10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022

OR 

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission file number 001-31978 

Assurant, Inc.

(Exact name of registrant as specified in its charter)

Delaware	39-1126612
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

55 Broadway, Suite 2901

New York, New York 10006

(212) 859-7000

(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares of the registrant’s common stock outstanding at April 29, 2022 was 54,085,077.

ASSURANT, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022

TABLE OF CONTENTS

Item Number		Page Number
	PART I FINANCIAL INFORMATION
1.	Consolidated Financial Statements (unaudited) of Assurant, Inc.:
	Consolidated Balance Sheets (unaudited) as of March 31, 2022 and December 31, 2021	2
	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2022 and 2021	3
	Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2022 and 2021	4
	Consolidated Statements of Changes in Equity (unaudited) for the three months ended March 31, 2022 and 2021	5
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021	6
	Notes to Consolidated Financial Statements (unaudited)	8
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
3.	Quantitative and Qualitative Disclosures About Market Risk	41
4.	Controls and Procedures	41
	PART II OTHER INFORMATION
1.	Legal Proceedings	42
1A.	Risk Factors	42
2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
6.	Exhibits	43
	Signatures	44

1

Assurant, Inc.

Consolidated Balance Sheets (unaudited)

	March 31, 2022		December 31, 2021
	(in millions, except number of  shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $6,996.0 and $6,903.9 at March 31, 2022 and December 31, 2021, respectively)	$	6,887.9	$	7,215.3
Equity securities at fair value	371.7		445.7
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $0.9 and $1.1 at March 31, 2022 and December 31, 2021, respectively)	280.7		256.5
Short-term investments	144.4		247.8
Other investments	534.4		506.3
Total investments	8,219.1		8,671.6
Cash and cash equivalents	1,250.9		2,040.8
Premiums and accounts receivable (net of allowances for credit losses of $8.8 and $9.4 at March 31, 2022 and December 31, 2021, respectively)	2,267.5		1,942.5
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at March 31, 2022 and December 31, 2021, respectively)	6,068.3		6,178.9
Accrued investment income	89.2		62.1
Deferred acquisition costs	9,025.4		8,811.0
Property and equipment, net	585.3		561.4
Goodwill	2,569.4		2,571.6
Value of business acquired	484.3		583.4
Other intangible assets, net	695.1		719.2
Other assets (net of allowances for credit losses of $2.6 and $2.5 at March 31, 2022 and December 31, 2021, respectively)	706.4		680.2
Assets held in separate accounts	11.1		11.9
Assets held for sale (Note 4)	1,050.6		1,076.9
Total assets	$	33,022.6	$	33,911.5
Liabilities
Future policy benefits and expenses	$	408.4	$	413.2
Unearned premiums	18,702.9		18,623.7
Claims and benefits payable	1,535.7		1,595.9
Commissions payable	629.4		692.7
Reinsurance balances payable	425.6		420.4
Funds held under reinsurance	355.1		364.2
Accounts payable and other liabilities	2,693.3		3,032.5
Debt	2,203.0		2,202.5
Liabilities related to separate accounts	11.1		11.9
Liabilities held for sale (Note 4)	1,037.0		1,064.8
Total liabilities	28,001.5		28,421.8
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 56,832,160 and 58,050,202 shares issued and 54,536,071 and 55,754,113 shares outstanding at March 31, 2022 and December 31, 2021, respectively	0.6		0.7
Additional paid-in capital	1,652.1		1,695.0
Retained earnings	3,976.5		4,066.8
Accumulated other comprehensive loss	(485.3)		(150.0)
Treasury stock, at cost; 2,296,089 shares at March 31, 2022 and December 31, 2021	(122.8)		(122.8)
Total equity	5,021.1		5,489.7
Total liabilities and equity	$	33,022.6	$	33,911.5

See the accompanying Notes to Consolidated Financial Statements (unaudited)

2

Assurant, Inc.

Consolidated Statements of Operations (unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$	2,136.4	$	2,105.6
Fees and other income	322.4		249.9
Net investment income	86.3		76.3
Net realized (losses) gains on investments (including $0.5 and $1.0 of impairment-related losses for the three months ended March 31, 2022 and 2021, respectively) and fair value changes to equity securities	(62.4)		0.8
Total revenues	2,482.7		2,432.6
Benefits, losses and expenses
Policyholder benefits	494.5		528.7
Underwriting, selling, general and administrative expenses	1,790.5		1,682.4
Interest expense	26.9		28.4
Total benefits, losses and expenses	2,311.9		2,239.5
Income from continuing operations before income tax expense	170.8		193.1
Income tax expense	25.3		44.6
Net income from continuing operations	145.5		148.5
Net income from discontinued operations (Note 4)	—		14.3
Net income	145.5		162.8
Less: Net loss attributable to non-controlling interest	—		0.2
Net income attributable to stockholders	145.5		163.0
Less: Preferred stock dividends	—		(4.7)
Net income attributable to common stockholders	$	145.5	$	158.3
Earnings Per Common Share
Basic
Net income from continuing operations	$	2.61	$	2.43
Net income from discontinued operations	$	—	$	0.24
Net income attributable to common stockholders	$	2.61	$	2.67
Diluted
Net income from continuing operations	$	2.59	$	2.41
Net income from discontinued operations	$	—	$	0.23
Net income attributable to common stockholders	$	2.59	$	2.64
Share Data
Weighted average common shares outstanding used in basic per common share calculations	55,779,362		59,192,880
Plus: Dilutive securities	401,042		2,590,512
Weighted average common shares outstanding used in diluted per common share calculations	56,180,404		61,783,392

See the accompanying Notes to Consolidated Financial Statements (unaudited)

3

Assurant, Inc.

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income	$	145.5	$	162.8
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $85.3 and $58.8 for the three months ended March 31, 2022 and 2021, respectively	(334.8)		(210.3)
Change in unrealized gains on derivative transactions, net of taxes of $0.2 and $0.2 for each of the three months ended March 31, 2022 and 2021, respectively	(0.6)		(0.6)
Change in foreign currency translation, net of taxes of $(3.6) and $2.1 for the three months ended March 31, 2022 and 2021, respectively	1.3		7.2
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.3 and $0.5 for the three months ended March 31, 2022 and 2021, respectively	(1.2)		(1.6)
Total other comprehensive loss	(335.3)		(205.3)
Total comprehensive loss	(189.8)		(42.5)
Less: Comprehensive loss attributable to non-controlling interest	—		0.2
Total comprehensive loss attributable to stockholders	$	(189.8)	$	(42.3)

See the accompanying Notes to Consolidated Financial Statements (unaudited)

4

Assurant, Inc.

Consolidated Statements of Changes in Equity (unaudited)

	Three Months Ended March 31, 2022
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at December 31, 2021	$	0.7	$	1,695.0	$	4,066.8	$	(150.0)	$	(122.8)	$	5,489.7
Stock plan exercises	—		7.8		—		—		—		7.8
Stock plan compensation expense	—		12.4		—		—		—		12.4
Common stock dividends ($0.68 per share)	—		—		(37.4)		—		—		(37.4)
Acquisition of common stock	(0.1)		(63.1)		(198.4)		—		—		(261.6)
Net income	—		—		145.5		—		—		145.5
Other comprehensive loss	—		—		—		(335.3)		—		(335.3)
Balance at March 31, 2022	$	0.6	$	1,652.1	$	3,976.5	$	(485.3)	$	(122.8)	$	5,021.1

	Three Months Ended March 31, 2021
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interest		Total
	(in millions)
Balance at December 31, 2020	$	2.9	$	0.6	$	1,956.8	$	3,548.7	$	709.8	$	(267.4)	$	3.4	$	5,954.8
Stock plan exercises	—		—		5.4		—		—		—		—		5.4
Stock plan compensation expense	—		—		13.2		—		—		—		—		13.2
Common stock dividends ($0.66 per share)	—		—		—		(38.2)		—		—		—		(38.2)
Acquisition of common stock	—		—		(29.3)		(33.3)		—		—		—		(62.6)
Net income (loss)	—		—		—		163.0		—		—		(0.2)		162.8
Preferred stock conversion	(2.9)		0.1		(141.8)		—		—		144.6		—		—
Preferred stock dividends ($1.63 per share)	—		—		—		(4.7)		—		—		—		(4.7)
Change in equity of non-controlling interest	—		—		—		—		—		—		0.2		0.2
Other comprehensive loss	—		—		—		—		(205.3)		—		—		(205.3)
Balance at March 31, 2021	$	—	$	0.7	$	1,804.3	$	3,635.5	$	504.5	$	(122.8)	$	3.4	$	5,825.6

See the accompanying Notes to Consolidated Financial Statements (unaudited)

5

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating activities
Net income attributable to stockholders	$	145.5	$	163.0
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:
Income from discontinued operations	—		(14.3)
Deferred tax expense	26.1		19.2
Depreciation and amortization	47.3		41.4
Net realized losses (gains) on investments, including impairment losses	62.4		(0.8)
Stock based compensation expense	12.4		13.2
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(30.6)		4.9
Premiums and accounts receivable	(311.2)		(385.0)
Commissions payable	(66.4)		(142.6)
Reinsurance recoverable	113.2		69.9
Reinsurance balance payable	(2.8)		64.0
Funds withheld under reinsurance	(9.7)		0.6
Deferred acquisition costs and value of business acquired	(91.0)		(111.4)
Taxes payable	(70.5)		6.5
Other assets and other liabilities	(285.0)		(187.9)
Other	(40.8)		(9.0)
Net cash provided by operating activities - discontinued operations	—		49.6
Net cash used in operating activities	(501.1)		(418.7)
Investing activities
Sales of:
Fixed maturity securities available for sale	729.6		215.5
Equity securities	28.9		3.4
Other invested assets	29.2		25.8
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	151.6		239.0
Commercial mortgage loans on real estate	10.6		4.2
Purchases of:
Fixed maturity securities available for sale	(951.7)		(390.6)
Equity securities	(7.9)		(10.3)
Commercial mortgage loans on real estate	(34.6)		(10.0)
Other invested assets	(31.9)		(12.2)
Property and equipment and other	(41.1)		(39.6)
Subsidiaries, net of cash transferred	—		(4.1)
Change in short-term investments	103.8		41.6
Other	0.2		0.5
Net cash used in investing activities - discontinued operations	—		(48.7)
Net cash (used in) provided by investing activities	(13.3)		14.5

