Slide 1: Fourth Quarter & Full-Year 2023 Results
Fourth Quarter & Full-Year 2023 Results © 2024 Assurant, Inc. All rights reserved. Company confidential. 1
Slide 2: Keith Demmings Keith Meier
Keith Demmings Keith Meier President Executive Vice President & Chief Executive Officer & Chief Financial Officer © 2024 Assurant, Inc. All rights reserved. Company confidential. 2 2
Slide 3: 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, such as performance outlook, financial obje
Slide 4: 2023 Financial Results & 2024 Outlook; Quarterly Performance & Business Highlights
1 2023 Financial Results & 2024 Outlook 2 Quarterly Performance & Business Highlights 3 Advantaged Businesses Driving Outperformance © 2024 Assurant, Inc. All rights reserved. Company confidential. 4
Slide 5: Significant Outperformance in 2023
Significant Outperformance in 2023 Successfully delivered on our enterprise objectives ✓ 7th consecutive year of profitable earnings growth +21% growth $773M ✓ Continued strong cash generation Adjusted EBITDA, Cash generated(2) excl. cats(1) ✓ Maintained a strong balance sheet $352M +26% growth alon
Slide 6: Recognition Aligned with Strategy Execution
Recognition Aligned with Strategy Execution Recognized as a Recognized for Workplace Leader Innovation & Sustainability © 2024 Assurant, Inc. All rights reserved. Company confidential. 6
Slide 7: We Start 2024 from a Position of Strength
We Start 2024 from a Position of Strength Over the last two years… Strengthened Drove operational Accelerated business portfolio and deployed excellence innovation e-learning programs Defended our Market Leading Positions and Expanded Our Client Base Connected Global Homeowners Renters Living Automo
Slide 8: Global Lifestyle 2023 Financial Highlights
Global Lifestyle 2023 Global Lifestyle Financial Highlights Adjusted EBITDA ($ millions) Global Lifestyle Adjusted EBITDA declined modestly 809 792 (2)% Connected Living • Strong growth in U.S. Connected Living from mobile carrier (1)% and cable operator expansion 342 constant 310 currency(1) • Stab
Slide 9: Global Housing 2023 Financial Highlights
Global Housing 2023 Global Housing Financial Highlights Adjusted EBITDA, excl. cats(1) ($ millions) Global Housing Adjusted EBITDA, excl. cats(1), delivered significant growth led by Homeowners 685 +64% • Net earned premiums, fees and other income increased 14% • Strong return on equity(2) and combi
Slide 10: 2024 Outlook: Continuing Track Record of Profitable Growth
2024 Outlook: Continuing Track Record of Profitable Growth 2023 2024 Baseline Outlook Adjusted EBITDA, excl. cats(1) expected to increase mid-single-digits • Expansion across Global Lifestyle and Global Adjusted EBITDA, Mid-single-digit Housing, at similar growth rates $1,369 million excl. cats(1) g
Slide 11: Quarterly Performance & Business Highlights
1 2023 Financial Results & 2024 Outlook 2 Quarterly Performance & Business Highlights 3 Advantaged Businesses Driving Outperformance © 2024 Assurant, Inc. All rights reserved. Company confidential. 11
Slide 12: Enterprise Q4'23 Financial Highlights
Adjusted EBITDA, excl. cats(1) ($ millions) Enterprise Q4’23 Financial Highlights 382 +29% Growth 296 Significant Adjusted EBITDA and Adjusted EPS(1) growth • Adjusted EBITDA, excl cats(1) up 29% year-over-year • Adjusted EPS(1) outpaced Adjusted EBITDA growth, both excl cats Continued strong balanc
Slide 13: Global Lifestyle Q4'23 Financial Highlights and 2024 Outlook
Global Lifestyle Adjusted EBITDA ($ millions) Global Lifestyle Q4’23 Financial 205 Highlights and 2024 Outlook +12% 182 82 82 Q4 2023 Highlights • Adjusted EBITDA growth of 12% 100 123 − Connected Living Adjusted EBITDA up 23% − Global Automotive Adjusted EBITDA relatively flat Q4'22 Q4'23 Connected
Slide 14: Global Housing Q4'23 Financial Highlights and 2024 Outlook
Global Housing Q4’23 Adjusted EBITDA, Global Housing Q4’23 Financial excl. cats(1) Highlights and 2024 Outlook 208 +48% 140 Q4 2023 Highlights • Adjusted EBITDA, excl. cats(1), increased 48% − Non-CAT loss ratio 30%(1) • Non-cat loss ratio 38% excluding prior period Q4'22 Q4'23 development of $40M −
Slide 15: Corporate Q4'23 Financial Highlights and 2024 Outlook
Q4’23 Adjusted EBITDA Loss ($ millions) Corporate Q4’23 Financial Highlights and 2024 Outlook (30) (27) Q4 2023 Highlights • Corporate Adjusted EBITDA loss of $(30)M, driven by higher employee-related expenses Q4'22 Q4'23 2024 Adjusted EBITDA Loss Outlook: Approximate 2024 Adjusted EBITDA Loss Outlo
