Assurant, Inc. · NYSE:AIZ
Assurant — Investor Day (March 2022)
83 slides from Assurant's investor day presentation, Mar 24, 2022
Slide 1: Assurant Investor Day 2022
Assurant Investor Day 2022 © 2022 Assurant, Inc. All rights reserved. 1
Slide 2: Cautionary Statement
Cautionary Statement Some of the statements included 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 performance ou
Slide 3: Thriving in the Connected World
Thriving in the Connected World Keith Demmings President & Chief Executive Officer © 2022 Assurant, Inc. All rights reserved. 3
Slide 4: Our Vision
Our Vision To be the leading global business services company supporting the advancement of the connected world © 2022 Assurant, Inc. All rights reserved. 4
Slide 5: 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 6: Track Record of Delivering on Commitments
Track Record of Delivering on Commitments TSR Outperformance(1) AIZ = 107% S&P 500 = 80% Enterprise Financial Objectives Results Delivered through 2021(2,3) Set in 2019(2,3) 12% average annual operating EPS growth 17% average annual growth over 2020-2021 Double-digit average annual growth in net ope
Slide 7: Expect to Sustain Growth in Adjusted EBITDA and Adjusted EPS with Superior Cash Flow
Expect to Sustain Growth in Adjusted EBITDA and Adjusted EPS with Superior Cash Flow Generation 2021 2022 2023 – 2024 Baseline Outlook Financial Objectives Adjusted 10% average $1.1 billion 8 – 10% growth EBITDA(1,2) annual growth 12%+ average Adjusted EPS(1,2) $12.12 16 - 20% growth annual growth S
Slide 8: Aligned Portfolio Focused on Advantaged Businesses
Aligned Portfolio Focused on Advantaged Businesses Segment Adjusted EBITDA(1,2) • Simplified and growing portfolio 2016(5) 2021 − Assurant segment Adjusted EBITDA CAGR of 11% since 2016(1,2) 18% − Capital-light businesses represent 77% 26% 36% of 2021 segment Adjusted EBITDA(2,3) 37% • Relatively in
Slide 9: Common Unifying Characteristics Across Our Lines of Business Create Clear Competitive Advantages
Common Unifying Characteristics Across Our Lines of Business Create Clear Competitive Advantages B2B2C model aligned with Demonstrated industry leaders ability to and long-term innovate and winners Leadership differentiate positions with scale advantages in attractive, growing markets © 2022 Assuran
Slide 10: 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 Connected Multifamily Lender- Auto Housing Specialty Living Placed • Mobile carriers • Auto dealers • Property managers • P&C insurers, • Banks
Slide 11: Mobile Positioned to Outperform in a Growing Market with Tailwinds
Mobile Positioned to Outperform in a Growing Market with Tailwinds Mobile 300M global device 250M global refurbished Key Industry Statistics protection customers annual device units 63M mobile devices protected Assurant Scale 26M mobile devices serviced(1) • 5G adoption & upgrade promotions • Rising
Slide 12: Auto Positioned to Outperform in a Growing Market with Tailwinds
Auto Positioned to Outperform in a Growing Market with Tailwinds Auto 400M global vehicle Key Industry Statistics service contracts Assurant Scale 54M vehicles protected • Rising car prices Industry Tailwinds • Increasing repair costs • Improving auto supply / demand imbalance Refer to Exhibit 3 in
Slide 13: Renters Positioned to Outperform in a Growing Market with Tailwinds
Renters Positioned to Outperform in a Growing Market with Tailwinds Multifamily Housing Key Industry Statistics 20M U.S. renters' policies Assurant Scale 2.6M renters policies • Rising attachment rates Industry Tailwinds • Untapped segments • Increasing residential construction and occupancy Refer t
Slide 14: Lender-Placed Insurance Well-positioned for Continued Strong Returns and Cash Flow
Lender-Placed Insurance Well-positioned for Continued Strong Returns and Cash Flow Lender-Placed Key Industry Statistics 53M U.S. mortgages Assurant Scale 30M mortgages tracked • New housing construction • Higher home values Industry Tailwinds • Moderate placement rate growth • End of forbearance pr
Slide 15: 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 10 markets, Talent • Sustain strong engagement through career growth, fair and equitable total rewards and wellbeing i
Slide 16: Majority of Profit Derived from Capital-light Businesses
