,856.3 2,819.8 2,762.2 7.3 % (1.0)%

137.8 129.7 124.7 126.7 (1.5)% (9.4)%

(29.1) (18.3) (19.6) (8.8) (81.8)% 45.0 %

3,104.8 2,967.7 2,924.9 2,880.1 6.7 % (1.0)%

670.5 776.8 696.1 623.1 25.1 % 16.3 %

1,265.4 1,221.1 1,223.1 1,221.6 6.9 % 3.2 %

248.3 224.8 182.5 186.0 (0.6)% (25.6)%

643.8 566.8 563.6 529.7 12.1 % (7.8)%

26.8 26.7 26.7 26.8 - % - %

2,854.8 2,816.2 2,692.0 2,587.2 11.7 % 1.2 %

250.0 151.5 232.9 292.9 (37.3)% (26.5)%

48.7 17.7 44.2 56.5 (34.3)% (23.8)%

$ 201.3 $ 133.8 $ 188.7 $ 236.4 (38.0)% (27.2)%

8.3 % 5.3 % 8.3 % 10.6 % (440) bps (210) bps

6.7 % 4.7 % 6.7 % 8.6 % (370) bps (180) bps

19.5 % 11.7 % 19.0 % 19.3 % 90 bps 70 bps

5.13 % 4.83 % 4.83 % 5.01 % (37) bps (49) bps

$ 5.6 $ (3.7) $ (3.6) $ (0.2) (1,500.0)% (157.1)%

  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.

    ‌Assurant, Inc.

    Reconciliation of Adjusted EBITDA to Net Income and Adjusted Earnings

    (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    1Q

    4Q

    3Q

    2Q

    1Q

    % Change

    % Change

    ($ in millions)

    GAAP net income

    $ 146.6

    $ 201.3

    $ 133.8

    $ 188.7

    $ 236.4

    (38.0)%

    (27.2)%

    Less:

    Interest expense

    26.8

    26.8

    26.7

    26.7

    26.8

    - %

    - %

    Provision for income taxes

    37.1

    48.7

    17.7

    44.2

    56.5

    (34.3)%

    (23.8)%

    Depreciation expense

    35.1

    39.9

    38.9

    30.0

    30.6

    14.7 %

    (12.0)%

    Amortization of purchased intangible assets

    18.4

    17.2

    17.0

    17.3

    17.6

    4.5 %

    7.0 %

    Adjustments, pre-tax:

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

    16.0

    29.1

    18.3

    19.6

    8.8

    81.8 %

    (45.0)%

    Non-core operations

    1.8

    5.6

    2.3

    3.7

    2.6

    (30.8)%

    (67.9)%

    Restructuring costs

    (1.1)

    5.2

    (1.0)

    1.2

    -

    N/A

    (121.2)%

    Other adjustments(1)

    1.5

    7.6

    (6.8)

    (8.0)

    (8.6)

    117.4 %

    (80.3)%

    Adjusted EBITDA

    $ 282.2

    $ 381.4

    $ 246.9

    $ 323.4

    $ 370.7

    (23.9)%

    (26.0)%

    Segment Adjusted EBITDA

    Global Lifestyle

    $ 197.8

    $ 191.7

    $ 184.3

    $ 189.7

    $ 207.7

    (4.8)%

    3.2 %

    Global Housing

    112.4

    225.4

    92.4

    160.9

    192.5

    (41.6)%

    (50.1)%

    Corporate and Other

    (28.0)

    (35.7)

    (29.8)

    (27.2)

    (29.5)

    5.1 %

    21.6 %

    Total

    $ 282.2

    $ 381.4

    $ 246.9

    $ 323.4

    $ 370.7

    (23.9)%

    (26.0)%

    Adjusted EBITDA(2)

    $ 282.2

    $ 381.4

    $ 246.9

    $ 323.4

    $ 370.7

    (23.9)%

    (26.0)%

    Interest expense

    (26.8)

    (26.8)

    (26.7)

    (26.7)

    (26.8)

    - %

    - %

    Provision for income taxes

    (44.8)

    (65.6)

    (23.6)

    (51.4)

    (60.7)

    26.2 %

    31.7 %

    Depreciation expense

    (35.1)

    (39.9)

    (38.9)

    (30.0)

    (30.6)

    (14.7)%

    12.0 %

    Adjusted earnings(2)

    175.5

    249.1

    157.7

    215.3

    252.6

    (30.5)%

    (29.5)%

    Reportable catastrophes, pre-tax

    157.0

    50.1

    138.2

    45.7

    13.0

    1,107.7 %

    213.4 %

    Tax impact of reportable catastrophes

    (33.0)

    (10.5)

    (29.0)

    (9.6)

    (2.7)

    (1,122.2)%

    (214.3)%

    Adjusted earnings, excluding reportable catastrophes(2)

    $ 299.5

    $ 288.7

    $ 266.9

    $ 251.4

    $ 262.9

    13.9 %

    3.7 %

    (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.

    ‌Global Lifestyle

    Condensed Statements of Operations and Selected Data (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    1Q

    4Q

    3Q

    2Q

    1Q

    % Change

    % Change

    ($ in millions)

    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

    Selling and underwriting expenses Cost of sales

    General 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

    Global Lifestyle Adjusted earnings(2)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)(3)Global mobile devices serviced (in millions)(4)Global protected vehicles (in millions)(5)Investment yield(6)

