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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, 2021
OR 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Assurant, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-31978 39-1126612
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (I.R.S. Employer
Identification No.)
55 Broadway, Suite 2901
New York, New York 10006
(212859-7000
(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 October 29, 2021 was 56,976,709.



ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.
2.
3.
4.
1.
1A.
2.
6.

1



Assurant, Inc.
Consolidated Balance Sheets (unaudited)
September 30, 2021December 31, 2020
 (in millions, except number of 
shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $0.0 and $1.2 at September 30, 2021 and December 31, 2020, respectively; amortized cost - $7,271.3 and $6,245.8 at September 30, 2021 and December 31, 2020, respectively)
$7,650.3 $6,815.5 
Equity securities at fair value422.3 290.2 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $0.9 and $1.6 at September 30, 2021 and December 31, 2020, respectively)
227.3 138.3 
Short-term investments217.5 292.0 
Other investments (net of allowances for credit losses of $0.0 at September 30, 2021 and $1.4 at December 31, 2020, respectively)
679.2 686.8 
Total investments9,196.6 8,222.8 
Cash and cash equivalents2,027.9 2,207.6 
Premiums and accounts receivable (net of allowances for credit losses of $10.6 and $13.3 at September 30, 2021 and December 31, 2020, respectively)
1,702.4 1,548.9 
Reinsurance recoverables (net of allowances for credit losses of $22.8 and $24.6 at September 30, 2021 and December 31, 2020, respectively)
7,135.4 6,605.4 
Accrued investment income63.6 67.0 
Deferred acquisition costs8,548.2 7,388.0 
Property and equipment, net529.0 446.1 
Goodwill2,579.9 2,589.3 
Value of business acquired698.6 1,152.2 
Other intangible assets, net638.4 696.2 
Other assets (net of allowances for credit losses of $4.1 and $1.8 at September 30, 2021 and December 31, 2020, respectively)
493.3 496.2 
Assets held in separate accounts11.5 11.5 
Assets held for sale (Note 4) 13,218.7 
Total assets$33,624.8 $44,649.9 
Liabilities
Future policy benefits and expenses$1,334.1 $1,358.5 
Unearned premiums18,457.2 17,293.1 
Claims and benefits payable1,897.4 1,610.3 
Commissions payable664.6 699.1 
Reinsurance balances payable389.3 359.3 
Funds held under reinsurance350.0 358.6 
Accounts payable and other liabilities 2,574.4 2,640.5 
Debt2,201.9 2,252.9 
Liabilities related to separate accounts11.5 11.5 
Liabilities held for sale (Note 4) 12,111.3 
Total liabilities27,880.4 38,695.1 
Commitments and contingencies (Note 16)
Stockholders’ equity
6.50% Series D mandatory convertible preferred stock, par value $1.00 per share, 0 shares and 2,875,000 shares authorized, issued and outstanding at September 30, 2021 and December 31, 2020, respectively (1)
 2.9 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 59,850,255 and 62,967,808 shares issued and 57,554,166 and 57,967,808 shares outstanding at September 30, 2021 and December 31, 2020, respectively
0.7 0.6 
Additional paid-in capital1,731.3 1,956.8 
Retained earnings4,219.3 3,548.7 
Accumulated other comprehensive (loss) income(84.1)709.8 
Treasury stock, at cost; 2,296,089 and 5,000,000 shares at September 30, 2021 and December 31, 2020, respectively
(122.8)(267.4)
Total Assurant, Inc. stockholders’ equity5,744.4 5,951.4 
Non-controlling interests 3.4 
Total equity5,744.4 5,954.8 
Total liabilities and equity$33,624.8 $44,649.9 
(1)Each outstanding share of mandatory convertible preferred stock converted to common stock in March 2021. Refer to Note 13 for further information.
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,
 2021202020212020
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,140.1 $2,086.8 $6,396.3 $6,173.6 
Fees and other income309.6 209.4 858.0 829.4 