Majority of Profit Derived from Capital-light Businesses 2021 Segment Adjusted EBITDA $1.2B(1,2) Key Characteristics Global Lifestyle • 36% Connected Living • Fee-for-service products Capital-light • 24% Global Automotive • More predictable and stable Businesses(2) 77% revenue/earnings streams Globa
Slide 17: Assurant's Relevant Peer Groups Now Include Business Services and Other Fee-based Companies
Assurant’s Relevant Peer Groups Now Include Business Services and Other Fee-based Companies Capital-Light Risk-Based • Home Warranty Relevant peer • Specialty Homeowners • Diversified Business Services groups • P&C Personal Lines • Insurance Brokers How they trade • EV/EBITDA: 13.2x • P/B: 1.4x (med
Slide 18: Compelling Valuation Given Growth and Return Profile
Compelling Valuation Given Growth and Return Profile Historical Performance Valuation 2016-2021 EPS 2022E P/E Multiple 25% 20 18.9x(3,4) 18 20%(1,2) 20% 16 14 15% 12 14.4x(3,4) 12%(3) 10 10% 8 6 5% 4 2 0% 0 Total AIZ S&P 500 (median) AIZ S&P 500 (median) (1) Assurant Adjusted earnings per share incl
Slide 19: Delivering Shareholder Value
Delivering 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 © 2022 Assura
Slide 20: Value Creation through Innovation in the Connected World
Value Creation through Innovation in the Connected World Bob Lonergan EVP, Chief Strategy & Risk Officer © 2022 Assurant, Inc. All rights reserved. 20
Slide 21: Continued Growth Momentum through Innovation and Disciplined Strategic Investments
Continued Growth Momentum through Innovation and Disciplined Strategic Investments • We have demonstrated an ability to innovate and differentiate • We have a clear focus on where we want to go and what we want to be • Evolving needs for the connected consumer are increasing demand for our services
Slide 22: Dedicated Teams Identifying New Trends and Insights to Drive Our Growth and Innovation Pipeline
Dedicated Teams Identifying New Trends and Insights to Drive Our Growth and Innovation Pipeline Industry Trends 225+ Enterprise Research & Strategy Team Companies monitored for insights Consumer Needs 75+ Primary Research Team Research studies per year Growth & Innovation Market Disruption 400+ Pipe
Slide 23: Well-positioned to Benefit from Tailwinds Across our Businesses
Well-positioned to Benefit from Tailwinds Across our Businesses Working & Sustainable Subscription learning products Total & economy @ home services addressable market in mobile, auto Omni-channel 5G and home sales and service continues to grow © 2022 Assurant, Inc. All rights reserved. 23
Slide 24: Vehicles to Drive Innovation and Create Value
Vehicles to Drive Innovation and Create Value Early-stage Building Acquiring Investing Organic investments in new M&A to broaden our Investments in early-stage products, ops transformation, capabilities and scale technology companies digital and CX improvements our businesses through Assurant Ventur
Slide 25: Driving Growth Through New Products and Services
Driving Growth Through New Products and Services Connected Living Multifamily Housing Global Automotive Tech Policy Client Support Tracking Portal (Personal TechPro) (Cover 360) (The Digital Hub) • 31M+ customers with • Doubled the number of • On-demand access to critical access to Personal TechPro
Slide 26: Driving Operational, Digital and CX Transformation: More Choice, Less Effort, Happier Customers
Driving Operational, Digital and CX Transformation: More Choice, Less Effort, Happier Customers Choice Ease Value Digital self-serve IVR to web routing Significant cost savings • 25%+ increase in usage • 25%+ higher NPS vs. • 25%+ reduction in with mobile client phone with mobile client calls per cl
Slide 27: M&A Remains a Key Driver of Growth and Value Creation
M&A Remains a Key Driver of Growth and Value Creation Strong M&A Capability Excellent Financial Results Key Growth Lever • Dedicated team • Since 2019, M&A has • M&A will continue to contributed an estimated accelerate our vision • Disciplined approach 20% of Segment Adjusted for Assurant • Since 20
Slide 28: M&A Has Strategically Transformed Our Auto Businesses
M&A Has Strategically Transformed Our Auto Businesses Pre-Transactions Post-Transactions Protected Vehicles 2017 2021 (M) • No direct sales • Scaled leader with primarily protecting 54 TPA distribution million vehicles 54 • Limited • Direct sales force international along with presence extensive set
