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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 March 31, 2022
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.)
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 April 29, 2022 was 54,085,077.



ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.
2.
3.
4.
1.
1A.
2.
6.

1



Assurant, Inc.
Consolidated Balance Sheets (unaudited)
March 31, 2022December 31, 2021
 (in millions, except number of 
shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $6,996.0 and $6,903.9 at March 31, 2022 and December 31, 2021, respectively)
$6,887.9 $7,215.3 
Equity securities at fair value371.7 445.7 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $0.9 and $1.1 at March 31, 2022 and December 31, 2021, respectively)
280.7 256.5 
Short-term investments144.4 247.8 
Other investments534.4 506.3 
Total investments8,219.1 8,671.6 
Cash and cash equivalents1,250.9 2,040.8 
Premiums and accounts receivable (net of allowances for credit losses of $8.8 and $9.4 at March 31, 2022 and December 31, 2021, respectively)
2,267.5 1,942.5 
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at March 31, 2022 and December 31, 2021, respectively)
6,068.3 6,178.9 
Accrued investment income89.2 62.1 
Deferred acquisition costs9,025.4 8,811.0 
Property and equipment, net585.3 561.4 
Goodwill2,569.4 2,571.6 
Value of business acquired484.3 583.4 
Other intangible assets, net695.1 719.2 
Other assets (net of allowances for credit losses of $2.6 and $2.5 at March 31, 2022 and December 31, 2021, respectively)
706.4 680.2 
Assets held in separate accounts11.1 11.9 
Assets held for sale (Note 4)1,050.6 1,076.9 
Total assets$33,022.6 $33,911.5 
Liabilities
Future policy benefits and expenses$408.4 $413.2 
Unearned premiums18,702.9 18,623.7 
Claims and benefits payable1,535.7 1,595.9 
Commissions payable629.4 692.7 
Reinsurance balances payable425.6 420.4 
Funds held under reinsurance355.1 364.2 
Accounts payable and other liabilities 2,693.3 3,032.5 
Debt2,203.0 2,202.5 
Liabilities related to separate accounts11.1 11.9 
Liabilities held for sale (Note 4)1,037.0 1,064.8 
Total liabilities28,001.5 28,421.8 
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 56,832,160 and 58,050,202 shares issued and 54,536,071 and 55,754,113 shares outstanding at March 31, 2022 and December 31, 2021, respectively
0.6 0.7 
Additional paid-in capital1,652.1 1,695.0 
Retained earnings3,976.5 4,066.8 
Accumulated other comprehensive loss(485.3)(150.0)
Treasury stock, at cost; 2,296,089 shares at March 31, 2022 and December 31, 2021
(122.8)(122.8)
Total equity5,021.1 5,489.7 
Total liabilities and equity$33,022.6 $33,911.5 
See the accompanying Notes to Consolidated Financial Statements (unaudited)
2



Assurant, Inc.
Consolidated Statements of Operations (unaudited)
 Three Months Ended March 31,
 20222021
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,136.4 $2,105.6 
Fees and other income322.4 249.9 
Net investment income86.3 76.3 
Net realized (losses) gains on investments (including $0.5 and $1.0 of impairment-related losses for the three months ended March 31, 2022 and 2021, respectively) and fair value changes to equity securities
(62.4)0.8 
Total revenues2,482.7 2,432.6 
Benefits, losses and expenses
Policyholder benefits494.5 528.7 
Underwriting, selling, general and administrative expenses1,790.5 1,682.4 
Interest expense26.9 28.4 
Total benefits, losses and expenses2,311.9 2,239.5 
Income from continuing operations before income tax expense170.8 193.1 
Income tax expense 25.3 44.6 
Net income from continuing operations145.5 148.5 
Net income from discontinued operations (Note 4) 14.3 
Net income145.5 162.8 
Less: Net loss attributable to non-controlling interest 0.2 
Net income attributable to stockholders145.5 163.0 
Less: Preferred stock dividends (4.7)
Net income attributable to common stockholders$145.5 $158.3 
Earnings Per Common Share
Basic
Net income from continuing operations$2.61 $2.43 
Net income from discontinued operations$ $0.24 
Net income attributable to common stockholders$2.61 $2.67 
Diluted
Net income from continuing operations$2.59 $2.41 
Net income from discontinued operations$ $0.23 
Net income attributable to common stockholders$2.59 $2.64 
Share Data
Weighted average common shares outstanding used in basic per common share calculations55,779,362 59,192,880 
Plus: Dilutive securities401,042 2,590,512 
Weighted average common shares outstanding used in diluted per common share calculations56,180,404 61,783,392 

