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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2024
OR 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 001-31978 
Assurant, Inc.
(Exact name of registrant as specified in its charter)
Delaware  39-1126612
(State or other jurisdiction of incorporation)  (I.R.S. Employer Identification No.)
260 Interstate North Circle SE
Atlanta, Georgia 30339
(770763-1000
(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 Par ValueAIZNew York Stock Exchange
5.25% Subordinated Notes due 2061AIZNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒
The number of shares of the registrant’s common stock outstanding at November 1, 2024 was 51,287,376.



ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.Consolidated Financial Statements (unaudited) of Assurant, Inc.
Consolidated Balance Sheets (unaudited) as of September 30, 2024 and December 31, 2023
Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023
Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023
Notes to Consolidated Financial Statements (unaudited)
2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
3.Quantitative and Qualitative Disclosures About Market Risk
4.Controls and Procedures
1.Legal Proceedings
1A.Risk Factors
2.Unregistered Sales of Equity Securities and Use of Proceeds
5.Other Information
6.Exhibits
Signatures

1



Assurant, Inc.
Consolidated Balance Sheets (unaudited)
September 30, 2024December 31, 2023
 (in millions, except number of 
shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $7,766.4 and $7,292.4 at September 30, 2024 and December 31, 2023, respectively)
$7,596.1 $6,912.1 
Equity securities at fair value219.4 223.0 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.4 and $4.0 at September 30, 2024 and December 31, 2023, respectively)
329.0 328.7 
Short-term investments325.0 258.1 
Other investments501.7 499.0 
Total investments8,971.2 8,220.9 
Cash and cash equivalents1,813.4 1,627.4 
Premiums and accounts receivable (net of allowances for credit losses of $6.3 and $9.0 at September 30, 2024 and December 31, 2023, respectively)
1,782.6 2,265.6 
Reinsurance recoverables (net of allowances for credit losses of $4.6 and $4.8 at September 30, 2024 and December 31, 2023, respectively)
7,631.8 6,649.2 
Accrued investment income120.3 97.0 
Deferred acquisition costs10,083.8 9,967.2 
Property and equipment, net742.2 685.8 
Goodwill2,625.2 2,608.8 
Value of business acquired11.7 83.9 
Other intangible assets, net545.9 567.1 
Other assets (net of allowances for credit losses of $0.7 at September 30, 2024 and December 31, 2023)
1,004.2 862.3 
Total assets$35,332.3 $33,635.2 
Liabilities
Future policy benefits and expenses$504.0 $487.2 
Unearned premiums20,400.0 20,110.4 
Claims and benefits payable3,049.0 1,989.2 
Commissions payable526.2 542.8 
Reinsurance balances payable511.8 430.1 
Funds held under reinsurance257.8 392.7 
Accounts payable and other liabilities (including allowances for credit losses of $3.9 and $8.3 at September 30, 2024 and December 31, 2023, respectively, for the unsecured portion of the high deductible recoverables)
2,745.7 2,792.7 
Debt2,082.5 2,080.6 
Total liabilities30,077.0 28,825.7 
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,672,292 and 54,252,083 shares issued and 51,376,203 and 51,955,994 shares outstanding at September 30, 2024 and December 31, 2023, respectively
0.5 0.6 
Additional paid-in capital1,683.3 1,668.5 
Retained earnings4,321.5 4,028.2 
Accumulated other comprehensive loss(627.2)(765.0)
Treasury stock, at cost; 2,296,089 shares at September 30, 2024 and December 31, 2023
(122.8)(122.8)
Total equity5,255.3 4,809.5 
Total liabilities and equity$35,332.3 $33,635.2 
See the accompanying Notes to Consolidated Financial Statements (unaudited)
2