6

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
	2022		2021
Financing activities
Repayment of debt	—		(50.0)
Acquisition of common stock	(230.0)		(42.0)
Common stock dividends paid	(37.4)		(38.2)
Preferred stock dividends paid	—		(4.7)
Employee stock purchases and withholdings	(10.1)		(18.1)
Net cash used in financing activities	(277.5)		(153.0)
Effect of exchange rate changes on cash and cash equivalents - continuing operations	(4.1)		—
Effect of exchange rate changes on cash and cash equivalents - discontinued operations	—		0.2
Effect of exchange rate changes on cash and cash equivalents	(4.1)		0.2
Change in cash and cash equivalents	(796.0)		(557.0)
Cash and cash equivalents at beginning of period - continuing operations	2,040.8		2,228.6
Add: Cash and cash equivalents reclassified as held for sale at beginning of period	14.0		—
Cash and cash equivalents at beginning of period	2,054.8		2,228.6
Cash and cash equivalents at end of period	1,258.8		1,671.6
Less: Cash and cash equivalents reclassified as held for sale at end of period	7.9		—
Less: Cash and cash equivalents of discontinued operations at end of period	—		20.3
Cash and cash equivalents of continuing operations at end of period	$	1,250.9	$	1,651.3

See the accompanying Notes to Consolidated Financial Statements (unaudited)

7

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

INDEX OF NOTES

Note Number		Page Number
1.	Nature of Operations	8
2.	Basis of Presentation	8
3.	Recent Accounting Pronouncements	9
4.	Dispositions	10
5.	Segment Information	11
6.	Contract Revenues	13
7.	Investments	14
8.	Fair Value Disclosures	19
9.	Deferred Acquisition Costs	22
10.	Reserves	23
11.	Accumulated Other Comprehensive Income	24
12.	Equity Transactions	25
13.	Earnings Per Common Share	25
14.	Retirement and Other Employee Benefits	26
15.	Commitments and Contingencies	27

1. Nature of Operations

Assurant, Inc. (the “Company”) is a leading global business services company that supports, protects and connects major consumer purchases. The Company supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service products and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection and related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”).

The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.

2. Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.

The interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been revised to conform to the current year presentation, including the change to the segment measure of profitability described in Note 5. 

8

Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

3. Recent Accounting Pronouncements

Adopted

Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.

The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no contracts or hedging relationships for which the reference LIBOR or another rate is expected to be discontinued and a GAAP contract modification is required.

Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no convertible instruments or contracts in its own equity.

Not Yet Adopted

Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.

The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. With the sale of the disposed Global

9

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

Preneed business in August 2021, the adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.  

Recognition and Measurement of Revenue Contracts with Customers Acquired in a Business Combination: In October 2021, the FASB issued guidance to improve comparability after a business combination is reported in the acquirer’s financial statements by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. Generally, the acquirer will recognize the acquired contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in the acquisition accounting. Under the amended guidance, the acquirer should account for the related revenue contracts as if it had originated the contracts. The amendments provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination.

The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.

4. Dispositions

Sale of Global Preneed

On August 2, 2021, the Company completed its sale of the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment (collectively, the “disposed Global Preneed business”), to subsidiaries of CUNA Mutual Group (“CUNA”) for an aggregate purchase price at closing of $1.34 billion in cash.

The following table summarizes the components of net income (loss) from discontinued operations included in the consolidated statements of operations:

	Three Months Ended March 31,
	2021
Revenues
Net earned premiums	$	17.7
Fees and other income	37.5
Net investment income	72.0
Net realized losses on investments and fair value changes to equity securities	(1.1)
Loss on disposal of businesses	(4.3)
Total revenues	121.8
Benefits, losses and expenses
Policyholder benefits	74.0
Selling, underwriting, general and administrative expenses	36.7
Total benefits, losses and expenses	110.7
Income from discontinued operations before income taxes	11.1
Benefit for income taxes	(3.2)
Net income from discontinued operations	$	14.3

10

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

Sale of John Alden Life Insurance Company

On April 1, 2022, the Company completed its sale of John Alden Life Insurance Company (“JALIC”), a runoff business reported in the Corporate and Other segment. Prior to the sale, JALIC met the criteria for held for sale presentation and, therefore, its assets and liabilities were recorded as held for sale in the March 31, 2022 and December 31, 2021 consolidated balance sheets. The major classes of assets and liabilities held for sale included $908.2 million and $915.8 million of future policy benefits and expenses, $875.4 million and $881.6 million of reinsurance recoverables, $146.7 million and $159.6 million of other investments and $114.1 million and $117.2 million of claims and benefits payable as of March 31, 2022 and December 31, 2021, respectively.

Most of the $875.4 million and $881.6 million reinsurance recoverables balance for JALIC, which was included in assets held for sale as of March 31, 2022 and December 31, 2021, respectively, was reinsured with Employers Reassurance Corporation (“ERAC”) and was uncollateralized.

5. Segment Information

In conjunction with the transition of our new CEO and chief operating decision maker, the Company changed its segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, as the primary measure used for purposes of making decisions about allocating resources to the segments and assessing performance, from segment net income from continuing operations, effective January 1, 2022. Prior period amounts have been revised to reflect the new segment measure for profitability.

As of March 31, 2022, the Company had three reportable segments: Global Lifestyle, Global Housing and Corporate and Other. The Company defines Adjusted EBITDA as net income from continuing operations, excluding net realized gains (losses) on investments and fair value changes to equity securities, COVID-19 direct and incremental expenses, loss on extinguishment of debt, net income (loss) attributable to non-controlling interests, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items.

11

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

The following table presents segment Adjusted EBITDA with a reconciliation to net income attributable to common shareholders:

	Three Months Ended March 31,
	2022		2021
Adjusted EBITDA by segment:
Global Lifestyle	$	217.4	$	193.0
Global Housing	103.8		93.5
Corporate and Other	(22.2)		(27.9)
Reconciling items to consolidated net income from continuing operations:
Interest expense	(26.9)		(28.4)
Depreciation expense	(20.3)		(16.8)
Amortization of purchased intangible assets	(17.6)		(17.0)
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)		0.8
COVID-19 direct and incremental expenses	(1.4)		(3.0)
Other adjustments	0.4		(0.9)
Loss attributable to non-controlling interest	—		(0.2)
Total reconciling items	(128.2)		(65.5)
Income from continuing operations before income tax expense	170.8		193.1
Income tax expense	25.3		44.6
Net income from continuing operations	$	145.5	$	148.5

12

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

The Company’s net earned premiums, fees and other income by segment and product are as follows:

	Three Months Ended March 31,
	2022		2021
Global Lifestyle:
Connected Living (1)	$	1,072.5	$	1,049.9
Global Automotive	889.1		812.4
Total	$	1,961.6	$	1,862.3
Global Housing:
Lender-placed Insurance	$	266.8	$	260.4
Multifamily Housing	119.9		117.4
Specialty and Other	110.1		115.2
Total	$	496.8	$	493.0

(1)Effective January 1, 2022, the Connected Living line of business includes the previous Global Financial Services and Other line of business. Prior period amounts have been revised to reflect this change.

The following table presents total assets by segment:

	March 31, 2022		December 31, 2021
Global Lifestyle (1)	$	26,244.2	$	26,210.0
Global Housing (1)	3,963.6		4,131.2
Corporate and Other	2,814.8		3,570.3
Segment assets	$	33,022.6	$	33,911.5

(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.

6. Contract Revenues

The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.

The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $277.6 million and $164.9 million for Global Lifestyle and $22.4 million and $24.5 million for Global Housing for the three months ended March 31, 2022 and 2021, respectively.

Global Lifestyle

In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

13

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its clients, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.

Global Housing

In the Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

Contract Balances

The receivables and unearned revenue under these contracts were $320.0 million and $193.1 million, respectively, as of March 31, 2022, and $313.7 million and $191.5 million, respectively, as of December 31, 2021. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended March 31, 2022 and 2021 that was included in unearned revenue as of December 31, 2021 and 2020 was $22.6 million and $11.7 million, respectively.

In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of March 31, 2022 and December 31, 2021, the Company had approximately $87.2 million and $93.0 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.

7. Investments

The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:

	March 31, 2022
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	81.5	$	—	$	0.8	$	(2.8)	$	79.5
States, municipalities and political subdivisions	144.8		—		3.1		(6.9)		141.0
Foreign governments	428.5		—		2.7		(10.1)		421.1
Asset-backed	476.9		—		12.7		(10.5)		479.1
Commercial mortgage-backed	481.6		—		1.2		(16.3)		466.5
Residential mortgage-backed	536.4		—		5.8		(15.9)		526.3
U.S. corporate	3,556.2		—		85.4		(111.5)		3,530.1
Foreign corporate	1,290.1		—		15.9		(61.7)		1,244.3
Total fixed maturity securities	$	6,996.0	$	—	$	127.6	$	(235.7)	$	6,887.9

14

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	December 31, 2021
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	83.0	$	—	$	2.1	$	(0.1)	$	85.0
States, municipalities and political subdivisions	142.2		—		7.0		(0.7)		148.5
Foreign governments	436.0		—		5.9		(4.2)		437.7
Asset-backed	411.1		—		14.2		(2.3)		423.0
Commercial mortgage-backed	466.7		—		10.3		(3.3)		473.7
Residential mortgage-backed	578.4		—		25.2		(1.7)		601.9
U.S. corporate	3,581.2		—		235.9		(14.0)		3,803.1
Foreign corporate	1,205.3		—		46.0		(8.9)		1,242.4
Total fixed maturity securities	$	6,903.9	$	—	$	346.6	$	(35.2)	$	7,215.3

The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Cost or Amortized Cost		Fair Value
Due in one year or less	$	356.6	$	358.7
Due after one year through five years	2,012.2		2,013.1
Due after five years through ten years	2,074.3		2,020.5
Due after ten years	1,058.0		1,023.7
Total	5,501.1		5,416.0
Asset-backed	476.9		479.1
Commercial mortgage-backed	481.6		466.5
Residential mortgage-backed	536.4		526.3
Total	$	6,996.0	$	6,887.9

The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 

15

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	Three Months Ended March 31,
	2022		2021
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities	$	(18.5)	$	3.0
Equity securities (1) (2)	(43.2)		(1.7)
Commercial mortgage loans on real estate	0.2		0.3
Other investments	(0.4)		0.2
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(61.9)		1.8
Net realized losses related to impairments:
Fixed maturity securities	—		—
Other investments	(0.5)		(1.0)
Total net realized losses related to impairments	(0.5)		(1.0)
Total net realized (losses) gains on investments and fair value changes to equity securities	$	(62.4)	$	0.8

(1)Upward adjustments of $10.0 million and $2.1 million and impairments of $0.0 million and $0.5 million were realized on equity investments accounted for under the measurement alternative for the three months ended March 31, 2022 and 2021, respectively.

