Q3 for Q3 2024 Financial Results News Release 2024

Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.

Third Quarter 2024 Summary

• GAAP net income decreased 30 percent to $133.8 million, compared to the prior year period, while net income per diluted share decreased 28 percent to $2.55 versus the prior year period.
• Adjusted EBITDA, excluding reportable catastrophes2, increased 8 percent to $385.1 million, or 9 percent on a constant currency basis5.
• Adjusted earnings, excluding reportable catastrophes, per diluted share4, increased 9 percent to $5.08.
• Holding company liquidity was $636 million; returned $138 million to shareholders via share repurchases and common stock dividends.

2024 Outlook

The company now expects:

• Adjusted EBITDA, excluding reportable catastrophes6, to increase low double-digits, led by strong growth in Global Housing, with modest growth in Global Lifestyle.
• Adjusted earnings, excluding reportable catastrophes, per diluted share6, to increase mid- to high-teens.
  Note: The metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Global Housing

• Adjusted EBITDA decreased 44 percent compared to third quarter 2023. Results included $110.6 million of higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 increased 20 percent, primarily from continued top-line growth within Homeowners, including higher policies in-force from new lender-placed programs and portfolios and increased voluntary insurance market pressure, and $30.1 million of favorable year-over-year prior period reserve development. The increase was partially offset by a $27.5 million non-run rate adjustment related to a change in earnings patteassumptions.
• Net earned premiums, fees and other incomeincreased 9 percent compared to third quarter 2023, mainly driven by Homeownerstop-linegrowth, including growth in policiesin-forceand higher average premiums withinlender-placedas well as growth across various specialty products, partially offset by thenon-runrate adjustment mentioned above.

• Adjusted EBITDA loss increased in third quarter 2024 compared to the prior year period, primarily driven by higher third-party and employee-related expenses.

Holding Company Liquidity Position

• Holding company liquidity totaled $636 million as of September 30, 2024, or $411 million above the company's targeted minimum level of $225 million.
  Dividends paid by the operating segments to the holding company in third quarter 2024 totaled $161 million.
• Share repurchases and common stock dividendstotaled $138 million in third quarter 2024. During third quarter 2024, Assurant repurchased approximately 530 thousand shares of common stock for $100 million and paid $38 million in common stock dividends. From October 1 through November 1, 2024, the company repurchased approximately 103 thousand shares for $20 million, for a total of $200 million in share repurchasesyear-to-date.$475 million remains under the current repurchase authorization.

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2024 Company Outlook6

Note: Some of the metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Based on current market conditions, for full year 2024, the company now expects:

• Adjusted EBITDA, excluding reportable catastrophes6, to increase by lowdouble-digits,led by strong growth in Global Housing and modest growth in Global Lifestyle.
• • Global Housing Adjusted EBITDA, excluding reportable catastrophes6, to deliver strong growth, mainly driven bytop-linegrowth in Homeowners, favorable non- catastrophe loss experience, benefits from expense leverage and lower catastrophe reinsurance premiums.Year-to-date2024 included $85 million of favorable prior year reserve development. In fourth quarter 2024, Hurricane Milton is expected to be a reportable catastrophe event with losses in the range of $75 to $110 millionpre-tax.
  • Global Lifestyle Adjusted EBITDA to increase modestly. The company continues to expect organic growth and improved profitability in Connected Living programs, partially offset by investments to support growth, including new client and program implementation expenses. We now expect Global Automotive to be down due to continued loss pressure from inflation and elevated losses in select ancillary products. Implemented rate actions are expected to drive improvement over time. We continue to monitor the impact from macroeconomic conditions, including inflation, foreign exchange and interest rate levels, which have impacted and may continue to impact the pace and timing of growth.
  • Corporate and Other Adjusted EBITDA lossto now approximate $115 million.
• Adjusted earnings, excluding reportable catastrophes, per diluted share6growth rate to increase by mid- tohigh-teens.The company now expects an effective tax rate of approximately 18 to 20 percent and depreciation expense of approximately $135 million, and continues to expect interest expense of approximately $107 million and amortization of purchased intangible assets of approximately $70 million.
• Business segment dividends are now expected to be below two-thirds of segment Adjusted EBITDA, including reportable catastrophes6. This is subject to the business and investment portfolio performance, and rating agency and regulatory capital requirements.

