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: February 4, 2009

Assurant, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-31978	39-1126612
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer 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))

Item 2.02 Results of Operations and Financial Condition

On February 4, 2009, Assurant, Inc. issued a press release announcing its financial results for the quarter ended December 31, 2008. The text of the press release, attached hereto as Exhibit 99.1, and the financial supplement which accompanied the press release, attached hereto as Exhibit 99.2, are each incorporated by reference into this Item. The press release and financial supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

Exhibits

99.1	Press Release Dated February 4, 2009
99.2	Financial Supplement as of December 31, 2008

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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: February 4, 2009	By:	/s/ Bart Schwartz
	Bart Schwartz
	Executive Vice President, Chief Legal Officer & Secretary

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EX-99.1

Exhibit 99.1

Press Contact:	Investor Relations:
Drew Guthrie	Melissa Kivett	John Egan
Manager, Communications	Senior Vice President	Vice President
and Media Relations	Investor Relations	Investor Relations
Phone: 212-859-7002	Phone: 212-859-7029	Phone: 212-859-7197
Fax: 212-859-5893	Fax: 212-859-5893	Fax: 212-859-5893
drew.guthrie@assurant.com	melissa.kivett@assurant.com	john.egan@assurant.com

FOR IMMEDIATE RELEASE

Assurant Reports Fourth Quarter and Full Year 2008 Operating Results

Q4 2008 Net Operating Income of $153.7 Million

($1.31 per diluted share), Down Less Than 1%; Full Year Net Operating Income

of $637.4 Million ($5.36 per diluted share), Down 8%

Q4 2008 Net Income of $182.4 Million ($1.55 per diluted share) and $447.8

Million ($3.77 per diluted share) for Full Year 2008

New York- February 4, 2009 - Assurant, Inc. (“Assurant”) (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today reported results for the fourth quarter and the twelve months ended December 31, 2008.

Robert B. Pollock, Assurant’s president and chief executive officer, said: “Although we can’t avoid the chill of the economic ‘global cooling,’ Assurant’s capital position remains stable and our balance sheet remains solid, setting us apart, despite the unprecedented challenges in the economy. In 2008, despite an active storm season, we were able to grow revenues and expand through strategic acquisitions. We continue to believe our diverse specialty business model serves us well, and enables us to be nimble and flexible as we adapt.”

“We are maintaining a prudent, defensive approach to our investment portfolio and capital planning. Although we are not immune to the impact of the economic environment, we are effectively mixing offense and defense to strengthen the company and better position Assurant for both the near and long term,” Mr. Pollock concluded.

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Fourth Quarter Results

Net operating income (see footnote 1 at the end of this release) for the fourth quarter of 2008 decreased less than 1% to $153.7 million, or $1.31 per diluted share, compared to fourth quarter 2007 net operating income of $154.4 million, or $1.29 per diluted share.

Net income in the fourth quarter of 2008 increased 51% to $182.4 million, or $1.55 per diluted share, compared to fourth quarter 2007 net income of $120.8 million, or $1.01 per diluted share. The Company incurred $33.7 million after-tax of net realized losses on investments, which included $26.0 million after-tax of other than temporary impairments in the fourth quarter of 2008, compared to $33.6 million of after-tax net realized losses in the fourth quarter of 2007. Net income in the fourth quarter of 2008 benefited by $62.4 million from the realization of a tax asset related to the second quarter 2008 sale of an inactive life insurance subsidiary.

Net earned premiums of $2.0 billion in the fourth quarter of 2008 increased 2% from the fourth quarter of 2007, driven mostly by growth in Assurant Specialty Property and Assurant Solutions.

Net investment income in the fourth quarter of 2008 decreased 7% to $183.0 million from $197.8 million in the fourth quarter of 2007 primarily as a result of a decrease in average invested assets and lower yields.

Twelve-Month Results

Net operating income in 2008 was $637.4 million, or $5.36 per diluted share, a decrease of 8% compared to net operating income of $694.2 million, or $5.72 per diluted share, in 2007. Results in 2008 included $102.8 million after-tax of catastrophe losses, net of reinsurance compared to $22.2 million after-tax in 2007.

Net income in 2008 was $447.8 million, or $3.77 per diluted share, a decrease of 32% compared to net income of $653.7 million, or $5.38 per diluted share in 2007. Net income in 2008 includes $278.6 million after-tax of net realized losses on investments, including $221.1 million from

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other than temporary impairments, compared to $40.5 million after-tax of net realized losses on investments in 2007. Net income in 2008 was favorably impacted by $89.0 million of a tax benefit and gain related to the second quarter 2008 sale of an inactive life insurance subsidiary.

Net earned premiums in 2008 were $7.93 billion, an increase of 7% from $7.41 billion in 2007. Growth in net earned premiums was driven mainly by growth in Assurant Specialty Property and Assurant Solutions.

Net investment income in 2008 decreased 3% to $774.3 million from $799.1 million in 2007 primarily resulting from a decrease in average invested assets and $3.9 million of investment income from real estate joint venture partnerships compared with $37.2 million in 2007.

The following chart provides a reconciliation of net operating income to net income for Assurant:

	For the Three Months Ended						For the Year Ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
	(UNAUDITED)
	(amounts in millions, net of tax)
Assurant Solutions	$	11.9		$	32.3		$	112.2		$	143.9
Assurant Specialty Property		118.5			99.9			405.2			379.2
Assurant Health		25.1			38.0			120.3			151.7
Assurant Employee Benefits		14.1			16.2			70.6			87.0
Corporate and other		(10.8	)		(27.4	)		(50.4	)		(49.4	)
Amortization of deferred gains on disposal of businesses		4.8			5.4			19.1			21.5
Interest expense		(9.9	)		(10.0	)		(39. 6	)		(39.7	)
Net operation income		153.7			154.4			637.4			694.2
Adjustments:
Net realized losses on investments		(33. 7	)		(33.6	)		(278.6	)		(40. 5	)
Tax benefit realized from the sale of an inactive subsidiary*		62.4			—			89.0			—
Net income	$	182.4		$	120.8		$	447.8			653.7

* Full year 2008 results include gain on sale of an inactive subsidiary realized in the second quarter of 2008.

Assurant Solutions

Assurant Solutions fourth quarter 2008 net operating income was $11.9 million, a 63% decrease from fourth quarter 2007 net operating income of $32.3 million. Results for the fourth quarter 2008 decreased due to the following factors: 1) the Company’s decision to exit business operations in Denmark, which resulted in a $9.7 million after-tax closing charge;

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2) charges of $8.1 million after-tax as a result of client bankruptcies; 3) continued unfavorable United Kingdom loss experience; and 4) a decline in investment income of $5.8 million after-tax. The fourth quarter also includes a $5.9 million after-tax benefit from the final accounting of the third quarter acquisition of GE’s Warranty Management Group. Net operating income for the full year 2008 was $112.2 million, a decrease of 22% from 2007. In addition to the items which impacted the fourth quarter, 2008 results were less than 2007 due to a $9.3 million after-tax decrease in investment income from real estate joint venture partnerships.

A schedule of disclosed items that affected our quarterly results by segment for the last eight quarters can be found in the financial supplement on page 19.

Assurant Solutions fourth quarter 2008 net earned premiums increased 6% to $722.2 million from $678.8 million in the fourth quarter of 2007. The increase for the fourth quarter was primarily driven by continued growth in domestic and international service contracts. Net earned premiums for 2008 were $2.81 billion, up 11% from $2.53 billion for 2007. The increase for 2008 was primarily driven by continued growth in service contracts and preneed. Results were partially offset by a continued decline in premiums related to the domestic independent runoff in preneed and domestic credit insurance as well as the unfavorable impact of foreign exchange as the U.S. dollar strengthened against international currencies.

Assurant Specialty Property

Assurant Specialty Property fourth quarter 2008 net operating income was $118.5 million, up 19% from $99.9 million in the fourth quarter 2007. The quarterly increase was primarily the result of growth in creditor-placed homeowners insurance and continued favorable combined ratios. The fourth quarter 2008 results were impacted by $5.1 million of catastrophe losses, net of reinsurance, from the California wildfires compared to $22.2 million after-tax for the same period in 2007. Results for the fourth quarter 2007 were favorably impacted by $5.9 million after-tax from a client commission reconciliation project. Net operating income in 2008 increased 7% to $405.2 million compared to $379.2 million in 2007 driven primarily by growth in creditor-placed homeowners insurance. Results in 2008 increased despite $102.8 million of after-tax catastrophe losses, net of reinsurance. Results in 2007 included $22.2 million after-tax of catastrophe losses and benefited by $13.7 million of after-tax income from a client commission reconciliation project.

Assurant Specialty Property fourth quarter 2008 net earned premiums increased 9% to $519.7 million compared to $476.4 million in the fourth quarter of 2007. Net earned premiums for the full year 2008 increased 22% to $2.05 billion compared to $1.68 billion in 2007. These increases were primarily the result of continued organic growth in creditor-placed homeowners insurance as average insured values and policy placement rates continue to increase. Partially

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offsetting these factors was a net decrease in tracked loans due to continued market consolidation, and an overall decline in subprime loans.

Assurant Health

Assurant Health fourth quarter 2008 net operating income was $25.1 million, a decrease of 34% compared to fourth quarter 2007 net operating income of $38.0 million. Results in the fourth quarter of 2007 were favorably impacted by $2.5 million after-tax from a favorable legal settlement. Net operating income for 2008 was $120.3 million, a decrease of 21% compared to $151.7 million for 2007. The decreases for the quarter and year were driven primarily by the continued decline in small group medical premiums and an increase in the combined ratio due to less favorable individual medical loss experience.

Assurant Health fourth quarter 2008 net earned premiums decreased 5% to $481.5 million from $509.3 million in the fourth quarter of 2007. Net earned premiums for 2008 decreased 5% to $1.95 billion compared to $2.05 billion for 2007. The decreases for the quarter and year were due to declines in small group medical premiums of 15% and 14%, respectively, and declines in individual medical premiums of 2% and 1%, respectively.

Assurant Employee Benefits

Assurant Employee Benefits fourth quarter 2008 net operating income was $14.1 million, down 13% from fourth quarter 2007 net operating income of $16.2 million. Results for the fourth quarter 2008 were impacted by $2.1 million after-tax of lower investment income and a slightly higher loss ratio, partially offset by a reserve release of $3.5 million after-tax resulting from an annual reserve study and lower operating expenses. Net operating income for 2008 was $70.6 million, down 19% from 2007 net operating income of $87.0 million. Results for the year are lower as a result of $9.2 million less after-tax investment income from real estate joint venture partnerships and slightly higher loss experience compared to the prior year. Fourth quarter 2007 also included a $2.1 million charge to reflect New York State’s clarification of certain disability contract provisions.