Slide 29: M&A Has Enhanced the Competitive Position of our Mobile Business
M&A Has Enhanced the Competitive Position of our Mobile Business Global Mobile Pre- Post- Devices Transactions Transactions Serviced(1) 2018 2021 (M) Trade-In • Buy/sell spread- • Software-based based trade-in fee-for-service model with AIZ trade-in model protection supporting 26 clients diversified
Slide 30: Assurant Ventures Delivers Both Financial Returns and Strategic Value
Assurant Ventures Delivers Both Financial Returns and Strategic Value Connected Living Auto • Invests in early-stage, high-growth technology businesses (exited) • $125M+ in 25+ companies since inception Housing: Renters / Gig Economy / Mortgage Ops / Backend • 7 exits to date: 50%+ IRR • 4 SPACs & u
Slide 31: Driving Shareholder Value through Targeted Investments and Innovation
Driving Shareholder Value through Targeted Investments and Innovation Demonstrated track record to Total drive growth and addressable innovation Great market in Well-positioned foundation mobile, auto to capitalize with strong and home on evolving momentum continues to connected grow consumer needs
Slide 32: Financial & Capital Strategy
Financial & Capital Strategy Richard Dziadzio EVP, Chief Financial Officer © 2022 Assurant, Inc. All rights reserved. 32
Slide 33: Business Strategy to Drive Strong Earnings and Cash Flows with Disciplined Capital Deployment
Business Strategy to Drive Strong Earnings and Cash Flows with Disciplined Capital Deployment Robust & Diverse Total Cash Flows addressable market in Earnings mobile, auto Disciplined Strength & and home Capital Resiliency continues to Deployment grow © 2022 Assurant, Inc. All rights reserved. 33
Slide 34: Enterprise Financial Objectives to Deliver Strong, Consistent Growth Through 2024
Enterprise Financial Objectives to Deliver Strong, Consistent Growth Through 2024 2021 2022 Annual 2023 – 2024 Baseline Outlook Financial Objectives Adjusted 10% average $1.1 billion 8 – 10% growth EBITDA(1,2) annual growth Segment $729 million(3) ~$2.9 billion(2,4) Cash Generation 12%+ average Adju
Slide 35: Segment Financial Objectives to Deliver Attractive Adjusted EBITDA Growth
Segment Financial Objectives to Deliver Attractive Adjusted EBITDA Growth Results Through 2021 Segment Adjusted 2021 2022 2023 – 2024 EBITDA Baseline Outlook Financial Objectives Low double-digit 10% average Global Lifestyle $714 million growth annual growth Global $486 million Mid to high single-di
Slide 36: Global Lifestyle: Leading Positions & Opportunities to Drive Profitable Growth Globally
Global Lifestyle: Leading Positions & Opportunities to Drive Profitable Growth Globally Adjusted EBITDA ($M) Expected Business Drivers • Connected Living growth led by mobile 10% average Double-digit growth annual growth - Organic growth per year - Trade-in & upgrade growth $714 - International expa
Slide 37: Global Housing: Attractive Returns Expected to Continue as Specialty P&C Businesses Grow
Global Housing: Attractive Returns Expected to Continue as Specialty P&C Businesses Grow Adjusted EBITDA, excl. reportable CATs(1) ($M) Expected Business Drivers • Lender-Placed growth from placement MidMid to high single-digit to high-single digit growth per year rate increase and REO recovery grow
Slide 38: Foundational Expense Discipline Supports Business Investments and Financial Performance
Foundational Expense Discipline Supports Business Investments and Financial Performance Expense Discipline Strong Financial Performance Prioritization aligned Expense leverage with with growth Adjusted EBITDA growth Self-fund investments Realized expense efficiencies Commitment to deliver value Valu
Slide 39: Continued Strong Cash Generation Provides Significant Flexibility
Continued Strong Cash Generation Provides Significant Flexibility ~$2.9 • Robust cash flows available for investments & shareholder returns billion • High level of segment dividends for distribution (roughly 75% of segment Adjusted EBITDA)(1) Estimated Segment Cash • Diversified cash flows expected
Slide 40: Resilient Business Model Demonstrated by Strong Performance Through a Variety of Market Cycles
Resilient Business Model Demonstrated by Strong Performance Through a Variety of Market Cycles Diversity of Earnings Built-in Adaptability Broad business mix Risk sharing with clients Geographical distribution Flexible solutions Countercyclical business Ability to adjust rates(1) (1) Subject to regu