(2)Three months ended March 31, 2022 included $33.7 million of net losses from four equity positions that went public during 2021. The total fair value of these investments as of March 31, 2022 was $77.0 million, included in equity securities on the consolidated balance sheet.

The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Net losses recognized on equity securities	$	(43.2)	$	(1.7)
Less: Net realized gains related to sales of equity securities	11.8		0.9
Total fair value changes to equity securities held	$	(55.0)	$	(2.6)

Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:

	March 31, 2022		December 31, 2021
Initial cost	$	83.7	$	77.0
Cumulative upward adjustments	52.1		42.7
Cumulative downward adjustments (including impairments)	(16.0)		(16.0)
Carrying value	$	119.8	$	103.7

The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2022 and December 31, 2021 were as follows:

16

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	March 31, 2022
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	53.5	$	(2.7)	$	0.6	$	(0.1)	$	54.1	$	(2.8)
States, municipalities and political subdivisions	59.0		(5.9)		6.5		(1.0)		65.5		(6.9)
Foreign governments	246.9		(9.2)		12.7		(0.9)		259.6		(10.1)
Asset-backed	373.4		(9.9)		23.3		(0.6)		396.7		(10.5)
Commercial mortgage-backed	314.9		(13.9)		20.2		(2.4)		335.1		(16.3)
Residential mortgage-backed	233.8		(15.0)		12.1		(0.9)		245.9		(15.9)
U.S. corporate	1,359.3		(94.8)		96.5		(16.7)		1,455.8		(111.5)
Foreign corporate	735.6		(49.3)		75.0		(12.4)		810.6		(61.7)
Total fixed maturity securities	$	3,376.4	$	(200.7)	$	246.9	$	(35.0)	$	3,623.3	$	(235.7)

	December 31, 2021
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	31.5	$	(0.1)	$	—	$	—	$	31.5	$	(0.1)
States, municipalities and political subdivisions	48.1		(0.7)		—		—		48.1		(0.7)
Foreign governments	216.0		(4.1)		4.0		(0.1)		220.0		(4.2)
Asset-backed	257.7		(2.1)		9.8		(0.2)		267.5		(2.3)
Commercial mortgage-backed	274.8		(2.9)		2.0		(0.4)		276.8		(3.3)
Residential mortgage-backed	94.0		(1.5)		10.0		(0.2)		104.0		(1.7)
U.S. corporate	687.8		(13.1)		15.2		(0.9)		703.0		(14.0)
Foreign corporate	394.0		(8.6)		6.7		(0.3)		400.7		(8.9)
Total fixed maturity securities	$	2,003.9	$	(33.1)	$	47.7	$	(2.1)	$	2,051.6	$	(35.2)

Total gross unrealized losses represented approximately 7% and 2% of the aggregate fair value of the related securities as of March 31, 2022 and December 31, 2021, respectively. Approximately 85% and 94% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of March 31, 2022 and December 31, 2021, respectively. The total gross unrealized losses are comprised of 2,460 and 1,202 individual securities as of March 31, 2022 and December 31, 2021, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of March 31, 2022 and December 31, 2021 were related to non-credit factors and therefore, did not recognize credit-related losses during the three months ended March 31, 2022. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.

The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of March 31, 2022, approximately 35% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Nevada. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $9.5 million as of March 31, 2022 and from $0.1 million to $9.6 million as of December 31, 2021.

Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is

17

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.

The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2022 and December 31, 2021.

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	21.3	$	71.6	$	2.9	$	—	$	—	$	100.4	$	196.2	69.7	%
71% to 80%	12.7		62.2		2.7		—		4.7		—		82.3		29.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		—		2.0		2.0		0.7	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	8.0	$	59.8	$	5.6	$	—	$	—	$	67.0	$	140.4	49.9	%
1.5 to 2.0	18.4		34.0		—		—		4.7		21.0		78.1		27.7	%
1.0 to 1.5	7.6		40.0		—		—		—		9.7		57.3		20.3	%
Less than 1.0	—		—		—		—		—		5.8		5.8		2.1	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	71.7	$	5.6	$	—	$	—	$	4.0	$	99.8	$	181.1	70.3	%
71% to 80%	61.8		—		—		4.7		—		1.0		67.5		26.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		5.8		2.1		7.9		3.1	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

18

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	59.3	$	5.6	$	—	$	—	$	—	$	70.5	$	135.4	52.6	%
1.5 to 2.0	34.1		—		—		4.7		4.0		17.5		60.3		23.4	%
1.0 to 1.5	40.1		—		—		—		—		9.9		50.0		19.4	%
Less than 1.0	—		—		—		—		5.8		6.1		11.9		4.6	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

(1)Loan-to-value ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.

(2)Debt-service coverage ratio calculated using most recent reported operating results from property operators divided by annual debt service coverage.

8. Fair Value Disclosures

Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures

The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.

The levels of the fair value hierarchy are described below:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.

•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.

•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant

19

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.  

	March 31, 2022
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	79.5	$	—		$	79.5		$	—
States, municipalities and political subdivisions	141.0		—			141.0			—
Foreign governments	421.1		—			421.1			—
Asset-backed	479.1		—			479.1			—
Commercial mortgage-backed	466.5		—			466.5			—
Residential mortgage-backed	526.3		—			526.3			—
U.S. corporate	3,530.1		—			3,526.9			3.2
Foreign corporate	1,244.3		—			1,240.8			3.5
Equity securities:
Mutual funds	32.2		32.2			—			—
Common stocks	94.2		38.8			0.7			54.7		(6)
Non-redeemable preferred stocks	245.3		—			245.3			—
Short-term investments	105.6		95.8		(2)	9.8			—
Other investments	73.1		72.9		(1)	—			0.2
Cash equivalents	496.5		480.1		(2)	16.4		(3)	—
Other assets	3.7		—			3.7		(4)	—
Assets held in separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial assets	$	7,949.6	$	726.9		$	7,161.1		$	61.6
Financial Liabilities
Other liabilities	$	76.9	$	72.9	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial liabilities	$	88.0	$	80.0		$	4.0		$	4.0

20

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	December 31, 2021
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	85.0	$	—		$	85.0		$	—
States, municipalities and political subdivisions	148.5		—			148.5			—
Foreign governments	437.7		—			437.7			—
Asset-backed	423.0		—			423.0			—
Commercial mortgage-backed	473.7		—			473.7			—
Residential mortgage-backed	601.9		—			601.9			—
U.S. corporate	3,803.1		—			3,799.7			3.4
Foreign corporate	1,242.4		—			1,238.8			3.6
Equity securities:
Mutual funds	33.3		33.3			—			—
Common stocks	151.1		15.5			0.7			134.9		(6)
Non-redeemable preferred stocks	261.3		—			261.3			—
Short-term investments	207.2		200.1		(2)	7.1			—
Other investments	72.6		72.4		(1)	—			0.2
Cash equivalents	1,243.9		1,190.9		(2)	53.0		(3)	—
Other assets	1.7		—			1.7		(4)	—
Assets held in separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial assets	$	9,198.2	$	1,519.9		$	7,536.2		$	142.1
Financial Liabilities
Other liabilities	$	76.4	$	72.4	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial liabilities	$	88.2	$	80.1		$	4.1		$	4.0

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities and related obligations.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities and other derivatives.

(6)These equity securities are subject to lock up agreements and therefore an illiquidity discount was applied to the exchange traded price, which includes significant unobservable inputs.

21

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:

	March 31, 2022
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	280.7	$	279.4	$	—	$	—	$	279.4
Other investments	4.7		4.7		2.0		—		2.7
Other assets	22.7		22.7		—		—		22.7
Total financial assets	$	308.1	$	306.8	$	2.0	$	—	$	304.8
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.6	$	8.7	$	—	$	—	$	8.7
Funds withheld under reinsurance	355.1		355.1		355.1		—		—
Debt	2,203.0		2,239.1		—		2,239.1		—
Total financial liabilities	$	2,566.7	$	2,602.9	$	355.1	$	2,239.1	$	8.7
	December 31, 2021
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	256.5	$	266.0	$	—	$	—	$	266.0
Other investments	4.2		4.2		2.0		—		2.2
Other assets	24.9		24.9		—		—		24.9
Total financial assets	$	285.6	$	295.1	$	2.0	$	—	$	293.1
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.5	$	9.6	$	—	$	—	$	9.6
Funds withheld under reinsurance	364.2		364.2		364.2		—		—
Debt	2,202.5		2,456.3		—		2,456.3		—
Total financial liabilities	$	2,575.2	$	2,830.1	$	364.2	$	2,456.3	$	9.6

(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.

9. Deferred Acquisition Costs 

The following table discloses information about deferred acquisition costs as of the dates indicated:

	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	8,811.0	$	7,388.0
Costs deferred	1,103.9		1,044.8
Amortization	(889.5)		(783.1)
Ending balance	$	9,025.4	$	7,649.7

22

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

10. Reserves

Reserve Roll Forward

The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.

Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.

The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.

	For the Three Months Ended March 31,
	2022		2021
Claims and benefits payable, at beginning of period	$	1,595.9	$	1,610.3
Less: Reinsurance ceded and other	(825.6)		(849.4)
Net claims and benefits payable, at beginning of period	770.3		760.9
Incurred losses and loss adjustment expenses related to:
Current year	524.6		574.9
Prior years	(30.1)		(46.2)
Total incurred losses and loss adjustment expenses	494.5		528.7
Paid losses and loss adjustment expenses related to:
Current year	211.4		235.8
Prior years	259.2		268.3
Total paid losses and loss adjustment expenses	470.6		504.1
Net claims and benefits payable, at end of period	794.2		785.5
Plus: Reinsurance ceded and other (1)	741.5		792.5
Claims and benefits payable, at end of period (1)	$	1,535.7	$	1,578.0

(1)Includes reinsurance recoverables and claims and benefits payable of $75.4 million and $66.1 million as of March 31, 2022 and 2021, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

The Company experienced favorable loss development in both periods presented in the roll forward table above. Global Lifestyle contributed $33.1 million and $30.6 million to the net favorable loss development during the three months ended March 31, 2022 and 2021, respectively. The net favorable loss development in both periods was attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable. Global Housing had net unfavorable loss development of $7.6 million for the three months ended March 31, 2022 and net favorable loss development of $12.6 million for the three months ended March 31, 2021. The net unfavorable loss development for the three months ended March 31, 2022 was primarily attributable to sharing economy products from a reserve adjustment and adverse development from policies previously written under less favorable terms. The net unfavorable loss development from non-catastrophe losses was partially offset by net favorable loss development of $1.6 million from prior catastrophe events. The favorable loss development for the three months ended March 31, 2021 was primarily attributable to Lender-placed Insurance products from the most recent accident years due to lower than expected non-catastrophe claim frequency. All others contributed $4.6 million and $3.0 million on net favorable loss development for the three months ended March 31, 2022 and 2021, respectively.

23

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

11. Accumulated Other Comprehensive Income

Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 

	Three Months Ended March 31, 2022
	Foreign currency translation adjustment		Net unrealized losses on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at December 31, 2021	$	(326.9)	$	256.6	$	12.4	$	(92.1)	$	(150.0)
Change in accumulated other comprehensive income (loss) before reclassifications	1.3		(347.8)		—		0.6		(345.9)
Amounts reclassified from accumulated other comprehensive income (loss)	—		13.0		(0.6)		(1.8)		10.6
Net current-period other comprehensive income (loss)	1.3		(334.8)		(0.6)		(1.2)		(335.3)
Balance at March 31, 2022	$	(325.6)	$	(78.2)	$	11.8	$	(93.3)	$	(485.3)
	Three Months Ended March 31, 2021
	Foreign currency translation adjustment		Net unrealized gains on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive income
Balance at December 31, 2020	$	(295.6)	$	1,097.6	$	14.7	$	(106.9)	$	709.8
Change in accumulated other comprehensive income (loss) before reclassifications	7.2		(207.9)		—		(0.3)		(201.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.4)		(0.6)		(1.3)		(4.3)
Net current-period other comprehensive income (loss)	7.2		(210.3)		(0.6)		(1.6)		(205.3)
Balance at March 31, 2021	$	(288.4)	$	887.3	$	14.1	$	(108.5)	$	504.5

24

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

The following tables summarize the reclassifications out of accumulated other comprehensive income (“AOCI”) for the periods indicated:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income				Affected line item in the statement where net income is presented
	Three Months Ended March 31,
	2022		2021
Net unrealized losses (gains) on investments	$	16.4	$	(3.1)	Net realized losses (gains) on investments
	(3.4)		0.7		Provision for income taxes
	$	13.0	$	(2.4)	Net of tax
Net unrealized gains on derivative transactions	$	(0.7)	$	(0.7)	Interest expense
	0.1		0.1		Provision for income taxes
	$	(0.6)	$	(0.6)	Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss	$	1.1	$	1.8	(1)
Amortization of prior service credit	(3.4)		(3.4)		(1)
	(2.3)		(1.6)
	0.5		0.3		Provision for income taxes
	$	(1.8)	$	(1.3)	Net of tax
Total reclassifications for the period	$	10.6	$	(4.3)	Net of tax

(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 14.

12. Equity Transactions

Mandatory Convertible Preferred Stock (“MCPS”)

In March 2018, the Company issued 2,875,000 shares of the MCPS, with a par value of $1.00 per share, at a public offering price of $100.00 per share. Each outstanding share of MCPS converted in March 2021 into 0.9405 of common shares, or 2,703,911 common shares in total plus an immaterial amount of cash in lieu of fractional shares. The Company used a portion of its treasury stock for the common shares, using the average cost method to account for the reissuance of such shares.

Dividends on the MCPS were payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company paid preferred stock dividends of $4.7 million for the three months ended March 31, 2021.

13. Earnings Per Common Share

The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.

25

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

	Three Months Ended March 31,
	2022		2021
Numerator
Net income from continuing operations	$	145.5	$	148.5
Less: Net loss attributable to non-controlling interest	—		0.2
Net income from continuing operations attributable to stockholders	145.5		148.7
Less: Preferred stock dividends	—		(4.7)
Net income from continuing operations attributable to common stockholders	145.5		144.0
Less: Common stock dividends paid	(37.4)		(38.2)
Undistributed earnings	$	108.1	$	105.8
Net income from continuing operations attributable to common stockholders	$	145.5	$	144.0
Add: Net income from discontinued operations	—		14.3
Net income attributable to common stockholders	$	145.5	$	158.3
Denominator
Weighted average common shares outstanding used in basic per common share calculations	55,779,362		59,192,880
Incremental common shares from:
PSUs	399,632		367,274
ESPP	1,410		—
MCPS	—		2,223,238
Weighted average common shares outstanding used in diluted per common share calculations	56,180,404		61,783,392
Earnings per common share - Basic
Distributed earnings	$	0.67	$	0.64
Undistributed earnings	1.94		1.79
Net income from continuing operations	2.61		2.43
Net income from discontinued operations	—		0.24
Net income attributable to common stockholders	$	2.61	$	2.67
Earnings per common share - Diluted
Distributed earnings	$	0.66	$	0.62
Undistributed earnings	1.93		1.79
Net income from continuing operations	2.59		2.41
Net income from discontinued operations	—		0.23
Net income attributable to common stockholders	$	2.59	$	2.64

Average PSUs totaling 14,777 and 18,373 for the three months ended March 31, 2022 and 2021, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.

14. Retirement and Other Employee Benefits

The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. The Pension Benefits and Retirement Health Benefits (together, the “Plans”) were frozen on March 1, 2016.

26

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid up to the Termination Date. The Retirement Health Benefits obligations were re-measured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI, which will be reclassified from AOCI as it is amortized in the net periodic benefit cost over the remaining period until the Termination Date.

The following tables present the components of net periodic benefit cost for the Plans for the three months ended March 31, 2022 and 2021: 

	Qualified Pension Benefits				Unfunded Non-qualified  Pension Benefits				Retirement Health Benefits
	For the Three Months Ended March 31,				For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2022		2021		2022		2021		2022		2021
Interest cost	$	4.2	$	3.5	$	0.4	$	0.3	$	—	$	—
Expected return on plan assets	(6.9)		(6.9)		—		—		(0.3)		(0.4)
Amortization of prior service credit	—		—		—		—		(3.4)		(3.4)
Amortization of net loss (gain)	0.8		1.2		0.5		0.8		(0.2)		(0.1)
Net periodic benefit cost	$	(1.9)	$	(2.2)	$	0.9	$	1.1	$	(3.9)	$	(3.9)

 The Assurant Pension Plan funded status was $83.5 million at March 31, 2022 and $74.8 million at December 31, 2021 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 112% and 110% funded status at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2022.

15. Commitments and Contingencies

Letters of Credit

In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $7.2 million of letters of credit outstanding as of March 31, 2022 and December 31, 2021.

Legal and Regulatory Matters

The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.

The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.

27

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

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2021 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three months ended March 31, 2022 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three months ended March 31, 2022 (“First Quarter 2022” or “Three Months 2022”) and the three months ended March 31, 2021 (“First Quarter 2021” or “Three Months 2021”).

Some of the statements in this Report, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth and operating strategies and similar matters, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this Report are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management:

(i)the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or if those parties face financial, reputational or regulatory issues;

(ii)significant competitive pressures, changes in customer preferences and disruption;

(iii)the failure to execute our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce;

(iv)the failure to find suitable acquisitions at attractive prices, integrate acquired businesses effectively or identify new areas for organic growth;

(v)our inability to recover should we experience a business continuity event;

(vi)the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;

(vii)risks related to our international operations;

(viii)declines in the value of mobile devices, or export compliance or other risks in our mobile business;

(ix)our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;

(x)risks associated with joint ventures, franchises and investments in which we share ownership and management with third parties;

(xi)the impact of catastrophe and non-catastrophe losses, including as a result of climate change;

(xii)negative publicity relating to our business or industry;

(xiii)the impact of general economic, financial market and political conditions and conditions in the markets in which we operate, including the conflict in Ukraine and the current inflationary environment;

(xiv)the impact of the COVID-19 pandemic and measures taken in response thereto;

(xv)the adequacy of reserves established for claims and our inability to accurately predict and price for claims;

(xvi)a decline in financial strength ratings of our insurance subsidiaries or in our corporate senior debt ratings;

(xvii)fluctuations in exchange rates;

(xviii)an impairment of goodwill or other intangible assets;

(xix)the failure to maintain effective internal control over financial reporting;

(xx)unfavorable conditions in the capital and credit markets;

28

(xxi)a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, and changes in interest rates;

(xxii)an impairment in the value of our deferred tax assets;

(xxiii)the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;

(xxiv)the credit risk of some of our agents, third-party administrators and clients;

(xxv)the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;

(xxvi)limitations in the analytical models we use to assist in our decision-making;

(xxvii)the failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses;

(xxviii)breaches of our information systems or those of third parties with whom we do business, or the failure to protect the security of data in such systems, including due to cyberattacks and as a result of working remotely;

(xxix)the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security, data protection or tax;

(xxx)the impact of litigation and regulatory actions;

(xxxi)reductions or deferrals in the insurance premiums we charge;

(xxxii)changes in insurance, tax and other regulations;

(xxxiii)volatility in our common stock price and trading volume; and

(xxxiv)employee misconduct.

