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Form 10-Q ASSURANT, INC. For: Sep 30

November 3, 2022 4:20 PM EDT

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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, 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 October 28, 2022 was 52,831,429.



ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.Consolidated Financial Statements (unaudited) of Assurant, Inc.
Consolidated Balance Sheets (unaudited) as of September 30, 2022 and December 31, 2021
Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2022 and 2021
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
6.Exhibits
Signatures

1



Assurant, Inc.
Consolidated Balance Sheets (unaudited)
September 30, 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 - $6,863.6 and $6,903.9 at September 30, 2022 and December 31, 2021, respectively)
$6,137.9 $7,215.3 
Equity securities at fair value302.6 445.7 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $1.1 at September 30, 2022 and December 31, 2021)
304.4 256.5 
Short-term investments266.8 247.8 
Other investments504.4 506.3 
Total investments7,516.1 8,671.6 
Cash and cash equivalents1,429.8 2,040.8 
Premiums and accounts receivable (net of allowances for credit losses of $11.5 and $9.4 at September 30, 2022 and December 31, 2021, respectively)
2,288.9 1,942.5 
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at September 30, 2022 and December 31, 2021, respectively)
7,561.8 6,181.2 
Accrued investment income85.1 62.1 
Deferred acquisition costs9,577.8 8,811.0 
Property and equipment, net617.6 561.4 
Goodwill2,547.4 2,571.6 
Value of business acquired323.5 583.4 
Other intangible assets, net631.0 719.2 
Other assets (net of allowances for credit losses of $2.0 and $2.5 at September 30, 2022 and December 31, 2021, respectively)
666.7 698.9 
Assets held for sale (Note 4) 1,076.9 
Total assets$33,245.7 $33,920.6 
Liabilities
Future policy benefits and expenses$406.7 $413.2 
Unearned premiums19,554.9 18,623.7 
Claims and benefits payable3,022.4 1,604.8 
Commissions payable670.9 692.7 
Reinsurance balances payable520.9 446.2 
Funds held under reinsurance374.5 364.2 
Accounts payable and other liabilities 2,467.2 3,044.4 
Debt2,129.3 2,202.5 
Liabilities held for sale (Note 4) 1,064.8 
Total liabilities29,146.8 28,456.5 
Commitments and contingencies (Note 16)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 55,187,797 and 58,050,202 shares issued and 52,891,708 and 55,754,113 shares outstanding at September 30, 2022 and December 31, 2021, respectively
0.6 0.7 
Additional paid-in capital1,627.1 1,695.0 
Retained earnings3,678.9 4,041.2 
Accumulated other comprehensive loss(1,084.9)(150.0)
Treasury stock, at cost; 2,296,089 shares at September 30, 2022 and December 31, 2021
(122.8)(122.8)
Total equity4,098.9 5,464.1 
Total liabilities and equity$33,245.7 $33,920.6 
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,
 2022202120222021
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,197.1 $2,140.1 $6,502.4 $6,396.3 
Fees and other income294.6 309.6 942.2 858.0 
Net investment income83.5 76.0 261.8 235.2 
Net realized (losses) gains on investments (including $, $, $(2.1) and $0.2 of impairment-related (losses) gains for the three and nine months ended September 30, 2022 and 2021, respectively) and fair value changes to equity securities
(27.4)112.1 (166.2)123.2 
Total revenues2,547.8 2,637.8 7,540.2 7,612.7 
Benefits, losses and expenses
Policyholder benefits670.5 617.4 1,760.5 1,684.2 
Underwriting, selling, general and administrative expenses1,842.5 1,784.0 5,444.8 5,210.4 
Interest expense26.3 27.5 80.4 84.7 
Loss on extinguishment of debt 20.7 0.9 20.7 
Total benefits, losses and expenses2,539.3 2,449.6 7,286.6 7,000.0 
Income from continuing operations before income tax expense8.5 188.2 253.6 612.7 
Income tax expense 1.2 37.2 45.1 133.8 
Net income from continuing operations7.3 151.0 208.5 478.9 
Net income from discontinued operations (Note 4) 728.8  762.0 
Net income7.3 879.8 208.5 1,240.9 
Less: Preferred stock dividends   (4.7)
Net income attributable to common stockholders$7.3 $879.8 $208.5 $1,236.2 
Earnings Per Common Share
Basic
Net income from continuing operations$0.14 $2.56 $3.81 $7.94 
Net income from discontinued operations$ $12.32 $ $12.74 
Net income attributable to common stockholders$0.14 $14.88 $3.81 $20.68 
Diluted
Net income from continuing operations$0.14 $2.54 $3.78 $7.87 
Net income from discontinued operations$ $12.25 $ $12.52 
Net income attributable to common stockholders$0.14 $14.79 $3.78 $20.39 
Share Data
Weighted average common shares outstanding used in basic per common share calculations53,717,373 59,126,313 54,693,799 59,769,690 
Plus: Dilutive securities349,232 353,151 431,051 1,085,631 
Weighted average common shares outstanding used in diluted per common share calculations54,066,605 59,479,464 55,124,850 60,855,321 

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,
 2022202120222021
 (in millions)
Net income$7.3 $879.8 $208.5 $1,240.9 
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $50.5,$184.4, $213.3 and $220.8 for the three and nine months ended September 30, 2022 and 2021, respectively
(209.3)(663.1)(836.0)(786.2)
Change in unrealized gains on derivative transactions, net of taxes of $0.1, $0.2, $0.5 and $0.6 for each of the three and nine months ended September 30, 2022 and 2021, respectively
(0.6)(0.6)(1.9)(1.8)
Change in foreign currency translation, net of taxes of $0.1, $1.1, $(2.5) and $1.3 for the three and nine months ended September 30, 2022 and 2021, respectively
(51.4)(23.7)(92.0)(2.9)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.4, $0.2, $1.3 and $0.9 for the three and nine months ended September 30, 2022 and 2021, respectively
(1.4)(0.7)(5.0)(3.0)
Total other comprehensive loss(262.7)(688.1)(934.9)(793.9)
Total comprehensive (loss) income(255.4)191.7 (726.4)447.0 
Total comprehensive (loss) income attributable to stockholders$(255.4)$191.7 $(726.4)$447.0 