Assurant, Inc.
Consolidated Statements of Operations (unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,417.2 $2,357.3 $7,238.3 $6,965.8 
Fees and other income439.1 310.4 1,200.0 888.8 
Net investment income129.7 125.5 381.1 343.6 
Net realized losses on investments (including $9.4, $0.8, $21.2 and $6.4 of impairment-related losses for the three and nine months ended September 30, 2024 and 2023, respectively) and fair value changes to equity securities
(18.3)(19.1)(46.7)(49.7)
Total revenues2,967.7 2,774.1 8,772.7 8,148.5 
Benefits, losses and expenses
Policyholder benefits776.8 644.6 2,096.0 1,922.7 
Underwriting, selling, general and administrative expenses2,012.7 1,873.7 5,919.2 5,564.5 
Interest expense26.7 27.0 80.2 81.2 
Gain on extinguishment of debt   (0.1)
Total benefits, losses and expenses2,816.2 2,545.3 8,095.4 7,568.3 
Income before income tax expense151.5 228.8 677.3 580.2 
Income tax expense 17.7 38.7 118.4 120.2 
Net income$133.8 $190.1 $558.9 $460.0 
Earnings Per Common Share
Basic$2.56 $3.55 $10.66 $8.58 
Diluted$2.55 $3.54 $10.60 $8.55 
Share Data
Weighted average common shares outstanding used in basic per common share calculations52,204,057 53,535,982 52,411,457 53,591,495 
Plus: Dilutive securities260,465 209,191 293,417 232,889 
Weighted average common shares outstanding used in diluted per common share calculations52,464,522 53,745,173 52,704,874 53,824,384 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
3



Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in millions)
Net income$133.8 $190.1 $558.9 $460.0 
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(56.2), $30.2, $(42.4) and $19.1 for the three and nine months ended September 30, 2024 and 2023, respectively
209.7 (112.9)154.5 (80.6)
Change in unrealized gains on derivative transactions, net of taxes of $(0.8), $0.3, $0.3 and $(0.3) for the three and nine months ended September 30, 2024 and 2023, respectively
3.0 (1.2)(1.1)1.0 
Change in foreign currency translation, net of taxes of $2.8, $0.4, $4.6 and $(1.7) for the three and nine months ended September 30, 2024 and 2023, respectively
15.2 (11.3)(8.4)22.4 
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.7, $0.7, $2.0 and $2.0 for the three and nine months ended September 30, 2024 and 2023, respectively
(2.4)(2.9)(7.2)(7.6)
Total other comprehensive income (loss)225.5 (128.3)137.8 (64.8)
Total comprehensive income$359.3 $61.8 $696.7 $395.2 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
4



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended September 30, 2024
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 (in millions)
Balance at June 30, 2024$0.5 $1,669.6 $4,309.7 $(852.7)$(122.8)$5,004.3 
Stock plan exercises— 7.5 — — — 7.5 
Stock plan compensation expense— 23.7 — — — 23.7 
Common stock dividends ($0.72 per share)
— — (37.5)— — (37.5)
Acquisition of common stock— (17.5)(84.5)— — (102.0)
Net income— — 133.8 — — 133.8 
Other comprehensive income— — — 225.5 — 225.5 
Balance at September 30, 2024$0.5 $1,683.3 $4,321.5 $(627.2)$(122.8)$5,255.3 
Three Months Ended September 30, 2023
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive Loss
Treasury
Stock
Total
 (in millions)
Balance at June 30, 2023$0.6 $1,653.7 $3,877.2 $(922.7)$(122.8)$4,486.0 
Stock plan exercises— 7.5 — — — 7.5 
Stock plan compensation expense— 23.9 — — — 23.9 
Common stock dividends ($0.70 per share)
— — (37.1)— — (37.1)
Acquisition of common stock— (12.0)(39.5)— — (51.5)
Net income— — 190.1 — — 190.1 
Other comprehensive loss— — — (128.3)— (128.3)
Balance at September 30, 2023$0.6 $1,673.1 $3,990.7 $(1,051.0)$(122.8)$4,490.6 
Nine Months Ended September 30, 2024
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive Loss
Treasury
Stock
Total
 (in millions)
Balance at December 31, 2023$0.6 $1,668.5 $4,028.2 $(765.0)$(122.8)$4,809.5 
Stock plan exercises— 14.8 — — — 14.8 
Stock plan compensation expense— 58.3 — — — 58.3 
Common stock dividends ($2.16 per share)
— — (114.8)— — (114.8)
Acquisition of common stock(0.1)(58.3)(150.8)— — (209.2)
Net income— — 558.9 — — 558.9 
Other comprehensive income— — — 137.8 — 137.8 
Balance at September 30, 2024$0.5 $1,683.3 $4,321.5 $(627.2)$(122.8)$5,255.3 
5



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Nine Months Ended September 30, 2023
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 (in millions)
Balance at December 31, 2022$0.6 $1,637.8 $3,699.3 $(986.2)$(122.8)$4,228.7 
Stock plan exercises— 14.9 — — — 14.9 
Stock plan compensation expense— 53.6 — — — 53.6 
Common stock dividends ($2.10 per share)
— — (113.8)— — (113.8)
Acquisition of common stock— (33.2)(54.8)— — (88.0)
Net income— — 460.0 — — 460.0 
Other comprehensive loss— — — (64.8)— (64.8)
Balance at September 30, 2023$0.6 $1,673.1 $3,990.7 $(1,051.0)$(122.8)$4,490.6 
See the accompanying Notes to Consolidated Financial Statements (unaudited)
6