    $ 1,952.3 $ 1,857.8 $ 1,861.6 $ 1,834.3 6.1 % (0.3)%

    394.2 391.7 321.9 353.5 2.1 % (8.4)%

    2,346.5 2,249.5 2,183.5 2,187.8 5.4 % (1.7)%

    92.3 88.4 85.7 90.2 (6.9)% (9.0)%

    2,438.8 2,337.9 2,269.2 2,278.0 4.9 % (2.0)%

    460.8 448.3 411.8 417.7 5.9 % (4.0)%

    1,220.4 1,179.5 1,188.0 1,182.5 7.0 % 3.7 %

    248.4 224.8 182.4 186.0 (0.6)% (25.6)%

    317.5 301.0 297.3 284.1 5.5 % (5.6)%

    2,247.1 2,153.6 2,079.5 2,070.3 5.9 % (2.4)%

    $ 191.7 $ 184.3 $ 189.7 $ 207.7 (4.8)% 3.2 %

    8.2 % 8.2 % 8.7 % 9.5 % (90) bps 40 bps

    $ 30.8 $ 17.8 $ 30.4 $ 35.1 (7.1)% 5.8 %

    21.1 % 13.0 % 20.1 % 20.8 % - bps (30) bps

    $ 28.4 $ 30.1 $ 21.6 $ 21.5 14.4 % (13.4)%

    $ 128.9 $ 132.9 $ 134.1 $ 147.5 (7.0)% 6.4 %

    $ 17.0 $ 16.9 $ 17.1 $ 17.3 (5.8)% (4.1)%

    $ 2.3 $ (2.7) $ (2.6) $ - N/A (200.0)%

    64.4 63.4 62.6 60.9 5.6 % (0.2)%

    6.5 5.2 5.2 6.1 (8.2)% (13.8)%

    55.1 55.0 54.9 55.0 0.5 % 0.4 %

    5.38 % 5.22 % 5.10 % 5.33 % (29) bps (34) bps

    $ 1,945.6

    361.0

    2,306.6

    84.0

    2,390.6

    442.4

    1,265.8

    184.8

    299.8

    2,192.8

    $ 197.8

    8.6 %

    $ 32.6

    20.8 %

    $ 24.6

    $ 137.2

    $ 16.3

    $ (2.3)

    64.3

    5.6

    55.3

    5.04 %

    1. Equals Adjusted EBITDA divided by total net earned premiums, fees and other income.

    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 mobile devices protected includes insurance and upgrade contracts inforce for mobile phones, tablets, e-readers and accessories.

    4. 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.

    5. Global protected vehicles includes insurance and service contracts inforce for vehicles, RVs, powersports and ancillary products.

    6. Equals annualized net investment income divided by average investments and cash and cash equivalents.

    ‌Global Lifestyle (continued)

    Condensed Statements of Operations and Selected Data (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    ($ 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

    $ 950.3 $ 827.2 $ 840.5 $ 843.2 0.4 % (10.9)%

    961.8 1,066.5 1,111.3 1,040.1 3.7 % 12.2 %

    $ 1,912.1 $ 1,893.7 $ 1,951.8 $ 1,883.3 2.2 % 0.7 %

    $ 1,295.6 $ 1,223.5 $ 1,148.5 $ 1,140.3 8.2 % (4.8)%

    1,050.9 1,026.0 1,035.0 1,047.5 2.5 % 2.1 %

    $ 2,346.5 $ 2,249.5 $ 2,183.5 $ 2,187.8 5.4 % (1.7)%

    $ 119.4 $ 115.5 $ 120.4 $ 132.9 (6.0)% 4.6 %

    72.3 68.8 69.3 74.8 (2.5)% 0.8 %

    $ 191.7 $ 184.3 $ 189.7 $ 207.7 (4.8)% 3.2 %

    $ 18.1 $ 11.7 $ 19.7 $ 22.9 (9.2)% 14.9 %

    $ 24.6 $ 20.8 $ 15.5 $ 15.4 15.6 % (27.6)%

    $ 7.3 $ 7.3 $ 7.3 $ 7.5 (10.7)% (8.2)%

    $ 12.7 $ 6.1 $ 10.7 $ 12.2 (3.3)% (7.1)%

    $ 3.8 $ 9.3 $ 6.1 $ 6.1 11.5 % 78.9 %

    $ 9.7 $ 9.6 $ 9.8 $ 9.8 (2.0)% (1.0)%

    1.7 % 6.8 % 3.5 % 7.2 % (180) bps 370 bps

    (0.8)% (1.0)% (0.5)% (0.2)% (120) bps (60) bps

    2.5 % 7.8 % 4.0 % 7.4 % (60) bps 430 bps

    (6.3)% (3.9)% (3.7)% 4.4 % (920) bps 150 bps

    FX impact Excluding FX impact

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

    (1.4)% (2.4)% (1.4)% (1.0)% (180) bps

    (4.9)% (1.5)% (2.3)% 5.4 % (740) bps

    (140) bps

    290 bps

    Including FX impact

    9.0 % 13.0 % 6.4 % 11.1 % (290) bps (80) bps

    FX impact Excluding FX impact

    Percentage change in Connected Living Adjusted EBITDA:

    (1.5)% (1.7)% (0.9)% (0.6)% (170) bps

    10.5 % 14.7 % 7.3 % 11.7 % (120) bps

    (80) bps

    - bps

    Including FX impact FX impact

    Excluding FX impact

    Net earned premiums, fees and other income:

    Domestic International

    Total

    (2.9)% (4.3)% (1.3)% 13.7 % (1,970) bps (310) bps

    (1.7)% (3.6)% (2.5)% (2.1)% (120) bps (160) bps

    (1.2)% (0.7)% 1.2 % 15.8 % (1,850) bps (150) bps

    $ 1,821.2 $ 1,747.3 $ 1,685.2 $ 1,716.5 4.6 % (1.4)%

    525.3 502.2 498.3 471.3 8.5 % (2.6)%

    $ 2,346.5 $ 2,249.5 $ 2,183.5 $ 2,187.8 5.4 % (1.7)%

    $ 846.8

    1,078.8

    $ 1,925.6

    $ 1,233.4

    1,073.2

    $ 2,306.6

    $ 124.9

    72.9

    $ 197.8

    $ 20.8

    $ 17.8

    $ 6.7

    $ 11.8

    $ 6.8

    $ 9.6

    5.4 %

    (1.4)%

    6.8 %

    (4.8)%

    (2.8)%

    (2.0)%

    8.2 %

    (2.3)%

    10.5 %

    (6.0)%

    (3.3)%

    (2.7)%

    $ 1,795.2

    511.4

    $ 2,306.6

    (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.