For additional information on factors that could affect our actual results, please refer to “Critical Factors Affecting Results” below and in Item 7 of our 2021 Annual Report, and “Item 1A—Risk Factors” below and in our 2021 Annual Report.

Reportable Segments

As of March 31, 2022, the Company had three reportable segments which are defined based on the manner in which the Company’s chief operating decision maker, our Chief Executive Officer (“CEO”), reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered:

•Global Lifestyle: includes mobile device solutions, extended service products and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection and related services (referred to as “Global Automotive”);

•Global Housing: includes lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”); and

•Corporate and Other: includes corporate employee-related expenses and activities of the holding company.

In conjunction with the transition of our new CEO and chief operating decision maker, we changed our segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, as the primary measure used for purposes of making decisions about allocating resources to the segments and assessing performance, from segment net income from continuing operations, effective January 1, 2022. Prior period amounts have been revised to reflect the new segment measure for profitability.

The Company defines Adjusted EBITDA as net income from continuing operations, excluding net realized gains (losses) on investments and fair value changes to equity securities, COVID-19 direct and incremental expenses, loss on extinguishment of debt, net income (loss) attributable to non-controlling interests, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items.

29

Executive Summary

Summary of Financial Results

Consolidated net income from continuing operations decreased $3.0 million, or 2%, to $145.5 million for First Quarter 2022 from $148.5 million for First Quarter 2021, primarily driven by a decrease in net unrealized gains from changes in fair value of equity securities, partially offset by lower reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums). We incurred $2.4 million of after-tax reportable catastrophes in First Quarter 2022, compared to $34.5 million in First Quarter 2021.

Global Lifestyle Adjusted EBITDA increased $24.4 million, or 13%, to $217.4 million for First Quarter 2022 from $193.0 million for First Quarter 2021, due to strong results across Connected Living and Global Automotive. In Connected Living, mobile increased primarily from device protection performance in North America, including more favorable loss experience and subscriber growth, as well as an increase in global mobile devices serviced, mainly from higher trade-in volumes. Global Automotive increased from higher investment income, favorable loss experience in select ancillary products and expansion across distribution channels.

Global Lifestyle net earned premiums, fees and other income increased $99.3 million, or 5%, to $1.96 billion for First Quarter 2022 from $1.86 billion for First Quarter 2021, led by Global Automotive premium increases from strong prior period sales. Connected Living increased modestly as mobile fee income growth from service and repair and trade-in volumes was partially offset by premium declines in runoff mobile programs.

Global Housing Adjusted EBITDA increased $10.3 million, or 11%, to $103.8 million for First Quarter 2022 from $93.5 million for First Quarter 2021, primarily due to a $40.5 million pre-tax decrease in reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA decreased $30.2 million, or 22%, due to higher non-catastrophe loss experience, including a $13.8 million increase within sharing economy offerings primarily related to a reserve adjustment and adverse development from policies previously written under less favorable terms. Lender-placed Insurance also experienced higher non-catastrophe losses mainly from elevated fire claims.

Global Housing net earned premiums, fees and other income increased $3.8 million, or 1%, to $496.8 million for First Quarter 2022 from $493.0 million for First Quarter 2021, as growth in Lender-placed Insurance from higher average insured values and premium rates and Multifamily Housing was partially offset by a decline in Specialty and Other from client runoff.

Corporate and Other Adjusted EBITDA was $(22.2) million for First Quarter 2022 compared to $(27.9) million for First Quarter 2021, primarily driven by lower employee-related expenses and an increase in net investment income from higher asset balances.

Critical Factors Affecting Results

Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income and our ability to manage our expenses and achieve expense savings. Our results also depend on our ability to profitably grow our businesses, in particular our Connected Living, Multifamily Housing and Global Automotive businesses, and to maintain our position in our Lender-placed Insurance business. Factors affecting these items, including conditions in financial markets, the global economy and the markets in which we operate, including the conflict in Ukraine, fluctuations in exchange rates, interest rates and inflation, including the current inflationary environment, and competition, may have a material adverse effect on our results of operations or financial condition. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors” below and in our 2021 Annual Report, and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Factors Affecting Results” in our 2021 Annual Report.

Our results may be impacted by our ability to continue to grow in the markets in which we operate, including in our Connected Living, Multifamily Housing and Global Automotive businesses, which may be impacted by our ability to provide a superior digital-first customer experience, including from our investments in technology and digital initiatives, to capitalize on the smart home opportunity, and to maintain relationships with significant clients, distributors and other parties or renew contracts with them on favorable terms. Our mobile business is subject to volatility in mobile device trade-in volumes based on the actual and anticipated timing of the release of new devices and carrier promotional programs, as well as to changes in consumer preferences. Our Lender-placed Insurance revenues will also be impacted by changes in the housing market. In addition, across many of our businesses, we must respond to the actions of our competitors, the threat of disruption and the competition for talent. See “Item 1A—Risk Factors—Business, Strategic and Operational Risks—Our revenues and profits may decline if we are unable to maintain relationships with significant clients, distributors and other parties, or renew contracts with them on favorable terms, or if those parties face financial, reputational or regulatory issues,” “Significant competitive

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pressures, changes in customer preferences and disruption could adversely affect our results of operations” and “The success of our business depends on the execution of our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce” in our 2021 Annual Report.

Critical Accounting Policies and Estimates

Our 2021 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2021 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for First Quarter 2022.

Recent Accounting Pronouncements

For a discussion of recent accounting pronouncements, see Note 3 to the Consolidated Financial Statements included elsewhere in this Report.

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Results of Operations

Assurant Consolidated

The table below presents information regarding our consolidated results of operations for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
Revenues:
Net earned premiums	$	2,136.4	$	2,105.6
Fees and other income	322.4		249.9
Net investment income	86.3		76.3
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)		0.8
Total revenues	2,482.7		2,432.6
Benefits, losses and expenses:
Policyholder benefits	494.5		528.7
Underwriting, selling, general and administrative expenses	1,790.5		1,682.4
Interest expense	26.9		28.4
Total benefits, losses and expenses	2,311.9		2,239.5
Income before provision for income taxes	170.8		193.1
Provision for income taxes	25.3		44.6
Net income from continuing operations	145.5		148.5
Net income from discontinued operations	—		14.3
Net income	145.5		162.8
Less: Net loss attributable to non-controlling interest	—		0.2
Net income attributable to stockholders	145.5		163.0
Less: Preferred stock dividends	—		(4.7)
Net income attributable to common stockholders	$	145.5	$	158.3

For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Net income from continuing operations decreased $3.0 million, or 2%, to $145.5 million for First Quarter 2022 from $148.5 million for First Quarter 2021, primarily driven by a decrease in net unrealized gains from changes in fair value of equity securities mostly related to four equity positions that went public in 2021 through SPAC mergers and preferred stocks given an increase in interest rates. The decrease was also due to higher non-catastrophe loss experience in Global Housing, primarily within our sharing economy offerings, as well as Lender-placed Insurance. These decreases were partially offset by lower reportable catastrophes, strong growth in Global Lifestyle driven by Connected Living and Global Automotive results, as well as a $9.0 million one-time tax benefit from one of our international businesses.

Discontinued Operations

In August 2021, we completed the sale of the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment (collectively, the “disposed Global Preneed business”) to subsidiaries of CUNA Mutual Group (“CUNA”) for an aggregate purchase price at closing of $1.34 billion. For additional information, refer to Note 4 to the Consolidated Financial Statements included elsewhere in this Report.

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Global Lifestyle

The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated: 

	For the Three Months Ended March 31,
	2022		2021
Revenues
Net earned premiums	$	1,674.0	$	1,648.7
Fees and other income	287.6		213.6
Net investment income	57.0		50.8
Total revenues	2,018.6		1,913.1
Benefits, losses and expenses
Policyholder benefits	303.3		327.4
Underwriting, selling, general and administrative expenses	1,497.9		1,392.7
Total benefits, losses and expenses	1,801.2		1,720.1
Global Lifestyle Adjusted EBITDA	$	217.4	$	193.0
Net earned premiums, fees and other income:
Connected Living	$	1,072.5	$	1,049.9
Global Automotive	889.1		812.4
Total	$	1,961.6	$	1,862.3
Net earned premiums, fees and other income:
Domestic	$	1,511.2	$	1,380.6
International	450.4		481.7
Total	$	1,961.6	$	1,862.3

For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Adjusted EBITDA increased $24.4 million, or 13%, to $217.4 million for First Quarter 2022 from $193.0 million for First Quarter 2021, primarily due to strong results across Connected Living and Global Automotive. In Connected Living, mobile increased primarily from device protection performance in North America from carrier and cable operator clients, including more favorable loss experience and subscriber growth, as well as an increase in global mobile devices serviced, mainly from higher trade-in volumes. Global Automotive increased from higher net investment income, favorable loss experience in select ancillary products and expansion across all distribution channels.

Total revenues increased $105.5 million, or 6%, to $2.02 billion for First Quarter 2022 from $1.91 billion for First Quarter 2021. Fees and other income increased $74.0 million, or 35%, mainly driven by growth in our mobile business from our recently launched service and repair capabilities and higher trade-in volumes. Net earned premiums increased $25.3 million, or 2%, primarily driven by continued organic growth from strong U.S. sales in our Global Automotive business across all distribution channels and domestic mobile subscriber growth within our cable operator distribution channel. The increase in net earned premiums was partially offset by the runoff of certain global mobile programs. Net investment income increased $6.2 million, or 12%, primarily due to higher real estate related income, higher fixed maturity asset levels and higher prepayment penalties for commercial mortgage loans on real estate.

