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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 June 30, 2023
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
(770) 763-1000
(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 July 28, 2023 was 53,022,687.


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.Consolidated Financial Statements (unaudited) of Assurant, Inc.
Consolidated Balance Sheets (unaudited) as of June 30, 2023 and December 31, 2022
Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Changes in Equity (unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2023 and 2022
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)
June 30, 2023December 31, 2022
 (in millions, except number of 
shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $7,210.8 and $6,920.8 at June 30, 2023 and December 31, 2022, respectively)
$6,617.8 $6,283.7 
Equity securities at fair value259.6 281.3 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $3.1 and $1.8 at June 30, 2023 and December 31, 2022)
302.7 295.6 
Short-term investments279.7 155.5 
Other investments528.8 508.4 
Total investments7,988.6 7,524.5 
Cash and cash equivalents1,401.7 1,536.7 
Premiums and accounts receivable (net of allowances for credit losses of $8.6 and $9.2 at June 30, 2023 and December 31, 2022, respectively)
2,342.3 2,406.4 
Reinsurance recoverables (net of allowances for credit losses of $4.8 and $5.4 at June 30, 2023 and December 31, 2022, respectively)
6,636.6 6,999.4 
Accrued investment income90.7 85.1 
Deferred acquisition costs9,818.5 9,677.1 
Property and equipment, net642.7 645.1 
Goodwill2,606.3 2,603.0 
Value of business acquired166.4 262.8 
Other intangible assets, net608.4 638.9 
Other assets (net of allowances for credit losses of $1.2 and $1.7 at June 30, 2023 and December 31, 2022, respectively) (1)
802.5 738.3 
Total assets$33,104.7 $33,117.3 
Liabilities
Future policy benefits and expenses$523.4 $507.9 
Unearned premiums19,931.3 19,802.4 
Claims and benefits payable2,020.3 2,210.0 
Commissions payable626.7 647.5 
Reinsurance balances payable482.6 492.8 
Funds held under reinsurance376.2 366.6 
Accounts payable and other liabilities (including allowances for credit losses of $10.5 and $10.3 at June 30, 2023 and December 31, 2022, respectively, for the unsecured portion of the high deductible recoverables)
2,528.8 2,731.5 
Debt2,129.4 2,129.9 
Total liabilities28,618.7 28,888.6 
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 55,304,730 and 55,126,470 shares issued and 53,008,641 and 52,830,381 shares outstanding at June 30, 2023 and December 31, 2022, respectively
0.6 0.6 
Additional paid-in capital1,653.7 1,637.8 
Retained earnings3,877.2 3,699.3 
Accumulated other comprehensive loss(922.7)(986.2)
Treasury stock, at cost; 2,296,089 shares at June 30, 2023 and December 31, 2022
(122.8)(122.8)
Total equity4,486.0 4,228.7 
Total liabilities and equity$33,104.7 $33,117.3 
(1)During second quarter 2023, Assurant, Inc. initiated plans to sell its Miami, Florida property. As of June 30, 2023, the related assets totaling $44.4 million met held-for-sale criteria and were reclassified from property and equipment, net, to other assets. Assurant, Inc. 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.
See the accompanying Notes to Consolidated Financial Statements (unaudited)
2


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,343.0 $2,168.9 $4,608.5 $4,305.3 
Fees and other income295.7 325.2 578.4 647.6 
Net investment income112.9 92.0 218.1 178.3 
Net realized losses on investments (including $3.1, $1.6, $5.6, and $2.1 of impairment-related losses for the three and six months ended June 30, 2023 and 2022, respectively) and fair value changes to equity securities
(20.0)(76.4)(30.6)(138.8)
Total revenues2,731.6 2,509.7 5,374.4 4,992.4 
Benefits, losses and expenses
Policyholder benefits632.5 600.0 1,278.1 1,090.0 
Underwriting, selling, general and administrative expenses1,867.6 1,811.7 3,690.8 3,602.3 
Interest expense27.2 27.2 54.2 54.1 
Loss (gain) on extinguishment of debt— 0.9 (0.1)0.9 
Total benefits, losses and expenses2,527.3 2,439.8 5,023.0 4,747.3 
Income before income tax expense204.3 69.9 351.4 245.1 
Income tax expense 48.0 17.7 81.5 43.9 
Net income$156.3 $52.2 $269.9 $201.2 
Earnings Per Common Share
Basic$2.91 $0.96 $5.03 $3.65 
Diluted$2.90 $0.95 $5.01 $3.61 
Share Data
Weighted average common shares outstanding used in basic per common share calculations53,745,611 54,607,321 53,619,711 55,190,104 
Plus: Dilutive securities144,071 407,626 223,324 473,842 
Weighted average common shares outstanding used in diluted per common share calculations53,889,682 55,014,947 53,843,035 55,663,946 