Assurant Employee Benefits fourth quarter 2008 net earned premiums decreased 4% to $281.0 million from $291.6 million in the fourth quarter of 2007. Net earned premiums for 2008 decreased 3% to $1.11 billion from $1.14 billion in 2007. Results for the fourth quarter of 2008 include $5.9 million in single premium from closed blocks of business compared to $14.3 million in fourth quarter 2007. Results for 2008 include $11.4 million in single premiums from closed blocks of business compared to $49.5 million in 2007.

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Corporate & other

Corporate and other net operating loss for the fourth quarter of 2008 was $10.8 million, compared to a net operating loss of $27.4 million in the fourth quarter of 2007. The difference includes a net decrease of $6.0 million in after-tax expenses related to the ongoing SEC investigation regarding certain loss mitigation products. Fourth quarter 2007 results also included $6.4 million of net tax expense associated with changes in tax liabilities.

Net operating loss for 2008 was $50.4 million compared to a loss of $49.4 million for 2007. The slight increase in net operating loss was primarily due to a decline of $7.6 million after-tax of investment income, partially offset by $3.9 million after-tax of income from the reimbursement of certain SEC investigation-related expenses through director and executive officer insurance coverage.

Financial Position

At December 31, 2008 total assets were $24.5 billion. Total stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”), was $4.4 billion and book value per diluted share, excluding AOCI, was up 10% to $37.21 from $33.73 at December 31, 2007. Debt to total capital, excluding AOCI, was 18.3% compared to 19.7% at December 31, 2007.

AOCI consists of foreign currency conversion translation adjustments, net unrealized gains/losses on securities, and benefit plan obligations. Net unrealized gains and losses represent the after-tax difference between the book value and market value of invested assets. At December 31, 2008, AOCI was ($670.9) million or ($5.70) per diluted share compared to $53.9 million, or $.45 per diluted share, at December 31, 2007. Invested assets at market value, excluding cash and equivalents, as a ratio of stockholders’ equity, including AOCI was 3.3 to 1 at December 31, 2008.

Please refer to Assurant’s investment disclosures in the financial supplement for more detail.

Earnings Conference Call

Assurant will host a conference call tomorrow at 9:00 A.M. (ET) with access available via Internet and telephone. Investors and analysts may participate in the live conference call by dialing 888-603-6873 (toll-free domestic) or 973-582-2706 (international); passcode: 76642516. 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 P.M. (ET) tomorrow and can be accessed at 800-642-1687 (toll-free domestic) or 706-645-9291 (international); passcode: 76642516. The webcast will be archived on Assurant’s website.

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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 Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits - 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 debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; creditor-placed homeowners insurance; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.

Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has more than $24 billion in assets and $8 billion in annual revenue. Assurant has approximately 15,000 employees worldwide and is headquartered in New York’s financial district. www.assurant.com.

Safe Harbor Statement

Some of the statements included in this press release and its exhibits, 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. You can identify these statements by the fact that they may use words such as “will,” “anticipate,” “expect,” “estimate,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” or the negative versions of those words and terms with a similar meaning. Our actual results might differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this earnings release or the exhibits as a result of new information or future events or developments.

The following risk factors could cause our actual results to differ materially from those currently estimated by management: (i) failure to maintain significant client relationships, distribution sources and contractual arrangements; (ii) deterioration in the company’s market capitalization compared to book value that could impair the company’s goodwill; (iii) failure to attract and retain sales representatives and other factors; (iv) general global economic, financial market and political conditions (including difficult conditions in financial, capital and credit markets, the global economic slowdown, fluctuations in interest rates, mortgage rates, monetary policies, and inflationary pressure); (v) inadequacy of reserves established for future claims losses; (vi) failure to predict or manage benefits, claims and other costs; (vii) diminished value of invested assets in our investment portfolio (due to, among other things, the recent volatility in financial markets, the global economic slowdown, credit and liquidity risk, other than temporary impairments,

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environmental liability exposure and inability to target an appropriate overall risk level); (viii) losses due to natural and man-made catastrophes; (ix) increases or decreases in tax valuation allowances; (x) unavailability, inadequacy and unaffordable pricing of reinsurance coverage; (xi) inability of reinsurers to meet their obligations; (xii) insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xiii) credit risk of some of our agents in Assurant Specialty Property and Solutions; (xiv) a further decline in the manufactured housing industry; (xv) a decline in our credit or financial strength ratings (including the currently heightened risk of ratings downgrades in the insurance industry); (xvi) failure to effectively maintain and modernize our information systems; (xvii) failure to protect client information and privacy; (xviii) failure to find and integrate suitable acquisitions and new insurance ventures; (xix) inability of our subsidiaries to pay sufficient dividends; (xx) failure to provide for succession of senior management and key executives; (xxi) negative publicity and impact on our business due to unfavorable outcomes in litigation and regulatory investigations (including the potential impact on our reputation and business of a negative outcome in the ongoing SEC investigation); (xxii) significant competitive pressures in our businesses and cyclicality of the insurance industry: (xxiii) current or new laws and regulations that could increase our costs or limit our growth.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our upcoming 2008 Annual Report on Form 10-K, Third Quarter 2008 Report on Form 10-Q and 2007 Annual Report on Form 10-K, as filed with the SEC.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures listed below 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.

(1) Assurant uses net operating income as an important measure of the company’s operating performance. As shown in the chart on page 3, 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.

Please see page 19 of the financial supplement, which is available on our website at www.assurant.com, for a summary of net operating income disclosed items.

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Assurant, Inc. and Subsidiaries

Consolidated Statement of Operations (unaudited)

Three Months and Year Ended December 31, 2008 and 2007

	Three Months Ended December 31,						Year Ended December 31,
	2008			2007			2008			2007
	(in thousands except number of shares and per share amounts)
Revenues
Net earned premiums and other considerations	$	2,004,279		$	1,956,146		$	7,925,348		$	7,407,730
Net investment income		183,048			197,826			774,347			799,073
Net realized losses on investments		(51,757	)		(51,628	)		(428,679	)		(62,220	)
Amortization of deferred gains on disposal of businesses		7,327			8,246			29,412			33,139
Fees and other income		77,711			72,743			300,800			275,793
Total revenues		2,220,608			2,183,333			8,601,228			8,453,515
Benefits, losses and expenses
Policyholder benefits		988,432			985,591			4,019,147			3,712,711
Selling, underwriting, general and administrative expenses		1,025,532			985,542			3,957,850			3,668,586
Interest expense		15,188			15,297			60,953			61,178
Total benefits, losses and expenses		2,029,152			1,986,430			8,037,950			7,442,475
Income before provision for income taxes		191,456			196,903			563,278			1,011,040
Provision for income taxes		9,015			76,085			115,482			357,294
Net income	$	182,441		$	120,818		$	447,796		$	653,746
Net income per share:
Basic	$	1.55		$	1.03		$	3.80		$	5.46
Diluted	$	1.55		$	1.01		$	3.77		$	5.38
Dividends per share	$	0.14		$	0.12		$	0.54		$	0.46
Share Data:
Basic weighted average shares outstanding		117,367,781			117,758,560			117,764,288			119,737,556
Diluted weighted average shares outstanding		117,751,459			119,386,294			118,836,331			121,436,693

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Assurant, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets (unaudited)

At December 31, 2008 and December 31, 2007

	December 31,			December 31,
	2008			2007
	(in thousands)
Assets
Investments and cash and cash equivalents	$	13,107,476		$	14,552,115
Reinsurance recoverables		4,010,170			3,904,348
Deferred acquisition costs		2,650,672			2,895,345
Goodwill		1,001,899			832,656
Assets held in separate accounts		1,778,809			3,143,288
Other assets		1,965,560			1,422,564
Total assets		24,514,586			26,750,316
Liabilities
Policyholder benefits and claims payable		10,398,376			10,492,580
Unearned premiums		5,407,859			5,410,709
Debt		971,957			971,863
Mandatorily redeemable preferred stock		11,160			21,160
Liabilities related to separate accounts		1,778,809			3,143,288
Accounts payable and other liabilities		2,236,920			2,621,813
Total liabilities		20,805,081			22,661,413
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		4,380,451			4,034,992
Accumulated other comprehensive (loss) income		(670,946	)		53,911
Total stockholders’ equity		3,709,505			4,088,903
Total liabilities and stockholders’ equity	$	24,514,586		$	26,750,316

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EX-99.2

Exhibit 99.2

Assurant, Inc. (AIZ)

Financial Supplement as of December 31, 2008

ASSURANT, INC. AND SUBSIDIARIES

FINANCIAL SUPPLEMENT

(UNAUDITED)

AS OF DECEMBER 31, 2008

INDEX TO SUPPLEMENT

	Page:
SAFE HARBOR STATEMENT & REGULATION G – NON GAAP FINANCIAL MEASURES	1
SUMMARY FINANCIAL HIGHLIGHTS	2
SEGMENTED CONDENSED BALANCE SHEETS	4
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME	5
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS	6
CONDENSED SEGMENT STATEMENTS OF OPERATIONS	7
INVESTMENTS	16
INVESTMENT RESULTS BY ASSET CATEGORY & ANNUALIZED YIELDS	18
SUMMARY OF NET OPERATING INCOME DISCLOSED ITEMS	19
RATINGS SUMMARY	20
EXHIBIT I - TOP 30 CORPORATE ISSUER EXPOSURES	21
EXHIBIT II - TOP 10 FOREIGN GOVERNMENT EXPOSURES	22
EXHIBIT III - COMMERCIAL MORTGAGE LOANS SUMMARY	23

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 Solutions; Assurant Specialty Property; Assurant Health; and Assurant Employee Benefits – 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 debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; creditor-placed homeowners insurance; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.

Assurant, a Fortune 500 company and a member of the S & P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has more than $24 billion in assets and $8 billion in annual revenue. Assurant has approximately 14,000 employees worldwide and is headquartered in New York’s financial district. www.assurant.com.

Safe Harbor Statement:

Some of the statements included in this press release and its exhibits, 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. You can identify these statements by the fact that they may use words such as “will,” “anticipate,” “expect,” “estimate,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” or the negative versions of those words and terms with a similar meaning. Our actual results might differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this financial supplement as a result of new information or future events or developments.

