Assurant, Inc. · NYSE:AIZ
Assurant — Merger or Acquisition (March 2021)
23 slides from Assurant's merger presentation, Mar 9, 2021
Slide 1: Sale of Global Preneed to CUNA Mutual Group and 2021 Assurant Outlook
Sale of Global Preneed to CUNA Mutual Group and 2021 Assurant Outlook March 9, 2021 © 2021 Assurant, Inc. All rights reserved. 1
Slide 2: Presenters
Presenters Alan Colberg President & Chief Executive Officer Richard Dziadzio Executive Vice President, Chief Financial Officer © 2021 Assurant, Inc. All rights reserved. 2
Slide 3: Cautionary Statement
Cautionary Statement Some of the statements included in this presentation, particularly those with respect to the closing of the Global Preneed transaction, including any statements regarding the company’s anticipated future financial performance, business prospects, growth, operating strategies and
Slide 4: Agenda for Today’s Call
Agenda for Today’s Call Sale of Global Preneed to CUNA Mutual Group Expectations for use of transaction proceeds 2021 Assurant outlook © 2021 Assurant, Inc. All rights reserved. 4
Slide 5: Sale of Global Preneed to CUNA Mutual Group is a Successful Outcome for All Stakeholders
Sale of Global Preneed to CUNA Mutual Group is a Successful Outcome for All Stakeholders • Definitive agreement to sell Global Preneed to CUNA Mutual Group for approximately $1.3 billion in cash Transaction • Sale includes Global Preneed’s assets and related legal entities, including American Memori
Slide 6: Fully-Transformed to Focus on Connected World Businesses and Specialty P&C Offerings
Fully-Transformed to Focus on Connected World Businesses and Specialty P&C Offerings Sale of Global Preneed is a significant Adjusted Global Lifestyle and Global Housing milestone in the transformation journey Segment Net Operating Income(1) that began in 2015 13% More cohesive portfolio to further
Slide 7: Building on Track Record of Strong Capital Return; 75% of Net Proceeds to be Returned
Building on Track Record of Strong Capital Return; 75% of Net Proceeds to be Returned $1.2 Billion Net • Expect ~ $1.2 billion in net transaction proceeds: Transaction Proceeds - Approximately 75% via share repurchases(1) completed within one year of closing - Remaining 25% deployed for disciplined
Slide 8: Assurant Positioned for Long-term Profitable Growth
Assurant Positioned for Long-term Profitable Growth 2021 Assurant Outlook • Excluding Global Preneed and catastrophe losses, expect 2021 net operating income per diluted share(1) to increase approximately 9% from adjusted 2020 net operating income per diluted share(1) – Driven by underlying business
Slide 9: 2021 Outlook: Expect 9% Growth in Net Operating EPS
2021 Outlook: Expect 9% Growth in Net Operating EPS(1) Net operating income Net operating income, per diluted share, 2021 outlook excluding catastrophes(1) excluding catastrophes(1) 2021 net operating $10.80 income per diluted $664M $605M $9.88 share(1) to approximate 2020 reported results of $10.80
Slide 10: Global Lifestyle NOI Growth, Led by Mobile
Global Lifestyle NOI Growth, Led by Mobile Net operating income(1) Global Lifestyle 2021 Outlook High single- • Expect to grow net operating income(1) by high digit growth $437M single-digits from 2020 • Growth expected to be led by mobile from new and expanded programs as well as improved profitabi
Slide 11: Maintain Attractive Global Housing Returns and Cash Flows with Countercyclical Upside
Maintain Attractive Global Housing Returns and Cash Flows with Countercyclical Upside Global Housing 2021 Outlook • Net operating income, excluding catastrophes(1), Net Operating Income, expected to be lower following a very strong Excluding Catastrophes(1) performance in 2020 • Expect a modest incr
Slide 12: Continued Expense Discipline within Corporate
Continued Expense Discipline within Corporate Corporate & Other • Expect 2021 net operating loss(1) to approximate $90 million Corporate & Other compared to 2020 adjusted net operating loss of $103 million Net Operating Loss(2) - 2020 adjusted net operating loss reflects additional enterprise suppor
Slide 13: Positioned for Long-term Value Creation
Positioned for Long-term Value Creation Connected World businesses combined with our differentiated P&C offerings are expected to sustain above-market growth and deliver superior cash flow over time More service-oriented, fee-based model with several recurring revenue streams Fully-transformed compa
Slide 14: Exhibits
Exhibits © 2021 Assurant, Inc. All rights reserved. 14
Slide 15: Exhibit 1: Safe Harbor Statement
Exhibit 1: Safe Harbor Statement Some of the statements included in this presentation, particularly those with respect to the closing of the Global Preneed transaction, including any statements regarding the company’s anticipated future financial performance, business prospects, growth, operating st
Slide 16: Exhibit 2: Non-GAAP Financial Measures
Exhibit 2: Non-GAAP Financial Measures Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, inv
Slide 17: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 18: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 19: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 20: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 21: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 22: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co
Slide 23: Exhibit 2: Non-GAAP Financial Measures (continued)
Exhibit 2: Non-GAAP Financial Measures (continued) Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this presentation. Because Assurant’s calculation of these measures may differ from similar measures used by other co