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20242023
(in millions)
Operating activities
Net income$558.9 $460.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:
Deferred tax expense (benefit)219.9 (69.1)
Depreciation and amortization 159.6 141.2 
Net realized losses on investments, including impairment losses46.7 49.7 
Gain on extinguishment of debt (0.1)
Stock based compensation expense58.3 53.6 
Restructuring costs0.2 18.3 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses1,409.8 66.9 
Premiums and accounts receivable 485.7 10.4 
Commissions payable(8.7)(39.3)
Reinsurance recoverable(968.2)330.8 
Reinsurance balance payable 83.5 (77.0)
Funds withheld under reinsurance (134.3)36.4 
Deferred acquisition costs and value of business acquired (75.0)(68.4)
Taxes receivable(167.3)(45.4)
Other assets and other liabilities(387.6)(83.8)
Other(51.6)(8.7)
Net cash provided by operating activities1,229.9 775.5 
Investing activities
Sales of:
Fixed maturity securities available for sale924.6 955.7 
Equity securities73.8 11.1 
Other invested assets 71.0 30.0 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale384.2 199.2 
Commercial mortgage loans on real estate35.4 15.4 
Purchases of:
Fixed maturity securities available for sale(1,822.9)(1,495.6)
Equity securities(55.4)(3.4)
Commercial mortgage loans on real estate(38.1)(44.4)
Other invested assets(66.8)(37.0)
Property and equipment and other(153.3)(148.2)
Subsidiaries, net of cash transferred(12.9)(0.3)
Change in short-term investments(68.4)(124.0)
Other 0.7 
Net cash used in investing activities(728.8)(640.8)
Financing activities
Issuance of debt, net of issuance costs 173.2 
Repayment of debt (225.0)
7



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20242023
Payment of contingent liability (2.5)
Acquisition of common stock(187.1)(67.1)
Common stock dividends paid(114.8)(113.8)
Employee stock purchases and withholdings(15.9)(6.7)
Net cash used in financing activities(317.8)(241.9)
Effect of exchange rate changes on cash and cash equivalents 2.7 (4.2)
Change in cash and cash equivalents186.0 (111.4)
Cash and cash equivalents at beginning of period 1,627.4 1,536.7 
Cash and cash equivalents at end of period $1,813.4 $1,425.3 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
8

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



INDEX OF NOTES
1. Nature of Operations
Assurant, Inc. (the “Company”) is a leading global business services company that supports, protects and connects major consumer purchases. The Company supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment services and other related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as “Homeowners”); and renters insurance and other products (referred to as “Renters and Other”).
The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.
2. Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The consolidated balance sheet as of September 30, 2024, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three and nine months ended September 30, 2024 and 2023 and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, the interim data includes all normal recurring adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
9

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



Restricted Cash
Restricted cash and cash equivalents of $115.4 million and $43.6 million as of September 30, 2024 and December 31, 2023, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.
3. Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted
There were no ASUs adopted by the Company during the quarterly period ended September 30, 2024.
Not Yet Adopted
ASUs issued but not yet adopted as of September 30, 2024, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
10

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



StandardSummary of the StandardEffective date
Method of Adoption
Impact of the Standard on the Company’s Financial Statements
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Key disclosure updates include:
On an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss.
On an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss.
All current annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting on an interim basis.
Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment’s profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements.
Require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280.
The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable.

December 31, 2024 and for interim periods thereafterThe Company is assessing the impact of adopting this standard as of December 31, 2024. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of the Company’s segment information disclosures.
11

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



StandardSummary of the StandardEffective date
Method of Adoption
Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.January 1, 2025 (with early adoption permitted)The Company is assessing the adoption of this standard as of January 1, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
The guidance improves disclosures of specified information about certain costs and expenses at each interim and annual reporting periods. The new disclosure requirements include:
 Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.
Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
December 31, 2027 and for interim periods thereafterThe Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.

