Assurant, Inc. · NYSE:AIZ
Assurant — Investor Day (March 2022)
18 slides from Assurant's investor day presentation, Mar 24, 2022
Slide 1: Assurant, Inc. (AIZ) Revised Financial Supplement as of December 31, 2021
Assurant, Inc. (AIZ) REVISED Financial Supplement as of December 31, 2021 Note: In conjunction with the transition of its new CEO and chief operating decision maker, Assurant changed its segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, the primary measure us
Slide 2: Financial Supplement Index
ASSURANT, INC. FINANCIAL SUPPLEMENT (UNAUDITED) As of December 31, 2021 INDEX TO FINANCIAL SUPPLEMENT Page: SUMMARY FINANCIAL HIGHLIGHTS 1 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS 2 RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME FROM CONTINUING OPERATIONS 3 SEGMENT STATEMENTS OF OPERATIONS A
Slide 3: Summary Financial Highlights
Assurant, Inc. Summary Financial Highlights (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions, except per share amounts and closing stock price) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change KEY FINANCIAL METRICS Segment net earned premiums, fees and
Slide 4: Consolidated Condensed Statements of Operations
Assurant, Inc. Consolidated Condensed Statements of Operations (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Revenues: Net earned premiums $ 2,175.8 $ 2,140.1 $ 2,150.6 $ 2,105.6 $ 2,102.2 $ 2,086.8
Slide 5: Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations
Assurant, Inc. Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change GAAP net income from continuing operations $ 126.7 $ 153.6 $ 18
Slide 6: Global Lifestyle Condensed Statements of Operations and Selected Data
Global Lifestyle Condensed Statements of Operations and Selected Data (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Revenues: Net earned premiums $ 1,705.7 $ 1,688.5 $ 1,677.4 $ 1,648.7 $ 1,643.2 $ 1
Slide 7: Global Lifestyle (continued) Condensed Statements of Operations and Selected Data
Global Lifestyle (continued) Condensed Statements of Operations and Selected Data (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Net written premiums: Connected Living(1) $ 883.5 $ 825.0 $ 824.4 $ 841
Slide 8: Global Housing Condensed Statements of Operations and Selected Data
Global Housing Condensed Statements of Operations and Selected Data (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Revenues: Net earned premiums $ 470.1 $ 451.6 $ 473.2 $ 456.9 $ 459.0 $ 453.6 $ 453.2
Slide 9: Global Housing (continued) Condensed Statements of Operations and Selected Data
Global Housing (continued) Condensed Statements of Operations and Selected Data (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Lender-placed Insurance: Loans tracked (in millions) 30.4 30.3 30.1 31.6 31.9 31.8 32.2 3
Slide 10: Total Corporate and Other Condensed Statements of Operations and Selected Data
Total Corporate and Other Condensed Statements of Operations and Selected Data (Unaudited) 2021 2020 Twelve Months 4Q21-4Q20 4Q21-3Q21 12M'21-12M'20 ($ in millions) 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 2021 2020 % Change % Change % Change Revenues: Net earned premiums $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - N/A
Slide 11: Segment Condensed Balance Sheets
Assurant, Inc. Segment Condensed Balance Sheets (Unaudited) As of December 31, 2021 As of December 31, 2020 Corporate and Corporate and Global Lifestyle Global Housing Other(1) Consolidated Global Lifestyle Global Housing Other(1) Consolidated ($ in millions) Assets Investments and cash and cash equ
Slide 12: Investments
Assurant, Inc. Investments (Unaudited) As of December 31, As of December 31, ($ in millions) 2021 2020 Investments by type Fixed maturity securities available for sale, at fair value $ 7,215.3 67.4 % $ 6,815.5 65.3 % Equity securities, at fair value Preferred stock 261.3 2.4 % 232.7 2.2 % Common sto
Slide 13: Investments (continued)
Assurant, Inc. Investments (continued) (Unaudited) As of December 31, 2021 As of December 31, 2020 Allowance Net Net Book for credit Fair % of Fair Unrealized Book Allowance for Fair % of Fair Unrealized ($ in millions) Value losses Value Value Gain (Loss) Value credit losses Value Value Gain (Loss)
Slide 14: Investment Results by Asset Category and Annualized Yields
Assurant, Inc. Investment Results by Asset Category and Annualized Yields (Unaudited) Quarter Ended December 31 Quarter Ended December 31 2021 2020 Investment Net realized Investment Net realized ($ in millions) Yield Income gain (loss) Yield Income gain (loss) Fixed maturity securities, available f
Slide 15: Ratings Summary
Assurant, Inc. (1) Ratings Summary (Unaudited) As of December 31, 2021 Standard & A.M. Best Moody's Poor's Company American Bankers Insurance Company of Florida A A3 A American Bankers Life Assurance Company of Florida A- A3 A American Security Insurance Company A A3 A Caribbean American Life Assura
Slide 16: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (1) Adjusted EBITDA: Assurant uses Adjusted EBITDA as an important measure of the company’s operating performance. Assurant defines Adjusted EBITDA as net income from continuing operations, excluding net realized gains (losses) on investments an
Slide 17: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (3) 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,
Slide 18: Regulation G – Non GAAP Financial Measures (continued)
Regulation G – Non GAAP Financial Measures (continued) (5) Debt to Total Capital Ratio, Excluding AOCI: Assurant uses a ratio of debt to total capital, excluding AOCI, as an important measure of the Company’s financial leverage. Assurant defines debt to total capital ratio, excluding AOCI, as debt d