The following risk factors could cause our actual results to differ materially from those currently estimated by management: (i) failure to maintain significant client relationships, distribution sources and contractual arrangements; (ii) deterioration in the company’s market capitalization compared to its book value that could impair the company’s goodwill; (iii) failure to attract and retain sales representatives; (iv) general global economic, financial market and political conditions (including difficult conditions in financial, capital and credit markets, the global economic slowdown, fluctuations in interest rates, mortgage rates, monetary policies and inflationary pressure); (v) inadequacy of reserves established for future claims losses; (vi) failure to predict or manage benefits, claims and other costs; (vii) diminished value of invested assets in our investment portfolio (due to, among other things, the recent volatility in financial markets, the global economic slowdown, credit and liquidity risk, other than temporary impairments, environmental liability exposure and inability to target an appropriate overall risk level); (viii) losses due to natural and man-made catastrophes; (ix) increases or decreases in tax valuation allowances; (x) unavailability, inadequacy and unaffordable pricing of reinsurance coverage; (xi) inability of reinsurers to meet their obligations; (xii) insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xiii) credit risk of some of our agents in Assurant Specialty Property and Solutions; (xiv) a further decline in the manufactured housing industry; (xv) a decline in our credit or financial strength ratings (including the currently heightened risk of ratings downgrades in the insurance industry); (xvi) failure to effectively maintain and modernize our information systems; (xvii) failure to protect client information and privacy; (xviii) failure to find and integrate suitable acquisitions and new insurance ventures; (xix) inability of our subsidiaries to pay sufficient dividends; (xx) failure to provide for succession of senior management and key executives; (xxi) negative publicity and impact on our business due to unfavorable outcomes in litigation and regulatory investigations (including the potential impact on our reputation and business of a negative outcome in the ongoing SEC investigation); (xxii) significant competitive pressures in our businesses and cyclicality of the insurance industry: (xxiii) current or new laws and regulations that could increase our costs or limit our growth.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our 2007 Annual Report on Form 10-K, our 2008 third quarter Form 10-Q and our upcoming 2008 Annual Report on Form 10-K, as filed with the SEC.

Regulation G – 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 financial supplement. 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 net 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. Please refer to page 5 for a reconciliation net operating income to net income.

(2) Assurant uses annualized operating ROE as an important measure of the company’s operating performance. Annualized operating ROE equals year-to-date net operating income divided by average stockholders’ equity for the year to date period, excluding AOCI, and then the return is annualized. The company believes annualized operating ROE provides investors a valuable measure of the performance of the company’s ongoing business, because it excludes the effect of realized gains (losses) on investments that tend to be highly variable and those events that are unusual and/or unlikely to recur. The comparable GAAP measure for this included measure would be annualized GAAP return on equity, defined as the annualized return of net income divided by average stockholders’ equity for the period. Consolidated GAAP ROE for the three months and year ended December, 2008 was 19.6% and 11.5%, respectively. Please refer to page 6 for the reconciliation of annualized operating ROE to annualized GAAP return on average equity.

1

Assurant, Inc. and Subsidiaries

Summary Financial Highlights

(Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
($ in thousands, except number of shares and per share amounts)	2008			2007			2008			2007
Net operating income (1)	$	153,719		$	154,376		$	637,443		$	694,188
Net realized (losses) on investments		(33,642	)		(33,558	)		(278,641	)		(40,442	)
Tax benefit realized from the sale of an inactive subsidiary (2)		62,364			—			88,994			—
Net income	$	182,441		$	120,818		$	447,796		$	653,746
Total revenues	$	2,220,608		$	2,183,333		$	8,601,228		$	8,453,515
PER SHARE AND SHARE DATA:
Basic earnings per common share
Net operating income	$	1.31		$	1.31		$	5.41		$	5.80
Net income	$	1.55		$	1.03		$	3.80		$	5.46
Weighted average common shares outstanding - basic		117,367,781			117,758,560			117,764,288			119,737,556
Diluted earnings per common share
Net operating income	$	1.31		$	1.29		$	5.36		$	5.72
Net income	$	1.55		$	1.01		$	3.77		$	5.38
Weighted average common shares outstanding - diluted		117,751,459			119,386,294			118,836,331			121,436,693

(1) See Footnote (1) Regulation G - Non GAAP Financial Measures on page 1.

(2) Full year 2008 results include a gain from the sale of an inactive subsidiary realized in the second quarter of 2008.

2

Assurant, Inc. and Subsidiaries

Summary Financial Highlights (continued)

(Unaudited)

($ in thousands, except shares and per share amounts)	As of December 31, 2008			As of December 31, 2007
Total assets	$	24,514,586		$	26,750,316
Total stockholders’ equity	$	3,709,505		$	4,088,903
Total stockholders’ equity (excluding AOCI)	$	4,380,451		$	4,034,992
Basic book value per share	$	31.61		$	34.71
Basic book value per share (excluding AOCI)	$	37.32		$	34.25
Shares outstanding for basic book value per share calculation		117,368,534			117,808,007
Diluted book value per share	$	31.51		$	34.19
Diluted book value per share (excluding AOCI)	$	37.21		$	33.73
Shares outstanding for diluted book value per share calculation		117,721,944			119,609,423
Debt to total capital ratio (excluding AOCI)		18.3	%		19.7	%

3

Assurant, Inc. and Subsidiaries

Segmented Condensed Balance Sheets

(Unaudited)

	At December 31, 2008
	Solutions		Specialty Property		Health		Employee Benefits		Corporate & Other(1)			Consolidated
	($ in thousands)
Assets
Investments and cash and cash equivalents	$	7,457,948	$	2,434,697	$	899,271	$	2,376,324	$	(60,764	)	$	13,107,476
Reinsurance recoverables		625,127		369,328		7,333		21,414		2,986,968			4,010,170
Deferred acquisition costs		2,407,675		201,817		16,623		24,557		—			2,650,672
Goodwill		—		—		—		—		1,001,899			1,001,899
Assets held in separate accounts		208,352		—		—		—		1,570,457			1,778,809
Other assets		452,076		329,288		117,534		136,770		929,892			1,965,560
Total assets	$	11,151,178	$	3,335,130	$	1,040,761	$	2,559,065	$	6,428,452		$	24,514,586
Liabilities
Policyholder benefits and claims payable	$	4,588,939	$	414,832	$	423,100	$	1,775,990	$	3,195,515		$	10,398,376
Unearned premiums		3,985,167		1,243,043		124,759		13,168		41,722			5,407,859
Debt		—		—		—		—		971,957			971,957
Mandatorily redeemable preferred stock		—		—		—		—		11,160			11,160
Liabilities related to separate accounts		208,352		—		—		—		1,570,457			1,778,809
Accounts payable and other liabilities		828,654		400,652		155,427		266,356		585,831			2,236,920
Total liabilities		9,611,112		2,058,527		703,286		2,055,514		6,376,642			20,805,081
Stockholders’ equity
Equity, excluding accumulated other comprehensive loss		1,540,066		1,276,603		337,475		503,551		722,756			4,380,451
Accumulated other comprehensive loss		—		—		—		—		(670,946	)		(670,946	)
Total stockholders’ equity		1,540,066		1,276,603		337,475		503,551		51,810			3,709,505
Total liabilities and stockholders’ equity	$	11,151,178	$	3,335,130	$	1,040,761	$	2,559,065	$	6,428,452		$	24,514,586
	At December 31, 2007
			Specialty				Employee		Corporate &
	Solutions		Property		Health		Benefits		Other(1)			Consolidated
	($ in thousands)
Assets
Investments and cash and cash equivalents	$	7,691,655	$	2,237,372	$	1,113,771	$	2,564,741	$	944,576		$	14,552,115
Reinsurance recoverables		687,441		277,395		5,036		17,584		2,916,892			3,904,348
Deferred acquisition costs		2,658,207		178,398		34,175		24,565		—			2,895,345
Goodwill		—		—		—		—		832,656			832,656
Assets held in separate accounts		255,341		—		—		—		2,887,947			3,143,288
Other assets		644,132		263,249		83,609		200,808		230,766			1,422,564
Total assets	$	11,936,776	$	2,956,414	$	1,236,591	$	2,807,698	$	7,812,837		$	26,750,316
Liabilities
Policyholder benefits and claims payable	$	4,676,416	$	314,062	$	500,126	$	1,842,861	$	3,159,115		$	10,492,580
Unearned premiums		4,171,003		1,052,326		128,756		14,259		44,365			5,410,709
Debt		—		—		—		—		971,863			971,863
Mandatorily redeemable preferred stock		—		—		—		—		21,160			21,160
Liabilities related to separate accounts		255,341		—		—		—		2,887,947			3,143,288
Accounts payable and other liabilities		1,238,933		431,952		196,812		345,220		408,896			2,621,813
Total liabilities		10,341,693		1,798,340		825,694		2,202,340		7,493,346			22,661,413
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		1,595,083		1,158,074		410,897		605,358		265,580			4,034,992
Accumulated other comprehensive income		—		—		—		—		53,911			53,911
Total stockholders’ equity		1,595,083		1,158,074		410,897		605,358		319,491			4,088,903
Total liabilities and stockholders’ equity	$	11,936,776	$	2,956,414	$	1,236,591	$	2,807,698	$	7,812,837		$	26,750,316

(1) The Corporate and Other segment includes accumulated other comprehensive income (loss), reinsurance recoverables related to the disposal of Fortis Financial Group and Long Term Care businesses, goodwill, separate accounts related to the disposal of FFG business and all of Assurant, Inc.’s debt.