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



Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
 Three Months Ended March 31,
 20222021
 (in millions)
Net income$145.5 $162.8 
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $85.3 and $58.8 for the three months ended March 31, 2022 and 2021, respectively
(334.8)(210.3)
Change in unrealized gains on derivative transactions, net of taxes of $0.2 and $0.2 for each of the three months ended March 31, 2022 and 2021, respectively
(0.6)(0.6)
Change in foreign currency translation, net of taxes of $(3.6) and $2.1 for the three months ended March 31, 2022 and 2021, respectively
1.3 7.2 
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.3 and $0.5 for the three months ended March 31, 2022 and 2021, respectively
(1.2)(1.6)
Total other comprehensive loss(335.3)(205.3)
Total comprehensive loss(189.8)(42.5)
Less: Comprehensive loss attributable to non-controlling interest 0.2 
Total comprehensive loss attributable to stockholders$(189.8)$(42.3)

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



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended March 31, 2022
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 (in millions)
Balance at December 31, 2021$0.7 $1,695.0 $4,066.8 $(150.0)$(122.8)$5,489.7 
Stock plan exercises— 7.8 — — — 7.8 
Stock plan compensation expense— 12.4 — — — 12.4 
Common stock dividends ($0.68 per share)
— — (37.4)— — (37.4)
Acquisition of common stock(0.1)(63.1)(198.4)— — (261.6)
Net income— — 145.5 — — 145.5 
Other comprehensive loss— — — (335.3)— (335.3)
Balance at March 31, 2022$0.6 $1,652.1 $3,976.5 $(485.3)$(122.8)$5,021.1 
Three Months Ended March 31, 2021
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling InterestTotal
 (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 exercises— — 5.4 — — — — 5.4 
Stock plan compensation expense— — 13.2 — — — — 13.2 
Common stock dividends ($0.66 per share)
— — — (38.2)— — — (38.2)
Acquisition of common stock— — (29.3)(33.3)— — — (62.6)
Net income (loss)— — — 163.0 — — (0.2)162.8 
Preferred stock conversion(2.9)0.1 (141.8)— — 144.6 —  
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interest— — — — — — 0.2 0.2 
Other comprehensive loss— — — — (205.3)— — (205.3)
Balance at March 31, 2021$ $0.7 $1,804.3 $3,635.5 $504.5 $(122.8)$3.4 $5,825.6 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
5



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31,
 20222021
(in millions)
Operating activities
Net income attributable to stockholders$145.5 $163.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:
Income from discontinued operations (14.3)
Deferred tax expense26.1 19.2 
Depreciation and amortization 47.3 41.4 
Net realized losses (gains) on investments, including impairment losses62.4 (0.8)
Stock based compensation expense12.4 13.2 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses(30.6)4.9 
Premiums and accounts receivable (311.2)(385.0)
Commissions payable(66.4)(142.6)
Reinsurance recoverable113.2 69.9 
Reinsurance balance payable (2.8)64.0 
Funds withheld under reinsurance (9.7)0.6 
Deferred acquisition costs and value of business acquired (91.0)(111.4)
Taxes payable(70.5)6.5 
Other assets and other liabilities(285.0)(187.9)
Other(40.8)(9.0)
Net cash provided by operating activities - discontinued operations 49.6 
Net cash used in operating activities(501.1)(418.7)
Investing activities
Sales of:
Fixed maturity securities available for sale729.6 215.5 
Equity securities28.9 3.4 
Other invested assets 29.2 25.8 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale151.6 239.0 
Commercial mortgage loans on real estate10.6 4.2 
Purchases of:
Fixed maturity securities available for sale(951.7)(390.6)
Equity securities(7.9)(10.3)
Commercial mortgage loans on real estate(34.6)(10.0)
Other invested assets(31.9)(12.2)
Property and equipment and other(41.1)(39.6)
Subsidiaries, net of cash transferred (4.1)
Change in short-term investments103.8 41.6 
Other0.2 0.5 
Net cash used in investing activities - discontinued operations (48.7)
Net cash (used in) provided by investing activities(13.3)14.5 
6