Total benefits, losses and expenses increased $81.1 million, or 5%, to $1.80 billion for First Quarter 2022 from $1.72 billion for First Quarter 2021. Underwriting, selling, general and administrative expenses increased $105.2 million, or 8%, primarily due to higher cost of sales in Connected Living from our recently launched service and repair capabilities and higher trade-in volumes. Higher commission expenses also contributed to the increase, mainly from growth across our Global Automotive business and domestic mobile subscriber growth within our cable operator distribution channel, which was partially offset by the runoff of certain global mobile programs. Policyholder benefits decreased $24.1 million, or 7%, primarily due to the runoff of certain global mobile programs in our Connected Living business and favorable loss experience within Global Automotive from select domestic ancillary products, partially offset by growth across our Global Automotive and Connected Living businesses.

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Global Housing

The table below presents information regarding the Global Housing segment’s results of operations for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
Revenues
Net earned premiums	$	462.4	$	456.9
Fees and other income	34.4		36.1
Net investment income	20.8		19.4
Total revenues	517.6		512.4
Benefits, losses and expenses
Policyholder benefits	191.2		201.3
Underwriting, selling, general and administrative expenses	222.6		217.6
Total benefits, losses and expenses	413.8		418.9
Global Housing Adjusted EBITDA	$	103.8	$	93.5
Impact of reportable catastrophes	$	3.1	$	43.6
Net earned premiums, fees and other income
Lender-placed Insurance	$	266.8	$	260.4
Multifamily Housing	119.9		117.4
Specialty and Other	110.1		115.2
Total	$	496.8	$	493.0

For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Adjusted EBITDA increased $10.3 million, or 11%, to $103.8 million for First Quarter 2022 from $93.5 million for First Quarter 2021. Adjusted EBITDA for First Quarter 2022 included $3.1 million of reportable catastrophes compared to $43.6 million for First Quarter 2021. Excluding reportable catastrophes, Adjusted EBITDA decreased $30.2 million, or 22%, driven by higher non-catastrophe loss experience, including a $13.8 million increase within sharing economy offerings primarily related to a reserve adjustment and adverse development from policies previously written under less favorable terms. Lender-placed Insurance also experienced higher non-catastrophe losses mainly from elevated fire losses and an increase in claims costs, which were partially offset by higher average insured values and premium rates.

Total revenues increased $5.2 million, or 1%, to $517.6 million for First Quarter 2022 from $512.4 million for First Quarter 2021. Net earned premiums increased $5.5 million, or 1%, primarily due to higher average insured values and premium rates in our Lender-placed Insurance business, and continued growth from renters insurance in our Multifamily Housing business. These increases were partially offset by a decline in Specialty and Other from client run-off and higher estimated catastrophe premium from exposure growth primarily in Lender-placed Insurance.

Total benefits, losses and expenses decreased $5.1 million, or 1%, to $413.8 million for First Quarter 2022 from $418.9 million for First Quarter 2021. Policyholder benefits decreased $10.1 million, or 5%, from lower reportable catastrophe losses, partially offset by higher non-catastrophe loss experience, as described above. Underwriting, selling, general and administrative expenses increased $5.0 million, or 2%, mainly due to lower reclassification of loss adjustment expenses to policyholder benefits due to lower claims volume compared to First Quarter 2021 and higher operating costs due to growth.

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Corporate and Other

The tables below present information regarding the Corporate and Other’s segment results of operations for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
Revenues
Net earned premiums	$	—	$	—
Fees and other income	0.3		0.1
Net investment income	8.5		6.1
Total revenues	8.8		6.2
Benefits, losses and expenses
Policyholder benefits	—		—
General and administrative expenses	31.0		34.1
Total benefits, losses and expenses	31.0		34.1
Corporate and Other Adjusted EBITDA	$	(22.2)	$	(27.9)

For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Adjusted EBITDA was $(22.2) million for First Quarter 2022 compared to $(27.9) million for First Quarter 2021. The change in results was primarily due to lower employee-related expenses and higher net investment income from higher invested asset balances.

Total revenues increased $2.6 million, or 42%, to $8.8 million for First Quarter 2022 from $6.2 million for First Quarter 2021, primarily driven by net investment income that increased by $2.4 million, or 39%, mostly due to higher invested asset balances primarily reflecting the remaining proceeds from the sale of Global Preneed.

Total benefits, losses and expenses decreased $3.1 million, or 9%, to $31.0 million for First Quarter 2022 from $34.1 million for First Quarter 2021, due to lower employee-related expenses.

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Investments

We had total investments of $8.22 billion and $8.67 billion as of March 31, 2022 and December 31, 2021, respectively. Net unrealized gains on our fixed maturity securities portfolio decreased by $419.5 million during First Quarter 2022, from $311.4 million as of December 31, 2021 to a net unrealized loss of $108.1 million as of March 31, 2022, primarily due to an increase in Treasury yields.

The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated:

	Fair value as of
Fixed Maturity Securities by Credit Quality	March 31, 2022				December 31, 2021
Aaa / Aa / A	$	3,879.2	56.3	%	$	4,066.5	56.4	%
Baa	2,622.4		38.1	%	2,719.0		37.7	%
Ba	299.4		4.3	%	333.7		4.6	%
B and lower	86.9		1.3	%	96.1		1.3	%
Total	$	6,887.9	100.0	%	$	7,215.3	100.0	%

The following table shows the major categories of net investment income for the periods indicated: 

	Three Months Ended March 31,
	2022		2021
Fixed maturity securities	$	62.3	$	57.4
Equity securities	3.7		3.6
Commercial mortgage loans on real estate	3.9		1.3
Short-term investments	0.5		0.8
Other investments	17.2		14.7
Cash and cash equivalents	2.3		1.6
Total investment income	89.9		79.4
Investment expenses	(3.6)		(3.1)
Net investment income	$	86.3	$	76.3

Net investment income increased $10.0 million, or 13%, to $86.3 million for First Quarter 2022 from $76.3 million for First Quarter 2021, primarily driven by higher invested assets in fixed maturity securities and commercial mortgage loans on real estate and increases in Other investments related to higher sales and valuations.

Net realized losses on investments and fair value changes to equity securities were $62.4 million for First Quarter 2022 compared to net gains of $0.8 million for First Quarter 2021. First Quarter 2022 was mostly due to $55.0 million of net unrealized losses from changes in fair value of equity securities that were driven by a $45.8 million decrease in net unrealized gains from four equity positions that went public in 2021 through SPAC mergers and a $17.9 million decrease in net unrealized gains from preferred stocks mostly related to an increase in interest rates, partially offset by $10.0 million of unrealized gains from an equity security accounted for under the measurement alternative in connection with a market observable event that occurred in First Quarter 2022. The net realized losses were also driven by a $21.5 million increase in net realized losses on sales of fixed maturity securities that was partially offset by a $10.9 million increase in net realized gains on sales of equity securities.

As of March 31, 2022, we owned $17.2 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.7 million of municipal securities, whose credit rating was A+ with the guarantee, but would have had a rating of AA- without the guarantee.

For more information on our investments, see Notes 7 and 8 to the Consolidated Financial Statements included elsewhere in this Report.

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Liquidity and Capital Resources

Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common stock.

Regulatory Requirements

Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries, such as payments under our tax allocation agreement and under management agreements with our subsidiaries. Our subsidiaries’ ability to pay such dividends and make such other payments is regulated by the states and territories in which our subsidiaries are domiciled. These dividend regulations vary from jurisdiction to jurisdiction and by type of insurance provided by the applicable subsidiary, but generally require our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends these subsidiaries can pay to the holding company. See “Item 1—Business—Regulation—U.S. Insurance Regulation” and “Item 1A—Risk Factors—Legal and Regulatory Risks—Changes in insurance regulation may reduce our profitability and limit our growth” in our 2021 Annual Report. Along with solvency regulations, the primary driver in determining the amount of capital used for dividends from insurance subsidiaries is the level of capital needed to maintain desired financial strength ratings from A.M. Best Company (“A.M. Best”). For the year ending December 31, 2022, the maximum amount of dividends our regulated U.S. domiciled insurance subsidiaries could pay us, under applicable laws and regulations currently in effect and without prior regulatory approval, is approximately $475.3 million. In addition, our international and non-insurance subsidiaries provide additional sources of dividends.

Regulators or rating agencies could become more conservative in their methodology and criteria, increasing capital requirements for our insurance subsidiaries or the enterprise.

Holding Company

As of March 31, 2022, we had approximately $737.6 million in holding company liquidity, which was $512.6 million above our targeted minimum level of $225.0 million. The target minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is calibrated based on approximately one year of corporate operating and interest expenses. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc., out of a total of $857.1 million of holding company investment securities and cash, which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use such assets for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.

Dividends or returns of capital paid by our subsidiaries, net of infusions and excluding amounts used for acquisitions or received for dispositions, were $129.1 million for Three Months 2022. In 2021, dividends, net of infusions and excluding amounts used for acquisitions or received for dispositions, were $728.6 million (including approximately $12.0 million of dividends from subsidiaries, net of infusions, included in the disposed Global Preneed business). We use these cash inflows primarily to pay holding company operating expenses, to make interest payments on indebtedness, to make dividend payments to our common stockholders, to fund investments and acquisitions, and to repurchase our common stock. From time to time, we may also seek to purchase outstanding debt in open market repurchases or privately negotiated transactions.

Dividends and Repurchases

During Three Months 2022, we made common stock repurchases and paid common stock dividends of $279.8 million.

We paid dividends of $0.68 per common share on March 21, 2022 to stockholders of record as of February 28, 2022.

Any determination to pay future dividends on our outstanding common stock will be at the discretion of the Board and will be dependent upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. The Credit Facility also contains limitations on our ability to pay dividends to our stockholders and repurchase capital stock if we are in default, or such dividend payments or repurchases would cause us to be in default, of our obligations thereunder. In addition, if we elect to defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below), we generally may not make payments on or repurchase any shares of our capital stock.