    ‌Global Housing

    Condensed Statements of Operations and Selected Data (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    ($ in millions) 1Q

    4Q

    3Q

    2Q

    1Q

    % Change

    % Change

    Revenues:

    Net earned premiums

    $ 603.0

    $ 557.0

    $ 580.4

    $ 540.6

    13.8 %

    2.0 %

    Fees and other income

    44.4

    46.8

    53.2

    31.6

    31.3 %

    (6.5)%

    Total net earned premiums, fees and other income

    647.4

    603.8

    633.6

    572.2

    14.8 %

    1.5 %

    Net investment income

    37.2

    31.7

    29.9

    28.5

    18.2 %

    (9.4)%

    Total revenues

    684.6

    635.5

    663.5

    600.7

    14.9 %

    0.9 %

    Benefits, losses and expenses:

    Policyholder benefits

    206.7

    323.3

    279.9

    200.3

    66.3 %

    61.1 %

    Selling and underwriting expenses

    44.6

    40.6

    34.8

    38.1

    3.7 %

    (11.4)%

    General expenses

    207.9

    179.2

    187.9

    169.8

    21.1 %

    (1.1)%

    Total benefits, losses and expenses

    459.2

    543.1

    502.6

    408.2

    41.6 %

    25.9 %

    Global Housing Adjusted EBITDA

    225.4

    92.4

    160.9

    192.5

    (41.6)%

    (50.1)%

    Reportable catastrophes

    50.0

    136.8

    45.5

    12.9

    1,114.7 %

    213.4 %

    Global Housing Adjusted EBITDA, excluding reportable catastrophes(1)

    $ 275.4

    $ 229.2

    $ 206.4

    $ 205.4

    31.0 %

    (2.3)%

    Adjusted EBITDA margin(2)

    34.8 %

    15.3 %

    25.4 %

    33.6 %

    (1,650) bps

    (1,770) bps

    Supplemental financial information:

    Income tax expense

    $ 42.8

    $ 12.0

    $ 29.8

    $ 36.6

    (44.0)%

    (52.1)%

    Effective tax rate

    19.9 %

    14.2 %

    19.6 %

    19.9 %

    50 bps

    50 bps

    Depreciation expense

    $ 10.4

    $ 7.8

    $ 8.4

    $ 8.6

    12.8 %

    (6.7)%

    Amortization of purchased intangible assets

    $ 0.2

    $ 0.1

    $ 0.2

    $ 0.3

    600.0 %

    950.0 %

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

    $

    3.3

    $

    (1.0)

    $

    (1.0)

    $

    (0.2)

    (350.0)%

    (127.3)%

    Global Housing Adjusted earnings(3)

    $ 172.2

    $ 72.6

    $ 122.5

    $ 147.2

    (44.4)%

    (52.5)%

    Reportable catastrophes (after-tax)

    $ 39.5

    $ 108.1

    $ 36.1

    $ 10.2

    1,113.7 %

    213.4 %

    Global Housing Adjusted earnings, excluding reportable catastrophes(3)

    $ 211.7

    $ 180.7

    $ 158.6

    $ 157.4

    30.6 %

    (2.9)%

    Net earned premiums, fees and other income:

    Homeowners

    $ 520.4

    $ 478.4

    $ 512.7

    $ 447.4

    16.9 %

    0.5 %

    Renters and Other

    127.0

    125.4

    120.9

    124.8

    7.3 %

    5.4 %

    Total

    $ 647.4

    $ 603.8

    $ 633.6

    $ 572.2

    14.8 %

    1.5 %

    Gross earned premiums

    $ 880.0

    $ 830.9

    $ 847.0

    $ 780.5

    14.6 %

    1.6 %

    Gross written premiums

    $ 904.7

    $ 951.9

    $ 1,010.3

    $ 730.1

    14.7 %

    (7.4)%

    Reconciliation of gross earned premiums to net earned premiums:

    Gross earned premiums

    $ 880.0

    $ 830.9

    $ 847.0

    $ 780.5

    14.6 %

    1.6 %

    Ceded catastrophe reinsurance(4)

    (48.7)

    (52.8)

    (49.9)

    (34.4)

    (32.6)%

    6.4 %

    Ceded to U.S. Government

    (111.0)

    (109.4)

    (108.8)

    (107.7)

    (4.3)%

    (1.2)%

    Ceded to clients

    (117.3)

    (111.7)

    (107.9)

    (97.8)

    (23.7)%

    (3.2)%

    Net earned premiums

    $ 603.0

    $ 557.0

    $ 580.4

    $ 540.6

    13.8 %

    2.0 %

    $ 615.3

    41.5

    656.8

    33.7

    690.5

    333.0

    39.5

    205.6

    578.1

    112.4

    156.7

    $ 269.1

    17.1 %

    $ 20.5

    20.4 %

    $ 9.7

    $ 2.1

    $ (0.9)

    $ 81.8

    $ 123.8

    $ 205.6

    $ 522.9

    133.9

    $ 656.8

    $ 894.2

    $ 837.7

    $ 894.2

    (45.6)

    (112.3)

    (121.0)

    $ 615.3

    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. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.

    4. All periods reflect catastrophe reinsurance premiums.

    ‌Global Housing (continued)

    Condensed Statements of Operations and Selected Data

    (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    1Q

    4Q

    3Q

    2Q

    1Q

    % Change

    % Change

    Key Metrics:

    Global Housing loss ratio(1)

    34.3 %

    58.0 %

    48.2 %

    37.1 %

    1,700 bps

    1,980 bps

    Global Housing non-catastrophe loss ratio(2)

    26.0 %

    33.4 %

    40.4 %

    34.7 %

    (490) bps

    380 bps

    Global Housing expense ratio(3)

    40.6 %

    37.7 %

    36.5 %

    37.9 %

    120 bps

    (150) bps

    Global Housing combined ratio(4)

    72.6 %

    91.3 %

    80.7 %

    72.9 %

    1,690 bps

    1,720 bps

    Global Housing annualized ROE(5)

    46.2 %

    21.4 %

    37.0 %

    44.8 %

    (2,500) bps

    (2,640) bps

    Investment yield(6)

    5.37 %

    4.68 %

    4.68 %

    4.57 %

    (9) bps

    (89) bps

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

    31.8

    31.7

    32.0

    32.3

    (1.5)%

    - %

    Lender-Placed Insurance: Placement rates(8)

    2.00 %

    1.92 %

    1.86 %

    1.83 %

    18 bps

    1 bps

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

    $ 286

    $ 282

    $ 274

    $ 270

    7.8 %

    1.7 %

    Renters policies (in millions)

    2.752

    2.744

    2.743

    2.713

    10.9 %

    9.4 %

    % Spread of exposure(9)

    Region Name

    Middle U.S. states

    13.1 %

    13.1 %

    13.0 %

    12.7 %

    60 bps

    20

    bps

    Northeastecoastal exposure

    16.1 %

    16.3 %

    16.4 %

    17.0 %

    (90) bps

    -

    bps

    Northeinland exposure

    12.1 %

    11.6 %

    11.2 %

    10.3 %

    210 bps

    30

    bps

    Southeinland exposure

    11.3 %

    11.4 %

    11.5 %

    11.8 %

    (70) bps

    (20)

    bps

    Southeand HI coastal exposure

    15.2 %

    15.5 %

    16.1 %

    17.1 %

    (270) bps

    (80)

    bps

    WesteU.S. states

    32.2 %

    32.1 %

    31.8 %

    31.1 %

    160 bps

    50

    bps

    Total

    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

    54.1 %

    29.8 %

    39.1 %

    89.8 %

    19.8 %

    4.48 %

    31.8

    2.01 %

    $ 291

    3.010

    13.3 %

    16.1 %

    12.4 %

    11.1 %

    14.4 %

    32.7 %

    100.0 %

    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.