Net investment income76.0 63.3 235.2 212.3 
Net realized gains (losses) on investments (including $, $(1.3), $0.2 and $(14.0) of impairment-related gains (losses) for the three and nine months ended September 30, 2021 and 2020, respectively)
112.1 17.2 123.2 (37.9)
Total revenues2,637.8 2,376.7 7,612.7 7,177.4 
Benefits, losses and expenses
Policyholder benefits614.2 638.5 1,681.2 1,697.3 
Amortization of deferred acquisition costs and value of business acquired965.6 927.3 2,903.7 2,689.6 
Underwriting, general and administrative expenses818.3 672.9 2,301.2 2,290.9 
Interest expense27.5 25.5 84.7 77.7 
Loss on extinguishment of debt (Note 10)20.7  20.7  
Total benefits, losses and expenses2,446.3 2,264.2 6,991.5 6,755.5 
Income from continuing operations before income tax expense191.5 112.5 621.2 421.9 
Income tax expense 37.9 24.5 134.4 20.6 
Net income from continuing operations153.6 88.0 486.8 401.3 
Net income (loss) from discontinued operations (Note 4)728.8 (118.5)762.0 (97.6)
Net income (loss)882.4 (30.5)1,248.8 303.7 
Less: Net loss (income) attributable to non-controlling interests 0.3  (1.1)
Net income (loss) attributable to stockholders882.4 (30.2)1,248.8 302.6 
Less: Preferred stock dividends (4.7)(4.7)(14.0)
Net income (loss) attributable to common stockholders$882.4 $(34.9)$1,244.1 $288.6 
Earnings Per Common Share
Basic
Net income from continuing operations$2.60 $1.39 $8.07 $6.39 
Net income (loss) from discontinued operations$12.32 $(1.97)$12.74 $(1.61)
Net income (loss) attributable to common stockholders$14.92 $(0.58)$20.81 $4.78 
Diluted
Net income from continuing operations$2.58 $1.38 $8.00 $6.32 
Net income (loss) from discontinued operations$12.25 $(1.96)$12.52 $(1.54)
Net income (loss) attributable to common stockholders$14.83 $(0.58)$20.52 $4.78 
Share Data
Weighted average common shares outstanding used in basic per common share calculations59,126,313 60,190,103 59,769,690 60,384,817 
Plus: Dilutive securities353,151 235,619 1,085,631 2,956,041 
Weighted average common shares outstanding used in diluted per common share calculations59,479,464 60,425,722 60,855,321 63,340,858 
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,
 2021202020212020
 (in millions)
Net income (loss)$882.4 $(30.5)$1,248.8 $303.7 
Other comprehensive income (loss):
Change in unrealized gains (losses) on investments, net of taxes of $184.4, $(13.0), $220.8 and $(54.1) for the three and nine months ended September 30, 2021 and 2020, respectively (1)
(663.1)56.8 (786.2)188.2 
Change in unrealized gains on derivative transactions, net of taxes of $0.2, $0.2, $0.6 and $0.5 for each of the three and nine months ended September 30, 2021 and 2020, respectively
(0.6)(0.6)(1.8)(1.8)
Change in foreign currency translation, net of taxes of $1.1, $(1.5), $1.3 and $4.2 for the three and nine months ended September 30, 2021 and 2020, respectively (1)
(23.7)35.3 (2.9)15.2 
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.2, $0.6, $0.9 and $(12.0) for the three and nine months ended September 30, 2021 and 2020, respectively (2)
(0.7)(2.2)(3.0)45.1 
Total other comprehensive income (loss)(688.1)89.3 (793.9)246.7 
Total comprehensive income194.3 58.8 454.9 550.4 
Less: Comprehensive income (loss) attributable to non-controlling interests 0.3  (1.1)
Total comprehensive income attributable to stockholders$194.3 $59.1 $454.9 $549.3 
(1)Three and nine months ended September 30, 2021 include $0.3 million of foreign currency translation adjustments and $605.7 million of net unrealized gains on investments, for a total of $606.0 million, that were recognized through income from discontinued operations upon the sale of the disposed Global Preneed business. Refer to Note 4 for further information.
(2)Change in nine months ended September 30, 2020 includes the prior service credit resulting from the February 2020 amendment of the Retirement Health Benefits plan. Refer to Note 15 for further information.