4

Assurant, Inc. and Subsidiaries

Reconciliation of Net Operating Income to Net Income

(Unaudited)

	For the Three Months Ended																								For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands, net of tax)	2008			2008			2008			2008			2007			2007			2007			2007			2008			2007
Assurant Solutions	$	11,884		$	20,387		$	32,355		$	47,557		$	32,265		$	37,377		$	30,210		$	44,069		$	112,183		$	143,921
Assurant Specialty Property		118,475			30,942			131,042			124,744			99,917			114,682			90,207			74,434			405,203			379,240
Assurant Health		25,066			30,204			27,721			37,263			38,016			39,365			33,838			40,524			120,254			151,743
Assurant Employee Benefits		14,138			21,457			18,630			16,332			16,197			20,392			21,475			28,957			70,557			87,021
Corporate and other		(10,735	)		(14,858	)		(18,777	)		(5,882	)		(27,436	)		(11,583	)		(2,862	)		(7,632	)		(50,252	)		(49,513	)
Amortization of deferred gains on disposal of businesses		4,763			4,796			4,763			4,796			5,360			5,394			5,360			5,427			19,118			21,541
Interest expense		(9,872	)		(9,874	)		(9,937	)		(9,937	)		(9,943	)		(9,937	)		(9,942	)		(9,943	)		(39,620	)		(39,765	)
Net operating income		153,719			83,054			185,797			214,873			154,376			195,690			168,286			175,836			637,443			694,188
Adjustments:
Net realized (losses) gains on investments		(33,642	)		(194,483	)		(22,473	)		(28,043	)		(33,558	)		(8,499	)		(2,006	)		3,621			(278,641	)		(40,442	)
Tax benefit realized from the sale of an inactive subsidiary		62,364			—			26,630			—			—			—			—			—			88,994			—
Net income (loss)	$	182,441		$	(111,429	)	$	189,954		$	186,830		$	120,818		$	187,191		$	166,280		$	179,457		$	447,796		$	653,746

5

Assurant, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands, except per share data and closing stock price)	2008			2008			2008			2008			2007			2007			2007			2007			2008			2007
Revenues:
Net earned premiums and other considerations	$	2,004,279		$	1,984,136		$	1,995,516		$	1,941,417		$	1,956,146		$	1,893,388		$	1,798,687		$	1,759,509		$	7,925,348		$	7,407,730
Net investment income		183,048			192,314			201,211			197,774			197,826			194,049			190,302			216,896			774,347			799,073
Net realized (losses) gains on investments		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(51,628	)		(13,076	)		(3,086	)		5,570			(428,679	)		(62,220	)
Amortization of deferred gains on disposal of businesses		7,327			7,379			7,327			7,379			8,246			8,298			8,246			8,349			29,412			33,139
Fees and other income		77,711			69,911			79,280			73,898			72,743			65,533			70,578			66,939			300,800			275,793
		2,220,608			1,954,535			2,248,760			2,177,325			2,183,333			2,148,192			2,064,727			2,057,263			8,601,228			8,453,515
Benefits, losses and expenses:
Policyholder benefits		988,432			1,095,048			998,208			937,459			985,591			935,545			902,053			889,522			4,019,147			3,712,711
Selling, underwriting, general and administrative expenses		1,025,532			1,007,817			985,851			938,650			985,542			913,214			894,904			874,926			3,957,850			3,668,586
Interest expense		15,188			15,190			15,287			15,288			15,297			15,288			15,296			15,297			60,953			61,178
		2,029,152			2,118,055			1,999,346			1,891,397			1,986,430			1,864,047			1,812,253			1,779,745			8,037,950			7,442,475
Income (loss) before provision for income taxes		191,456			(163,520	)		249,414			285,928			196,903			284,145			252,474			277,518			563,278			1,011,040
(Benefit) provision for income taxes		9,015			(52,091	)		59,460			99,098			76,085			96,954			86,194			98,061			115,482			357,294
Net income (loss)	$	182,441		$	(111,429	)	$	189,954		$	186,830		$	120,818		$	187,191		$	166,280		$	179,457		$	447,796		$	653,746
Diluted per share data:
Net operating income per diluted share	$	1.31		$	0.70		$	1.55		$	1.80		$	1.29		$	1.63		$	1.37		$	1.42		$	5.36		$	5.72
Book value per diluted share (excluding AOCI)	$	37.21		$	35.60		$	36.68		$	35.33		$	33.73		$	32.99		$	31.81		$	31.14		$	37.21		$	34.25
Computation of return on average equity measures:
Numerator:
Net operating income	$	153,719		$	83,054		$	185,797		$	214,873		$	154,376		$	195,690		$	168,286		$	175,836		$	637,443		$	694,188
Net income (loss)	$	182,441		$	(111,429	)	$	189,954		$	186,830		$	120,818		$	187,191		$	166,280		$	179,457		$	447,796		$	653,746
Denominator:
Average equity, excluding AOCI	$	4,294,030		$	4,296,429		$	4,298,980		$	4,123,852		$	3,980,272		$	3,894,080		$	3,847,440		$	3,788,402		$	4,207,722		$	3,889,763
Add: Average AOCI		(573,372	)		(306,783	)		(71,632	)		24,207			25,712			(25,351	)		20,387			88,527			(308,518	)		70,987
Average equity, including AOCI	$	3,720,658		$	3,989,646		$	4,227,348		$	4,148,059		$	4,005,984		$	3,868,729		$	3,867,827		$	3,876,929		$	3,899,204		$	3,960,750
Annualized operating return on average equity		14.3	%		7.7	%		17.3	%		20.8	%		15.5	%		20.1	%		17.5	%		18.6	%		15.1	%		17.8	%
Annualized GAAP return on average equity		19.6	%		-11.2	%		18.0	%		18.0	%		12.1	%		19.4	%		17.2	%		18.5	%		11.5	%		16.5	%
Annualized operating return on average equity (excluding AOCI) (1)		14.3	%		7.7	%		17.3	%		20.8	%		15.5	%		20.1	%		17.5	%		18.6	%		15.1	%		17.8	%
Net realized (losses) gains on investments		-0.8	%		-18.1	%		-2.1	%		-2.7	%		-3.4	%		-0.9	%		-0.2	%		0.4	%		-7.5	%		-1.0	%
Tax benefit realized from the sale of an inactive subsidiary		1.5	%		—			2.5	%		—			—			—			—			—			2.4	%		—
Change due to effect of including AOCI		4.6	%		-0.8	%		0.3	%		-0.1	%		—			0.2	%		-0.1	%		-0.4	%		1.5	%		-0.3	%
Annualized GAAP return on average equity (1)		19.6	%		-11.2	%		18.0	%		18.0	%		12.1	%		19.4	%		17.2	%		18.5	%		11.5	%		16.5	%
Share repurchases:
Shares repurchased		—			1,000,000			—			—			—			2,283,100			1,984,400			1,421,833			1,000,000			5,689,333
Average repurchase price per share	$	—		$	59.00		$	—		$	—		$	—		$	52.07		$	58.56		$	54.48		$	59.00		$	54.94
Repurchase price	$	—		$	59,000		$	—		$	—		$	—		$	118,887		$	116,216		$	77,460		$	59,000		$	312,563
AIZ Closing stock price (NYSE)	$	30.00		$	55.00		$	65.96		$	60.86		$	66.90		$	53.50		$	58.92		$	53.63		$	—		$	—
Investment yield (2)		5.29	%		5.44	%		5.56	%		5.61	%		5.70	%		5.73	%		5.69	%		5.66	%		5.50	%		5.69	%
Tax-adjusted yield (2) (3)		5.44	%		5.59	%		5.71	%		5.72	%		5.79	%		5.81	%		5.77	%		5.71	%		5.64	%		5.76	%
Investment income from real estate joint venture partnerships	$	414		$	—		$	3,457		$	—		$	127		$	534		$	2,972		$	33,540		$	3,871		$	37,173

(1) See Footnote (2) Regulation G - Non GAAP Financial Measures on page 1.

(2) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(3) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

6

Assurant Solutions

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																	For the Year Ended
($ in thousands)	December 31, 2008		September 30, 2008			June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2008		December 31, 2007
Revenues:
Net earned premiums and other considerations	$	722,170	$	707,115		$	700,629	$	683,493	$	678,844	$	649,915	$	618,675	$	583,011	$	2,813,407	$	2,530,445
Net investment income		99,921		105,539			108,425		106,730		108,899		105,631		100,784		112,017		420,615		427,331
Fees and other income		49,936		40,623			47,668		44,281		43,580		36,623		40,957		38,051		182,508		159,211
		872,027		853,277			856,722		834,504		831,323		792,169		760,416		733,079		3,416,530		3,116,987
Benefits, losses and expenses:
Policyholder benefits		310,715		295,190			306,173		286,680		287,232		284,755		258,527		243,344		1,198,758		1,073,858
Selling, underwriting, general and administrative expenses		535,507		527,779			503,073		475,533		496,414		451,510		455,140		427,645		2,041,892		1,830,709
		846,222		822,969			809,246		762,213		783,646		736,265		713,667		670,989		3,240,650		2,904,567
Income before provision for income taxes		25,805		30,308			47,476		72,291		47,677		55,904		46,749		62,090		175,880		212,420
Provision for income taxes		13,921		9,921			15,121		24,734		15,412		18,527		16,539		18,021		63,697		68,499
Net operating income	$	11,884	$	20,387		$	32,355	$	47,557	$	32,265	$	37,377	$	30,210	$	44,069	$	112,183	$	143,921
Net earned premiums and other considerations:
Domestic:
Credit	$	66,166	$	70,270		$	69,808	$	73,253	$	70,563	$	75,638	$	76,109	$	80,921	$	279,497	$	303,231
Service contracts		375,433		334,386			335,552		319,515		322,092		292,762		280,274		261,863		1,364,886		1,156,991
Other		15,854		13,685			15,186		15,434		16,007		14,496		15,517		16,689		60,159		62,709
Total Domestic		457,453		418,341			420,546		408,202		408,662		382,896		371,900		359,473		1,704,542		1,522,931
International:
Credit		82,872		98,645			88,661		98,264		88,988		98,431		92,413		96,877		368,442		376,709
Service contracts		93,708		93,745			90,128		77,667		79,982		64,561		62,543		42,717		355,248		249,803
Other		3,813		(139	)		6,903		9,598		11,598		8,307		10,260		8,979		20,175		39,144
Total International		180,393		192,251			185,692		185,529		180,568		171,299		165,216		148,573		743,865		665,656
Preneed:
Domestic and international		76,616		88,293			85,253		80,654		79,446		85,050		70,358		63,288		330,816		298,142
Domestic independent runoff		7,708		8,230			9,138		9,108		10,168		10,670		11,201		11,677		34,184		43,716
Total Preneed		84,324		96,523			94,391		89,762		89,614		95,720		81,559		74,965		365,000		341,858
Total	$	722,170	$	707,115		$	700,629	$	683,493	$	678,844	$	649,915	$	618,675	$	583,011	$	2,813,407	$	2,530,445
Fee income:
Domestic:
Debt protection	$	9,765	$	8,495		$	8,284	$	7,915	$	7,459	$	7,415	$	7,469	$	8,750	$	34,459	$	31,093
Service contracts		22,515		18,472			19,941		18,370		19,963		16,679		17,190		16,877		79,298		70,709
Other		6,614		6,873			7,439		5,735		7,021		6,320		5,205		6,493		26,661		25,039
Total Domestic		38,894		33,840			35,664		32,020		34,443		30,414		29,864		32,120		140,418		126,841
International		6,201		7,272			9,706		9,740		8,113		5,179		4,384		4,492		32,919		22,168
Preneed		4,841		(489	)		2,298		2,521		1,024		1,030		6,709		1,439		9,171		10,202
Total	$	49,936	$	40,623		$	47,668	$	44,281	$	43,580	$	36,623	$	40,957	$	38,051	$	182,508	$	159,211