Slide 41: Capital Management is Supported by a Strong Foundation
Capital Management is Supported by a Strong Foundation Debt Management • Maintain leverage ratio target of <30% • Continued disciplined income-oriented approach Investment Portfolio • Investment grade fixed assets comprising majority of portfolio Ratings • Commitment to maintain investment grade rat
Slide 42: 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 43: Business Strategy to Drive Strong Earnings and Cash Flows with Disciplined Capital Deployment
Business Strategy to Drive Strong Earnings and Cash Flows with Disciplined Capital Deployment Robust & Diverse Total Cash Flows addressable market in Earnings mobile, auto Disciplined Strength & and home Capital Resiliency continues to Deployment grow © 2022 Assurant, Inc. All rights reserved. 43
Slide 44: Global Connected Living Opportunity
Global Connected Living Opportunity Biju Nair EVP, President of Global Connected Living © 2022 Assurant, Inc. All rights reserved. 44
Slide 45: Connected Living Serves Over 200 Million Customers Across Multiple Channels
Connected Living Serves Over 200 Million Customers Across Multiple Channels • Deep relationships with leading distribution partners – Mobile carriers – OEMs Financial – Retailers Mobile Services – Financial institutions 63 million 57 Million • Globally scaled operations Mobile Devices Credit Card an
Slide 46: Connected Living: Strong Track Record of Adjusted EBITDA Growth
Connected Living: Strong Track Record of Adjusted EBITDA Growth Connected Living Adjusted EBITDA Key drivers of growth: ($M) • Expanded and diversified client relationships, 15% including new distribution channels $430 CAGR • Global market expansion 3 World-class • Strengthened and added new fee-bas
Slide 47: Aligned with Leading Brands in the Connected Ecosystem
Aligned with Leading Brands in the Connected Ecosystem 15 of the top 50 most valuable global brands are Assurant clients 8 of Top 10 Top 3 Top 2 7 of Top 15 Top 3 global telecommunications U.S wireless global smartphone global retailers U.S. credit card brands carriers OEMs issuers Refer to Exhibit
Slide 48: Disciplined Global Expansion and Diversified Earnings Base
Disciplined Global Expansion and Diversified Earnings Base 2021 Connected Living Adjusted EBITDA (%) • Presence in 21 countries Asia Pacific • Global technology platforms 21% • Scale advantage with global supply 3 World-class chain operations facilities with XK $430M • Strong momentum in North Ameri
Slide 49: Assurant's Leading Breadth and Depth of Capabilities in the Mobile Industry
Assurant’s Leading Breadth and Depth of Capabilities in the Mobile Industry Mobile Trade-In & Service Customer Protection Upgrade & Repair Support • In-house underwriting • Proprietary and integrated • Nearly 2,000 retail and • Omni–channel service software platforms partner locations • Digital clai
Slide 50: Macro Trends Accelerating Growth in Connected Living Ecosystem
Macro Trends Accelerating Growth in Connected Living Ecosystem 5G Mobile operators seeking new digital revenue streams Aging population 60% of Increased Digital revenues Home as hub 74 million U.S. smartphone demand for now 22% of mobile for Connected adults 65+ shipments in 2022 pre-owned operators
Slide 51: Global Lifestyle Future Adjusted EBITDA Growth Led By Connected Living
Global Lifestyle Future Adjusted EBITDA Growth Led By Connected Living Multi-dimensional growth strategy • Global client expansion of mobile and Connected Living retail programs Adjusted EBITDA • Increased trade-in volume expected to grow • Continued growth in fee-based service double-digits over an
Slide 52: Mobile Protection
Mobile Protection © 2022 Assurant, Inc. All rights reserved. 52
Slide 53: Mobile Protection – Our Flagship Offering
Mobile Protection – Our Flagship Offering • An industry leader, including strong Global Devices Protected(2) program attachment rates (M) • “Excellent” NPS of 63(1) 63 • Best-in-class fraud/risk management 45 • Automated claims and digitized 3 World-class customer experience facilities with XK Emplo
Slide 54: Assurant Gains Market Share with Successful Conversion of ~10 Million Sprint Subscribers
