https:\/\/ir.assurant.com\/investor\/default.aspx<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nFor full-year 2021, the company expects:\n<\/p>\n
\nAssurant net operating income, excluding reportable catastrophes, per diluted share6<\/sup>, to increase approximately 10 to 14 percent from $9.88 in 2020.\n<\/p>\n\nResults for 2021 are expected to be driven primarily by growth within Global Lifestyle and a lower Corporate and Other loss, as well as share repurchases, including the completion of the company\u2019s three-year capital return objective and initial deployment of proceeds from the sale of Global Preneed.\n<\/p>\n
\n- \nGrowth in net operating income, excluding reportable catastrophes6<\/sup>, is expected to be mainly driven by high single-digit growth in Global Lifestyle6<\/sup>, with expansion across all lines of business, as well as a lower Corporate and Other loss. Global Housing net operating income, excluding reportable catastrophes6<\/sup>, is now expected to be roughly flat versus the prior year, as underlying growth is offset by lower REO volumes and an increase in non-catastrophe losses to more normalized levels.<\/p>\n
Adjusted EBITDA, excluding reportable catastrophes6<\/sup>, is now expected to grow at a similar rate to net operating income, excluding reportable catastrophes, with double-digit Adjusted EBITDA growth in Global Lifestyle.<\/p>\nNet operating income, excluding reportable catastrophes, is expected to be lower in the second half of 2021 compared to the first half of 2021, mainly due to increased investments to support long-term growth in our connected world businesses, lower investment income and increased Corporate and Other expenses due to timing of spending.\n<\/li>\n<\/ul>\n
\n- \nBusiness segment dividends from Global Lifestyle and Global Housing to approximate segment net operating income, including reportable catastrophes. This is subject to the growth of the businesses, rating agency and regulatory capital requirements, investment portfolio performance and a potential increase in U.S. corporate tax rates.\n<\/li>\n<\/ul>\n
\n- \nCapital to be deployed to support business growth, fund investments and return capital to shareholders in the form of share repurchases and dividends, subject to Board approval and market conditions.\n<\/li>\n<\/ul>\n
Earnings Conference Call<\/b><\/p>\n
\nThe second quarter 2021 earnings conference call and webcast will be held Wednesday, August 4, 2021 at 8:00 a.m. ET. The live and archived webcast, along with supplemental information, will be available on Assurant\u2019s Investor Relations website: https:\/\/ir.assurant.com\/investor\/default.aspx<\/a><\/p>\nAbout Assurant <\/b><\/p>\n
\nAssurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world\u2019s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.\n<\/p>\n
\nLearn more at assurant.com<\/a> or on Twitter @AssurantNews<\/a>.\n<\/p>\nSafe Harbor Statement <\/b><\/p>\n
\nSome of the statements included in this news release and its exhibits, including our financial plans and any statements regarding the company\u2019s anticipated future financial performance, business prospects, growth and operating strategies and similar matters, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.\n<\/p>\n
\nYou can identify forward-looking statements by the use of words such as \u201coutlook,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201ctargets,\u201d \u201cforecasts,\u201d \u201cpotential,\u201d \u201capproximately,\u201d and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:\n<\/p>\n
\n\n| (i)<\/td>\n | | \n\n \nthe loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or if those parties face financial, reputational or regulatory issues;\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (ii)<\/td>\n | | \n\n \nsignificant competitive pressures, changes in customer preferences and disruption;\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (iii)<\/td>\n | | \n\n \nthe failure to implement our strategy and to attract and retain key personnel, including key executives and senior management;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (iv)<\/td>\n | | \n\n \nthe failure to find suitable acquisitions at attractive prices, integrate acquired businesses effectively or grow organically;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (v)<\/td>\n | | \n\n \nour inability to recover should we experience a business continuity event;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (vi)<\/td>\n | | \n\n \nthe failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (vii)<\/td>\n | | \n\n \nrisks related to our international operations;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (viii)<\/td>\n | | \n\n \ndeclines in the value of mobile devices, the risk of guaranteed buybacks, or export compliance or other risks in our mobile business;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (ix)<\/td>\n | | \n\n \nour inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (x)<\/td>\n | | \n\n \nrisks associated with joint ventures, franchises and investments in which we share ownership and management with third parties;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xi)<\/td>\n | | \n\n \nnegative publicity relating to our business or industry;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xii)<\/td>\n | | \n\n \nthe impact of general economic, financial market and political conditions and conditions in the markets in which we operate;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xiii)<\/td>\n | | \n\n \nthe impact of the COVID-19 pandemic and measures taken in response thereto;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xiv)<\/td>\n | | \n\n \nthe impact of catastrophic and non-catastrophe losses, including as a result of climate change;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xv)<\/td>\n | | \n\n \nthe adequacy of reserves established for claims and our inability to accurately predict and price for claims;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xvi)<\/td>\n | | \n\n \na decline in financial