7

Assurant Solutions (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2008			2008			2008			2008			2007			2007			2007			2007			2008			2007
Gross written premiums:
Domestic:
Credit	$	147,313		$	151,717		$	152,730		$	152,341		$	159,259		$	168,135		$	167,738		$	161,843		$	604,101		$	656,975
Service contracts		355,163			385,153			396,157			393,811			491,036			434,465			448,143			454,404			1,530,284			1,828,048
Other		19,701			17,858			17,076			16,758			19,773			22,353			22,014			20,865			71,393			85,005
Total Domestic		522,177			554,728			565,963			562,910			670,068			624,953			637,895			637,112			2,205,778			2,570,028
International:
Credit		180,516			213,322			214,407			219,212			221,181			219,945			201,353			191,415			827,457			833,894
Service contracts		132,710			133,226			110,714			101,002			137,385			118,754			86,948			79,582			477,652			422,669
Other		5,696			1,375			8,962			11,348			11,059			11,176			13,933			10,422			27,381			46,590
Total International		318,922			347,923			334,083			331,562			369,625			349,875			302,234			281,419			1,332,490			1,303,153
Total	$	841,099		$	902,651		$	900,046		$	894,472		$	1,039,693		$	974,828		$	940,129		$	918,531		$	3,538,268		$	3,873,181
Preneed (face sales)	$	99,009		$	121,021		$	120,859		$	104,424		$	100,031		$	107,341		$	102,360		$	86,058		$	445,313		$	395,790
Foreign currency translation (FX) impact (1):
Gross written premiums:
Including FX impact		-19.10	%		-7.40	%		-4.26	%		-2.62	%		5.84	%		9.99	%		13.57	%		15.67	%		-8.65	%		10.96	%
FX impact		-5.53	%		0.96	%		2.34	%		3.43	%		3.09	%		1.21	%		0.85	%		0.48	%		0.14	%		1.49	%
Excluding FX impact		-13.57	%		-8.36	%		-6.60	%		-6.05	%		2.75	%		8.78	%		12.72	%		15.19	%		-8.79	%		9.47	%
Net earned premiums:
Including FX impact		6.38	%		8.80	%		13.25	%		17.23	%		9.88	%		9.92	%		4.47	%		2.21	%		11.18	%		6.70	%
FX impact		-4.42	%		0.56	%		1.65	%		2.42	%		2.40	%		1.15	%		0.87	%		0.67	%		-0.08	%		1.29	%
Excluding FX impact		10.80	%		8.24	%		11.60	%		14.81	%		7.48	%		8.77	%		3.60	%		1.54	%		11.26	%		5.41	%
Net operating income (2):
Including FX impact		-63.17	%		-45.45	%		7.10	%		7.91	%		-18.95	%		-10.38	%		-18.68	%		10.87	%		-22.05	%		-9.15	%
FX impact		0.24	%		-1.42	%		-4.64	%		1.99	%		-0.88	%		-1.49	%		-2.01	%		-1.33	%		-1.00	%		-1.65	%
Excluding FX impact		-63.41	%		-44.03	%		11.74	%		5.92	%		-18.07	%		-8.89	%		-16.67	%		12.20	%		-21.05	%		-7.50	%
Combined ratios (a):
Domestic		101.6	%		104.7	%		99.4	%		96.5	%		101.9	%		100.9	%		100.8	%		100.9	%		100.6	%		101.1	%
International		113.9	%		105.6	%		111.4	%		102.3	%		106.1	%		102.3	%		109.7	%		102.1	%		108.2	%		105.1	%
Preneed yield (3)		5.89	%		6.04	%		6.28	%		6.13	%		6.30	%		6.50	%		6.27	%		6.29	%		6.06	%		6.32	%
Preneed average invested assets	$	3,896,574		$	3,919,388		$	3,937,722		$	3,963,127		$	3,986,933		$	3,832,047		$	3,650,784		$	3,600,420		$	3,927,096		$	3,767,556
Investment yield (3)		5.34	%		5.60	%		5.76	%		5.72	%		5.83	%		5.84	%		5.83	%		5.80	%		5.62	%		5.80	%
Tax-adjusted yield (3) (4)		5.45	%		5.72	%		5.89	%		5.81	%		5.90	%		5.91	%		5.84	%		5.81	%		5.73	%		5.87	%
Investment income from real estate joint venture partnerships	$	240		$	—		$	1,210		$	—		$	44		$	187		$	1,045		$	14,448		$	1,450		$	15,724

(a) The combined ratio is equal to total benefits, losses and expenses divided by net earned premiums and other considerations and fees and other income excluding the preneed business.

(1) Total Solutions percentage growth from year-ago period due to conversion of income statement transactions at weighted average foreign currency exchange rates.

(2) Net operating income growth for the three months ended December 31, 2007 compared to the year-ago period excludes $40,481 of after-tax income related to a third-party legal settlement previously disclosed in the Financial Supplement as of December 31, 2007.

(3) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(4) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

8

Assurant Specialty Property

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2008			2008			2008			2008			2007			2007			2007			2007			2008			2007
Revenues:
Net earned premiums and other considerations	$	519,669		$	513,228		$	533,914		$	481,427		$	476,400		$	445,211		$	393,614		$	367,041		$	2,048,238		$	1,682,266
Net investment income		30,542			31,129			31,997			29,375			28,812			25,862			23,667			21,869			123,043			100,210
Fees and other income		11,910			12,501			11,996			13,593			13,943			12,063			12,654			12,596			50,000			51,256
		562,121			556,858			577,907			524,395			519,155			483,136			429,935			401,506			2,221,281			1,833,732
Benefits, losses and expenses:
Policyholder benefits		166,692			302,105			171,793			144,813			171,866			129,354			130,866			116,787			785,403			548,873
Selling, underwriting, general and administrative expenses		214,148			208,519			206,339			188,842			194,129			177,738			159,292			170,799			817,848			701,958
		380,840			510,624			378,132			333,655			365,995			307,092			290,158			287,586			1,603,251			1,250,831
Income before provision for income taxes		181,281			46,234			199,775			190,740			153,160			176,044			139,777			113,920			618,030			582,901
Provision for income taxes		62,806			15,292			68,733			65,996			53,243			61,362			49,570			39,486			212,827			203,661
Net operating income	$	118,475		$	30,942		$	131,042		$	124,744		$	99,917		$	114,682		$	90,207		$	74,434		$	405,203		$	379,240
Net earned premiums:
Homeowners (Creditor Placed & Voluntary)	$	369,458		$	368,066		$	391,153		$	342,335		$	342,931		$	317,607		$	276,663		$	250,889		$	1,471,012		$	1,188,090
Manufactured Housing (Creditor Placed & Voluntary)		56,275			55,389			56,484			57,061			53,850			54,132			50,452			50,670			225,209			209,104
Other		93,936			89,773			86,277			82,031			79,619			73,472			66,499			65,482			352,017			285,072
Total	$	519,669		$	513,228		$	533,914		$	481,427		$	476,400		$	445,211		$	393,614		$	367,041		$	2,048,238		$	1,682,266
Gross earned premiums:
Homeowners (Creditor Placed & Voluntary)	$	456,631		$	450,274		$	460,818		$	402,062		$	403,036		$	367,503		$	332,188		$	302,392		$	1,769,785		$	1,405,119
Manufactured Housing (Creditor Placed & Voluntary)		79,690			80,570			80,069			80,850			77,345			77,571			77,408			77,356			321,179			309,680
Other		156,843			152,899			146,880			140,793			136,476			131,643			125,058			118,857			597,415			512,034
Total	$	693,164		$	683,743		$	687,767		$	623,705		$	616,857		$	576,717		$	534,654		$	498,605		$	2,688,379		$	2,226,833
Gross written premiums:
Homeowners (Creditor Placed & Voluntary)	$	502,162		$	492,069		$	529,444		$	419,501		$	462,730		$	420,184		$	380,099		$	319,053		$	1,943,176		$	1,582,066
Manufactured Housing (Creditor Placed & Voluntary)		76,346			80,909			79,451			70,131			79,193			77,885			77,042			67,785			306,837			301,905
Other		147,675			187,929			169,849			125,316			146,182			156,235			150,435			112,322			630,769			565,174
Total	$	726,183		$	760,907		$	778,744		$	614,948		$	688,105		$	654,304		$	607,576		$	499,160		$	2,880,782		$	2,449,145
Reconciliation of gross earned premiums to net earned premiums:
Gross earned premiums	$	693,164		$	683,743		$	687,767		$	623,705		$	616,857		$	576,717		$	534,654		$	498,605		$	2,688,379		$	2,226,833
Ceded catastrophe reinsurance and reinstatements		(36,793	)		(53,149	)		(34,015	)		(30,030	)		(33,442	)		(26,546	)		(39,771	)		(33,328	)		(153,987	)		(133,087	)
Ceded to clients including U.S. Government		(136,702	)		(117,366	)		(119,838	)		(112,248	)		(107,015	)		(104,960	)		(101,269	)		(98,236	)		(486,154	)		(411,480	)
Net earned premiums	$	519,669		$	513,228		$	533,914		$	481,427		$	476,400		$	445,211		$	393,614		$	367,041		$	2,048,238		$	1,682,266

9

Assurant Specialty Property (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2008			December 31, 2007
Creditor-Placed Homeowners Insurance:
Loans tracked (in millions):
Prime		25.9			26.2			26.3			26.2			26.2			26.1			24.5			24.3			25.5			25.7
Sub-prime		4.0			4.1			4.2			4.4			4.6			5.0			5.3			5.4			4.0			5.2
		29.9			30.3			30.5			30.6			30.8			31.1			29.8			29.7			29.5			30.9
Penetration rate ranges:
Prime range		1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%			1% - 2%
Sub-prime range		6% - 15%			6% - 15%			6% - 15%			6% - 15%			6% - 15%			5% - 11%			3% - 8%			3% - 8%			6% - 15%			6% - 15%
Average insured value (AIV):
Total	$	176		$	173		$	170		$	165		$	159		$	151		$	146		$	141		$	176		$	159
Creditor-placed	$	167		$	166		$	164		$	161		$	156		$	150		$	145		$	141		$	167		$	156
Real estate owned	$	250		$	241		$	228		$	216		$	198		$	181		$	161		$	141		$	250		$	198
Percent of Real Estate Owned Policies:
% of creditor-placed gross earned premiums from REO policies		23	%		23	%		21	%		21	%		17	%		16	%		14	%		12	%		23	%		17	%
% of creditor-placed gross written premiums from REO policies		19	%		23	%		22	%		21	%		19	%		19	%		16	%		14	%		19	%		19	%
Ratios:
Loss ratio (a)		32.1	%		58.9	%		32.2	%		30.1	%		36.1	%		29.1	%		33.2	%		31.8	%		38.3	%		32.6	%
Expense ratio (b)		40.3	%		39.7	%		37.8	%		38.1	%		39.6	%		38.9	%		39.2	%		45.0	%		39.0	%		40.5	%
Combined ratio (c)		71.6	%		97.1	%		69.3	%		67.4	%		74.6	%		67.2	%		71.4	%		75.8	%		76.4	%		72.2	%
Investment yield (1)		5.01	%		5.11	%		5.16	%		5.11	%		5.58	%		5.46	%		5.28	%		5.51	%		5.15	%		5.57	%
Tax-adjusted yield (1) (2)		5.32	%		5.43	%		5.47	%		5.32	%		5.74	%		5.63	%		5.68	%		5.78	%		5.44	%		5.71	%
Investment income from real estatejoint venture partnerships	$	39		$	—		$	346		$	—		$	13		$	53		$	297		$	159		$	385			522

(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, general and administrative 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.