Assurant Gains Market Share with Successful Conversion of ~10 Million Sprint Subscribers • Largest portfolio conversion ever • Expertise in regulatory filings and customer notifications • Ramped operations in 120 days • Minimal churn and excellent customer experience Converted ~10 Million Subscriber
Slide 55: Consumer and Market Trends Create Tailwinds for Future Growth
Consumer and Market Trends Create Tailwinds for Future Growth • Increased consumer dependence on devices for life, work and play • Consumers want protection for $665 Average Selling Price of New Smartphone in North America expensive devices and repairs 3 World-class North America Sales of Premium De
Slide 56: Trade-in
Trade-in © 2022 Assurant, Inc. All rights reserved. 56
Slide 57: Leading Provider of Device Trade-in Solutions to Carriers, OEMs and Retailers Globally
Leading Provider of Device Trade-in Solutions to Carriers, OEMs and Retailers Globally Global Mobile Devices Serviced(1) • Best-in-class software, data analytics and (M) supply chain operations 26 • Extensive client roster and scale; 30+ trade-in and upgrade programs globally • Software and services
Slide 58: Omni-channel Focus and Deployment of Global Best Practices Drive Organic Program Growth
Omni-channel Focus and Deployment of Global Best Practices Drive Organic Program Growth Assurant Trade-in Rates for New and Mature Programs(1) • Focus on recapturing and monetizing (Illustrative) devices displaced when new device 45% purchased 40% 25-35% • Recaptured value offsets customer 35% acqui
Slide 59: Multi-faceted Strategy for Trade-in Growth
Multi-faceted Strategy for Trade-in Growth Global Expansion More Solutions More Devices Beyond U.S. Beyond Trade-in Beyond Smartphones Illustrative Example of Mature Trade-in Program 98% of Assurant Trade-in Volume from U.S. Trade-In 67% Other Returns 33% Smart Watches Headphones & Speakers • Buyer’
Slide 60: Our Focus on Technology Driven Innovation and Automation Drive Differentiation and Cost Advantages
Our Focus on Technology Driven Innovation and Automation Drive Differentiation and Cost Advantages VISION TUNNEL RECEIVING SORT ROBOTIC FUNCTIONAL ON DEVICE DIAGNOSTIC COSMETIC GRADING TEST SOLUTIONS CELLULAR TESTING RECONDITION POLISHING FINAL SORT RETAIL SELF SERVICE SOLUTIONS © 2022 Assurant, Inc
Slide 61: Service & Repair
Service & Repair © 2022 Assurant, Inc. All rights reserved. 61
Slide 62: Assurant Investing to Digitize and Expand Our Service Delivery Network, Prioritizing Same Unit Repair
Assurant Investing to Digitize and Expand Our Service Delivery Network, Prioritizing Same Unit Repair • Consumer preference for service options, T-Mobile particularly same unit repair Retail • We believe Assurant has the largest, most Advance DYNAMIC FULFILLMENT diverse fulfillment options in the in
Slide 63: We Believe Assurant Has the Largest and Most Convenient Service and Repair Network
We Believe Assurant Has the Largest and Most Convenient Service and Repair Network • 4 highly automated depot facilities in the U.S. and U.K. • 13 additional facilities globally • Nearly 2,000 retail locations globally including CPR, carrier locations and strategic partners • Customer facing "Come-T
Slide 64: Assurant's Launch of T-Mobile In-store Repair
Assurant’s Launch of T-Mobile In-store Repair Rolled out the largest in-store carrier repair program in 5 months: • Recruited and trained more than 1,500 repair technicians • Rolled out to ~500 T-Mobile stores • 10-point increase in NPS from Advanced Exchange to In-Store Repair • Human resources, sy
Slide 65: Omni-Channel Support
Omni-Channel Support © 2022 Assurant, Inc. All rights reserved. 65
Slide 66: Integrated Omni-Channel Support Driving Improved Customer Experience While Lowering Costs
Integrated Omni-Channel Support Driving Improved Customer Experience While Lowering Costs Customer choice of how they Consistently excellent customer experience want to interact with year-over-year improvement 210 Million U.S. Connected Living Event NPS Customer Touches Annually(1) 63 NPS of 50 Assu
Slide 67: Personal TechPro Supporting Connected Consumers Where and How They Want
Personal TechPro Supporting Connected Consumers Where and How They Want • Premium tech support via chatbot, live chat, push to talk, remote in and remote camera • Support for all connected devices Jonathan Personal TechPro • Fully digital policy management and claims experience • NPS of 85(1)`1) • K