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


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
 (in millions)
Net income$156.3 $52.2 $269.9 $201.2 
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $9.7, $77.5, $(11.1) and $162.8 for the three and six months ended June 30, 2023 and 2022, respectively
(46.9)(291.9)32.3 (626.7)
Change in unrealized gains on derivative transactions, net of taxes of $(0.6), $0.2, $(0.6) and $0.4 for the three and six months ended June 30, 2023 and 2022, respectively
2.1 (0.7)2.2 (1.3)
Change in foreign currency translation, net of taxes of $(4.4), $1.0, $(2.1) and $(2.6) for the three and six months ended June 30, 2023 and 2022, respectively
23.7 (41.9)33.7 (40.6)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.6, $0.6, $1.3 and $0.9 for the three and six months ended June 30, 2023 and 2022, respectively
(2.1)(2.4)(4.7)(3.6)
Total other comprehensive income (loss)(23.2)(336.9)63.5 (672.2)
Total comprehensive income (loss)$133.1 $(284.7)$333.4 $(471.0)

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


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended June 30, 2023
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
 (in millions)
Balance at March 31, 2023$0.6 $1,642.2 $3,775.9 $(899.5)$(122.8)$4,396.4 
Stock plan compensation expense— 17.2 — — — 17.2 
Common stock dividends ($0.70 per share)
— — (39.7)— — (39.7)
Acquisition of common stock— (5.7)(15.3)— — (21.0)
Net income— — 156.3 — — 156.3 
Other comprehensive income (loss)— — — (23.2)— (23.2)
Balance at June 30, 2023$0.6 $1,653.7 $3,877.2 $(922.7)$(122.8)$4,486.0 
Three Months Ended June 30, 2022
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Treasury
Stock		Total
 (in millions)
Balance at March 31, 2022$0.6 $1,652.1 $3,954.4 $(485.3)$(122.8)$4,999.0 
Stock plan compensation expense— 16.9 — — — 16.9 
Common stock dividends ($0.68 per share)
— — (38.6)— — (38.6)
Acquisition of common stock— (39.1)(193.8)— — (232.9)
Net income— — 52.2 — — 52.2 
Other comprehensive income (loss)— — — (336.9)— (336.9)
Balance at June 30, 2022$0.6 $1,629.9 $3,774.2 $(822.2)$(122.8)$4,459.7 
Six Months Ended June 30, 2023
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income (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— 7.4 — — — 7.4 
Stock plan compensation expense— 29.7 — — — 29.7 
Common stock dividends ($1.40 per share)
— — (76.7)— — (76.7)
Acquisition of common stock— (21.2)(15.3)— — (36.5)
Net income— — 269.9 — — 269.9 
Other comprehensive income (loss)— — — 63.5 — 63.5 
Balance at June 30, 2023$0.6 $1,653.7 $3,877.2 $(922.7)$(122.8)$4,486.0 
5


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Six Months Ended June 30, 2022
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
 (in millions)
Balance at December 31, 2021$0.7 $1,695.0 $4,041.2 $(150.0)$(122.8)$5,464.1 
Stock plan exercises— 7.8 — — — 7.8 
Stock plan compensation expense— 29.3 — — — 29.3 
Common stock dividends ($1.36 per share)
— — (76.0)— — (76.0)
Acquisition of common stock(0.1)(102.2)(392.2)— — (494.5)
Net income— — 201.2 — — 201.2 
Other comprehensive income (loss)— — — (672.2)— (672.2)
Balance at June 30, 2022$0.6 $1,629.9 $3,774.2 $(822.2)$(122.8)$4,459.7 