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



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended September 30, 2022
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 (in millions)
Balance at June 30, 2022$0.6 $1,629.9 $3,774.2 $(822.2)$(122.8)$4,459.7 
Stock plan exercises— 5.8 — — — 5.8 
Stock plan compensation expense— 17.9 — — — 17.9 
Common stock dividends ($0.68 per share)
— — (36.7)— — (36.7)
Acquisition of common stock— (26.5)(65.9)— — (92.4)
Net income— — 7.3 — — 7.3 
Other comprehensive loss— — — (262.7)— (262.7)
Balance at September 30, 2022$0.6 $1,627.1 $3,678.9 $(1,084.9)$(122.8)$4,098.9 
Three Months Ended September 30, 2021
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
 (in millions)
Balance at June 30, 2021$0.7 $1,786.2 $3,619.8 $604.0 $(122.8)$5,887.9 
Stock plan exercises— 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— — 879.8 — — 879.8 
Acquisition of non-controlling interests— (16.9)— — — (16.9)
Other comprehensive income— — — (688.1)— (688.1)
Balance at September 30, 2021$0.7 $1,731.3 $4,196.2 $(84.1)$(122.8)$5,721.3 
Nine Months Ended September 30, 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 $4,041.2 $(150.0)$(122.8)$5,464.1 
Stock plan exercises— 13.6 — — — 13.6 
Stock plan compensation expense— 47.2 — — — 47.2 
Common stock dividends ($2.04 per share)
— — (112.7)— — (112.7)
Acquisition of common stock(0.1)(128.7)(458.1)— — (586.9)
Net income— — 208.5 — — 208.5 
Other comprehensive loss— — — (934.9)— (934.9)
Balance at September 30, 2022$0.6 $1,627.1 $3,678.9 $(1,084.9)$(122.8)$4,098.9 
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 $3,533.5 $709.8 $(267.4)$3.4 $5,939.6 
Stock plan exercises— — 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— — — 1,240.9 — —  1,240.9 
Preferred stock conversion(2.9)0.1 (141.8)— — 144.6 — — 
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — (0.6)— — (3.4)(4.0)
Acquisition of non-controlling interest— — (16.9)— — —  (16.9)
Other comprehensive income— — — — (793.9)— — (793.9)
Balance at September 30, 2021$ $0.7 $1,731.3 $4,196.2 $(84.1)$(122.8)$ $5,721.3 

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



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20222021
(in millions)
Operating activities
Net income attributable to stockholders$208.5 $1,240.9 
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 (762.0)
Deferred tax expense65.6 122.3 
Depreciation and amortization 140.2 126.0 
Net realized losses (gains) on investments, including impairment losses166.2 (123.2)
Stock based compensation expense47.2 48.6 
Loss on extinguishment of debt0.9 20.7 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses2,388.4 1,425.8 
Premiums and accounts receivable (384.2)(131.6)
Commissions payable(9.4)(77.4)
Reinsurance recoverable(1,397.2)(518.7)
Reinsurance balance payable 71.8 37.2 
Funds withheld under reinsurance 13.2 (8.6)
Deferred acquisition costs and value of business acquired (514.1)(706.6)
Taxes payable (receivable) 49.3 (123.4)
Other assets and other liabilities(508.7)(177.2)
Other(17.9)(17.0)
Net cash provided by operating activities - discontinued operations 151.2 
Net cash provided by operating activities319.8 527.0 
Investing activities
Sales of:
Fixed maturity securities available for sale2,310.3 668.9 
Equity securities43.2 10.6 
Other invested assets 123.9 124.4 
Subsidiary, net of cash transferred4.8 1,319.6 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale386.3 730.4 
Commercial mortgage loans on real estate29.1 11.0 
Purchases of:
Fixed maturity securities available for sale(2,681.9)(2,316.9)
Equity securities(27.0)(34.9)
Commercial mortgage loans on real estate(77.0)(95.7)
Other invested assets(91.1)(58.9)
Property and equipment and other(133.9)(131.3)
Subsidiaries, net of cash transferred(16.6)
Change in short-term investments(22.1)(30.2)
Other0.5 1.5 
Net cash used in investing activities - discontinued operations (145.2)
Net cash (used in) provided by investing activities(134.9)36.7 
7



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20222021
Financing activities
Issuance of debt, net of issuance costs 347.2 
Repayment of debt(75.9)(419.8)
Acquisition of common stock(557.6)(544.3)
Common stock dividends paid(112.7)(118.5)
Preferred stock dividends paid (4.7)
Employee stock purchases and withholdings(21.0)(17.3)
Net cash provided by (used in) financing activities - discontinued operations  
Net cash used in financing activities(767.2)(757.4)
Effect of exchange rate changes on cash and cash equivalents - continuing operations(42.7)(7.2)
Effect of exchange rate changes on cash and cash equivalents - discontinued operations 0.2 
Effect of exchange rate changes on cash and cash equivalents(42.7)(7.0)
Change in cash and cash equivalents(625.0)(200.7)
Cash and cash equivalents at beginning of period2,054.8 2,228.6 
Cash and cash equivalents at end of period$1,429.8 $2,027.9 


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 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 September 30, 2022 and for the three and nine months ended September 30, 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