    ‌Total Corporate and Other

    Condensed Statements of Operations and Selected Data (Unaudited)

    2025

    2024

    1Q25-1Q24

    1Q25-4Q24

    ($ in millions) 1Q

    4Q

    3Q

    2Q

    1Q

    % Change

    % Change

    Revenues:

    Net earned premiums

    $ -

    $ -

    $ -

    $ -

    N/A

    N/A

    Fees and other income

    -

    0.1

    0.1

    0.2

    100.0 %

    N/A

    Net investment income

    6.7

    7.8

    7.1

    5.6

    3.6 %

    (13.4)%

    Total revenues

    6.7

    7.9

    7.2

    5.8

    6.9 %

    (7.5)%

    Benefits, losses and expenses:

    Policyholder benefits

    -

    -

    -

    -

    N/A

    N/A

    General expenses

    42.4

    37.7

    34.4

    35.3

    (3.1)%

    (19.3)%

    Total benefits, losses and expenses

    42.4

    37.7

    34.4

    35.3

    (3.1)%

    (19.3)%

    Corporate and Other Adjusted EBITDA

    $ (35.7)

    $ (29.8)

    $ (27.2)

    $ (29.5)

    5.1 %

    21.6 %

    Supplemental financial information:

    Interest expense

    $ 26.8

    $ 26.7

    $ 26.7

    $ 26.8

    - %

    - %

    Income tax benefit

    $ (24.9)

    $ (12.1)

    $ (16.0)

    $ (15.2)

    (5.3)%

    35.7 %

    Depreciation expense

    $ 1.1

    $ 1.0

    $ -

    $ 0.5

    60.0 %

    (27.3)%

    Corporate and Other Adjusted earnings(1)

    $ (52.0)

    $ (47.8)

    $ (41.3)

    $ (42.1)

    (3.3)%

    16.3 %

    $ -

    0.4

    5.8

    6.2

    -34.2

    34.2

    $ (28.0)

    $ 26.8

    $ (16.0)

    $ 0.8

    $ (43.5)

    (1) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure.

    10

    ‌Assurant, Inc.

    Segment Condensed Balance Sheets

    (Unaudited)

    As of March 31, 2025 As of December 31, 2024

    Global Lifestyle

    Global Housing

    Corporate and Other(1)

    Consolidated

    Global Lifestyle

    Global Housing

    Corporate and Other(1)

    Consolidated

    ($ in millions)

    Assets

    Investments and cash and cash equivalents

    $ 6,884.9

    $ 3,096.2

    $ 732.1

    $ 10,713.2

    $ 6,564.5

    $ 2,967.8

    $ 819.9

    $ 10,352.2

    Reinsurance recoverables(2)

    5,560.7

    1,222.1

    578.6

    7,361.4

    5,314.4

    1,656.3

    608.8

    7,579.5

    Deferred acquisition costs

    9,822.0

    134.8

    3.0

    9,959.8

    9,853.7

    136.0

    3.1

    9,992.8

    Goodwill

    2,304.0

    316.7

    -

    2,620.7

    2,299.3

    316.7

    -

    2,616.0

    Value of business acquired

    6.9

    -

    -

    6.9

    8.0

    -

    -

    8.0

    Other assets

    3,353.5

    674.9

    298.0

    4,326.4

    3,428.1

    696.6

    347.4

    4,472.1

    Total assets

    $ 27,932.0

    $ 5,444.7

    $ 1,611.7

    $ 34,988.4

    $ 27,468.0

    $ 5,773.4

    $ 1,779.2

    $ 35,020.6

    Liabilities

    Policyholder benefits and claims payable(2)

    $ 901.5

    $ 1,533.1

    $ 642.6

    $ 3,077.2

    $ 881.7

    $ 1,885.3

    $ 683.9

    $ 3,450.9

    Unearned premiums

    18,365.3

    1,757.0

    10.2

    20,132.5

    18,387.4

    1,813.6

    10.4

    20,211.4

    Debt -

    -

    2,083.7

    2,083.7

    -

    -

    2,083.1

    2,083.1

    Accounts payable and other liabilities

    3,678.4

    513.8

    268.6

    4,460.8

    3,368.0

    476.7

    323.8

    4,168.5

    Total liabilities

    22,945.2

    3,803.9

    3,005.1

    29,754.2

    22,637.1

    4,175.6

    3,101.2

    29,913.9

    Stockholders' equity

    Equity, excluding accumulated other comprehensive loss

    4,986.8

    1,640.8

    (644.9)

    5,982.7

    4,830.9

    1,597.8

    (485.9)

    5,942.8

    Accumulated other comprehensive loss -

    -

    (748.5)

    (748.5)

    -

    -

    (836.1)

    (836.1)

    Total equity

    4,986.8

    1,640.8

    (1,393.4)

    5,234.2

    4,830.9

    1,597.8

    (1,322.0)

    5,106.7

    Total liabilities and equity

    $ 27,932.0

    $ 5,444.7

    $ 1,611.7

    $ 34,988.4

    $ 27,468.0

    $ 5,773.4

    $ 1,779.2

    $ 35,020.6

    (1) Corporate and Other includes all accumulated other comprehensive loss, reinsurance recoverables and separate accounts related to the sale of businesses by reinsurance. Additionally, the Corporate and Other segment includes amounts related to the Assurant Health business as well as amounts related to our non-core operations.

    (2) Global Housing's reinsurance recoverables and policyholder benefits and claims payable as of March 31, 2025 and December 31, 2024 included $492 million and $912 million respectively, of balances ceded to the U.S. government. Assurant acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

    11

    ‌Assurant, Inc.