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


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
 20232022
(in millions)
Operating activities
Net income$269.9 $201.2 
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 (benefit) expense (23.5)14.2 
Depreciation and amortization 95.3 95.4 
Net realized losses on investments, including impairment losses30.6 138.8 
(Gain) loss on extinguishment of debt(0.1)0.9 
Stock based compensation expense29.7 29.3 
Restructuring costs5.1 — 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses(134.4)527.1 
Premiums and accounts receivable 67.2 (444.5)
Commissions payable(21.6)(40.6)
Reinsurance recoverable392.1 77.0 
Reinsurance balance payable (15.6)18.5 
Funds withheld under reinsurance 9.0 (24.9)
Deferred acquisition costs and value of business acquired (16.3)(352.0)
Taxes receivable(21.7)(68.3)
Other assets and other liabilities(200.2)(459.8)
Other(20.5)(40.4)
Net cash provided by (used in) operating activities445.0 (328.1)
Investing activities
Sales of:
Fixed maturity securities available for sale563.8 1,712.6 
Equity securities10.9 40.3 
Other invested assets 13.9 93.0 
Subsidiary, net of cash transferred— 4.8 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale123.9 297.8 
Commercial mortgage loans on real estate13.4 23.1 
Purchases of:
Fixed maturity securities available for sale(954.3)(1,903.1)
Equity securities(2.7)(27.0)
Commercial mortgage loans on real estate(21.8)(59.9)
Other invested assets(20.0)(58.6)
Property and equipment and other(97.8)(87.3)
Subsidiaries, net of cash transferred(0.3)— 
Change in short-term investments(113.3)70.6 
Other0.5 0.7 
Net cash (used in) provided by investing activities(483.8)107.0 
7


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
 20232022
Financing activities
Issuance of debt, net of issuance costs173.2 — 
Repayment of debt(175.0)(75.9)
Payment of contingent liability(2.5)— 
Acquisition of common stock(17.8)(466.6)
Common stock dividends paid(76.7)(76.0)
Employee stock purchases and withholdings(1.6)(6.4)
Net cash used in financing activities(100.4)(624.9)
Effect of exchange rate changes on cash and cash equivalents 4.2 (26.8)
Change in cash and cash equivalents(135.0)(872.8)
Cash and cash equivalents at beginning of period 1,536.7 2,054.8 
Cash and cash equivalents at end of period $1,401.7 $1,182.0 

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 products and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection, leased and financed solutions and other related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed and voluntary homeowners insurance and manufactured housing insurance, and lender-placed flood insurance (referred to as “Homeowners”); and renters insurance and related 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 June 30, 2023, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three and six months ended June 30, 2023 and 2022 and the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are 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 period presentation, including the changes to the composition of the reportable segments described in Note 4 and changes in future policy benefits and expenses and reinsurance recoverables from the modified retrospective application of the new accounting pronouncement targeted improvements to long duration contracts as described in Notes 3 and 9. 
9
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022.

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. The following table provides a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.
Adopted
The table below describes the impacts of the ASUs adopted by the Company, effective January 1, 2023:




















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 2018-12, Financial Services—Insurance
(Topic 944): Targeted Improvements to the
Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial
Services—Insurance (Topic 944): Effective
Date, as amended by ASU 2020-11, Financial
Services—Insurance (Topic 944): Effective
Date and Early Application and as amended by ASU 2022-05, Financial services—Insurance (Topic 944): Transition for Sold Contracts		The guidance includes the following primary
changes: assumptions supporting liabilities for future policy benefits and expenses 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 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.

In December 2022, the FASB issued guidance to provide entities an accounting policy election to not apply the accounting guidance to contracts or legal entities sold and derecognized before the effective date when the entity has no significant continuing involvement with them. The election may be applied on a transaction-by-transaction basis.		January 1, 2023, to be applied retrospectively or modified retrospectively to January 1, 2021
(with early adoption permitted)		The Company adopted this standard as of January 1, 2023 using the modified retrospective method on liabilities for future policy benefits and expenses to January 1, 2021 for long-term care insurance contracts that have been fully reinsured.

The Company also adopted the amended guidance in ASU 2022-05 and elected to not apply the amended accounting guidance to long duration contracts of legal entities sold and derecognized before the January 1, 2023 effective date as the Company has no significant continuing involvement with them.

The adoption of this standard along with the amended guidance on transition has no impact on equity or net income on the long-term care contracts as they are fully reinsured with third party reinsurers. However, disclosure along with a roll-forward table on a gross basis on the long-term care business is presented in Note 9.
11
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with CustomersThe guidance improves 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 acquired 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.January 1, 2023, to be applied prospectively (with early adoption permitted).The Company adopted this standard from January 1, 2023. The amendments will be applied to business combinations occurring on or after the effective date of the amendments.
Not Yet Adopted
As of June 30, 2023, ASUs not yet adopted 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.