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31,
 20222021
Financing activities
Repayment of debt (50.0)
Acquisition of common stock(230.0)(42.0)
Common stock dividends paid(37.4)(38.2)
Preferred stock dividends paid (4.7)
Employee stock purchases and withholdings(10.1)(18.1)
Net cash used in financing activities(277.5)(153.0)
Effect of exchange rate changes on cash and cash equivalents - continuing operations(4.1) 
Effect of exchange rate changes on cash and cash equivalents - discontinued operations 0.2 
Effect of exchange rate changes on cash and cash equivalents(4.1)0.2 
Change in cash and cash equivalents(796.0)(557.0)
Cash and cash equivalents at beginning of period - continuing operations2,040.8 2,228.6 
Add: Cash and cash equivalents reclassified as held for sale at beginning of period14.0  
Cash and cash equivalents at beginning of period2,054.8 2,228.6 
Cash and cash equivalents at end of period1,258.8 1,671.6 
Less: Cash and cash equivalents reclassified as held for sale at end of period7.9  
Less: Cash and cash equivalents of discontinued operations at end of period 20.3 
Cash and cash equivalents of continuing operations at end of period $1,250.9 $1,651.3 


See the accompanying Notes to Consolidated Financial Statements (unaudited)
7

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 through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products. 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 products and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection and related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty 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 interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the opinion of management, the interim data includes all 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. Certain prior period amounts have been revised to conform to the current year presentation, including the change to the segment measure of profitability described in Note 5. 
8


Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021.

3. Recent Accounting Pronouncements
Adopted
Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.
The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.
This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no contracts or hedging relationships for which the reference LIBOR or another rate is expected to be discontinued and a GAAP contract modification is required.
Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.
This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no convertible instruments or contracts in its own equity.
Not Yet Adopted
Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.
The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. With the sale of the disposed Global
9

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

Preneed business in August 2021, the adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.  
Recognition and Measurement of Revenue Contracts with Customers Acquired in a Business Combination: In October 2021, the FASB issued guidance to improve comparability after a business combination is reported in the acquirer’s financial statements by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. Generally, the acquirer will recognize the acquired contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in the acquisition accounting. Under the amended guidance, the acquirer should account for the related revenue contracts as if it had originated the contracts. The amendments provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination.
The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.

4. Dispositions
Sale of Global Preneed
On August 2, 2021, the Company completed its sale of the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment (collectively, the “disposed Global Preneed business”), to subsidiaries of CUNA Mutual Group (“CUNA”) for an aggregate purchase price at closing of $1.34 billion in cash.
The following table summarizes the components of net income (loss) from discontinued operations included in the consolidated statements of operations:
Three Months Ended March 31,
2021
Revenues
Net earned premiums$17.7 
Fees and other income37.5 
Net investment income72.0 
Net realized losses on investments and fair value changes to equity securities(1.1)
Loss on disposal of businesses(4.3)
Total revenues121.8 
Benefits, losses and expenses
Policyholder benefits74.0 
Selling, underwriting, general and administrative expenses36.7 
Total benefits, losses and expenses110.7 
Income from discontinued operations before income taxes11.1 
Benefit for income taxes(3.2)
Net income from discontinued operations$14.3 
10

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

Sale of John Alden Life Insurance Company
On April 1, 2022, the Company completed its sale of John Alden Life Insurance Company (“JALIC”), a runoff business reported in the Corporate and Other segment. Prior to the sale, JALIC met the criteria for held for sale presentation and, therefore, its assets and liabilities were recorded as held for sale in the March 31, 2022 and December 31, 2021 consolidated balance sheets. The major classes of assets and liabilities held for sale included $908.2 million and $915.8 million of future policy benefits and expenses, $875.4 million and $881.6 million of reinsurance recoverables, $146.7 million and $159.6 million of other investments and $114.1 million and $117.2 million of claims and benefits payable as of March 31, 2022 and December 31, 2021, respectively.
Most of the $875.4 million and $881.6 million reinsurance recoverables balance for JALIC, which was included in assets held for sale as of March 31, 2022 and December 31, 2021, respectively, was reinsured with Employers Reassurance Corporation (“ERAC”) and was uncollateralized.