    Investments

    (Unaudited)

    As of March 31,

    2025

    As of December 31,

    2024

    ($ in millions)

    Investments by type

    Fixed maturity securities available for sale, at fair value

    $ 7,626.1

    Equity securities, at fair value

    Preferred stock

    166.1

    Common stock

    3.9

    Mutual funds

    34.3

    Commercial mortgage whole loans on real estate, at amortized cost

    346.3

    Short-term investments

    301.3

    Other investments

    565.6

    Total investments

    9,043.6

    Cash and cash equivalents

    1,669.6

    Total investments and cash and cash equivalents

    $ 10,713.2

    1.6 %

    - %

    0.3 %

    3.2 %

    2.8 %

    5.3 %

    84.4 %

    15.6 %

    100.0 %

    176.2

    3.5

    28.8

    342.5

    281.6

    536.8

    8,544.5

    1,807.7

    $ 10,352.2

    1.7 %

    - %

    0.3 %

    3.3 %

    2.7 %

    5.2 %

    82.5 %

    17.5 %

    100.0 %

    71.2 %

    $

    7,175.1

    69.3 %

    Fixed Maturity Securities by Credit Quality (Fair Value)

    $ 4,227.9

    55.4 %

    $ 3,987.5

    55.6 %

    2,868.8

    37.6 %

    2,699.7

    37.6 %

    455.9

    6.0 %

    415.7

    5.8 %

    73.5

    1.0 %

    72.2

    1.0 %

    $ 7,626.1

    100.0 %

    $ 7,175.1

    100.0 %

    Aaa / Aa / A Baa

    Ba

    B and lower

    Total

    12

    ‌Assurant, Inc.

    Investments (continued)

    (Unaudited)

    As of March 31, 2025 As of December 31, 2024

    Allowance

    Net Net

    Book

    for credit

    Fair

    % of Fair

    Unrealized Book Allowance for Fair % of Fair Unrealized

    ($ in millions) Value

    losses

    Value

    Value

    Gain (Loss) Value credit losses Value Value Gain (Loss)

    Fixed Maturity Securities by Issuer Type:

    Government:

    U.S. Government and government agencies and authorities

    $ 54.3

    $ -

    $ 52.2

    0.7 %

    $ (2.1)

    States, municipalities and political subdivisions

    122.5

    -

    115.1

    1.5 %

    (7.4)

    Foreign governments

    509.0

    -

    497.5

    6.5 %

    (11.5)

    Corporate(1):

    Canadian municipals

    21.2

    -

    21.5

    0.3 %

    0.3

    Consumer cyclical

    558.6

    -

    543.9

    7.1 %

    (14.7)

    Consumer non-cyclical

    311.5

    -

    297.9

    3.9 %

    (13.6)

    Energy

    340.7

    -

    336.7

    4.4 %

    (4.0)

    Financials

    1,581.3

    -

    1,545.4

    20.3 %

    (35.9)

    Health care

    356.8

    -

    333.8

    4.4 %

    (23.0)

    Industrials

    722.1

    -

    705.9

    9.3 %

    (16.2)

    Materials

    160.3

    -

    149.6

    2.0 %

    (10.7)

    Other

    13.1

    -

    11.0

    0.1 %

    (2.1)

    Technology

    413.5

    -

    396.1

    5.2 %

    (17.4)

    Telecommunications

    150.4

    -

    146.3

    1.9 %

    (4.1)

    Utilities

    497.0

    -

    478.0

    6.3 %

    (19.0)

    Asset-backed securities

    888.2

    -

    882.8

    11.6 %

    (5.4)

    Commercial mortgage-backed securities

    394.4

    -

    364.8

    4.8 %

    (29.6)

    Residential mortgage-backed securities

    785.9

    -

    747.6

    9.7 %

    (38.3)

    Total fixed maturity securities

    $ 7,880.8

    $ -

    $ 7,626.1

    100.0 %

    $ (254.7)

    $ 54.5

    $ -

    $ 51.2

    0.7 %

    $ (3.3)

    128.7

    -

    119.1

    1.7 %

    (9.6)

    484.6

    21.3

    540.6

    271.6

    314.8

    1,500.4

    348.4

    688.4

    167.3

    13.1

    356.5

    150.1

    482.4

    940.3

    371.8

    690.0

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    462.1

    21.2

    518.8

    253.4

    308.0

    1,445.4

    318.7

    662.2

    154.5

    11.0

    333.1

    143.7

    457.9

    937.3

    336.4

    641.1

    6.4 %

    0.3 %

    7.2 %

    3.5 %

    4.3 %

    20.2 %

    4.4 %

    9.2 %

    2.2 %

    0.2 %

    4.6 %

    2.0 %

    6.4 %

    13.1 %

    4.7 %

    8.9 %

    (22.5)

    (0.1)

    (21.8)

    (18.2)

    (6.8)

    (55.0)

    (29.7)

    (26.2)

    (12.8)

    (2.1)

    (23.4)

    (6.4)

    (24.5)

    (3.0)

    (35.4)

    (48.9)

    $ 7,524.8 $ - $ 7,175.1 100.0 % $ (349.7)

    (1) Industry classifications are based on a combination of published index classifications and Assurant's view of underlying issuer risk. These resulting classifications are then mapped to the Global Industry Classification Standard (GICS®).

    ‌Assurant, Inc.

    Investment Results by Asset Category and Annualized Yields

    (Unaudited)

    Quarter Ended March 31,

    Quarter Ended March 31,

    2025

    2024

    Investment

    Net realized

    Investment

    Net realized

    ($ in millions) Yield

    Income

    gain (loss)

    Yield

    Income

    gain (loss)

    Fixed maturity securities, available for sale

    5.24 %

    $ 100.9

    $ (17.0)

    4.87 %

    $ 90.8

    $ (14.7)

    Equity securities

    4.91 %

    2.9

    0.3

    5.24 %

    3.5

    6.3

    Commercial mortgage loans on real estate

    5.71 %

    5.0

    1.4

    5.73 %

    4.8

    (1.0)

    Cash and short-term investments

    4.14 %

    21.0

    0.1

    5.98 %

    25.1

    0.2

    Other investments(1)

    (0.90)%

    (1.0)

    (0.8)

    6.73 %

    6.3

    0.4

    Total

    128.8

    $ (16.0)

    130.5

    $ (8.8)

    Investment expenses

    (4.0)

    (3.8)

    Net investment income

    $ 124.8

    $ 126.7

    Gross realized gains on sales and other Gross realized losses on sales and other Fair value changes to equity securities

    Net realized losses related to impairments

    $ 3.5

    (19.8)

    3.3

    (3.0)

    $ 4.9

    (15.9)

    10.2

    (8.0)

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

    $ (16.0)

    $ (8.8)

    (1) Consists primarily of investments in joint venture partnerships, invested assets associated with deferred compensation and policy loans.

    ‌Assurant, Inc.