Slide 16: Significant Cash Generation & Balanced Capital Allocation Drives Shareholder Value
Significant Cash Generation & Balanced Capital Allocation Drives Shareholder Value Balanced Uses of Capital Significant Cash Generation(1) 2024 Segment Common Organic Share Dividends expected to Stock Investments Repurchases(2) approximate 2/3 of Global Dividends(2) and M&A Lifestyle + Global Housin
Slide 17: Advantaged Businesses Driving Outperformance
1 2023 Financial Results & 2024 Outlook 2 Quarterly Performance & Business Highlights 3 Advantaged Businesses Driving Outperformance © 2024 Assurant, Inc. All rights reserved. Company confidential. 17
Slide 18: Assurant's Differentiated and Unique Business Model
Assurant’s Differentiated and Unique Business Model Demonstrated Leadership Ability to Positions in Innovate and Attractive Differentiate Markets with Add-on B2B2C Model Services Aligned with Industry Leaders © 2024 Assurant, Inc. All rights reserved. Company confidential. 18
Slide 19: Assurant's Differentiated and Unique Business Model
Assurant’s Differentiated and Unique Business Model Low Capital Intensity & Attractive Risk Profile Ability to Adjust Pricing Strong Cash Generation with Less Volatility with Client Alignment • ~2/3 segment Adj. EBITDA is • Global Lifestyle: ~2/3 • Global Lifestyle: ability to adjust capital-light(1
Slide 20: Demonstrating Strong Earnings, EPS and Cash Generation Over Time
Demonstrating Strong Earnings, EPS and Cash Generation Over Time Earnings EPS Cash Adj. EBITDA, excl. cats(1) Adj. EPS, excl. cats(1) ($ millions) +10% +15% 5-year 5-year $1,369 CAGR(2) $17.13 CAGR(2) $1,008 $1,122 $1,128 $12.28 $13.61 ~$3.5 Billion $903 $10.49 $8.95 total segment dividends(3) since
Slide 21: While Outperforming the Broader P&C Market
While Outperforming the Broader P&C Market P&C Market Comparison(2,3) 2019 – Trailing Twelve Months Q3 2023 +12% Adj. earnings, excl. cats(1) +7% +10% Adj. earnings, incl. cats(1) +6% AIZ P&C Market (1) Excludes reportable catastrophes and earnings from Global Preneed and non-core businesses. Refer
Slide 22: Appendix
aw) ASSURANT? Appendix
Slide 23: Questions? Contact Investor Relations
Rebekah Biondo Sean Moshier Matt Cafarchio Deputy Chief Financial Officer Head of Investor Relations Investor Relations Director Questions? Contact: investor.relations@assurant.com © 2024 Assurant, Inc. All rights reserved. Company confidential. 23 23
Slide 24: 2024 Outlook: Adjusted EBITDA to Adjusted Earnings Walk
2024 Outlook: Adjusted EBITDA to Adjusted Earnings Walk 2023 2024 Actuals Outlook (1) Adjusted EBITDA, excl. cats ($ in millions) $1,369 Mid-single-digit growth (-) Depreciation Expense $(109) ~$(135) (-) Interest Expense $(108) ~$(107) (-) Taxes $(207) ~20-22% (1) Adjusted Earnings, excl. cats ($ i
Slide 25: 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) $4.4B $4.2B $0.5B $1.7B • Mobile carriers • Auto
Slide 26: 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 27: 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 28: 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 29: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) 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 t
Slide 30: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) 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 from continuing operations, excludi
Slide 31: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) 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. T
Slide 32: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) 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 policyho
Slide 33: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) The company outlook for Adjusted earnings, excluding reportable catastrophes, per diluted share and Adjusted EBITDA, excluding reportable catastrophes, for Assurant and Global Housing, each constitute forward-looking non- GAAP financial measures and
Slide 34: Exhibit 3: Regulatory Requirements
Exhibit 3: Regulatory Requirements 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. Those are typical
Slide 35: 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
Slide 36: Exhibit 5: Data Definition from S&P Capital IQ Market Intelligence
Exhibit 5: Data Definition from S&P Capital IQ Market Intelligence Metric Source Definition Adjusted earnings SNL (S&P Capital IQ Market Net income after taxes, less the net income attributable to Intelligence) noncontrolling interest, after-tax realized gains, extraordinary items, deferred amortiza