During Three Months 2022, we repurchased 1,480,000 shares of our outstanding common stock at a cost of $242.4 million, exclusive of commissions. In May 2021, the Board authorized a share repurchase program for up to $900.0 million,

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respectively, of our outstanding common stock. As of March 31, 2022, $599.7 million aggregate cost at purchase remained unused under the repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

We expect to deploy capital primarily to support business growth by funding investments, mergers and acquisitions and returning capital to shareholders in the form of share repurchases and dividends, subject to Board approval and market conditions. As previously announced, we intend to return $900.0 million of the Global Preneed net proceeds through share repurchases within one year of closing. Through March 31, 2022, we have completed approximately 85% of the $900.0 million in share repurchases. For additional information, refer to Note 4 to the Consolidated Financial Statements included elsewhere in this Report.

Assurant Subsidiaries

The primary sources of funds for our subsidiaries consist of premiums and fees collected, proceeds from the sales and maturity of investments and net investment income. Cash is primarily used to pay insurance claims, agent commissions, operating expenses and taxes. We generally invest our subsidiaries’ excess funds in order to generate investment income.

We conduct periodic asset liability studies to measure the duration of our insurance liabilities, to develop optimal asset portfolio maturity structures for our significant lines of business and ultimately to assess that cash flows are sufficient to meet the timing of cash needs. These studies are conducted in accordance with formal company-wide Asset Liability Management guidelines.

To complete a study for a particular line of business, models are developed to project asset and liability cash flows and balance sheet items under a large, varied set of plausible economic scenarios. These models consider many factors including the current investment portfolio, the required capital for the related assets and liabilities, our tax position and projected cash flows from both existing and projected new business. For risks related to modeling, see “Item 1A – Risk Factors – Financial Risks –Actual results may differ materially from the analytical models we use to assist in our decision-making in key areas such as pricing, catastrophe risks, reserving and capital management.” in our 2021 Annual Report.

Alternative asset portfolio structures are analyzed for significant lines of business. An investment portfolio maturity structure is then selected from these profiles given our return hurdle and risk appetite. Scenario testing of significant liability assumptions and new business projections is also performed.

Our liabilities generally have limited policyholder optionality, which means that the timing of payments is generally insensitive to the interest rate environment. In addition, our investment portfolio is largely comprised of highly liquid fixed maturity securities with a sufficient component of such securities invested that are near maturity which may be sold with minimal risk of loss to meet cash needs.

Generally, our subsidiaries’ premiums, fees and investment income, along with planned asset sales and maturities, provide sufficient cash to pay claims and expenses. However, there may be instances when unexpected cash needs arise in excess of that available from usual operating sources. In such instances, we have several options to raise needed funds, including selling assets from the subsidiaries’ investment portfolios, using holding company cash (if available), issuing commercial paper, or drawing funds from the Credit Facility (as defined below).

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Senior and Subordinated Notes

The following table shows the principal amount and carrying value of our outstanding debt, less unamortized discount and issuance costs as applicable, as of March 31, 2022 and December 31, 2021:

	March 31, 2022				December 31, 2021
	Principal Amount		Carrying Value		Principal Amount		Carrying Value
4.20% Senior Notes due September 2023	$	300.0	$	299.1	$	300.0	$	299.0
4.90% Senior Notes due March 2028	300.0		297.5		300.0		297.5
3.70% Senior Notes due February 2030	350.0		347.4		350.0		347.3
2.65% Senior Notes due January 2032	350.0		346.5		350.0		346.4
6.75% Senior Notes due February 2034	275.0		272.4		275.0		272.4
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048	400.0		396.1		400.0		395.9
5.25% Subordinated Notes due January 2061	250.0		244.0		250.0		244.0
Total Debt			$	2,203.0			$	2,202.5

In the next five years, we have one upcoming debt maturity in September 2023 when the 4.20% Senior Notes with an aggregate outstanding principal amount of $300.0 million will become due and payable.

Credit Facility and Commercial Paper Program

We have a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association. The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $500.0 million, which may be increased up to $700.0 million. The Credit Facility is available until December 2026, provided we are in compliance with all covenants. The Credit Facility has a sublimit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes.

We made no borrowings using the Credit Facility during Three Months 2022 and no loans were outstanding as of March 31, 2022.

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1 by A.M. Best, P-3 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $495.5 million out of the $500.0 million was available as of March 31, 2022, due to $4.5 million of letters of credit outstanding.

We did not use the commercial paper program during Three Months 2022 and there were no amounts relating to the commercial paper program outstanding as of March 31, 2022.

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Cash Flows

We monitor cash flows at the consolidated, holding company and subsidiary levels. Cash flow forecasts at the consolidated and subsidiary levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs making adjustments to the forecasts when needed.

The table below shows our net cash flows for the periods indicated:

	For the Three Months Ended March 31,
Net cash provided by (used in):	2022		2021
Operating activities - continuing operations	$	(501.1)	$	(468.3)
Operating activities - discontinued operations	—		49.6
Operating activities	(501.1)		(418.7)
Investing activities - continuing operations	(13.3)		63.2
Investing activities - discontinued operations	—		(48.7)
Investing activities	(13.3)		14.5
Financing activities - continuing operations	(277.5)		(153.0)
Financing activities - discontinued operations	—		—
Financing activities	(277.5)		(153.0)
Effect of exchange rate changes on cash and cash equivalents - continuing operations	(4.1)		—
Effect of exchange rate changes on cash and cash equivalents - discontinued operations	—		0.2
Effect of exchange rate changes on cash and cash equivalents	(4.1)		0.2
Net change in cash	$	(796.0)	$	(557.0)

We typically generate operating cash inflows from premiums collected from our insurance products, fees received for services and income received from our investments while outflows consist of policy acquisition costs, benefits paid and operating expenses. These net cash flows are then invested to support the obligations of our insurance products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees, and investment income received and expenses paid.

Net cash used in operating activities from continuing operations was $501.1 million for Three Months 2022 compared to net cash used in operating activities from continuing operations of $468.3 million for Three Months 2021. Net cash used in operating activities for both First Quarter 2022 and First Quarter 2021 was driven by our mobile operations due to timing from both a reduction in premium and fees collected during the period as well as an increase in payments to various vendors for the acquisition of mobile devices used to meet insurance claims or generate profits through sales to third parties. The increase in net cash used in operations was impacted by the growth in our mobile business due to expanded relationships and our recently launched service and repair capabilities, partially offset by a reduction in commission payments also due to timing. Net cash used in operations for First Quarter 2021 included certain follow-on commission payments associated with fourth quarter 2020 premiums.

Net cash used in investing activities from continuing operations was $13.3 million for Three Months 2022 compared to net cash provided by investing activities from continuing operations of $63.2 million for Three Months 2021. The change in cash flows from investing activities was primarily driven by the ongoing management of our investment portfolio. Additionally, net cash provided by investing activities for First Quarter 2021 included a $60.1 million net cash outflow for transfers from the disposal business to the continuing operations related to investments that were not included in the sale.

Net cash used in financing activities from continuing operations was $277.5 million for Three Months 2022 compared to net cash used in financing activities from continuing operations of $153.0 million for Three Months 2021. The increase in net cash used in financing activities was mainly due to a $188.0 million increase in share repurchases, mainly funded using the net proceeds from the Global Preneed sale. This was partially offset by a $50.0 million repayment of our Floating Rate Senior Notes due March 2021 in First Quarter 2021.

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The table below shows our cash outflows for interest and dividends for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
Interest paid on debt	$	52.1	$	50.5
Common stock dividends	37.4		38.2
Preferred stock dividends	—		4.7
Total	$	89.5	$	93.4

Letters of Credit

In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which we are the reinsurer. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $7.2 million of letters of credit outstanding as of March 31, 2022 and December 31, 2021.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that are reasonably likely to have a material effect on the financial condition, results of operations, liquidity or capital resources of the Company.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our 2021 Annual Report described our Quantitative and Qualitative Disclosures About Market Risk. As of March 31, 2022, there were no material changes to the assumptions or risks.

As it relates to credit risk, following the closing of the John Alden Life Insurance Company (“JALIC”) transaction in April 2022, we no longer have reinsurance recoverables from Employers Reassurance Corporation (“ERAC”). As of March 31, 2022 and December 31, 2021, we had $812.0 million and $817.4 million, respectively, of reinsurance recoverables from ERAC that are included in assets held for sale on our consolidated balance sheets. Refer to Note 4 to the Consolidated Financial Statements included elsewhere in this Report.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2022. Based on such evaluation, management, including our CEO and CFO, has concluded that as of March 31, 2022, our disclosure controls and procedures were effective and provide reasonable assurance that information we are required to disclose in our reports pursuant to Rule 13a-15(e) or 15d-15(e) under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms. Our CEO and CFO also have concluded that as of March 31, 2022, information that we are required to disclose in our reports under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) under the Exchange Act) during the quarterly period ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1. Legal Proceedings

For a description of any material pending legal proceedings in which we are involved, see “Commitments and Contingencies—Legal and Regulatory Matters” in Note 15 to the Consolidated Financial Statements included elsewhere in this Report, which is hereby incorporated by reference.

Item 1A. Risk Factors

Certain factors may have a material adverse effect on our business, financial condition, results of operations and cash flows, and you should carefully consider them. It is not possible to predict or identify all such factors. For a discussion of potential risks or uncertainties affecting us, please refer to the information under the heading “Item 1A—Risk Factors” in our 2021 Annual Report. Additional risks and uncertainties that are not yet identified or that we currently believe to be immaterial may also materially harm our business, financial condition, results of operations and cash flows.

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

Issuer Purchases of Equity Securities:

(In millions, except number of shares and per share amounts)
Period in 2022	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs (1)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs (1)
January 1 - January 31	415,000	$	152.33	415,000	$	778.9
February 1 - February 28	497,000	161.07		497,000	698.9
March 1 - March 31	568,000	174.58		568,000	599.7
Total	1,480,000	$	163.80	1,480,000	$	599.7

(1)Shares repurchased pursuant to the May 2021 publicly announced share repurchase authorization of up to $900.0 million aggregate cost at purchase of outstanding common stock. As of March 31, 2022, $599.7 million aggregate cost at purchase remained unused under the repurchase authorization.