    Ratings Summary(1)

    (Unaudited)

    As of March 31, 2025

    A.M. Best

    Moody's

    Standard &

    Poor's

    Company

    American Bankers Insurance Company of Florida

    A+

    A2

    A

    American Bankers Life Assurance Company of Florida

    A

    A2

    A

    American Security Insurance Company

    A+

    A2

    A

    Caribbean American Life Assurance Company

    A

    N/A

    N/A

    Caribbean American Property Insurance Company

    A+

    N/A

    N/A

    Reliable Lloyds Insurance Company

    A+

    N/A

    N/A

    Standard Guaranty Insurance Company

    A+

    N/A

    N/A

    Union Security Life Insurance Company of New York

    N/A

    N/A

    N/A

    Virginia Surety Insurance Company

    A+

    N/A

    N/A

    Voyager Indemnity Insurance Company

    A+

    N/A

    N/A

    Commercial Paper

    AMB-1+

    P-2

    A-2

    Senior Debt

    a-

    Baa2

    BBB

    Subordinated Debt

    bbb+

    Baa3

    BB+

    1. Additional information on Assurant's ratings is available in the Investor Relations section on Assurant's website https://www.assurant.com.

    15

    ‌Regulation G - Non GAAP Financial Measures

    1. Adjusted EBITDA: Assurant uses Adjusted EBITDA as an important measure of the company's operating performance. Assurant defines Adjusted EBITDA as net income, excluding net realized losses (gains) on investments and fair value changes to equity securities, non-core operations, restructuring costs related to strategic exit activities, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items. The company believes this metric provides investors with an important measure of the company's operating performance because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management's and investors' ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted EBITDA, revenue generated from such intangible assets is included within the revenue in determining Adjusted EBITDA. The comparable GAAP measure is net income. See Note 2 below for a full reconciliation.

    2. Adjusted EBITDA, Excluding Reportable Catastrophes: Assurant uses Adjusted EBITDA (defined above), excluding reportable catastrophes (which 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 another important measure of the company's operating performance. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Note 1 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income.

      26.8

      48.7

      39.9

      17.2

      26.7

      17.7

      38.9

      17.0

      26.7

      44.2

      30.0

      17.3

      26.8

      56.5

      30.6

      17.6

      29.1

      5.6

      5.2

      18.3

      2.3

      (1.0)

      19.6

      3.7

      1.2

      8.8

      2.6

      -

      0.1

      (0.6)

      (6.3)

      -

      (6.8)

      246.9

      138.2

      $ 385.1

      -

      (1.4)

      (6.6)

      -

      (8.0)

      323.4

      45.7

      $ 369.1

      (0.4)

      (2.2)

      (6.0)

      -

      (8.6)

      370.7

      13.0

      $ 383.7

      7.2 %

      (0.8)%

      8.0 %

      (29.6)%

      (25.3)%

      6.5 %

      (0.3)%

      6.8 %

      20.7 %

      0.1 %

      8.4 %

      (0.2)%

      8.6 %

      108.1 %

      52.6 %

      12.8 %

      (0.8)%

      13.6 %

      7.8 %

      (1.4)%

      9.2 %

      9.7 %

      (0.8)%

      10.5 %

      30.8 %

      (0.7)%

      31.5 %

    3. Constant Currency: 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.

    ($ in millions)

    2025

    2024

    1Q

    4Q

    3Q

    2Q

    1Q

    GAAP net income

    $ 146.6

    $ 201.3

    $ 133.8

    $ 188.7

    $ 236.4

    Less:

    Interest expense

    26.8

    Provision for income taxes

    37.1

    Depreciation expense

    35.1

    Amortization of purchased intangible assets

    18.4

    Adjustments, pre-tax:

    Net realized losses on investments and fair value changes to equity securities(1)

    16.0

    Non-core operations

    1.8

    Restructuring costs(2)

    (1.1)

    Other Adjustments:

    Assurant Health runoff operations

    (0.5)

    Foreign exchange related (gains) losses(3)

    0.8

    Loss (gain) related to benefit plan activity

    1.2

    Merger and acquisition transaction and other related expenses

    -

    Total other adjustments

    1.5

    Adjusted EBITDA

    282.2

    Reportable catastrophes

    157.0

    Adjusted EBITDA, excluding reportable catastrophes

    $ 439.2

    0.3

    3.4

    4.1

    (0.2)

    7.6

    381.4

    50.1

    $ 431.5

    Constant Currency:

    Percentage change in Global Lifestyle and Global Housing net earned premiums, fees and other income:

    Including FX impact

    7.4 %

    FX impact

    (1.1)%

    Excluding FX impact

    8.5 %

    Percentage change in GAAP net income

    (38.0)%

    Percentage change in Adjusted EBITDA

    (23.9)%

    Percentage change in Adjusted EBITDA, excluding reportable catastrophes:

    Including FX impact

    14.5 %

    FX impact

    (1.4)%

    Excluding FX impact

    15.9 %

    5.0 %

    (0.6)%

    5.6 %

    10.3 %

    5.7 %

    (1) 1Q 2025, 3Q 2024 and 1Q 2024 included net unrealized gains of $3.3 million pre-tax ($2.6 million after-tax), $9.8 million pre-tax ($7.7 million after-tax) and $10.2 million pre-tax ($8.1 million after-tax), respectively from changes in fair value of our equity securities. 4Q 2024 and 2Q 2024 included net unrealized losses of $1.0 million pre-tax ($0.8 million after-tax) and $5.2 million pre-tax ($4.1 million after-tax), respectively from changes in fair value of our equity securities.

    (2) Includes impairment losses due to lease abandonment incurred as part of a post-pandemic work-from-home strategy to consolidate real estate and accommodate permanent work-from-home arrangements for certain employees. Beginning in 4Q 2022, it also includes severance costs related to the company's transformational plan to realign its organizational structure and talent to support its business strategy.

    (3) Includes foreign exchange losses, net of any gains (losses) from foreign exchange related derivatives. 1Q 2025, 4Q 2024, 3Q 2024, 2Q 2024 and 1Q 2024 included $0.8 million, $1.0 million, $1.0 million, $0.6 million and

    $0.4 million of net losses, respectively, from foreign exchange related to the remeasurement of net monetary assets in Argentina as a result of the classification of Argentina's economy as highly inflationary beginning July 1, 2018.