(1) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(2) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

10

Assurant Health

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																For the Year Ended
($ in thousands)	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2008		December 31, 2007
Revenues:
Net earned premiums and other considerations	$	481,470	$	486,700	$	487,725	$	496,060	$	509,327	$	514,233	$	513,936	$	512,784	$	1,951,955	$	2,050,280
Net investment income		12,745		13,769		15,302		15,648		15,321		15,753		16,290		19,270		57,464		66,634
Fees and other income		9,774		10,100		9,637		9,406		9,762		10,688		10,445		9,688		38,917		40,583
		503,989		510,569		512,664		521,114		534,410		540,674		540,671		541,742		2,048,336		2,157,497
Benefits, losses and expenses:
Policyholder benefits		314,329		311,790		325,504		306,565		321,851		326,479		329,327		317,784		1,258,188		1,295,441
Selling, underwriting, general and administrative expenses		151,275		152,345		143,804		157,181		152,922		153,928		159,088		161,410		604,605		627,348
		465,604		464,135		469,308		463,746		474,773		480,407		488,415		479,194		1,862,793		1,922,789
Income before provision for income taxes		38,385		46,434		43,356		57,368		59,637		60,267		52,256		62,548		185,543		234,708
Provision for income taxes		13,319		16,230		15,635		20,105		21,621		20,902		18,418		22,024		65,289		82,965
Net operating income	$	25,066	$	30,204	$	27,721	$	37,263	$	38,016	$	39,365	$	33,838	$	40,524	$	120,254	$	151,743
Net earned premiums and other considerations:
Individual:
Individual medical	$	319,704	$	319,188	$	318,095	$	319,756	$	324,727	$	323,490	$	320,442	$	314,662	$	1,276,743	$	1,283,321
Short-term medical		25,978		27,335		24,583		23,539		24,441		26,336		23,499		22,561		101,435		96,837
Subtotal		345,682		346,523		342,678		343,295		349,168		349,826		343,941		337,223		1,378,178		1,380,158
Small employer group		135,788		140,177		145,047		152,765		160,159		164,407		169,995		175,561		573,777		670,122
Total	$	481,470	$	486,700	$	487,725	$	496,060	$	509,327	$	514,233	$	513,936	$	512,784	$	1,951,955	$	2,050,280

11

Assurant Health (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2008			December 31, 2007
Sales (annualized issued premiums):
Individual:
Individual medical		84,603		$	87,600		$	78,080		$	79,976		$	67,680		$	85,089		$	100,468		$	99,614		$	330,259		$	352,851
Short-term medical		33,785			35,969			34,990			32,972			30,219			35,285			33,606			31,939			137,716			131,049
Subtotal		118,388			123,569			113,070			112,948			97,899			120,374			134,074			131,553			467,975			483,900
Small employer group		27,008			27,189			25,864			26,161			27,345			27,414			28,307			29,520			106,222			112,586
Total	$	145,396		$	150,758		$	138,934		$	139,109		$	125,244		$	147,788		$	162,381		$	161,073		$	574,197		$	596,486
Membership by product line (in thousands):
Individual:
Individual medical		578			585			587			599			619			638			650			641			578			619
Short-term medical		92			101			101			87			87			101			99			85			92			87
Subtotal		670			686			688			686			706			739			749			726			670			706
Small employer group		131			136			142			152			165			171			181			191			131			165
Total		801			822			830			838			871			910			930			917			801			871
Ratios:
Loss ratio (a)		65.3	%		64.1	%		66.7	%		61.8	%		63.2	%		63.5	%		64.1	%		62.0	%		64.5	%		63.2	%
Expense ratio (b)		30.8	%		30.7	%		28.9	%		31.1	%		29.5	%		29.3	%		30.3	%		30.9	%		30.4	%		30.0	%
Combined ratio (c)		94.8	%		93.4	%		94.4	%		91.7	%		91.5	%		91.5	%		93.1	%		91.7	%		93.6	%		92.0	%
Investment yield (1)		5.51	%		5.67	%		5.84	%		6.12	%		5.79	%		5.93	%		5.84	%		5.70	%		5.80	%		5.81	%
Tax-adjusted yield (1) (2)		5.78	%		5.95	%		6.13	%		6.32	%		5.94	%		6.07	%		5.96	%		5.75	%		6.06	%		5.93	%
Investment income from real estate joint venture partnerships	$	51		$	—		$	691		$	—		$	25		$	107		$	590		$	3,535		$	742		$	4,257

(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, general and administrative 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.

(1) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(2) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

12

Assurant Employee Benefits

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																For the Year Ended
($ in thousands)	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2008		December 31, 2007
Revenues:
Net earned premiums and other considerations	$	280,970	$	277,093	$	273,248	$	280,437	$	291,575	$	284,029	$	272,462	$	296,673	$	1,111,748	$	1,144,739
Net investment income		34,461		35,278		38,919		38,369		37,614		38,046		39,408		51,887		147,027		166,955
Fees and other income		5,901		6,475		7,208		6,555		5,301		6,040		6,379		6,277		26,139		23,997
		321,332		318,846		319,375		325,361		334,490		328,115		318,249		354,837		1,284,914		1,335,691
Benefits, losses and expenses:
Policyholder benefits		196,690		185,951		193,642		199,401		200,673		194,957		183,333		211,607		775,684		790,570
Selling, underwriting, general and administrative expenses		102,835		99,726		97,354		100,901		108,847		101,978		102,090		98,953		400,816		411,868
		299,525		285,677		290,996		300,302		309,520		296,935		285,423		310,560		1,176,500		1,202,438
Income before provision for income taxes		21,807		33,169		28,379		25,059		24,970		31,180		32,826		44,277		108,414		133,253
Provision for income taxes		7,669		11,712		9,749		8,727		8,773		10,788		11,351		15,320		37,857		46,232
Net operating income	$	14,138	$	21,457	$	18,630	$	16,332	$	16,197	$	20,392	$	21,475	$	28,957	$	70,557	$	87,021
Net earned premiums and other considerations:
Group dental	$	110,084	$	109,982	$	108,976	$	106,073	$	104,938	$	103,770	$	102,567	$	101,535	$	435,115	$	412,810
Group disability single premiums for closed blocks		5,947		—		—		5,500		14,326		12,283		—		22,847		11,447		49,456
All other group disability		113,832		115,749		113,327		116,300		118,858		114,904		115,539		118,189		459,208		467,490
Group life		51,107		51,362		50,945		52,564		53,453		53,072		54,356		54,102		205,978		214,983
Total	$	280,970	$	277,093	$	273,248	$	280,437	$	291,575	$	284,029	$	272,462	$	296,673	$	1,111,748	$	1,144,739

13

Assurant Employee Benefits (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2008			December 31, 2007
Sales:
Group dental	$	16,487		$	24,918		$	23,021		$	45,625		$	16,969		$	26,780		$	19,747		$	42,212		$	110,051		$	105,708
Group disability		9,310			13,972			10,404			18,909			10,984			12,314			14,121			20,394			52,595			57,813
Group life		5,738			6,936			5,775			9,836			6,069			6,210			7,051			11,875			28,285			31,205
Total	$	31,535		$	45,826		$	39,200		$	74,370		$	34,022		$	45,304		$	40,919		$	74,481		$	190,931		$	194,726
Ratios:
Loss ratio (a)		70.0	%		67.1	%		70.9	%		71.1	%		68.8	%		68.6	%		67.3	%		71.3	%		69.8	%		69.1	%
Expense ratio (b)		35.8	%		35.2	%		34.7	%		35.2	%		36.7	%		35.2	%		36.6	%		32.7	%		35.2	%		35.2	%
Investment yield (1)		5.94	%		5.98	%		6.25	%		6.29	%		6.16	%		6.19	%		6.21	%		6.09	%		6.13	%		6.17	%
Tax-adjusted yield (1) (2)		6.01	%		6.06	%		6.33	%		6.35	%		6.21	%		6.24	%		6.25	%		6.13	%		6.20	%		6.21	%
Investment income from real estate joint venture partnerships	$	84		$	—		$	1,210		$	—		$	45		$	187		$	1,040		$	14,164		$	1,294		$	15,436

(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, general and administrative expenses divided by net earned premiums and other considerations and fees and other income.

