Slide 1: Investor Presentation Third Quarter 2023
Investor Presentation Third Quarter 2023 © 2023 Assurant, Inc. All rights reserved. 1
Slide 2: Cautionary Statement
Cautionary Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth and operating strategies and similar matters, including performance outlook, financial ob
Slide 3: Our Vision
Our Vision To be the leading global business services company supporting the advancement of the connected world © 2023 Assurant, Inc. All rights reserved. 3
Slide 4: Vision Propels Us Forward Towards Sustained Outperformance
Vision Propels Us Forward Towards Sustained Outperformance Track record of Leadership positions Compelling strong profitable Total at scale valuation growth addressable Superior cash market in Purpose-driven flow generation mobile, auto culture and with disciplined and home commitment to deployment
Slide 5: B2B2C Model Aligned with Leaders and Long-term Winners
B2B2C Model Aligned with Leaders and Long-term Winners 15 of Top 50 most 20+ year High client retention valuable global brands partnerships across all LOBs Net earned Connected Renters & Auto Other Homeowners premiums, Living fees and other income(1) $4.2B $4.0B $0.5B $1.6B • Mobile carriers • Auto
Slide 6: Full-Year 2023 Outlook
Full-Year 2023 Outlook 2022 2023 Baseline Outlook Adjusted EBITDA(1,2) $1.1 billion Mid- to high-teens growth Growth rate to exceed Adjusted EPS(1,2) $13.61 Adjusted EBITDA ~65% of Adjusted EBITDA, Segment Cash Generation(3) $550 million including catastrophes(2,4) (1) Adjusted EBITDA and Adjusted e
Slide 7: Aligned Portfolio Focused on Advantaged Businesses
Aligned Portfolio Focused on Advantaged Businesses Segment Adjusted EBITDA(1,2) • Simplified and growing portfolio 2022 − Assurant Segment Adjusted EBITDA CAGR of 7% since 2019(1,2) 23% − Capital-light businesses represent 77% of 2022 Segment Adjusted EBITDA(2,3) 38% • Relatively insulated from majo
Slide 8: Third Quarter 2023 Results
Third Quarter 2023 Results Segment Net Adjusted Earned Premiums, Liquidity EBITDA(1) Fees and Other Income(2) $491 million $357 million Cash at holding +49% YoY $2.66 billion Capital company +8% YoY Deployment Adjusted EPS(1) $87 million $4.68 Repurchases & +67% YoY Common stock dividends “Results f
Slide 9: Third Quarter 2023 Segment Results
Third Quarter 2023 Segment Results • Excluding a one-time $11.2 million client contract benefit from third quarter 2022, underlying Global Lifestyle Global Lifestyle results increased $23.6 million, or 14 percent, primarily driven by higher net Adjusted EBITDA investment income, stronger mobile devi
Slide 10: Strong Cash Generation Provides Significant Flexibility
Strong Cash Generation Provides Significant Flexibility • Robust cash flow with over $5.8B in Segment Dividend History ($ in millions) segment dividends over the past 10 years(1) • $491M holding company liquidity available as of September 30, 2023 • Balanced portfolio creates diversified source of c
Slide 11: Balanced Capital Allocation to Drive Shareholder Value
Balanced Capital Allocation to Drive Shareholder Value Results Through 2021 Acquisitions & Disciplined investment approach to Organic Investments drive business growth and maximize returns Share Maintain a high level of capital stewardship Repurchases(1) Common Stock Consistent with historical pract
Slide 12: Capital Management is Supported by a Strong Foundation
Capital Management is Supported by a Strong Foundation Debt Management • Target to maintain leverage ratio of <30% • Continued disciplined income-oriented approach Investment Portfolio • Investment grade fixed assets comprising majority of portfolio Ratings • Commitment to maintain investment grade
Slide 13: High Quality and Diversified Investment Portfolio
High Quality and Diversified Investment Portfolio Preferred Fixed Maturity Equity 2% Securities by Other 6% Credit Quality • Total investments and cash and Commercial cash equivalents of $9.3 billion Mortgages 3% • Fixed maturity investments, cash AAA / Aa / A 57% and short-term investments represen
Slide 14: Purpose-Driven Culture and Commitment to Sustainability
Purpose-Driven Culture and Commitment to Sustainability Key Goals Great Place • Ensure workforce and leadership reflect the diversity of to Work our consumers and communities across 13 Talent • Sustain strong engagement through career growth, fair and equitable markets, total rewards and wellbeing i
Slide 15: Assurant's Pledge to be a Purpose-driven Company
Assurant’s Pledge to be a Purpose-driven Company Continuing to integrate ESG and sustainability within our long-term strategy and business operations Recent Assurant accomplishments: Responsible Employer Impact on Society 2022 Global Workforce Composition: • Continue to integrate ESG • Donated $4 mi
Slide 16: Delivering Long-Term Shareholder Value
Delivering Long-Term Shareholder Value Leadership Strong profitable positions Compelling Total growth at scale valuation addressable Superior cash market in Purpose-driven flow generation mobile, auto culture and with disciplined and home commitment to deployment continues to sustainability grow © 2
Slide 17: Appendix
Appendix © 2022 Assurant, Inc. All rights reserved. 17
Slide 18: Exhibit 1: Safe Harbor Statement
Exhibit 1: Safe Harbor Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding the company’s anticipated future financial performance, business prospects, growth and operating strategies and similar matters, including financial o
Slide 19: 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. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation o
Slide 20: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (2) Assurant uses Adjusted EBITDA, excluding reportable catastrophes, as an important measure of the company’s operating performance. Assurant defines Adjusted EBITDA, excluding reportable catastrophes, as net income, excluding net realized losses (
Slide 21: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) Additional details about the components of Other adjustments and other key financial metrics are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx © 2023 Assurant, Inc.
Slide 22: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (3) 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
Slide 23: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) Information on the share counts used in the per share calculations are included in the Financial Supplement located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx © 2023 Assurant, Inc. All rights reserved. 23
Slide 24: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (4) The metrics included within the company’s outlook each constitute forward-looking non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-lo
Slide 25: Exhibit 3: Regulatory Requirements
Exhibit 3: Regulatory Requirements As a reminder, Assurant, Inc. is an insurance holding company, with insurance subsidiaries domiciled in a number of states in the U.S. and international jurisdictions. The ownership of our stock is subject to certain state and foreign insurance law requirements. Th
Slide 26: Exhibit 4: Data Sources
Exhibit 4: Data Sources Assurant 15 of Top 50 most Source: World 100 Most Valuable Brands in 2023 by valuable global brands Visual Capitalist Global Lifestyle 7 of the top 10 global Source: Telecoms 150 2023 Ranking by Brand Finance telecommunications brands 4 of the top 5 dealer groups Source: Auto