    ‌Regulation G - Non GAAP Financial Measures (continued)

  4. Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important measure of the company's stockholder value. Assurant defines Adjusted earnings per diluted share as net income, excluding net realized losses (gains) on investments and fair value changes to equity securities, amortization of purchased intangible assets, non-core operations, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items, divided by the weighted average diluted shares outstanding. The company believes this metric provides investors with an important measure of stockholder value because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management's and investors' ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted earnings, revenue generated from such intangible assets is included within the revenue in determining Adjusted earnings. The comparable GAAP measure is net income per diluted share, defined as net income, divided by the weighted average diluted shares outstanding. See Note 5 below for a full reconciliation.

    29.1

    17.2

    5.6

    5.2

    18.3

    17.0

    2.3

    (1.0)

    19.6

    17.3

    3.7

    1.2

    8.8

    17.6

    2.6

    -

    0.1

    (0.6)

    (6.3)

    -

    (5.9)

    23.9

    157.7

    138.2

    (29.0)

    $ 266.9

    -

    (1.4)

    (6.6)

    -

    (7.2)

    26.6

    215.3

    45.7

    (9.6)

    $ 251.4

    (0.4)

    (2.2)

    (6.0)

    -

    (4.2)

    16.2

    252.6

    13.0

    (2.7)

    $ 262.9

  5. Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses Adjusted earnings, excluding reportable catastrophes, per diluted share (each as defined above) as another important measure of the company's stockholder value. The company believes this metric provides investors with an important measure of stockholder value for the reasons noted in Note 4 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share (defined above).

    ($ in millions)

    2025

    2024

    1Q

    4Q

    3Q

    2Q

    1Q

    GAAP net income

    $ 146.6

    $ 201.3

    $ 133.8

    $ 188.7

    $ 236.4

    Adjustments, pre-tax:

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

    16.0

    Amortization of purchased intangible assets

    18.4

    Non-core operations

    1.8

    Restructuring costs

    (1.1)

    Other Adjustments:

    Assurant Health runoff operations

    (0.5)

    Foreign exchange related (gains) losses

    0.8

    Loss (gain) related to benefit plan activity

    1.2

    Merger and acquisition transaction and other related expenses

    -

    Benefit for income taxes(1)

    (7.7)

    Total adjustments, after-tax

    28.9

    Adjusted earnings

    175.5

    Reportable catastrophes, pre-tax

    157.0

    Tax impact of reportable catastrophes

    (33.0)

    Adjusted earnings, excluding reportable catastrophes

    $ 299.5

    0.3

    3.4

    4.1

    (0.2)

    (16.9)

    47.8

    249.1

    50.1

    (10.5)

    $ 288.7

    (1) Components of the benefit for income taxes relate to:

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

    $ (3.4)

    $ (6.1)

    $ (3.8)

    $ (4.2)

    $ (1.8)

    Amortization of purchased intangible assets

    (3.9)

    (3.6)

    (3.5)

    (3.7)

    (3.7)

    Non-core operations

    (0.4)

    (4.8)

    (0.5)

    (0.8)

    (0.6)

    Restructuring costs

    0.3

    (1.0)

    0.2

    (0.3)

    -

    Assurant Health runoff operations

    -

    -

    -

    -

    0.1

    Foreign exchange related (gains) losses

    (0.1)

    (0.6)

    0.3

    0.4

    0.6

    (Loss) gain related to benefit plan activity

    (0.2)

    (0.9)

    1.4

    1.4

    1.2

    Merger and acquisition transaction and other related expenses

    -

    0.1

    -

    -

    -

    Benefit for income taxes

    $ (7.7)

    $ (16.9)

    $ (5.9)

    $ (7.2)

    $ (4.2)

    ‌Regulation G - Non GAAP Financial Measures (continued)

    ($ per share)

    2025

    2024

    1Q

    4Q

    3Q

    2Q

    1Q

    GAAP net income per diluted share

    $ 2.83

    $ 3.87

    $ 2.55

    $ 3.58

    $ 4.47

    Adjustments per diluted share, pre-tax:

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

    0.31

    0.56

    0.35

    0.37

    0.17

    Amortization of purchased intangible assets

    0.36

    0.33

    0.33

    0.33

    0.33

    Non-core operations

    0.03

    0.11

    0.04

    0.07

    0.05

    Restructuring costs

    (0.02)

    0.10

    (0.02)

    0.02

    -

    Other Adjustments:

    Assurant Health runoff operations

    (0.01)

    0.01

    -

    -

    (0.01)

    Foreign exchange related (gains) losses

    0.02

    0.05

    (0.01)

    (0.03)

    (0.04)

    Loss (gain) related to benefit plan activity

    0.02

    0.08

    (0.13)

    (0.13)

    (0.11)

    Merger and acquisition transaction and other related expenses

    -

    -

    -

    -

    -

    Benefit for income taxes(1)

    (0.15)

    (0.32)

    (0.11)

    (0.13)

    (0.08)

    Adjusted earnings, per diluted share

    3.39

    4.79

    3.00

    4.08

    4.78

    Reportable catastrophes, pre-tax

    3.03

    0.96

    2.63

    0.87

    0.24

    Tax impact of reportable catastrophes

    (0.63)

    (0.21)

    (0.55)

    (0.18)

    (0.05)

    Adjusted earnings, excluding reportable catastrophes, per diluted share

    $ 5.79

    $ 5.54

    $ 5.08

    $ 4.77

    $ 4.97

    (1) Components of the benefit for income taxes relate to:

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

    $ (0.07)

    Amortization of purchased intangible assets

    (0.08)

    Non-core operations

    -

    Restructuring costs

    -

    Foreign exchange related (gains) losses

    -

    (Loss) gain related to benefit plan activity

    -

    Benefit for income taxes

    $ (0.15)

    $ (0.12)

    (0.07)

    (0.09)

    (0.02)

    -

    (0.02)

    $ (0.32)

    $ (0.07)

    (0.07)

    (0.01)

    0.01

    0.01

    0.02

    $ (0.11)

    $ (0.08)

    (0.07)

    (0.02)

    -

    0.01

    0.03

    $ (0.13)

    $ (0.04)

    (0.07)

    (0.01)

    -

    0.02

    0.02

    $ (0.08)

    ‌Regulation G - Non GAAP Financial Measures (continued)

  6. Assurant uses segment Adjusted earnings as an important supplemental measure of segment performance. Assurant defines Adjusted earnings for the Global Lifestyle and Global Housing segments as Adjusted EBITDA for such segment, including depreciation expense and provision for income taxes, and Adjusted earnings for the Corporate and Other segment as Adjusted EBITDA for such segment, including depreciation expense, interest expense and provision for income taxes. For Global Housing, the company also excludes reportable catastrophes (defined above), which can be volatile. The company believes this metric provides investors with an important supplemental measure of segment performance because it includes items attributable to the segment that facilitates comparisons of performance to other companies in the applicable industry. The comparable GAAP measure is segment Adjusted EBITDA.