4. Segment Information
As of September 30, 2024, the Company had two reportable operating segments, Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses and activities of the holding company. The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (defined below), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), Assurant Health runoff operations, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.
12

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted EBITDA by segment:
Global Lifestyle$184.3 $191.8 $581.7 $587.7 
Global Housing92.4 165.1 445.8 388.1 
Corporate and Other(29.8)(26.2)(86.5)(79.1)
Reconciling items to consolidated net income:
Interest expense(26.7)(27.0)(80.2)(81.2)
Depreciation expense(38.9)(25.8)(99.5)(77.6)
Amortization of purchased intangible assets(17.0)(18.2)(51.9)(55.6)
Net realized losses on investments and fair value changes to equity securities(18.3)(19.1)(46.7)(49.7)
Non-core operations (1)(2.3)3.0 (8.6)(39.4)
Restructuring costs1.0 (13.2)(0.2)(18.3)
Assurant Health runoff operations (2)(0.1)(0.3)0.3 7.2 
Other adjustments6.9 (1.3)23.1 (1.9)
Total reconciling items(95.4)(101.9)(263.7)(316.5)
Income before income tax expense151.5 228.8 677.3 580.2 
Income tax expense17.7 38.7 118.4 120.2 
Net income$133.8 $190.1 $558.9 $460.0 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income.
(2)In first quarter 2023, the Company recorded income of $7.5 million related to a payment it received from Time Insurance Company (“TIC”) pursuant to a participation agreement that the Company had with TIC in connection with its sale by the Company in 2018. The payment related to the Company’s prior participation in the risk adjustment program introduced by the Patient Protection and Affordable Care Act of 2010.
The Company’s net earned premiums, fees and other income by segment and line of business are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Global Lifestyle:
Connected Living$1,223.5 $1,082.9 $3,512.3 $3,188.7 
Global Automotive 1,026.0 1,022.9 3,108.5 3,066.3 
Total$2,249.5 $2,105.8 $6,620.8 $6,255.0 
Global Housing:
Homeowners$478.4 $434.1 $1,438.5 $1,237.8 
Renters and Other125.4 121.1 371.1 359.3 
Total$603.8 $555.2 $1,809.6 $1,597.1 
13

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



The following table presents total assets by segment:
September 30, 2024December 31, 2023
Global Lifestyle (1)$27,630.8 $27,642.9 
Global Housing (1)5,612.3 4,274.5 
Corporate and Other (2)2,089.2 1,717.8 
Segment assets $35,332.3 $33,635.2 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of September 30, 2024 and December 31, 2023, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. The Company intends to sell the property and, based on ongoing negotiation of an agreement with a potential buyer, the Company has determined that the assets continue to meet held-for-sale criteria. There can be no assurance that a definitive agreement will be executed or that a transaction will be approved or consummated.
5. Contract Revenues
The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from services and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $382.6 million and $277.6 million for Global Lifestyle and $34.1 million and $22.3 million for Global Housing for the three months ended September 30, 2024 and 2023, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $1.04 billion and $779.5 million for Global Lifestyle and $95.5 million and $63.1 million for Global Housing for the nine months ended September 30, 2024 and 2023, respectively.
Global Lifestyle
In the Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its clients, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.
Global Housing
In the Global Housing segment, revenues from service contracts and sales of products are primarily from the Homeowners business. As part of the Homeowners business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
Contract Balances
The receivables and unearned revenue under these contracts were $205.4 million and $141.0 million, respectively, as of September 30, 2024, and $218.9 million and $155.4 million, respectively, as of December 31, 2023. These balances are
14

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended September 30, 2024 and 2023 that was included in unearned revenue as of December 31, 2023 and 2022 was $17.4 million and $22.3 million, respectively. Revenue from service contracts and sales of products recognized during the nine months ended September 30, 2024 and 2023 that was included in unearned revenue as of December 31, 2023 and 2022 was $52.1 million and $64.8 million, respectively.
In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of September 30, 2024 and December 31, 2023, the Company had approximately $77.8 million and $47.2 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.
6. Investments
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 September 30, 2024
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$61.4 $ $0.9 $(2.9)$59.4 
States, municipalities and political subdivisions132.3  1.9 (7.7)126.5 
Foreign governments501.1  5.4 (13.0)493.5 
Asset-backed970.2  9.1 (9.0)970.3 
Commercial mortgage-backed356.1  2.8 (33.7)325.2 
Residential mortgage-backed656.9  5.6 (38.4)624.1 
U.S. corporate3,501.9  83.8 (152.6)3,433.1 
Foreign corporate1,586.5  36.7 (59.2)1,564.0 
Total fixed maturity securities$7,766.4 $ $146.2 $(316.5)$7,596.1 
 December 31, 2023
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$68.9 $ $0.7 $(4.4)$65.2 
States, municipalities and political subdivisions159.2  1.2 (11.2)149.2 
Foreign governments483.1  9.4 (12.7)479.8 
Asset-backed891.4  5.2 (22.8)873.8 
Commercial mortgage-backed383.1  0.4 (53.3)330.2 
Residential mortgage-backed534.7  1.9 (50.6)486.0 
U.S. corporate3,300.5  45.3 (215.4)3,130.4 
Foreign corporate1,471.5  17.6 (91.6)1,397.5 
Total fixed maturity securities$7,292.4 $ $81.7 $(462.0)$6,912.1 
The cost or amortized cost and fair value of fixed maturity securities as of September 30, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
15