strength ratings of our insurance subsidiaries or in our corporate senior debt ratings;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xvii)<\/td>\n | | \n\n \nfluctuations in exchange rates;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xviii)<\/td>\n | | \n\n \nan impairment of goodwill or other intangible assets;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xix)<\/td>\n | | \n\n \nthe failure to maintain effective internal control over financial reporting;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xx)<\/td>\n | | \n\n \nunfavorable conditions in the capital and credit markets;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxi)<\/td>\n | | \n\n \na decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, and changes in interest rates;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxii)<\/td>\n | | \n\n \nimpairment of our deferred tax assets;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxiii)<\/td>\n | | \n\n \nthe unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxiv)<\/td>\n | | \n\n \nthe credit risk of some of our agents, third-party administrators and clients;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxv)<\/td>\n | | \n\n \nthe inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxvi)<\/td>\n | | \n\n \nthe failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxvii)<\/td>\n | | \n\n \nbreaches of our information systems or those of third parties with whom we do business, or the failure to protect the security of data in such systems, including due to cyber-attacks and as a result of working remotely;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxviii)<\/td>\n | | \n\n \nthe costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security, data protection or tax;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxix)<\/td>\n | | \n\n \nthe impact of litigation and regulatory actions;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxx)<\/td>\n | | \n\n \nreductions or deferrals in the insurance premiums we charge;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxxi)<\/td>\n | | \n\n \nchanges in insurance, tax and other regulation;\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxxii)<\/td>\n | | \n\n \nvolatility in our common stock price and trading volume; and\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (xxxiii)<\/td>\n | | \n\n \nemployee misconduct.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), including but not limited to the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each as filed with the SEC.\n<\/p>\n Non-GAAP Financial Measures <\/b><\/p>\n \nAssurant uses the following non-GAAP financial measures to analyze the company\u2019s operating performance for the periods presented in this news release. Assurant\u2019s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant\u2019s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant\u2019s non-GAAP financial measures to those of other companies.\n<\/p>\n \n\n| (1)\u00a0<\/td>\n | \u00a0<\/td>\n | \n \nAssurant uses net operating income as an important measure of the company\u2019s operating performance. Net operating income equals GAAP net income from continuing operations, excluding net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), COVID-19 direct and incremental expenses, the CARES Act tax benefit, net income (loss) attributable to non-controlling interests, as well as other highly variable or unusual items other than reportable catastrophes. It also excludes restructuring costs related to strategic exit activities as these are highly unusual, transformative actions associated with realigning resources to the company\u2019s business strategies, outside of normal periodic restructuring and cost management activities. The company believes net operating income provides investors with a valuable measure of the performance of the company\u2019s ongoing business because the excluded items do not represent the ongoing operations of the company. The comparable GAAP measure is net income from continuing operations.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| (UNAUDITED)<\/b><\/td>\n | 2Q<\/b><\/td>\n | | \n2Q<\/b><\/td>\n | | \n6 Months<\/b><\/td>\n | | \n6 Months<\/b><\/td>\n<\/tr>\n\n| ($ in millions)<\/b><\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| GAAP net income from continuing operations<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n184.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n164.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n333.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n313.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustments, pre-tax:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Net realized (gains) losses on investments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(28.9\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(11.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n56.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| COVID-19 direct and incremental expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| CARES Act tax benefit (after-tax)<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(84.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \nOther adjustments(1)<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Provision (benefit) for income taxes<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(14.5\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net income attributable to non-controlling interests<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(0.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Preferred stock dividends<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4.7\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(9.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net operating income<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n183.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n153.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n331.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n302.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | |