8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report:                                                                           November 4, 2004

Assurant, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-31978	39-1126612
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation)		Identification No.)

One Chase Manhattan Plaza, 41st Floor
New York, New York	10005
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 859-7000

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

PRESS RELEASE

PRESENTATION: FINANCIAL SUPPLEMENT AS OF 09/30/04

Item 2.02 Results of Operations and Financial Condition

     On November 4, 2004, Assurant, Inc. issued a press release reporting on its financial results for the three and nine months ended September 30, 2004 and 2003. The text of the press release, which is attached at Exhibit 99.1, and the statistical supplement which accompanied the press release, which is attached at Exhibit 99.2, are each incorporated by reference into this Item.

Exhibits

99.1	Press Release Dated November 4, 2004.
99.2	Presentation entitled “Assurant, Inc. Financial Supplement as of September 30, 2004”.

- 2 -

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		ASSURANT, INC.
Date: November 4, 2004	By:	/s/ Katherine Greenzang
	Katherine Greenzang
	Senior Vice President, General Counsel and Secretary

- 3 -

EX-99.1

Investor Relations & Press Contacts:

Larry Cains or Melissa Kivett

Assurant

212-859-7045 or 212-859-7029

larry.cains@assurant.com or melissa.kivett@assurant.com

FOR IMMEDIATE RELEASE

Assurant Reports Q3 2004 Net Income of $74.8 Million ($0.53 per Pro Forma Share) , Net Operating Income of $73.2 Million ($0.52 per Pro Forma Share)

New York — November 4, 2004 — Assurant, Inc. (“Assurant”) (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today reported its results for the quarter and the nine-month period ended September 30, 2004.

J. Kerry Clayton, President and Chief Executive Officer, said: “Excluding the rare occurrence of four hurricanes, Assurant had a very good quarter. The strength of our diversified specialty insurance strategy is demonstrated in our strong operating performance so far this year. We remain focused on generating profitable growth from our market-leading specialty insurance businesses.”

Third Quarter Results:

Net income in the third quarter of 2004, which includes the impact of claims related to the unprecedented catastrophic activity in the quarter, decreased 24.7% to $74.8 million, or $0.53 per pro forma share (see footnote 1 at the end of this release), versus third quarter 2003 net income of $99.4 million, or $0.70 per pro forma share.

Net operating income (see footnote 2 at the end of this release) for the third quarter of 2004 decreased 23.2% to $73.2 million, or $0.52 per pro forma share, compared to third quarter 2003 net operating income of $95.3 million, or $0.67 per pro forma share. Net operating income excludes capital gains and losses, loss on disposal of business and IPO related expenses.

Net earned premiums in the third quarter of 2004 grew 3.7% to $1.6 billion from $1.5 billion for the same period in 2003. Assurant Health was the leading contributor of net earned premium growth in the third quarter of 2004.

Net investment income in the third quarter of 2004 increased to $160.0 million from $150.7 million in the third quarter of 2003 as a result of an increase in invested assets.

The yield on average invested assets and cash and cash equivalents was 5.56% in the third quarter of 2004, compared to 5.71% in the third quarter of 2003.

Nine-Month Results:

Net income in the first nine months of 2004 grew 0.4% to $264.4 million, or $1.86 per pro forma share, versus first nine months 2003 net income of $263.3 million, or $1.85 per pro forma share.

Net operating income for the first nine months of 2004 grew 1.6% to $258.4 million, or $1.82 per pro forma share, compared to first nine months 2003 net operating income of $254.4 million, or $1.79 per pro forma share. Net operating income excludes capital gains and losses, loss on disposal of business and IPO-related expenses.

Net earned premiums in the first nine months of 2004 grew 6.9% to $4.8 billion from $4.5 billion for the same period in 2003.

Net investment income in the first nine months of 2004 increased to $471.5 million from $456.6 million in the first nine months of 2003 as a result of an increase in invested assets. The yield on average invested assets and cash and cash equivalents was 5.47% for the first nine months of 2004, compared to 5.81% for the first nine months of 2003.

Reconciliation of Net operating income to Net income

	For the Three Months Ended						For the Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2004			2003			2004			2003
	(UNAUDITED)
	(amounts in millions, net of tax)
Assurant Solutions	$	3.0		$	31.4		$	81.6		$	100.1
Assurant Health		47.9			30.6			124.5			92.6
Assurant Employee Benefits		15.0			22.1			42.2			48.6
Assurant Preneed		8.9			8.9			25.5			27.9
Amortization of deferred gain on disposal of businesses		9.4			11.4			28.1			34.0
Interest expense and distributions on preferred securities of subsidiary trusts		(9.8	)		(19.0	)		(28.1	)		(57.1	)
Corporate and other		(1.2	)		9.9			(15.4	)		8.3
Net operating income		73.2			95.3			258.4			254.4
Adjustments:
Net realized gains on investments		1.6			4.8			14.6			9.6
Loss on disposal of business		—			—			(6.3	)		—
Expenses directly related to the initial public offering		—			(0.7	)		(2.3	)		(0.7	)
Net income	$	74.8		$	99.4		$	264.4		$	263.3

2

Assurant Solutions

Assurant Solutions third quarter 2004 net operating income was $3.0 million, down 90.5% from third quarter 2003 net operating income of $31.4 million. Net operating income for the first nine months in 2004 was $81.6 million down 18.5% from $100.1 million in the first nine months of 2003. Net operating income for the third quarter and nine-month period of 2004 decreased due to claims from four hurricanes during the quarter. After tax catastrophe losses, net of reinsurance, in the quarter were $49.1 million, compared to $6.5 million in the third quarter of 2003. Excluding these losses, net operating income increased primarily due to good loss experience and general business growth.

Assurant Solutions third quarter 2004 net earned premiums decreased 1.7% to $602.7 million from $612.9 million in the same year-ago period. Net earned premiums in the first nine months of 2004 grew 5.7% to $1.8 billion from $1.7 billion in the first nine months of 2003. The changes in net earned premium were primarily due to growth in our specialty property products and international businesses offset by declines in domestic credit insurance.

Assurant Health

Assurant Health third quarter 2004 net operating income increased 56.4% to $47.9 million from $30.6 million in same period in 2003. Net operating income for the first nine months of 2004 grew 34.5% to $124.5 million from $92.6 million in the first nine months of 2003. The increases in net operating income for the third quarter and the nine-month period of 2004 were primarily due to individual medical premium growth and continued improvement in combined ratio from already favorable levels.

Assurant Health third quarter 2004 net earned premiums grew 11.1% to $563.2 million from $506.7 million in the same period in 2003. Net earned premiums in the first nine months of 2004 increased 13.4% to $1.7 billion from $1.5 billion in the first nine months of 2003. Net earned premium growth for the third quarter and nine-month period of 2004 is attributable to the individual medical product lines. For the third consecutive quarter, Health Savings Account (HSA) sales continued to be a strong contributor to individual medical sales.

Assurant Employee Benefits

Assurant Employee Benefits third quarter 2004 net operating income decreased 32.2% to $15.0 million from net operating income of $22.1 million in the same period of 2003. Net operating income for the nine months of 2004 decreased 13.1% to $42.2 million from $48.6 million in the first nine months of 2003. Third quarter 2003 results benefited from a change in reserves of $11.5 million after tax. Excluding this reserve change, net operating income for the third quarter and nine months of 2004 increased due to continued improvements in loss experience in the disability and group life businesses and increased investment income.

3

Assurant Employee Benefits third quarter 2004 net earned premiums grew 2.9% to $305.8 million from $297.3 million in the same period of 2003. Net earned premiums in the first nine months of 2004 grew 1.4% to $933.0 million from $920.3 million in the first nine months of 2003. Net earned premium increases for the third quarter and the nine-month period of 2004 were primarily driven by increases in disability premiums. Modest premium growth was a result of pricing and renewal discipline in a competitive market, however voluntary sales continue to show strong growth.

Assurant Preneed

Assurant Preneed third quarter 2004 net operating income was $8.9 million, essentially unchanged from the same period of 2003. Net operating income for the first nine months of 2004 decreased 8.3% to $25.5 million from $27.9 million in the first nine months of 2003. The decrease in net operating income was attributable to a reduction in investment yields resulting from continued low new money rates.

Assurant Preneed third quarter 2004 net earned premiums increased 1.7% to $131.8 million from $129.6 million in the same period of 2003. Assurant Preneed first nine months 2004 net earned premiums of $401.3 million were comparable to $400.9 million in the first nine months of 2003.

Corporate

Amortization of deferred gains from businesses sold through reinsurance declined consistent with the run-off of these businesses. Interest expense in the third quarter of 2004 declined by $9.2 million after tax compared to the third quarter of 2003 due to lower levels of debt at lower interest rates. Corporate and other net operating loss for the third quarter of 2004 was $1.2 million, compared to income of $9.9 million in 2003. The decrease is primarily due to public company expenses, including expenses related to Sarbanes-Oxley 404 compliance, and lower investment income.

Financial Position

At September 30, 2004 total assets were $23.6 billion and total invested assets, cash and cash equivalents were $12.1 billion. In the third quarter of 2004, Assurant had after-tax net capital gains of approximately $1.6 million compared to net realized after-tax gains of $4.8 million in the third quarter of 2003. In the third quarter of 2004, Assurant recorded no other than temporary impairments.

As part of its approved share repurchase program of up to 10% of its outstanding common stock, Assurant repurchased 1.36 million shares in the open market during the third quarter ended September 30, 2004, for an average price of $26.00 per share, including commissions. As a result, on September 30, 2004, the Company had 140.8 million shares of common stock outstanding. The stock buyback program may utilize open market and/or private transactions. The amount and timing of the repurchases will depend upon market conditions.

4

Earnings Conference Call

Assurant will host a conference call this morning, November 4th at 10:00 a.m. (ET) with access available via Internet and telephone. Investors and analysts may participate in the live conference call by dialing 800-473-6123 (toll-free domestic) or 973-582-2706 (international); passcode: Assurant. Please call to register at least 10 minutes before the conference call begins. A replay of the call will be available for one week via telephone starting at approximately 12:00 pm (ET) on November 4, 2004 and can be accessed at 877-519-4471 (toll-free domestic) or 973-341-3080 (international); passcode: 5234911. The webcast will be archived for one month on Assurant’s website.

About Assurant

Assurant is a premier provider of specialized insurance products and related services in North America and selected other international markets. The four key businesses — Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions — have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and selected international markets. The Assurant business units provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit-related insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.

The company, which is traded on the New York Stock Exchange under the symbol AIZ, has over $20 billion in assets and $7 billion in annual revenue. Assurant has more than 12,000 employees and is headquartered in New York’s financial district.

Safe Harbor Statement

Some of the statements included in this press release, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For a discussion of the factors that could affect our actual results please refer to the risk factors identified from time to time in our SEC reports, including, but not limited to, our 10-K, as filed with the SEC.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this press release. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non-GAAP financial measures to those of other companies.

5

(1) Pro forma earnings per share has been included as a measure of operating performance. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. Pro forma earnings per share reflects earnings per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that this adjusted measure provides a better indication of operating performance than the corresponding GAAP measure, earnings per share.

(2) Assurant uses net operating income as an important measure of the company’s operating performance. Net operating income equals net income excluding net realized gains (losses) on investments and other unusual and/or infrequent items. The company believes net operating income provides investors a valuable measure of the performance of the company’s ongoing business, because it excludes both the effect of realized gains (losses) on investments that tend to be highly variable from period to period, and those events that are unusual and/or unlikely to recur.

6

Assurant, Inc. and Subsidiaries
Consolidated Statement of Operations
Three and Nine Months Ended September 30, 2004 and 2003

	Three Months Ended September 30,				Nine Months Ended September 30,
	2004		2003		2004		2003
	(in thousands except number of shares and per share amount)
Revenues
Net earned premiums and other considerations	$	1,603,548	$	1,546,474	$	4,844,259	$	4,533,503
Net investment income		160,034		150,723		471,486		456,608
Net realized gain on investments		2,501		7,334		22,447		14,808
Amortization of deferred gain on disposal of businesses		14,539		17,522		43,298		52,235
Fees and other income		51,238		53,524		154,511		172,764
Total revenues		1,831,860		1,775,577		5,536,001		5,229,918
Benefits, losses and expenses
Policyholder benefits		976,934		879,321		2,888,948		2,656,325
Amortization of deferred acquisition costs and value of business acquired		220,092		232,842		668,260		684,821
Underwriting, general and administrative expenses		510,473		488,350		1,530,235		1,407,169
Interest expense		15,107		—		41,104		—
Loss on disposal of business		—		—		9,232		—
Distributions on mandatorily redeemable preferred securities of subsidiary trusts		—		29,288		2,163		87,854
Total benefits, losses and expenses		1,722,606		1,629,801		5,139,942		4,836,169
Income before income taxes		109,254		145,776		396,059		393,749
Income taxes		34,410		46,378		131,627		130,464
Net income	$	74,844	$	99,398	$	264,432	$	263,285
Net income per share:
Basic	$	0.53	$	0.91	$	1.92	$	2.41
Diluted	$	0.53	$	0.91	$	1.92	$	2.41
Dividends per share	$	0.07	$	0.19	$	0.14	$	1.66
Share Data:
Weighted average shares outstanding used in basic per share calculations		141,694,172		109,222,276		137,818,397		109,222,276
Plus: Dilutive securities		92,981		—		67,265		—
Weighted average shares used in diluted per share calculations		141,787,153		109,222,276		137,885,662		109,222,276

7

Assurant, Inc. and Subsidiaries
Consolidated Balance Sheets
At September 30, 2004 (unaudited) and December 30, 2003

	September 30,		December 31,
	2004		2003
	(in thousands except number of shares)
Assets
Investments:
Fixed maturities available for sale, at fair value (amortized cost - $8,567,856 in 2004 and $8,229,861 in 2003)	$	9,045,812	$	8,728,838
Equity securities available for sale, at fair value (cost - $540,062 in 2004 and $436,823 in 2003)		548,203		456,440
Commercial mortgage loans on real estate at amortized cost		1,039,914		932,791
Policy loans		66,025		68,185
Short-term investments		225,851		275,878
Other investments		508,398		461,473
Total investments		11,434,203		10,923,605
Cash and cash equivalents		692,373		958,197
Premiums and accounts receivable		482,560		468,766
Reinsurance recoverables		4,263,042		4,445,265
Accrued investment income		138,869		135,267
Tax receivable		—		26,499
Deferred acquisition costs		1,562,094		1,405,169
Property and equipment, at cost less accumulated depreciation		270,922		283,762
Deferred income taxes, net		31,385		60,321
Goodwill		831,346		828,523
Value of business acquired		175,872		191,929
Other assets		214,869		195,958
Assets held in separate accounts		3,540,759		3,805,058
Total assets	$	23,638,294	$	23,728,319

8

Assurant, Inc. and Subsidiaries
Consolidated Balance Sheets
At September 30, 2004 (unaudited) and December 31, 2003

	September 30,			December 31,
	2004			2003
	(in thousands except number of shares)
Liabilities
Future policy benefits and expenses	$	6,328,838		$	6,235,140
Unearned premiums		3,221,977			3,133,847
Claims and benefits payable		3,641,270			3,512,809
Commissions payable		309,654			371,074
Reinsurance balances payable		121,705			110,063
Funds held under reinsurance		195,916			200,384
Deferred gain on disposal of businesses		344,054			387,353
Accounts payable and other liabilities		1,308,728			1,370,104
Tax payable		74,589			—
Debt		971,593			1,750,000
Mandatorily redeemable preferred securities of subsidiary trusts		—			196,224
Mandatorily redeemable preferred stock		24,160			24,160
Liabilities related to separate accounts		3,540,759			3,805,058
Total liabilities		20,083,243			21,096,216
Commitments and contingencies		—			—
Stockholders’ equity
Common stock, par value $.01 per share, 800,000,000 shares authorized, 142,268,106 and 109,222,276 shares issued, 140,821,350 and 109,222,276 shares outstanding at September 30, 2004 and December 31, 2003, respectively		1,423			1,092
Additional paid-in capital		2,790,440			2,063,763
Retained earnings		493,266			248,721
Unamortized restricted stock compensation		(708	)		—
Accumulated other comprehensive income		306,665			318,527
Treasury stock		(36,035	)		—
Total stockholders’ equity		3,555,051			2,632,103
Total liabilities and stockholders’ equity	$	23,638,294		$	23,728,319

9

EX-99.2

Assurant Inc. (AIZ)

Financial Supplement as of September 30, 2004

ASSURANT, INC. AND SUBSIDIARIES
EARNINGS RELEASE SUPPLEMENT
AS OF SEPTEMBER 30, 2004

INDEX TO SUPPLEMENT

	Page:
REGULATION G – NON GAAP MEASURES		1
SUMMARY FINANCIAL HIGHLIGHTS (unaudited)		2
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited)		4
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME (unaudited)		5
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (unaudited)		6
CONDENSED SEGMENT STATEMENTS OF OPERATIONS (unaudited)		7
INVESTMENTS (unaudited)		12
INVESTMENT RESULTS BY ASSET CATEGORY & ANNUALIZED YIELDS (unaudited)		13

About Assurant:

Assurant is a premier provider of specialized insurance products and related services in North America and selected other markets. The four key business segments – Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions – have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance markets in the U.S. and selected international markets. The Assurant business segments provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.

The company, which is traded on the New York Stock Exchange under the symbol AIZ, has over $20 billion in assets and $7 billion in annual revenue. Assurant has more than 12,000 employees and is headquartered in New York’s financial district.

Safe Harbor Statement:

Some of the statements included in this statistical supplement, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For a discussion of the factors that could affect our actual results please refer to the risk factors identified from time to time in our SEC reports, posted on the Assurant website at www.assurant.com.

Regulation G – Non GAAP Measures

Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in the press release. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non-GAAP financial measures to those of other companies.

(1) Assurant uses net operating income as an important measure of the company’s operating performance. Net operating income equals net income, excluding net realized gains (losses) on investments and unusual and/or infrequent items. The company believes net operating income provides investors a valuable measure of the performance of the company’s ongoing business, because it excludes both the effect of realized gains (losses) on investments that tend to be highly variable from period to period, and those events that are unusual and/or unlikely to recur.

(2) Pro forma earnings per share has been included as a measure of operating performance. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. Pro forma earnings per share reflects earnings per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that this adjusted measure provides a better indication of operating performance than the corresponding GAAP measure, earnings per share.

(3) Book value per share excluding accumulated other comprehensive income (AOCI) has been included as a measure of stockholder value. The company believes book value per share excluding AOCI provides investors a better measure of stockholder value than book value per share because it excludes the effect of unrealized gains (losses) on investments and foreign currency translation, which tend to be highly variable from period to period.

(4) Pro forma book value per share and Pro forma book value per share excluding AOCI have been included as measures of stockholder value. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. These Pro forma book value per share measures reflect book value per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that these adjusted measures provide a better indication of stockholder value than the corresponding GAAP measures, book value per share and book value per share excluding AOCI.

Assurant, Inc. and Subsidiaries
Summary Financial Highlights
(Unaudited)

	For the Three-Months Ended					For the Nine Months Ended
	September 30,					September 30,
($ in thousands, except per share amounts)	2004		2003			2004			2003
Net operating income (1)	$	73,219	$	95,331		$	258,513		$	254,360
Net realized gains from investments		1,625		4,767			14,590			9,625
Loss on disposal of business		—		—			(6,337	)		—
Expenses directly related to the initial public offering		—		(700	)		(2,334	)		(700	)
Net income	$	74,844	$	99,398		$	264,432		$	263,285
Total revenues	$	1,831,860	$	1,775,577		$	5,536,001		$	5,229,918
PER SHARE AND SHARE DATA:
Basic earnings per share
Net operating income	$	0.52	$	0.87		$	1.88		$	2.33
Net income	$	0.53	$	0.91		$	1.92		$	2.41
Weighted average of common shares outstanding - basic		141,694,172		109,222,276			137,818,397			109,222,276
Diluted earnings per share
Net operating income	$	0.52	$	0.87		$	1.87		$	2.33
Net income	$	0.53	$	0.91		$	1.92		$	2.41
Weighted average of common shares outstanding - diluted		141,787,153		109,222,276			137,885,662			109,222,276
Pro forma earnings per share (2)
Net operating income	$	0.52	$	0.67		$	1.82		$	1.79
Net income (loss)	$	0.53	$	0.70		$	1.86		$	1.85
Pro forma common shares outstanding		141,694,172		142,208,676			142,031,988			142,208,676

Page 2

Assurant, Inc. and Subsidiaries
Summary Financial Highlights (continued)
(Unaudited)

	As of		As of
	September 30,		December 31,
($ in thousands, except per share amounts)	2004		2003		2002
Total assets	$	23,638,294	$	23,728,319	$	22,279,055
Total stockholders’ equity	$	3,555,051	$	2,632,103	$	2,555,059
Capital contribution from Fortis		—		725,500		725,500
Pro forma stockholders’ equity (3)	$	3,555,051	$	3,357,603	$	3,280,559
Total stockholders’ equity (excluding AOCI) (4)	$	3,248,386	$	2,313,576	$	2,310,074
Capital contribution from Fortis		—		725,500		725,500
Pro forma stockholders’ equity (excluding AOCI) (3)	$	3,248,386	$	3,039,076	$	3,035,574
Basic book value per share	$	25.25	$	24.10	$	23.39
Basic book value per share (excluding AOCI) (4)	$	23.07	$	21.18	$	21.15
Shares outstanding for basic book value per share calculation		140,821,350		109,222,276		109,222,276
Diluted book value per share	$	25.23	$	24.10	$	23.39
Diluted book value per share (excluding AOCI) (4)	$	23.05	$	21.18	$	21.15
Shares outstanding for diluted book value per share calculation		140,914,727		109,222,276		109,222,276
Pro forma book value per share (3)	$	25.25	$	23.61	$	23.07
Pro forma book value per share (excluding AOCI) (3)	$	23.07	$	21.37	$	21.35
Pro forma shares outstanding		140,821,350		142,208,676		142,208,676

Page 3

Assurant, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(Unaudited)

	As of		As of
	September 30,		December 31,
($ in thousands)	2004		2003		2002
Assets
Investments and cash and cash equivalents	$	12,126,576	$	11,881,802	$	10,694,772
Reinsurance recoverables		4,263,042		4,445,265		4,649,909
Deferred acquisition costs and value of business acquired		1,737,966		1,597,098		1,528,839
Goodwill		831,346		828,523		834,138
Assets held in separate accounts		3,540,759		3,805,058		3,411,616
Other assets		1,138,605		1,170,573		1,159,781
Total assets		23,638,294		23,728,319		22,279,055
Liabilities
Future policy benefits and expenses		6,328,838		6,235,140		5,806,847
Unearned premiums		3,221,977		3,133,847		3,207,636
Claims and benefits payable		3,641,270		3,512,809		3,374,140
Deferred gain on disposal of businesses		344,054		387,353		462,470
Debt		971,593		1,750,000		—
Mandatorily redeemable preferred securities of subsidiary trusts		—		196,224		1,446,074
Mandatorily redeemable preferred stock		24,160		24,160		24,660
Liabilities related to separate accounts		3,540,759		3,805,058		3,411,616
Accounts payable and other liabilities		2,010,592		2,051,625		1,990,553
Total liabilities		20,083,243		21,096,216		19,723,996
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		3,248,386		2,313,576		2,310,074
Accumulated other comprehensive income		306,665		318,527		244,985
Total stockholders’ equity		3,555,051		2,632,103		2,555,059
Total laibilities and stockholders’ equity	$	23,638,294	$	23,728,319	$	22,279,055

Page 4

Assurant, Inc. and Subsidiaries
Reconciliation of Net Operating Income to Net Income
(Unaudited)

	For the Three Months Ended																					For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			September 30,			September 30,
($ in thousands, net of tax)	2004			2004			2004			2003			2003			2003			2003			2004			2003
Assurant Solutions	$	2,974		$	38,568		$	40,053		$	33,085		$	31,424		$	34,067		$	34,613		$	81,595		$	100,104
Assurant Health		47,900			39,935			36,708			28,421			30,626			30,424			31,542			124,543			92,592
Assurant Employee Benefits		14,967			14,026			13,250			12,938			22,091			18,400			8,138			42,243			48,629
Assurant Preneed		8,942			10,139			6,456			8,159			8,857			9,874			9,132			25,537			27,863
Corporate and Other		(1,195	)		(3,818	)		(10,412	)		(1,150	)		9,981			(1,414	)		(242	)		(15,425	)		8,325
Amortization of deferred gain on disposal of businesses		9,450			9,270			9,423			10,427			11,389			10,013			12,550			28,143			33,952
Interest expense and distributions on preferred securities of subsidiary trusts		(9,819	)		(10,292	)		(8,012	)		(17,081	)		(19,037	)		(18,808	)		(19,260	)		(28,123	)		(57,105	)
Net operating income		73,219			97,828			87,466			74,799			95,331			82,556			76,473			258,513			254,360
Adjustments:
Net realized gains (losses) on investments		1,625			3,719			9,246			(8,411	)		4,767			8,094			(3,236	)		14,590			9,625
Loss on disposal of business		—			(6,337	)		—			—			—			—			—			(6,337	)		—
Expenses directly related to the initial public offering		—			—			(2,334	)		(10,237	)		(700	)		—			—			(2,334	)		(700	)
Interest premium on redemption of preferred securities of subsidiary trusts		—			—			—			(133,784	)		—			—			—			—			—
Net income (loss)	$	74,844		$	95,210		$	94,378		$	(77,633	)	$	99,398		$	90,650		$	73,237		$	264,432		$	263,285

Page 5

Assurant, Inc. and Subsidiaries
Consolidated Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																For the Nine Months Ended
	September 30,		June 30,		March 31,		December 31,			September 30,		June 30,		March 31,			September 30,		September 30,
($ in thousands)	2004		2004		2004		2003			2003		2003		2003			2004		2003
Revenues:
Net earned premiums and other considerations	$	1,603,548	$	1,615,473	$	1,625,238	$	1,623,269		$	1,546,474	$	1,484,066	$	1,502,963		$	4,844,259	$	4,533,503
Net investment income		160,034		157,628		153,824		150,705			150,723		154,364		151,521			471,486		456,608
Net realized gains (losses) on investments		2,501		5,722		14,224		(12,940	)		7,334		12,452		(4,978	)		22,447		14,808
Amortization of deferred gain on disposal of businesses		14,539		14,262		14,497		16,042			17,522		15,405		19,308			43,298		52,235
Fees and other income		51,238		53,496		49,777		59,219			53,524		56,314		62,926			154,511		172,764
		1,831,860		1,846,581		1,857,560		1,836,295			1,775,577		1,722,601		1,731,740			5,536,001		5,229,918
Benefits, losses and expenses:
Policyholder benefits		976,934		943,049		968,965		998,394			879,321		888,241		888,763			2,888,948		2,656,325
Selling, underwriting, general and administrative expenses		730,565		734,422		733,508		740,192			721,192		667,819		702,979			2,198,495		2,091,990
Interest expense and distributions on preferred securities of subsidiary trusts		15,107		15,834		12,326		26,279			29,288		28,935		29,631			43,267		87,854
Interest premium on redemption of preferred securities of subsidiary trusts		—		—		—		205,822			—		—		—			—		—
Loss on disposal of business		—		9,232		—		—			—		—		—			9,232		—
		1,722,606		1,702,537		1,714,799		1,970,687			1,629,801		1,584,995		1,621,373			5,139,942		4,836,169
Income (loss) before income taxes		109,254		144,044		142,761		(134,392	)		145,776		137,606		110,367			396,059		393,749
Income tax expense (benefit)		34,410		48,834		48,383		(56,759	)		46,378		46,956		37,130			131,627		130,464
Net income (loss)	$	74,844	$	95,210	$	94,378	$	(77,633	)	$	99,398	$	90,650	$	73,237		$	264,432	$	263,285

Page 6

Assurant Solutions
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended														For the Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		June 30,		March 31,		September 30,		September 30,
($ in thousands)	2004		2004		2004		2003		2003		2003		2003		2004		2003
Revenues:
Net earned premiums and other considerations	$	602,720	$	610,630	$	623,065	$	624,999	$	612,882	$	552,403	$	571,531	$	1,836,415	$	1,736,816
Net investment income		48,201		44,868		44,759		44,658		46,315		45,387		50,490		137,828		142,192
Fees and other income		36,818		34,004		26,859		30,091		31,218		30,774		37,399		97,681		99,391
		687,739		689,502		694,683		699,748		690,415		628,564		659,420		2,071,924		1,978,399
Benefits, losses and expenses:
Policyholder benefits		272,088		220,215		231,576		267,081		221,755		213,280		197,113		723,879		632,148
Selling, underwriting, general and administrative expenses		412,153		412,573		404,202		390,087		424,307		364,783		411,023		1,228,928		1,200,113
		684,241		632,788		635,778		657,168		646,062		578,063		608,136		1,952,807		1,832,261
Income before income taxes		3,498		56,714		58,905		42,580		44,353		50,501		51,284		119,117		146,138
Income tax expense		524		18,146		18,852		9,495		12,929		16,434		16,671		37,522		46,034
Net operating income	$	2,974	$	38,568	$	40,053	$	33,085	$	31,424	$	34,067	$	34,613	$	81,595	$	100,104
Net earned premiums and other considerations by major product groupings:
(amounts in millions)
Special Property Solutions	$	202	$	193	$	183	$	206	$	183	$	172	$	172	$	578	$	527
Consumer Protection Solutions		401		418		440		419		430		380		400		1,259		1,210
Total	$	603	$	611	$	623	$	625	$	613	$	552	$	572	$	1,837	$	1,737

Page 7

Assurant Health
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																					For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			September 30,			September 30,
($ in thousands)	2004			2004			2004			2003			2003			2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	563,165		$	559,361		$	550,947		$	533,711		$	506,702		$	491,690		$	477,145		$	1,673,473		$	1,475,537
Net investment income		16,874			16,716			16,947			12,970			11,460			12,406			12,594			50,537			36,460
Fees and other income		8,436			11,035			9,355			8,524			8,590			7,904			7,237			28,826			23,731
		588,475			587,112			577,249			555,205			526,752			512,000			496,976			1,752,836			1,535,728
Benefits, losses and expenses:
Policyholder benefits		350,188			358,729			356,115			351,843			334,681			317,609			312,913			1,065,032			965,203
Selling, underwriting, general and administrative expenses		165,108			167,753			165,401			160,703			145,677			146,848			136,055			498,262			428,580
		515,296			526,482			521,516			512,546			480,358			464,457			448,968			1,563,294			1,393,783
Income before income taxes		73,179			60,630			55,733			42,659			46,394			47,543			48,008			189,542			141,945
Income tax expense		25,279			20,695			19,025			14,238			15,768			17,119			16,466			64,999			49,353
Net operating income	$	47,900		$	39,935		$	36,708		$	28,421		$	30,626		$	30,424		$	31,542		$	124,543		$	92,592
Loss ratio (a)		62.2	%		64.1	%		64.6	%		65.9	%		66.1	%		64.6	%		65.6	%		63.6	%		65.4	%
Expense ratio (b)		28.9	%		29.4	%		29.5	%		29.6	%		28.3	%		29.4	%		28.1	%		29.3	%		28.6	%
Combined ratio (c)		90.1	%		92.3	%		93.1	%		94.5	%		93.2	%		93.0	%		92.7	%		91.8	%		93.0	%
Membership by product line:
Individual		807			810			786			761			755			715			685			807			755
Small employer group		348			367			375			376			365			360			355			348			365
Total		1,155			1,177			1,161			1,137			1,120			1,075			1,040			1,155			1,120
Net earned premiums and other considerations:
(amounts in millions)
Individual	$	311		$	301		$	292		$	281		$	262		$	252		$	242		$	904		$	756
Small employer group		252			258			259			253			245			240			235			769			720
Total	$	563		$	559		$	551		$	534		$	507		$	492		$	477		$	1,673		$	1,476

(a)	The loss ratio is equal to policyholder benefits divided by net earned premiums and other considerations.
(b)	The expense ratio is equal to selling, underwriting and general expenses divided by net earned premiums and other considerations and fees and other income.
(c)	The combined ratio is equal to total benefits, losses and expenses divided by net earned premiums and other considerations and fees and other income.