(1) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(2) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

14

Assurant Corporate and Other

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2008			December 31, 2007
Revenues:
Net earned premiums and other considerations	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		5,379			6,599			6,568			7,652			7,180			8,757			10,153			11,853			26,198			37,943
Net realized (losses) gains on investments		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(51,628	)		(13,076	)		(3,086	)		5,570			(428,679	)		(62,220	)
Amortization of deferred gains on disposal of businesses		7,327			7,379			7,327			7,379			8,246			8,298			8,246			8,349			29,412			33,139
Fees and other income		190			212			2,771			63			157			119			143			327			3,236			746
		(38,861	)		(285,015	)		(17,908	)		(28,049	)		(36,045	)		4,098			15,456			26,099			(369,833	)		9,608
Benefits, losses and expenses:
Policyholder benefits		6			12			1,096			—			3,969			—			—			—			1,114			3,969
Selling, underwriting, general and administrative expenses		21,767			19,448			35,281			16,193			33,230			28,060			19,294			16,119			92,689			96,703
Interest expense		15,188			15,190			15,287			15,288			15,297			15,288			15,296			15,297			60,953			61,178
		36,961			34,650			51,664			31,481			52,496			43,348			34,590			31,416			154,756			161,850
Loss before benefit for income taxes		(75,822	)		(319,665	)		(69,572	)		(59,530	)		(88,541	)		(39,250	)		(19,134	)		(5,317	)		(524,589	)		(152,242	)
(Benefit) provision for income taxes		(88,700	)		(105,246	)		(49,778	)		(20,464	)		(22,964	)		(14,625	)		(9,684	)		3,210			(264,188	)		(44,063	)
Net income (loss)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(65,577	)	$	(24,625	)	$	(9,450	)	$	(8,527	)	$	(260,401	)	$	(108,179	)
Real estate investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	1,234		$	—		$	1,234
Corporate and Other Reconciliation
Assurant Corporate and Other Segment Net Income (loss)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(65,577	)	$	(24,625	)	$	(9,450	)	$	(8,527	)	$	(260,401	)	$	(108,179	)
Adjustments, net of tax:
Amortization of deferred gains on disposal of businesses		(4,763	)		(4,796	)		(4,763	)		(4,796	)		(5,360	)		(5,394	)		(5,360	)		(5,427	)		(19,118	)		(21,541	)
Interest expense		9,872			9,874			9,937			9,937			9,943			9,937			9,942			9,943			39,620			39,765
Net realized losses (gains) on investments		33,642			194,483			22,473			28,043			33,558			8,499			2,006			(3,621	)		278,641			40,442
Tax benefit realized from the sale of an inactive subsidiary		(62,364	)		—			(26,630	)		—			—			—			—			—			(88,994	)		—
Corporate and other line item result (1)	$	(10,735	)	$	(14,858	)	$	(18,777	)	$	(5,882	)	$	(27,436	)	$	(11,583	)	$	(2,862	)	$	(7,632	)	$	(50,252	)	$	(49,513	)

(1) Agrees to Corporate and other result per Reconciliation of Net Operating Income to Net Income on page 5.

15

Assurant, Inc. and Subsidiaries

Investments

(Unaudited)

	As of				As of
	December 31,				December 31,
($ in thousands)	2008				2007
Investments by type
Fixed maturity securities: available for sale, at fair value	$	8,591,266	65.5	%	$	10,126,415	69.6	%
Equity securities: available for sale, at fair value
Preferred stock		470,823	3.6	%		613,525	4.2	%
Common stock		4,050	0.1	%		22,476	0.2	%
Commercial mortgage loans on real estate, at amortized cost		1,506,694	11.5	%		1,433,626	9.9	%
Policy loans		58,096	0.4	%		57,107	0.4	%
Short-term investments		703,402	5.4	%		410,878	2.8	%
Collateral held under securities lending		234,027	1.8	%		541,650	3.7	%
Other investments		498,434	3.8	%		541,474	3.7	%
Total investments		12,066,792	92.1	%		13,747,151	94.5	%
Cash and cash equivalents		1,040,684	7.9	%		804,964	5.5	%
Total investments and cash and cash equivalents	$	13,107,476	100.0	%	$	14,552,115	100.0	%
Fixed Maturity Securities by Credit Quality (Fair Value)
Aaa / Aa / A	$	5,706,913	66.4	%	$	6,917,249	68.3	%
Baa		2,364,693	27.5	%		2,570,640	25.4	%
Ba		402,942	4.7	%		492,822	4.9	%
B and lower		116,718	1.4	%		145,704	1.4	%
Total	$	8,591,266	100.0	%	$	10,126,415	100.0	%

16

Assurant, Inc. and Subsidiaries

Investments (continued)

(Unaudited)

	As of December 31, 2008									As of December 31, 2007
($ in thousands)	Book Value		Fair Value		% of Fair Value		Unrealized Gain (Loss)			Book Value		Fair Value		% of Fair Value		Unrealized Gain (Loss)
Fixed Maturity Securities by Issuer Type:
Government:
U.S. Government and government agencies	$	136,725	$	150,487	1.8	%	$	13,762		$	287,064	$	297,278	2.9	%	$	10,214
State, municipalities and political subdivisions		874,134		873,580	10.2	%		(554	)		630,196		646,549	6.4	%		16,353
Foreign governments		503,620		513,318	6.0	%		9,698			680,097		704,246	7.0	%		24,149
Corporate (1):
Consumer Cyclical		1,004,262		891,923	10.4	%		(112,339	)		983,565		984,229	9.7	%		664
Consumer Non-Cyclical		315,544		302,847	3.5	%		(12,697	)		357,261		364,006	3.6	%		6,745
Energy		670,000		604,332	7.0	%		(65,668	)		700,259		730,301	7.2	%		30,042
Financials		1,900,557		1,671,617	19.5	%		(228,940	)		2,302,555		2,274,551	22.5	%		(28,004	)
Health Care		305,795		290,201	3.4	%		(15,594	)		381,497		383,799	3.8	%		2,302
Industrials		959,652		859,641	10.0	%		(100,011	)		988,412		1,000,547	9.9	%		12,135
Materials		262,411		220,934	2.6	%		(41,477	)		300,704		300,447	3.0	%		(257	)
Technology		131,069		124,490	1.4	%		(6,579	)		186,930		189,095	1.9	%		2,165
Telecommunications		378,661		367,051	4.3	%		(11,610	)		387,947		403,953	4.0	%		16,006
Utilities		774,343		750,551	8.7	%		(23,792	)		723,920		730,391	7.2	%		6,471
Other corporate		363		374	0.0	%		11			746		747	0.0	%		1
Asset-backed securities		62,183		59,906	0.7	%		(2,277	)		91,796		91,833	0.9	%		37
Commercial mortgage-backed securities		241,458		198,103	2.3	%		(43,355	)		192,425		192,237	1.9	%		(188	)
Residential mortgage-backed securities (RMBS):
Agency		654,371		683,521	8.0	%		29,150			688,161		696,539	6.9	%		8,378
Alt-A		—		—	0.0	%		—			—		—	0.0	%		—
Subprime		22,911		22,390	0.3	%		(521	)		79,876		77,562	0.8	%		(2,314	)
Other		352		365	0.0	%		13			406		421	0.0	%		15
Collaterized debt obligations:
Credit backed		5,817		5,635	0.1	%		(182	)		62,538		57,684	0.6	%		(4,854	)
RMBS backed		—		—	0.0	%		—			—		—	0.0	%		—
Total fixed maturity securities	$	9,204,228	$	8,591,266	100.0	%	$	(612,962	)	$	10,026,355	$	10,126,415	100.0	%	$	100,060

(1) Industry classifications are based on a combination of published index classifications as well as Assurant’s view of underlying creditor risk. These resulting classifications are then mapped to the Global Industry Classification Standard (GICS^®).

17

Assurant, Inc. and Subsidiaries

Investment Results by Asset Category and Annualized Yields

(Unaudited)

	For the Three Months Ended December 31, 2008								For the Three Months Ended December 31, 2007								For the Year Ended December 31, 2008								For the Year Ended December 31, 2007
($ in thousands)	Yield		Investment Income			Net realized gain (loss)			Yield		Investment Income			Net realized gain (loss)			Yield		Investment Income			Net realized gain (loss)			Yield		Investment Income			Net realized gain (loss)
Fixed maturity securities: available for sale, at fair value	5.96	%	$	140,721		$	(36,334	)	5.99	%	$	148,887		$	(30,357	)	6.01	%	$	582,869		$	(223,997	)	5.96	%	$	564,369		$	(45,587	)
Equity securities: available for sale, at fair value	6.93	%		10,154			(4,319	)	6.28	%		11,299			(21,154	)	6.88	%		47,618			(181,178	)	6.46	%		47,264			(27,248	)
Commercial mortgage loans on real estate, at amortized cost	6.34	%		23,839			(626	)	6.79	%		24,112			(532	)	6.42	%		95,013			326		6.79	%		91,702			(532	)
Policy loans	6.35	%		918			—		7.78	%		1,117			—		6.50	%		3,717			—		6.84	%		3,967			—
Cash and short-term investments	2.02	%		8,617			2		4.73	%		13,904			—		2.80	%		43,246			(1	)	4.69	%		57,353			94
Other investments*	3.86	%		4,981			(10,480	)	3.81	%		5,187			415		5.07	%		27,395			(23,829	)	10.85	%		59,998			11,053
Total				189,230		$	(51,757	)				204,506		$	(51,628	)				799,858		$	(428,679	)				824,653		$	(62,220	)
Investment expenses				(6,182	)							(6,680	)							(25,511	)							(25,580	)
Net investment income			$	183,048							$	197,826							$	774,347							$	799,073
Gross realized gains						$	12,835							$	11,854							$	67,945							$	41,863
Gross realized losses							(24,569	)							(21,997	)							(156,471	)							(55,899	)
Other-than-temporary impairments on available for sale securities							(40,023	)							(41,485	)							(340,153	)							(48,184	)
Net realized (losses) gains						$	(51,757	)						$	(51,628	)						$	(428,679	)						$	(62,220	)

* Consists primarily of investments in joint venture partnerships, invested assets associated with a modified coinsurance agreement, and invested assets associated with the Assurant Investment Plan.

