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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


☐			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

(212) 859-7000

(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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 Par Value	AIZ	New York Stock Exchange
5.25% Subordinated Notes due 2061	AIZN	New 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
	PART I FINANCIAL INFORMATION

1.	Consolidated Financial Statements (unaudited) of Assurant, Inc.

	Consolidated Balance Sheets (unaudited) as of September 30, 2022 and December 31, 2021	2

	Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2022 and 2021	3

	Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2022 and 2021	4

	Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2022 and 2021	5

	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2022 and 2021	7

	Notes to Consolidated Financial Statements (unaudited)	9

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

3.	Quantitative and Qualitative Disclosures About Market Risk	50

4.	Controls and Procedures	50

	PART II OTHER INFORMATION

1.	Legal Proceedings	51

1A.	Risk Factors	51

2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

6.	Exhibits	52

	Signatures	53

Assurant, Inc.

Consolidated Balance Sheets (unaudited)


	September 30, 2022		December 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 value	302.6		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 investments	266.8		247.8
Other investments	504.4		506.3
Total investments	7,516.1		8,671.6
Cash and cash equivalents	1,429.8		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 income	85.1		62.1
Deferred acquisition costs	9,577.8		8,811.0
Property and equipment, net	617.6		561.4
Goodwill	2,547.4		2,571.6
Value of business acquired	323.5		583.4
Other intangible assets, net	631.0		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 premiums	19,554.9		18,623.7
Claims and benefits payable	3,022.4		1,604.8
Commissions payable	670.9		692.7
Reinsurance balances payable	520.9		446.2
Funds held under reinsurance	374.5		364.2
Accounts payable and other liabilities	2,467.2		3,044.4
Debt	2,129.3		2,202.5

Liabilities held for sale (Note 4)	—		1,064.8
Total liabilities	29,146.8		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 capital	1,627.1		1,695.0
Retained earnings	3,678.9		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 equity	4,098.9		5,464.1
Total liabilities and equity	$	33,245.7	$	33,920.6

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Operations (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(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 income	294.6		309.6		942.2		858.0
Net investment income	83.5		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 revenues	2,547.8		2,637.8		7,540.2		7,612.7
Benefits, losses and expenses
Policyholder benefits	670.5		617.4		1,760.5		1,684.2
Underwriting, selling, general and administrative expenses	1,842.5		1,784.0		5,444.8		5,210.4

Interest expense	26.3		27.5		80.4		84.7
Loss on extinguishment of debt	—		20.7		0.9		20.7
Total benefits, losses and expenses	2,539.3		2,449.6		7,286.6		7,000.0
Income from continuing operations before income tax expense	8.5		188.2		253.6		612.7
Income tax expense	1.2		37.2		45.1		133.8
Net income from continuing operations	7.3		151.0		208.5		478.9
Net income from discontinued operations (Note 4)	—		728.8		—		762.0
Net income	7.3		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 calculations	53,717,373		59,126,313		54,693,799		59,769,690
Plus: Dilutive securities	349,232		353,151		431,051		1,085,631
Weighted average common shares outstanding used in diluted per common share calculations	54,066,605		59,479,464		55,124,850		60,855,321

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Comprehensive Income (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(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)

Assurant, Inc.

Consolidated Statements of Changes in Equity (unaudited)


	Three Months Ended September 30, 2022
		Common Stock		Additional 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 Stock		Additional 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 Stock		Additional 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

Assurant, Inc.

Consolidated Statements of Changes in Equity (unaudited)


	Nine Months Ended September 30, 2021
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total
	(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)

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30,
	2022		2021
	(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 expense	65.6		122.3
Depreciation and amortization	140.2		126.0
Net realized losses (gains) on investments, including impairment losses	166.2		(123.2)


Stock based compensation expense	47.2		48.6
Loss on extinguishment of debt	0.9		20.7


Changes in operating assets and liabilities:
Insurance policy reserves and expenses	2,388.4		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 activities	319.8		527.0
Investing activities
Sales of:
Fixed maturity securities available for sale	2,310.3		668.9
Equity securities	43.2		10.6
Other invested assets	123.9		124.4

Subsidiary, net of cash transferred	4.8		1,319.6

Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	386.3		730.4
Commercial mortgage loans on real estate	29.1		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)
Other	0.5		1.5
Net cash used in investing activities - discontinued operations	—		(145.2)
Net cash (used in) provided by investing activities	(134.9)		36.7

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30,
	2022		2021
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 period	2,054.8		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)

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

INDEX OF NOTES


Note Number		Page Number
1.	Nature of Operations	9
2.	Basis of Presentation	9
3.	Recent Accounting Pronouncements	10
4.	Dispositions	12
5.	Segment Information	12
6.	Contract Revenues	15
7.	Investments	17
8.	Fair Value Disclosures	21
9.	Deferred Acquisition Costs	24
10.	Reserves	25
11.	Debt	26
12.	Accumulated Other Comprehensive Income	26
13.	Equity Transactions	28
14.	Earnings Per Common Share	29
15.	Retirement and Other Employee Benefits	30
16.	Commitments and Contingencies	31
17.	Prior Period Financial Statements	31
18.	Subsequent Event	33

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