Page 8

Assurant Employee Benefits
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																					For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			September 30,			September 30,
($ in thousands)	2004			2004			2004			2003			2003			2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	305,827		$	309,159		$	318,044		$	336,134		$	297,258		$	302,759		$	320,279		$	933,030		$	920,296
Net investment income		37,496			37,437			35,722			35,527			34,512			35,397			34,520			110,655			104,429
Fees and other income		5,411			6,734			10,384			16,898			3,832			16,290			16,773			22,529			36,895
		348,734			353,330			364,150			388,559			335,602			354,446			371,572			1,066,214			1,061,620
Benefits, losses and expenses:
Policyholder benefits		224,083			228,842			244,326			253,265			196,910			223,261			247,512			697,251			667,683
Selling, underwriting, general and administrative expenses		101,618			102,737			99,345			114,069			104,707			102,877			111,539			303,700			319,123
		325,701			331,579			343,671			367,334			301,617			326,138			359,051			1,000,951			986,806
Income before income taxes		23,033			21,751			20,479			21,225			33,985			28,308			12,521			65,263			74,814
Income tax expense		8,066			7,725			7,229			8,287			11,894			9,908			4,383			23,020			26,185
Net operating income	$	14,967		$	14,026		$	13,250		$	12,938		$	22,091		$	18,400		$	8,138		$	42,243		$	48,629
Loss ratio (a)		73.3	%		74.0	%		76.8	%		75.3	%		66.2	%		73.7	%		77.3	%		74.7	%		72.6	%
Expense ratio (b)		32.6	%		32.5	%		30.2	%		32.3	%		34.8	%		32.2	%		33.1	%		31.8	%		33.3	%
Net earned premiums and other considerations by major product groupings:
(amounts in millions)
Group dental	$	128		$	130		$	131		$	135		$	133		$	134		$	137		$	389		$	404
Group disability		116			115			124			140			102			101			118			355			321
Group life		62			64			63			61			62			68			65			189			195
Total	$	306		$	309		$	318		$	336		$	297		$	303		$	320		$	933		$	920

(a)	The loss ratio is equal to policyholder benefits divided by net earned premiums and other considerations.
(b)	The expense ratio is equal to selling, underwriting and general expenses divided by net earned premiums and other considerations and fees and other income.

Page 9

Assurant Preneed
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,		March 31,		December 31,		September 30,		June 30,		March 31,		September 30,		September 30,
($ in thousands)	2004			2004		2004		2003		2003		2003		2003		2004		2003
Revenues:
Net earned premiums and other considerations	$	131,836		$	136,323	$	133,182	$	128,425	$	129,632	$	137,214	$	134,008	$	401,341	$	400,854
Net investment income		50,982			52,469		50,177		48,363		46,371		48,380		45,110		153,628		139,861
Fees and other income		(20	)		1,494		2,041		1,660		1,167		1,243		1,245		3,515		3,655
		182,798			190,286		185,400		178,448		177,170		186,837		180,363		558,484		544,370
Benefits, losses and expenses:
Policyholder benefits		130,575			135,263		136,948		126,205		125,975		134,091		131,225		402,786		391,291
Selling, underwriting, general and administrative expenses		38,854			39,390		38,513		39,495		37,765		37,657		35,069		116,757		110,491
		169,429			174,653		175,461		165,700		163,740		171,748		166,294		519,543		501,782
Income before income taxes		13,369			15,633		9,939		12,748		13,430		15,089		14,069		38,941		42,588
Income tax expense		4,427			5,494		3,483		4,589		4,573		5,215		4,937		13,404		14,725
Net operating income	$	8,942		$	10,139	$	6,456	$	8,159	$	8,857	$	9,874	$	9,132	$	25,537	$	27,863
Net earned premiums and other considerations by channel:
(amounts in millions)
AMLIC	$	69		$	70	$	72	$	67	$	69	$	75	$	72	$	211	$	216
Independent		63			66		61		61		61		62		62		190		185
Total	$	132		$	136	$	133	$	128	$	130	$	137	$	134	$	401	$	401