4. Segment Information
As of June 30, 2023, the Company had three reportable segments: Global Lifestyle, Global Housing and Corporate and Other. 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 (described below), interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.
Effective January 1, 2023, the Company realigned the composition of its reportable segments to correspond with changes to its operating structure. As a result, the Global Housing segment is now comprised of two key lines of business: Homeowners, and Renters and Other. Certain specialty products, mainly the leased and financed business, previously reported in the Global Housing segment are now reported in Global Lifestyle to better align with the Company’s go-to-market strategy. This realignment had no impact on the Company’s consolidated results.
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
12
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Adjusted EBITDA by segment:
Global Lifestyle$197.0 $221.0 $395.9 $447.7 
Global Housing154.6 61.0 223.0 165.4 
Corporate and Other(28.5)(24.9)(52.9)(47.1)
Reconciling items to consolidated net income:
Interest expense(27.2)(27.2)(54.2)(54.1)
Depreciation expense(25.4)(21.8)(51.8)(42.1)
Amortization of purchased intangible assets(18.7)(17.0)(37.4)(34.6)
Net realized losses on investments and fair value changes to equity securities(20.0)(76.4)(30.6)(138.8)
Non-core operations (1)(30.2)(36.7)(42.4)(42.2)
Restructuring costs1.3 (0.2)(5.1)(0.2)
Assurant Health runoff operations (2)— (0.5)7.5 (0.5)
Other adjustments1.4 (7.4)(0.6)(8.4)
Total reconciling items(118.8)(187.2)(214.6)(320.9)
Income before income tax expense204.3 69.9 351.4 245.1 
Income tax expense48.0 17.7 81.5 43.9 
Net income$156.3 $52.2 $269.9 $201.2 
(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), as well as certain legacy long-duration insurance policies (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.

13
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 June 30,Six Months Ended June 30,
2023202220232022
Global Lifestyle:
Connected Living$1,079.2 $1,070.2 $2,105.8 $2,147.6 
Global Automotive 1,029.7 942.4 2,043.4 1,853.6 
Total$2,108.9 $2,012.6 $4,149.2 $4,001.2 
Global Housing:
Homeowners$412.3 $344.1 $803.7 $681.5 
Renters and Other124.3 122.3 238.2 242.2 
Total$536.6 $466.4 $1,041.9 $923.7 
The following table presents total assets by segment:
June 30, 2023December 31, 2022
Global Lifestyle (1)$27,227.4 $27,404.1 
Global Housing (1)4,414.1 4,382.6 
Corporate and Other (2)1,463.2 1,330.6 
Segment assets $33,104.7 $33,117.3 
(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)Includes the assets for non-core operations of $420.7 million and $416.6 million as of June 30, 2023 and December 31, 2022, respectively.

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 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 $254.7 million and $290.3 million for Global Lifestyle and $20.9 million and $21.2 million for Global Housing for the three months ended June 30, 2023 and 2022, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statement of operations are $501.9 million and $568.3 million for Global Lifestyle and $40.8 million and $43.2 million for Global Housing for the six months ended June 30, 2023 and 2022, 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.
14
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 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 $262.5 million and $167.7 million, respectively, as of June 30, 2023, and $271.7 million and $171.1 million, respectively, as of December 31, 2022. 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 June 30, 2023 and 2022 that was included in unearned revenue as of December 31, 2022 and 2021 was $20.6 million and $26.4 million, respectively. Revenue from service contracts and sales of products recognized during the six months ended June 30, 2023 and 2022 that was included in unearned revenue as of December 31, 2022 and 2021 was $42.5 million and $49.0 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 June 30, 2023 and December 31, 2022, the Company had approximately $54.9 million and $61.4 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:
 June 30, 2023
 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$72.9 $— $0.2 $(5.7)$67.4 
States, municipalities and political subdivisions141.9 — 0.5 (13.5)128.9 
Foreign governments458.4 — 4.1 (17.3)445.2 
Asset-backed843.1 — 2.9 (34.1)811.9 
Commercial mortgage-backed407.8 — 0.1 (57.5)350.4 
Residential mortgage-backed519.7 — 0.4 (55.7)464.4 
U.S. corporate3,332.2 — 13.7 (298.4)3,047.5 
Foreign corporate1,434.8 — 5.2 (137.9)1,302.1 
Total fixed maturity securities$7,210.8 $— $27.1 $(620.1)$6,617.8 
15
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