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



Cost or Amortized Cost
Fair Value
Due in one year or less$202.6 $202.1 
Due after one year through five years1,488.1 1,492.8 
Due after five years through ten years2,980.7 2,969.8 
Due after ten years1,111.8 1,011.8 
Total5,783.2 5,676.5 
Asset-backed970.2 970.3 
Commercial mortgage-backed356.1 325.2 
Residential mortgage-backed656.9 624.1 
Total$7,766.4 $7,596.1 
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities $(18.5)$(14.1)$(47.7)$(25.9)
Equity securities (1)11.2 (3.0)21.3 (15.9)
Commercial mortgage loans on real estate(0.1)(1.3)(2.4)(2.6)
Other investments(1.5)0.1 3.3 1.1 
Total net realized losses on investments related to sales and other and fair value changes to equity securities (8.9)(18.3)(25.5)(43.3)
Net realized losses related to impairments:
Fixed maturity securities(0.2)(0.8)(1.2)(2.9)
Other investments(9.2) (20.0)(3.5)
Total net realized losses related to impairments(9.4)(0.8)(21.2)(6.4)
Total net realized losses on investments and fair value changes to equity securities$(18.3)$(19.1)$(46.7)$(49.7)
(1)Upward adjustments of $2.5 million, $6.6 million, $0.2 million and $0.6 million for the three and nine months ended September 30, 2024 and 2023 and impairments of $9.2 million, $20.0 million, $0.0 million and $3.5 million for the three and nine months ended September 30, 2024 and 2023, respectively, were realized on equity investments accounted for under the measurement alternative.
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net gains (losses) recognized on equity securities$11.2 $(3.0)$21.3 $(15.9)
Less: Net realized gains (losses) related to sales of equity securities1.4 0.1 6.5 (2.2)
Total fair value changes to equity securities held$9.8 $(3.1)$14.8 $(13.7)
16

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:
September 30, 2024December 31, 2023
Initial cost$72.8 $86.8 
Cumulative upward adjustments57.7 51.1 
Cumulative downward adjustments (including impairments)(21.4)(17.9)
Carrying value$109.1 $120.0 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2024 and December 31, 2023 were as follows:
 September 30, 2024
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$ $ $33.0 $(2.9)$33.0 $(2.9)
States, municipalities and political subdivisions4.8 (0.2)77.9 (7.5)82.7 (7.7)
Foreign governments93.4 (2.9)183.8 (10.1)277.2 (13.0)
Asset-backed48.2 (2.3)98.0 (6.7)146.2 (9.0)
Commercial mortgage-backed13.0 (1.5)215.4 (32.2)228.4 (33.7)
Residential mortgage-backed55.6 (1.1)239.1 (37.3)294.7 (38.4)
U.S. corporate198.5 (9.8)1,136.1 (142.8)1,334.6 (152.6)
Foreign corporate64.7 (2.3)540.6 (56.9)605.3 (59.2)
Total fixed maturity securities$478.2 $(20.1)$2,523.9 $(296.4)$3,002.1 $(316.5)
 December 31, 2023
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$5.2 $(0.1)$43.7 $(4.3)$48.9 $(4.4)
States, municipalities and political subdivisions3.9 (0.1)96.5 (11.1)100.4 (11.2)
Foreign governments42.5 (0.5)203.5 (12.2)246.0 (12.7)
Asset-backed64.0 (3.0)404.7 (19.8)468.7 (22.8)
Commercial mortgage-backed66.3 (8.4)244.2 (44.9)310.5 (53.3)
Residential mortgage-backed98.8 (3.5)285.1 (47.1)383.9 (50.6)
U.S. corporate331.9 (14.7)1,596.4 (200.7)1,928.3 (215.4)
Foreign corporate153.9 (5.6)744.8 (86.0)898.7 (91.6)
Total fixed maturity securities$766.5 $(35.9)$3,618.9 $(426.1)