Page 10

Assurant Corporate and Other
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																				For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,		June 30,			March 31,			September 30,			September 30,
($ in thousands)	2004			2004			2004			2003			2003		2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—
Net investment income		6,481			6,138			6,219			9,187			12,065		12,794			8,807			18,838			33,666
Net realized gains (losses) on investments		2,501			5,722			14,224			(12,940	)		7,334		12,452			(4,978	)		22,447			14,808
Amortization of deferred gain on disposal of businesses		14,539			14,262			14,497			16,042			17,522		15,405			19,308			43,298			52,235
Fees and other income		593			229			1,138			2,046			8,717		103			272			1,960			9,092
		24,114			26,351			36,078			14,335			45,638		40,754			23,409			86,543			109,801
Benefits, losses and expenses:
Policyholder benefits		—			—			—			—			—		—			—			—			—
Selling, underwriting, general and administrative expenses		12,832			11,969			26,047			35,838			8,736		15,654			9,293			50,848			33,683
Interest expense and distributions on preferred securities of subsidiary trusts		15,107			15,834			12,326			26,279			29,288		28,935			29,631			43,267			87,854
Interest premium on redemption of preferred securities of subsidiary trusts		—			—			—			205,822			—		—			—			—			—
Loss on disposal of business		—			9,232			—			—			—		—			—			9,232			—
		27,939			37,035			38,373			267,939			38,024		44,589			38,924			103,347			121,537
Income (loss) before income taxes		(3,825	)		(10,684	)		(2,295	)		(253,604	)		7,614		(3,835	)		(15,515	)		(16,804	)		(11,736	)
Income tax expense (benefit)		(3,886	)		(3,226	)		(206	)		(93,368	)		1,214		(1,720	)		(5,327	)		(7,318	)		(5,833	)
Net operating income (loss)	$	61		$	(7,458	)	$	(2,089	)	$	(160,236	)	$	6,400	$	(2,115	)	$	(10,188	)	$	(9,486	)	$	(5,903	)

Page 11

Assurant, Inc. and Subsidiaries
Investments
(Unaudited)

	As of				As of
	September 30,				December 31,
($ in thousands)	2004				2003
Investments by Type
Fixed maturities: available-for-sale, at fair value	$	9,045,812			$	8,728,838
Equity Securities: available-for-sale
Preferred stocks		545,574				452,373
Common stocks		2,629				4,067
Commercial mortgage loans on real estate, at amortized cost		1,039,914				932,791
Policy loans		66,025				68,185
Cash and short-term investments		918,224				1,234,075
Other investments		508,398				461,473
Total	$	12,126,576			$	11,881,802
Fixed Maturity Securities by Credit Quality (Fair Value)
Aaa / Aa / A	$	6,136,231	68	%	$	6,074,426	70	%
Baa		2,365,625	26	%		2,110,009	24	%
Ba		411,596	5	%		360,991	4	%
B		92,934	1	%		135,415	2	%
Caa and lower		33,897	0	%		39,884	0	%
In or near default		5,529	0	%		8,113	0	%
Total	$	9,045,812	100	%	$	8,728,838	100	%
Fixed Maturity Securities by Issuer Type (Fair Value)
U.S government and government agencies and authorities	$	1,314,927	14	%	$	1,681,746	19	%
State, municipalities and political subdivisions		193,551	2	%		203,679	2	%
Foreign government		350,755	4	%		317,748	4	%
Public utilities		1,069,194	12	%		984,141	11	%
All other corporate bonds		6,117,385	68	%		5,541,524	64	%
Total	$	9,045,812	100	%	$	8,728,838	100	%

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Assurant, Inc.
Investment Results by Asset Category and Annualized Yields
(Unaudited)

	For the Three Months Ended September 30, 2004									For the Three Months Ended September 30, 2003
				Investment			Investment						Investment			Investment
($ in thousands)	Yield			Income			Gain (Loss)			Yield			Income			Gain (Loss)
Fixed maturities: available-for-sale, at fair value		5.83	%	$	123,582		$	2,974			5.96	%	$	121,840		$	7,691
Equity Securities: available-for-sale		6.79	%		9,128			(343	)		6.82	%		7,173			331
Commercial mortgage loans on real estate, at amortized cost		7.82	%		19,895			(450	)		8.05	%		17,900			563
Policy loans		4.63	%		778			—			6.18	%		1,075			—
Cash and short-term investments		1.17	%		2,695			17			1.09	%		2,199			12
Other investments		7.20	%		9,007			303			16.37	%		6,630			(1,263	)
Total					165,085		$	2,501						156,817		$	7,334
Investment expenses					(5,051	)								(6,094	)
Net investment income				$	160,034								$	150,723
Gross investment gain							$	7,447								$	13,631
Gross investment loss								(4,946	)								(6,152	)
Write-downs on available-for-sale securities								—									(145	)
Net investment gain (loss)							$	2,501								$	7,334

[Additional columns below]

[Continued from above table, first column(s) repeated]

	For the Nine Months Ended September 30, 2004									For the Nine Months Ended September 30, 2003
				Investment			Investment						Investment			Investment
($ in thousands)	Yield			Income			Gain (Loss)			Yield			Income			Gain (Loss)
Fixed maturities: available-for-sale, at fair value		5.80	%	$	365,508		$	19,502			6.11	%	$	364,866		$	16,384
Equity Securities: available-for-sale		7.26	%		26,582			295			7.44	%		19,078			521
Commercial mortgage loans on real estate, at amortized cost		7.57	%		59,050			(450	)		8.11	%		53,259			68
Policy loans		6.03	%		2,988			—			5.64	%		2,933			—
Cash and short-term investments		0.92	%		6,361			17			1.04	%		8,069			22
Other investments		7.64	%		29,122			3,083			21.70	%		25,189			(2,187	)
Total					489,611		$	22,447						473,394		$	14,808
Investment expenses					(18,125	)								(16,786	)
Net investment income				$	471,486								$	456,608
Gross investment gain							$	40,154								$	47,680
Gross investment loss								(16,890	)								(16,234	)
Write-downs on available-for-sale securities								(817	)								(16,638	)
Net investment gain (loss)							$	22,447								$	14,808

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