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• Capital deployment priorities to focus on maintaining a strong financial position, supporting business growth by funding investments and M&A, and returning capital to shareholders through common stock dividends and share repurchases, subject to Board approval.

Earnings Conference Call

The third quarter 2024 earnings conference call and webcast will be held on Wednesday, November 6, 2024 at 8:00 a.m. E.T. The slide presentation used by management during the webcast includes supplemental information and will be available on Assurant's Investor Relations website prior to the conference call. The live and archived webcast, along with supplemental information, will also be available on Assurant's Investor Relations website: https://ir.assurant.com/investor/default.aspx

About Assurant

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

Media Contact:

Stacie Sherer

Vice President, Corporate Communications

Phone: 917.420.0980 [email protected]

Investor Relations Contacts:

Rebekah Biondo Deputy CFO Phone: 786.374.7283 [email protected]

Sean Moshier

Vice President, Investor Relations Phone: 914.204.2253 [email protected]

Matt Cafarchio

Director, Investor Relations Phone: 484.356.4791 [email protected]

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Safe Harbor Statement

Some of the statements in this news release and its exhibits, including our outlook, business and financial plans and any statements regarding the company's anticipated future financial performance, business prospects, growth and operating strategies and similar matters, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.

You can identify forward-looking statements by the use of words such as "outlook," "objective," "will," "may," "can," "anticipates," "expects," "estimates," "projects," "intends," "plans," "believes," "targets," "forecasts," "potential," "approximately," and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:

1. the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or if they disintermediate us, or if those parties face financial, reputational or regulatory issues;
2. significant competitive pressures, changes in customer preferences and disruption;
3. the failure to execute our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce;
4. the failure to find suitable acquisitions at attractive prices, integrate acquired businesses or divest of non-strategic businesses effectively or achieve organic growth;
5. our inability to recover should we experience a business continuity event;
6. the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
7. risks related to our international operations;
8. declines in the value and availability of mobile devices, and regulatory compliance or other risks in our mobile business;
9. our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
10. risks associated with joint ventures, franchises and investments in which we share ownership and management with third parties;
11. the impact of catastrophe and non-catastrophe losses, including as a result of the current inflationary environment and climate change;
12. negative publicity relating to our business, industry or clients;

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1. the impact of general economic, financial market and political conditions (including the Israel-Hamas war) and conditions in the markets in which we operate, including the current inflationary environment;
2. the adequacy of reserves established for claims and our inability to accurately predict and price for claims and other costs;
3. a decline in financial strength ratings of our insurance subsidiaries or in our corporate senior debt ratings;
4. fluctuations in exchange rates, including in the current environment;
5. an impairment of goodwill or other intangible assets;
6. the failure to maintain effective internal control over financial reporting;
7. unfavorable conditions in the capital and credit markets;
8. a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, and changes in interest rates;
9. an impairment in the value of our deferred tax assets;
10. the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
11. the credit risk of some of our agents, third-party administrators and clients;
12. the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;
13. limitations in the analytical models we use to assist in our decision-making;
14. the failure to effectively maintain and modernize our technology systems and infrastructure, or the failure to integrate those of acquired businesses;
15. breaches of our technology systems or those of third parties with whom we do business, or the failure to protect the security of data in such systems, including due to cyberattacks and as a result of working remotely;
16. the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security, data protection and tax;
17. the impact of litigation and regulatory actions;
18. reductions or deferrals in the insurance premiums we charge;
19. changes in insurance, tax and other regulations, including the Inflation Reduction Act of 2022;
20. volatility in our common stock price and trading volume; and
21. employee misconduct.

For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission, including the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures to analyze the company's operating performance. Assurant's non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant's non-GAAP financial measures to those of other companies.

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1. 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, Assurant Health runoff operations, 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 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income.

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