    ($ in millions)

    2025

    2024

    1Q

    4Q

    3Q

    2Q

    1Q

    Global Lifestyle Adjusted EBITDA

    $ 197.8

    $ 191.7

    $ 184.3

    $ 189.7

    $ 207.7

    Depreciation expense

    (24.6)

    (28.4)

    (30.1)

    (21.6)

    (21.5)

    Provision for income taxes

    (36.0)

    (34.4)

    (21.3)

    (34.0)

    (38.7)

    Global Lifestyle Adjusted Earnings

    $ 137.2

    $ 128.9

    $ 132.9

    $ 134.1

    $ 147.5

    Global Housing Adjusted EBITDA

    $ 112.4

    $ 225.4

    $ 92.4

    $ 160.9

    $ 192.5

    Depreciation expense

    (9.7)

    (10.4)

    (7.8)

    (8.4)

    (8.6)

    Provision for income taxes

    (20.9)

    (42.8)

    (12.0)

    (30.0)

    (36.7)

    Global Housing Adjusted Earnings

    81.8

    172.2

    72.6

    122.5

    147.2

    Reportable catastrophes, pre-tax

    156.7

    50.0

    136.8

    45.5

    12.9

    Tax impact of reportable catastrophes

    (32.9)

    (10.5)

    (28.7)

    (9.4)

    (2.7)

    Global Housing Adjusted Earnings, excluding reportable catastrophes

    $ 205.6

    $ 211.7

    $ 180.7

    $ 158.6

    $ 157.4

    Corporate and Other Adjusted EBITDA

    $ (28.0)

    $ (35.7)

    $ (29.8)

    $ (27.2)

    $ (29.5)

    Depreciation expense

    (0.8)

    (1.1)

    (1.0)

    -

    (0.5)

    Interest expense

    (26.8)

    (26.8)

    (26.7)

    (26.7)

    (26.8)

    Provision for income taxes

    12.1

    11.6

    9.7

    12.6

    14.7

    Corporate and Other Adjusted Earnings

    $ (43.5)

    $ (52.0)

    $ (47.8)

    $ (41.3)

    $ (42.1)

    ‌Regulation G - Non GAAP Financial Measures (continued)

  7. Debt to Total Capital Ratio, Excluding Accumulated Other Comprehensive Income ("AOCI"): Assurant uses a ratio of debt to total capital, excluding AOCI, as an important measure of the Company's financial leverage. Assurant defines debt to total capital ratio, excluding AOCI, as debt divided by the sum of debt and total stockholders' equity, excluding AOCI. The Company believes that the debt to total capital ratio, excluding AOCI, provides investors with an important measure of financial leverage, because it excludes the effect of unrealized gains (losses) on investments and other AOCI items, which do not represent the ongoing operations of the Company and tend to be highly variable from period to period. The comparable GAAP measure is the ratio of debt to total capital.

    2025

    2024

    1Q

    4Q

    3Q

    2Q

    1Q

    Debt

    $ 2,083.7

    $ 2,083.1 $ 2,082.5 $ 2,081.8 $ 2,081.2

    Total stockholders' equity

    $ 5,234.2

    AOCI

    (748.5)

    Total stockholders' equity, excluding AOCI

    $ 5,982.7

    $ 5,106.7

    (836.1)

    $ 5,942.8

    $ 5,255.3

    (627.2)

    $ 5,882.5

    $ 5,004.3

    (852.7)

    $ 5,857.0

    $ 4,920.0

    (811.2)

    $ 5,731.2

    Sum of debt and total stockholders' equity

    $ 7,317.9

    Sum of debt and total stockholders' equity, excluding AOCI

    $ 8,066.4

    $ 7,189.8

    $ 8,025.9

    $ 7,337.8

    $ 7,965.0

    $ 7,086.1

    $ 7,938.8

    $ 7,001.2

    $ 7,812.4

    Debt to total capital ratio

    28.5 %

    Change due to effect of including AOCI

    (2.7)%

    Debt to total capital ratio, excluding AOCI

    25.8 %

    29.0 %

    (3.0)%

    26.0 %

    28.4 %

    (2.3)%

    26.1 %

    29.4 %

    (3.2)%

    26.2 %

    29.7 %

    (3.1)%

    26.6 %

  8. Global Housing Non-Catastrophe Loss Ratio: Assurant uses the Global Housing non-catastrophe loss ratio as an important measure of the segment's operating performance. Assurant defines the Global Housing non-catastrophe loss ratio as segment policyholder benefits less reportable catastrophe losses, divided by segment net earned premiums less reinstatement premiums. The Company believes that the Global Housing non-catastrophe loss ratio provides investors with an important measure of the segment's operating performance, because it excludes the impact of reportable catastrophe losses and related reinstatement premiums, which can be volatile. The comparable GAAP measure is the Global Housing loss ratio, defined as segment policyholder benefits divided by segment net earned premiums.

2025 2024

1Q 4Q 3Q 2Q 1Q

Net earned premiums

$ 615.3

Reinstatement premiums

(0.2)

Net earned premiums, excluding reinstatement premiums

$ 615.5

$ 603.0

1.6

$ 601.4

$ 557.0

0.5

$ 556.5

$ 580.4

(0.4)

$ 580.8

$ 540.6

-

$ 540.6

Policyholder benefits

333.0

Reportable catastrophe losses

149.4

Total policyholder benefits, excluding reportable catastrophe losses

$ 183.6

206.7

50.6

$ 156.1

323.3

137.3

$ 186.0

279.9

45.1

$ 234.8

200.3

12.9

$ 187.4

Global Housing loss ratio

54.1 %

Change due to effect of excluding reinstatement premiums

- %

Change due to effect of excluding reportable catastrophe losses

(24.3)%

Global Housing non-catastrophe loss ratio

29.8 %

34.3 %

0.1 %

(8.4)%

26.0 %

58.0 %

0.1 %

(24.7)%

33.4 %

48.2 %

- %

(7.8)%

40.4 %

37.1 %

- %

(2.4)%

34.7 %

Disclaimer

Assurant Inc. published this content on May 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2025 at 21:09 UTC.

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