5. Segment Information
In conjunction with the transition of our new CEO and chief operating decision maker, the Company changed its segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, as the primary measure used for purposes of making decisions about allocating resources to the segments and assessing performance, from segment net income from continuing operations, effective January 1, 2022. Prior period amounts have been revised to reflect the new segment measure for profitability.
As of March 31, 2022, the Company had three reportable segments: Global Lifestyle, Global Housing and Corporate and Other. The Company defines Adjusted EBITDA as net income from continuing operations, excluding net realized gains (losses) on investments and fair value changes to equity securities, COVID-19 direct and incremental expenses, loss on extinguishment of debt, net income (loss) attributable to non-controlling interests, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items.
11

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 attributable to common shareholders:
Three Months Ended March 31,
20222021
Adjusted EBITDA by segment:
Global Lifestyle$217.4 $193.0 
Global Housing103.8 93.5 
Corporate and Other(22.2)(27.9)
Reconciling items to consolidated net income from continuing operations:
Interest expense(26.9)(28.4)
Depreciation expense(20.3)(16.8)
Amortization of purchased intangible assets(17.6)(17.0)
Net realized (losses) gains on investments and fair value changes to equity securities(62.4)0.8 
COVID-19 direct and incremental expenses(1.4)(3.0)
Other adjustments0.4 (0.9)
Loss attributable to non-controlling interest (0.2)
Total reconciling items(128.2)(65.5)
Income from continuing operations before income tax expense170.8 193.1 
Income tax expense25.3 44.6 
Net income from continuing operations $145.5 $148.5 


12

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

The Company’s net earned premiums, fees and other income by segment and product are as follows:
Three Months Ended March 31,
20222021
Global Lifestyle:
Connected Living (1)$1,072.5 $1,049.9 
Global Automotive 889.1 812.4 
Total$1,961.6 $1,862.3 
Global Housing:
Lender-placed Insurance$266.8 $260.4 
Multifamily Housing119.9 117.4 
Specialty and Other110.1 115.2 
Total$496.8 $493.0 
(1)Effective January 1, 2022, the Connected Living line of business includes the previous Global Financial Services and Other line of business. Prior period amounts have been revised to reflect this change.
The following table presents total assets by segment:
March 31, 2022December 31, 2021
Global Lifestyle (1)$26,244.2 $26,210.0 
Global Housing (1)3,963.6 4,131.2 
Corporate and Other2,814.8 3,570.3 
Segment assets $33,022.6 $33,911.5 
(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.

6. 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 service contracts 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 $277.6 million and $164.9 million for Global Lifestyle and $22.4 million and $24.5 million for Global Housing for the three months ended March 31, 2022 and 2021, respectively.
Global Lifestyle
In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s 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.
13

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

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 Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance 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 $320.0 million and $193.1 million, respectively, as of March 31, 2022, and $313.7 million and $191.5 million, respectively, as of December 31, 2021. These balances are 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 March 31, 2022 and 2021 that was included in unearned revenue as of December 31, 2021 and 2020 was $22.6 million and $11.7 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 March 31, 2022 and December 31, 2021, the Company had approximately $87.2 million and $93.0 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.


7. 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:
 March 31, 2022
 Cost or
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$81.5 $ $0.8 $(2.8)$79.5 
States, municipalities and political subdivisions144.8  3.1 (6.9)141.0 
Foreign governments428.5  2.7 (10.1)421.1 
Asset-backed476.9  12.7 (10.5)479.1 
Commercial mortgage-backed481.6  1.2 (16.3)466.5 
Residential mortgage-backed536.4  5.8 (15.9)526.3 
U.S. corporate3,556.2  85.4 (111.5)3,530.1 
Foreign corporate1,290.1  15.9 (61.7)1,244.3 
Total fixed maturity securities$6,996.0 $ $127.6 $(235.7)$6,887.9 
14

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

 December 31, 2021
 Cost or
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$83.0 $ $2.1 $(0.1)$85.0 
States, municipalities and political subdivisions142.2  7.0 (0.7)148.5 
Foreign governments436.0  5.9 (4.2)437.7 
Asset-backed411.1  14.2 (2.3)423.0 
Commercial mortgage-backed466.7  10.3 (3.3)473.7 
Residential mortgage-backed578.4  25.2 (1.7)601.9 
U.S. corporate3,581.2  235.9 (14.0)3,803.1 
Foreign corporate1,205.3  46.0 (8.9)1,242.4 
Total fixed maturity securities$6,903.9 $ $346.6 $(35.2)$7,215.3 
The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2022 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.