18

Assurant, Inc. and Subsidiaries

Summary of Net Operating Income Disclosed Items

Income / (Expense) Items

(unaudited)

			For the Three Months Ended
($ in millions, after-tax)			December 31, 2008						September 30, 2008						June 30, 2008						March 31, 2008						December 31, 2007						September 30, 2007						June 30, 2007						March 31, 2007
			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS			$			Diluted EPS
Assurant Solutions:
Exit cost for international business	(c	)(d)	$	(9.7	)	$	(0.08	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Fees from sale of US pre-need independent franchise	(a	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3.5		$	0.03		$	—		$	—
Loss from repriced/discontinued international product	(b	)(c)	$	—		$	—		$	—		$	—		$	(6.9	)	$	(0.06	)	$	—		$	—		$	—		$	—		$	(2.2	)	$	(0.02	)	$	(4.4	)	$	(0.04	)	$	—		$	—
Reconciliation of client commissions project	(c	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3.8		$	0.03		$	0.6		$	0.01		$	4.5		$	0.04		$	—		$	—
Client bankruptcies	(c	)	$	(8.1	)	$	(0.07	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Client related settlements	(a	)(c)	$	5.9		$	0.05		$	(7.7	)	$	(0.06	)	$	—		$	—		$	11.7		$	0.10		$	(3.4	)	$	(0.03	)	$	—		$	—		$	—		$	—		$	—		$	—
Assurant Specialty Property:
Reconciliation of client commissions project	(c	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5.9		$	0.05		$	2.3		$	0.02		$	5.5		$	0.04		$	—		$	—
Catastrophe losses, net of reinsurance (1)	(b	)	$	(5.1	)	$	(0.04	)	$	(86.2	)	$	(0.73	)	$	(11.5	)	$	(0.10	)	$	—		$	—		$	(22.2	)	$	(0.19	)	$	—		$	—		$	—		$	—		$	—		$	—
Client related settlements	(c	)	$	—		$	—		$	—		$	—		$	—		$	—		$	4.6		$	0.04		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Reinsurance reinstatement premiums	(e	)	$	—		$	—		$	(8.6	)	$	(0.07	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Health:
Legal related settlements	(c	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	2.5		$	0.02		$	—		$	—		$	—		$	—		$	—		$	—
						$	—					$	—
Assurant Employee Benefits:
Change in administration of state specific contract provisions	(b	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(2.1	)	$	(0.02	)	$	—		$	—		$	—		$	—		$	—		$	—
Reserve adequacy study adjustment	(b	)	$	3.5		$	0.03		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Corporate and Other:
Expenses related to SEC investigation (2)	(c	)	$	1.7		$	0.01		$	—		$	—		$	(3.0	)	$	(0.03	)	$	(1.6	)	$	(0.01	)	$	(4.3	)	$	(0.04	)	$	(3.2	)	$	(0.03	)	$	—		$	—		$	—		$	—
Change in various tax liabilities/receivables	(d	)	$	—		$	—		$	(4.0	)	$	(0.03	)	$	—		$	—		$	—		$	—		$	(6.4	)	$	(0.05	)	$	(0.6	)	$	(0.01	)	$	2.9		$	0.02		$	(5.8	)	$	(0.05	)

Statement of Operations line impact:

(a) Fees and other income

(b) Policyholder benefits

(c) Selling, underwriting, general and administrative expenses

(d) Income taxes

(e) Net earned premiums

(*) Schedule excludes investment income from real estate joint ventures, which are shown separately in the Consolidated and Segment statements of operations.

(1) Assurant disclosed catastrophe losses including Individual Services Office (ISO) and non-ISO events with losses greater than $5 million. Catastrophe losses in the three months ended June 30, 2008 include paid losses and case reserves on all ISO events, but do not include IBNR reserves.

(2) This item includes both SEC investigation-related expenses and reimbursements received related to SEC expenses covered under Director & Officer insurance. During the three months ended December 31, 2008, Assurant incurred SEC expenses of $0.1 million and received reimbursements of $1.8 million. During the three months ended September 30, 2008, Assurant incurred expenses of $2.1 million and received reimbursements of $2.1 million.

19

Assurant, Inc. and Subsidiaries

Ratings Summary

(Unaudited)

Company	A.M. Best	Moody’s	Standard & Poors
American Bankers Insurance Company	A	A2	A-
American Bankers Insurance Company (CAB)	A	N/A	N/A
American Bankers Life Assurance Company	A-	A2	A-
American Bankers Life Assurance Company (CAB)	A-	N/A	N/A
American Memorial Life Insurance Company	A-	N/A	A-
American Reliable Insurance Company	A-	N/A	N/A
American Security Insurance Company	A	A2	A-
Assurant Life of Canada	A-	N/A	N/A
Caribbean American Life Assurance Company	A-	N/A	N/A
Caribbean American Property Insurance Company	A-	N/A	N/A
John Alden Life Insurance Company	A-	A2	A
Reliable Lloyds	A-	N/A	N/A
Standard Guaranty Insurance Company	A	N/A	N/A
Time Insurance Company	A-	A2	A
UDC Dental California	A-	N/A	N/A
Union Security Dental Care New Jersey	A-	N/A	N/A
Union Security Insurance Company	A-	A2	A-
Union Security Life Insurance Company of New York	A-	N/A	N/A
United Dental Care of Arizona	A-	N/A	N/A
United Dental Care of Colorado	A-	N/A	N/A
United Dental Care of Michigan	NR-3	N/A	N/A
United Dental Care of Missouri	A-	N/A	N/A
United Dental Care of New Mexico	A-	N/A	N/A
United Dental Care of Ohio	NR-3	N/A	N/A
United Dental Care of Texas	A-	N/A	N/A
United Dental Care of Utah	NR-3	N/A	N/A
Voyager Indemnity Insurance Company	A-	N/A	N/A
Commercial Paper	AMB-2	P-2	A-
Senior Debt	bbb	Baa1	BBB+

20

Exhibit I

Assurant, Inc. and Subsidiaries

Top 30 Corporate Issuer Exposures

(unaudited)

	As of December 31, 2008
($ in thousands)	Fixed Maturity Securities							Preferred Stocks
Corporate Issuer	Fair Value		Book Value		Unrealized Gain/Loss			Fair Value		Book Value		Unrealized Gain/Loss
Bank of America Corp	$	85,799	$	90,522	$	(4,723	)	$	38,953	$	55,421	$	(16,468	)
General Electric Co		111,038		119,708		(8,670	)		7,758		10,100		(2,342	)
Wells Fargo & Company		98,125		103,204		(5,079	)		18,767		16,926		1,841
HSBC Holdings PLC		68,803		73,115		(4,312	)		30,084		32,868		(2,784	)
AT&T Inc		89,112		86,187		2,925			4,389		4,460		(71	)
J.P. Morgan Chase & Co		58,214		65,653		(7,439	)		16,047		18,410		(2,363	)
Citigroup Inc		53,390		58,744		(5,354	)		19,889		31,326		(11,437	)
MidAmerican Energy Hldgs		63,621		63,909		(288	)		4,573		5,920		(1,347	)
Verizon Communications Inc		63,267		64,342		(1,075	)		2,480		2,758		(278	)
Comcast Corp		53,835		54,686		(851	)		10,349		11,889		(1,540	)
IBM Corp		63,365		61,865		1,500			573		617		(44	)
US Bancorp		23,356		33,218		(9,862	)		36,494		38,808		(2,314	)
Canadian Imperial Bank		54,790		50,905		3,885			—		—		—
Wal-Mart Stores Inc		53,960		50,195		3,765			—		—		—
FMR LLC		48,891		55,088		(6,197	)		—		—		—
Duke Energy Corp		48,407		46,716		1,691			—		—		—
Goldman Sachs Group Inc		38,194		48,270		(10,076	)		9,600		13,311		(3,711	)
PNC Financial Services		29,770		27,487		2,283			17,912		19,001		(1,089	)
Wyeth		46,598		43,843		2,755			—		—		—
News Corp		45,958		49,076		(3,118	)		—		—		—
Burlington Northern Santa Fe		45,294		46,078		(784	)		—		—		—
Prudential Financial Inc		42,878		55,751		(12,873	)		472		807		(335	)
ConocoPhillips		42,636		40,791		1,845			—		—		—
Deere & Co		42,155		41,485		670			—		—		—
Manulife Financial Corp		29,843		33,821		(3,978	)		11,877		12,657		(780	)
Allstate Corp		40,532		45,871		(5,339	)		—		—		—
FPL Group Inc		36,924		36,219		705			3,548		3,670		(122	)
Credit Suisse Group AG		31,221		32,370		(1,149	)		8,339		10,147		(1,808	)
Procter & Gamble Co		38,628		35,860		2,768			—		—		—
MetLife Inc		25,773		29,659		(3,886	)		12,191		17,349		(5,158	)
	$	1,574,377	$	1,644,638	$	(70,261	)	$	254,295	$	306,445	$	(52,150	)

21

Exhibit II

Assurant, Inc. and Subsidiaries

Top 10 Foreign Government Exposures

(unaudited)

	As of December 31, 2008
($ in thousands)	Fixed Maturity Securities
Issuer	Fair Value		Book Value		Unrealized Gain/Loss
Province of Ontario	$	139,638	$	136,291	$	3,347
Government of Brazil		49,036		49,775		(739	)
United Kingdom of Great Britain		41,605		38,240		3,365
Province of Quebec		32,972		32,275		697
Corp Andina De Fomento		28,353		31,407		(3,054	)
United Mexican States		27,547		25,191		2,356
Province of Manitoba		24,129		23,445		684
Bundesobligation		18,332		17,861		471
Kingdom of Denmark		16,430		15,718		712
Swedish Export Credit		15,275		12,974		2,301
Other		120,001		120,443		(442	)
	$	513,318	$	503,620	$	9,698

22

Exhibit III

Assurant, Inc. and Subsidiaries

Commercial Mortgage Loans Summary

(unaudited)

($ in thousands)	As of December 31, 2008
	Book Value			% of Total
Summary of Commercial Mortgage Loans
Geographic Region
Pacific	$	511,386		34	%
Middle Atlantic		274,062		18	%
New England		176,802		12	%
South Atlantic		177,827		12	%
Mountain		170,343		11	%
West South Central		86,481		6	%
West North Central		46,324		3	%
East South Central		28,071		2	%
Canada		22,284		1	%
East North Central		19,022		1	%
Allowance for loan losses		(5,908	)	—
Total	$	1,506,694		100	%
Property Type
Retail	$	493,337		33	%
Office		506,247		34	%
Industrial		374,959		25	%
Other		76,690		5	%
Apartments		61,369		4	%
Allowance for loan losses		(5,908	)	—
Total	$	1,506,694		100	%
Loan Size
Under $3 million	$	579,518		38	%
$3 million but less than $6 million		509,674		34	%
$6 million but less than $9 million		244,296		16	%
$9 million but less than $12 million		58,822		4	%
$12 million and over		120,292		8	%
Allowance for loan losses		(5,908	)	—
Total	$	1,506,694		100	%

Commercial Mortgage Loan Information by Vintage

As of December 31, 2008

	Book value			Delinquent loan balance	Number of loans (whole number)	Number of delinquent loans	Average balance per loan		Property value weighted average loan-to-value		Book value weighted average loan-to-value
Loan year
2004 and prior	$	631,270		—	306	—	$	2,104	31.08	%	39.39	%
2005		253,222		—	72	—		3,517	49.66	%	54.84	%
2006		180,929		—	64	—		2,827	44.31	%	52.08	%
2007		290,241		—	90	—		3,189	55.59	%	60.43	%
2008		156,940		—	42	—		3,737	57.22	%	58.84	%
Allowance for loan losses		(5,908	)	—	N/A	—		N/A	N/A		N/A
Total	$	1,506,694		—	574	—	$	2,648	40.38	%	49.75	%

1) Based upon property appraisals as of June 30,2008

23