 December 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$92.9 $— $0.2 $(6.7)$86.4 
States, municipalities and political subdivisions152.4 — 1.1 (16.0)137.5 
Foreign governments416.2 — 0.6 (20.5)396.3 
Asset-backed735.1 — 1.4 (40.2)696.3 
Commercial mortgage-backed458.6 — 0.2 (56.5)402.3 
Residential mortgage-backed492.7 — 0.4 (55.1)438.0 
U.S. corporate3,265.1 — 13.9 (317.9)2,961.1 
Foreign corporate1,307.8 — 3.4 (145.4)1,165.8 
Total fixed maturity securities$6,920.8 $— $21.2 $(658.3)$6,283.7 
The cost or amortized cost and fair value of fixed maturity securities as of June 30, 2023 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.
Cost or
Amortized Cost		Fair Value
Due in one year or less$194.5 $192.8 
Due after one year through five years1,751.7 1,667.8 
Due after five years through ten years2,461.0 2,256.6 
Due after ten years1,033.0 873.9 
Total5,440.2 4,991.1 
Asset-backed843.1 811.9 
Commercial mortgage-backed407.8 350.4 
Residential mortgage-backed519.7 464.4 
Total$7,210.8 $6,617.8 
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: 
16
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities $(7.8)$(22.6)$(11.8)$(41.1)
Equity securities (1)(9.8)(54.0)(12.9)(97.2)
Commercial mortgage loans on real estate0.2 — (1.3)0.2 
Other investments0.5 1.8 1.0 1.4 
Total net realized losses on investments related to sales and other and fair value changes to equity securities (16.9)(74.8)(25.0)(136.7)
Net realized losses related to impairments:
Fixed maturity securities(2.1)(1.6)(2.1)(1.6)
Other investments(1.0)— (3.5)(0.5)
Total net realized losses related to impairments(3.1)(1.6)(5.6)(2.1)
Total net realized losses on investments and fair value changes to equity securities$(20.0)$(76.4)$(30.6)$(138.8)
(1)Upward adjustments of $0.4 million, $0.4 million, $9.5 million and $19.5 million for the three and six months ended June 30, 2023 and 2022 and impairments of $1.0 million, $3.5 million, $0.0 million and $0.0 million for the three and six months ended June 30, 2023 and 2022, respectively, were realized on equity investments accounted for under the measurement alternative.
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net losses recognized on equity securities$(9.8)$(54.0)$(12.9)$(97.2)
Less: Net realized (losses) gains related to sales of equity securities(1.5)8.4 (2.3)20.2 
Total fair value changes to equity securities held (1)$(8.3)$(62.4)$(10.6)$(117.4)
(1)Three and six months ended June 30, 2023 and 2022 included $2.2 million, $4.5 million, $44.2 million and $77.9 million of net losses from four equity positions that went public during 2021. The total fair value of these investments as of June 30, 2023 was $5.1 million, included in equity securities on the consolidated balance sheet.
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:
June 30, 2023December 31, 2022
Initial cost$82.1 $81.7 
Cumulative upward adjustments51.2 50.8 
Cumulative downward adjustments (including impairments)(8.4)(5.0)
Carrying value$124.9 $127.5 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of June 30, 2023 and December 31, 2022 were as follows:
17
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

 June 30, 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$19.9 $(0.4)$44.1 $(5.3)$64.0 $(5.7)
States, municipalities and political subdivisions37.7 (2.0)64.8 (11.5)102.5 (13.5)
Foreign governments95.3 (2.1)213.9 (15.2)309.2 (17.3)
Asset-backed156.9 (7.3)435.9 (26.8)592.8 (34.1)
Commercial mortgage-backed96.4 (9.7)248.6 (47.8)345.0 (57.5)
Residential mortgage-backed200.7 (9.4)233.7 (46.3)434.4 (55.7)
U.S. corporate1,292.9 (49.4)1,398.8 (249.0)2,691.7 (298.4)
Foreign corporate424.8 (13.9)775.3 (124.0)1,200.1 (137.9)
Total fixed maturity securities$2,324.6