Slide 68: Connected Home Opportunity
Connected Home Opportunity © 2022 Assurant, Inc. All rights reserved. 68
Slide 69: Technology is Critical to Everyday Life, but Consumers are Overwhelmed by Connected Devices
Technology is Critical to Everyday Life, but Consumers are Overwhelmed by Increasing Number of Connected Devices 72% report frustration with their Connected devices 25 connected electronics and/or appliances per household 39% of smart home device returns are due to setup problems 18 21% of smart dev
Slide 70: Assurant Connected Home Solution
Assurant Connected Home Solution Our omni-channel solution delivers multi-device protection, tech support, services, and fulfillment options across the entire customer journey. Technical Value Added Service & Protection Support Services Repair • Connected devices • Installation • Privacy and identit
Slide 71: Opportunity to Reach 2.8 Billion Connected Home Devices with Our Partners
Opportunity to Reach 2.8 Billion Connected Home Devices with Our Partners Across Multiple Consumer Touchpoints Where What How They Consumers Buy They Buy Connect 7 of Top 10 Top 2 Top 3 global consumer global smartphone and U.S. cable operators electronics retailers consumer electronics OEMs 2 of To
Slide 72: Connected Living Positioned for Strong Continued Growth
Connected Living Positioned for Strong Continued Growth Strong growth Favorable Connected Home in fee-based consumer and Total and growth trade-in market trends addressable opportunity service delivery Deeper and market in Continued more diverse mobile, auto investment in global client and home capa
Slide 73: Appendix
Appendix © 2022 Assurant, Inc. All rights reserved. 73
Slide 74: Exhibit 1: Safe Harbor Statement
Exhibit 1: Safe Harbor Statement Some of the statements included 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 pe
Slide 75: Exhibit 2: Non-GAAP Financial Measures
Exhibit 2: Non-GAAP Financial Measures (1) 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 from continuing operations, excluding net re
Slide 76: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (2) 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 from continuing operations, excluding net realized gains (losses) on
Slide 77: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (3) Assurant uses Segment Adjusted EBITDA, excluding reportable catastrophes, as an important measure of Global Lifestyle and Global Housing’s combined operating performance. Assurant defines Segment Adjusted EBITDA, excluding reportable catastrophe
Slide 78: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (4) Given its ongoing shift to more service-oriented, fee-based businesses, the company will use Adjusted EBITDA, excluding reportable catastrophes, as its performance metric for the enterprise and its reportable segments going forward and will no l
Slide 79: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (5) Given its ongoing shift to more service-oriented, fee-based businesses, the company will use Adjusted EBITDA, excluding reportable catastrophes, as its performance metric for the enterprise and its reportable segments going forward and will no l
Slide 80: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (6) The company outlook and financial objectives for Adjusted earnings, excluding reportable catastrophes, per diluted share and Adjusted EBITDA, excluding reportable catastrophes, for Assurant and Global Housing and segment cash generation each con
Slide 81: Exhibit 3: Data Sources
Exhibit 3: Data Sources Assurant Global Lifestyle (continued) Top 3 U.S. wireless carriers Source: Public filings by subscribers 15 of Top 50 most Source: World 100 Most Valuable Brands in 2021 by valuable global brands Visual Capitalist Top 2 global smartphone OEMs Source: US News/IDC (2021) 7 of t
Slide 82: Exhibit 3: Data Sources
Exhibit 3: Data Sources Global Global Housing Housing 7 7ofofthe thetop top1010largest largestmortgage Source: Source: Internal 2021 NMHC Management 50 Largest servicers in the multifamily U.S. PMCs in the housing information Apartment Managers U.S. Key industry statistics: 20M U.S. renters' policie
Slide 83: Exhibit 3: Relevant Peer Groups
Exhibit 3: Relevant Peer Groups Capital-light peers Risk-based peers Data sourced from Factset. © 2022 Assurant, Inc. All rights reserved. 83