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



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended September 30, 2021
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling InterestsTotal
 (in millions)
Balance at June 30, 2021$ $0.7 $1,786.2 $3,640.3 $604.0 $(122.8)$ $5,908.4 
Stock plan issuances— — 6.4 — — — — 6.4 
Stock plan compensation expense— — 18.2 — — — — 18.2 
Common stock dividends ($0.66 per share)
— — — (38.5)— — — (38.5)
Acquisition of common stock— — (62.6)(264.9)— — — (327.5)
Net income— — — 882.4 — — — 882.4 
Acquisition of non-controlling interests— — (16.9)— — — — (16.9)
Other comprehensive income (loss)— — — — (688.1)— — (688.1)
Balance at September 30, 2021$ $0.7 $1,731.3 $4,219.3 $(84.1)$(122.8)$ $5,744.4 
Three Months Ended September 30, 2020
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Non-controlling InterestsTotal
 (in millions)
Balance at June 30, 2020$2.9 $1.6 $4,550.4 $6,194.4 $568.9 $(5,350.4)$16.7 $5,984.5 
Stock plan issuances— — 4.7 — — — — 4.7 
Stock plan compensation expense— — 15.5 — — — — 15.5 
Common stock dividends ($0.63 per share)
— — — (37.5)— — — (37.5)
Acquisition of common stock— — (1.7)— — (70.1)— (71.8)
Net loss— — — (30.2)— — (0.3)(30.5)
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — 4.0 — — (11.2)(7.2)
Acquisition of non-controlling interests— — (0.7)— — — (1.6)(2.3)
Other comprehensive income— — — — 89.3 — — 89.3 
Balance at September 30, 2020$2.9 $1.6 $4,568.2 $6,126.0 $658.2 $(5,420.5)$3.6 $5,940.0 

5



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Nine Months Ended September 30, 2021
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive Income (Loss)
Treasury
Stock
Non-controlling InterestsTotal
 (in millions)
Balance at December 31, 2020$2.9 $0.6 $1,956.8 $3,548.7 $709.8 $(267.4)$3.4 $5,954.8 
Stock plan issuances— — 11.8 — — — — 11.8 
Stock plan compensation expense— — 48.6 — — — — 48.6 
Common stock dividends ($1.98 per share)
— — — (118.5)— — — (118.5)
Acquisition of common stock— — (127.2)(454.4)— — — (581.6)
Net income— — — 1,248.8 — — — 1,248.8 
Preferred stock conversion(2.9)0.1 (141.8)— — 144.6 — — 
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — (0.6)— — (3.4)(4.0)
Acquisition of non-controlling interests— — (16.9)— — — — (16.9)
Other comprehensive income (loss)— — — — (793.9)— — (793.9)
Balance at September 30, 2021$ $0.7 $1,731.3 $4,219.3 $(84.1)$(122.8)$ $5,744.4 
Nine Months Ended September 30, 2020
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Non-controlling InterestsTotal
 (in millions)
Balance at December 31, 2019$2.9 $1.6 $4,537.7 $5,966.4 $411.5 $(5,267.3)$29.3 $5,682.1 
Cumulative effect of change in accounting principles, net of taxes (1)— — — (20.4)— — — (20.4)
Stock plan issuances— — 8.6 — — — — 8.6 
Stock plan compensation expense— — 41.9 — — — — 41.9 
Common stock dividends ($1.89 per share)
— — — (115.1)— — — (115.1)
Acquisition of common stock— — (19.3)— — (153.2)— (172.5)
Net income— — — 302.6 — — 1.1 303.7 
Preferred stock dividends ($4.88 per share)
— — — (14.0)— — — (14.0)
Change in equity of non-controlling interests— — — 6.5 — — (25.2)(18.7)
Acquisition of non-controlling interest— — (0.7)— — — (1.6)(2.3)
Other comprehensive income— — — — 246.7 — — 246.7 
Balance at September 30, 2020$2.9 $1.6 $4,568.2 $6,126.0 $658.2 $(5,420.5)$3.6 $5,940.0 
(1)Amount relates to the adoption of the accounting standard for accounting for expected credit losses for assets held at amortized cost, which established allowances for such expected credit losses as of January 1, 2020.

See the accompanying Notes to Consolidated Financial Statements (unaudited)
6



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20212020
(in millions)
Operating activities
Net income attributable to stockholders$1,248.8 $302.6 
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:
Income from discontinued operations (1)(762.0)97.6 
Deferred tax expense122.3 179.5 
Depreciation and amortization 126.0 104.2 
Net realized (gains) losses on investments, including impairment losses(123.2)37.9 
Stock based compensation expense48.6 41.9 
Loss on extinguishment of debt20.7  
Iké related charges, net of derivative gains (2) 1.7 
Changes in operating assets and liabilities:
Change in insurance policy reserves and expenses1,427.8 608.2 
Change in premiums and accounts receivable (131.6)107.3 
Change in commissions payable(77.4)14.0 
Change in reinsurance recoverable(517.7)(151.7)
Change in reinsurance balance payable 31.2 79.5 
Change in funds withheld under reinsurance (8.6)42.6 
Change in deferred acquisition costs and value of business acquired (712.1)(343.8)
Change in taxes payable (receivable) (3) (122.7)(25.7)
Change in other assets and other liabilities(177.2)