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Item 6. Exhibits

The following exhibits either (a) are filed with this Report or (b) have previously been filed with the SEC and are incorporated herein by reference to those prior filings.

10.1	Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Time-Based Awards under the Assurant, Inc. 2017 Long Term Equity Incentive Plan, as amended.
10.2	Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Performance-Based Awards under the Assurant, Inc. 2017 Long Term Equity Incentive Plan, as amended.
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
32.1	Certification of Chief Executive Officer of Assurant, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer of Assurant, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

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 thereunto duly authorized. 

ASSURANT, INC.
By:	/s/     KEITH W. DEMMINGS
Name:	Keith W. Demmings
Title:	President, Chief Executive Officer and Director (Principal Executive Officer)
By:	/s/    RICHARD S. DZIADZIO
Name:	Richard S. Dziadzio
Title:	Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date: May 5, 2022

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EX-10.1

EXHIBIT 10.1

A S S U R A N T, I N C.

R E S T R I C T E D S T O C K U N I T AWARD A G R E E M E N T

20[__] Time-Based Award

THIS AGREEMENT, dated as of [___], 20[__], between Assurant, Inc., a Delaware corporation (the “Company”), and [________________](the “Participant”).

In consideration of the mutual promises and covenants made herein and the mutual benefits to be derived herefrom, the parties hereto agree as follows:

1.     Grant, Vesting and Forfeiture of Restricted Stock Units.

(a)     Grant. Subject to the provisions of this Award Agreement (this “Agreement”) and the provisions of the Assurant, Inc. 2017 Long Term Equity Incentive Plan (the “Plan”), the Company hereby grants to the Participant, as of March 16, 20[__] (the “Grant Date”), [________]Restricted Stock Units (the “Restricted Stock Units”), each with respect to one share of common stock of the Company, par value $0.01 per Share (“Common Stock”). All capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Plan.

(b)     Vesting during the Restriction Period. Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest and shall no longer be subject to any restriction on the anniversaries of the Grant Date set forth below (the period during which restrictions apply, the “Restriction Period”):

Vesting Dates (Anniversaries of Grant Date)	Portion of Restricted Stock Units Vesting
First Anniversary	1/3
Second Anniversary	1/3
Third Anniversary	1/3

(c)     Forfeiture; Termination of Employment. Upon the Participant’s Termination of Employment for any reason during the Restriction Period, all Restricted Stock Units still subject to restriction shall be forfeited. Notwithstanding the foregoing, (i) upon the Participant’s Termination of Employment during the Restriction Period due to the Participant’s Retirement at any time following the end of the calendar year in which the Grant Date occurred, the restrictions applicable to any Restricted Stock Units shall immediately lapse, and such Restricted Stock Units shall become free of all restrictions and become fully vested; and (ii) upon the Participant’s Termination of Employment during the Restriction Period by the Company without Cause, or Termination of Employment due to death or Disability, the Participant shall vest in a number of Restricted Stock Units equal to the excess, if any, of (A) the product of (x) the total number of Restricted Stock Units and (y) a fraction, the numerator of which is the number of full months in the Restriction Period from the Grant Date until the date of Termination of Employment (provided that, for this purpose, the month in which the Grant Date occurs shall be considered a full month) and the denominator of which is the total number of months in the Restriction Period over (B) the number of Restricted Stock Units that previously vested as of the Termination of Employment without respect to this provision. For purposes of this Agreement, employment with the Company shall include employment with the Company’s Affiliates and its successors. Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ of the Company or any of its Affiliates or interfere in any way with the right of the Company or any such Affiliates to terminate the Participant’s employment at any time.

2.     Settlement of Units. As soon as practicable after the date on which the Restriction Period expires, and in no event later than 30 calendar days after such date, the Company shall deliver to the Participant or his or her personal representative, in book-position or certificate form, one Share that does not bear any restrictive legend for each vested Restricted Stock Unit.

3.     Dividend Equivalents. The Participant shall have the right to receive Dividend Equivalents with respect to Shares underlying Restricted Stock Units that are outstanding under this Agreement. The Dividend Equivalents represent the right to receive an amount equal to the aggregate regular cash dividends that would have been paid to the Participant if the Participant had been the record owner, on each record date for a cash dividend during the period from the Grant Date through the date on which the applicable Restricted Stock Units are settled, cancelled or forfeited of a number of Shares equal to the applicable number of Restricted Stock Units that vest pursuant to this Agreement. The Dividend Equivalents shall be paid, in cash, as soon as practicable, but in no event more than 45 calendar days following, the applicable record date for each such cash dividend.

4.     Nontransferability of the Restricted Stock Units. During the Restriction Period and until such time as the Restricted Stock Units are ultimately settled as provided in Section 2 above, the Restricted Stock Units and the Shares covered by the Restricted Stock Units shall not be transferable by the Participant by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. Any purported or attempted transfer of such Shares or such rights shall be null and void.

5.     Rights as a Stockholder. During the Restriction Period, the Participant shall not be entitled to any rights of a stockholder with respect to the Restricted Stock Units (including, without limitation, any voting rights).

6.     Adjustment; Change of Control. In the event of certain transactions during the Restricted Period, the Restricted Stock Units shall be subject to adjustment as provided in Section 3.6 of the Plan or any applicable successor provision under the Plan. In the event of a Change of Control before the Restricted Stock Units vest, the restrictions applicable to the Restricted Stock Units shall be determined in accordance with Section 9.1 of the Plan, and shall be settled within 5 calendar days after any full acceleration of vesting following a Change of Control as specified in Section 9.1 of the Plan; provided, however, that any Restricted Stock Units that constitute “nonqualified deferred compensation” as defined under Section 409A of the Code shall not be settled upon such Change of Control unless the Change of Control constitutes a “change in control event” within the meaning of Section 409A of the Code and will instead be settled at such time as specified in Section 2.

7.     Payment of Transfer Taxes, Fees and Other Expenses. The Company agrees to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of Shares received by a Participant in connection with the Restricted Stock Units, together with any and all other fees and expenses necessarily incurred by the Company in connection therewith.

8.     Taxes and Withholding. No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal, state, local, foreign income, employment or other tax purposes with respect to any Restricted Stock Units, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount. The obligations of the Company under this Agreement shall be conditioned on compliance by the Participant with this Section 8, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant, including deducting such amount from the delivery of Shares upon settlement of the Restricted Stock Units that gives rise to the withholding requirement.

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9.     Protective Covenants. In consideration of the grant of the Restricted Stock Units, Participant agrees to the protective covenants contained in this Section 9.

(a)     Acknowledgments.

(i)     Condition of Grant. Participant acknowledges and agrees that he/she has received good and valuable consideration for entering into this Agreement, including, without limitation, the grant of the Restricted Stock Units contained herein, access to and use of Company’s Confidential Information (as that term is defined below) and access to the Company’s customer and employee relationships and goodwill, and further acknowledges that the Company would not make the grant of the Restricted Stock Units contained herein in the absence of his/her execution of and compliance with this Agreement.

(ii)     Access to Confidential Information, Relationships, and Goodwill. Participant acknowledges and agrees that he/she is being provided and entrusted with Confidential Information, including highly confidential customer information that is subject to extensive measures to maintain its secrecy within the Company, is not known in the trade or disclosed to the public, and would materially harm the Company’s legitimate business interests if it was disclosed or used in violation of this Agreement. Participant also acknowledges and agrees that he/she is being provided and entrusted with access to the Company’s customer and employee relationships and goodwill. Participant further acknowledges and agrees that the Company would not provide access to the Confidential Information, customer and employee relationships, and goodwill in the absence of Participant’s execution of and compliance with this Agreement. Participant further acknowledges and agrees that the Company’s Confidential Information, customer and employee relationships, and goodwill are valuable assets of the Company and are legitimate business interests that are properly subject to protection through the covenants contained in this Agreement.

(iii)     Potential Unfair Competition. Participant acknowledges and agrees that as a result of his/her employment with the Company, his/her knowledge of and access to Confidential Information, and his/her relationships with the Company’s customers and employees, Participant would have an unfair competitive advantage if Participant were to engage in activities in violation of this Agreement.

(iv)     No Undue Hardship. Participant acknowledges and agrees that, in the event that his/her employment with the Company terminates, Participant possesses marketable skills and abilities that will enable Participant to find suitable employment without violating the covenants set forth in this Agreement.

(v)     Voluntary Execution. Participant acknowledges and affirms that he/she is executing this Agreement voluntarily, that he/she has read this Agreement carefully and had a full and reasonable opportunity to consider this Agreement (including an opportunity to consult with legal counsel), and that he/she has not been pressured or in any way coerced, threatened or intimidated into signing this Agreement.

(b)     Definitions. The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms:

(i)     “Competitive Services” means services provided by the Participant on behalf of any Competitor which are the same as or similar to those services Participant provided to the Company during the last 24 months preceding Participant’s Date of Termination. As used herein,

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“Competitor” means any Person which is engaged in or actively planning to engage in providing products or services which are competitive with those products or services offered by the Company.

(ii)     “Confidential Information” means any and all data and information relating to the Company, its activities, business, or clients that (i) is disclosed to Participant or of which Participant becomes aware as a consequence of his/her employment with the Company; (ii) has value to the Company; and (iii) is not generally known outside of the Company. “Confidential Information” shall include, but is not limited to the following types of information regarding, related to, or concerning the Company: trade secrets (as defined by the Delaware Trade Secrets Act); financial plans and data; management planning information; business plans; operational methods; market studies; marketing plans or strategies; pricing information; product development techniques or plans; customer lists; customer files, data and financial information; details of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business referral sources; past, current and planned research and development; computer aided systems, software, strategies and programs; business acquisition plans; management organization and related information (including, without limitation, data and other information concerning the compensation and benefits paid to officers, directors, employees and management); personnel and compensation policies; new personnel acquisition plans; and other similar information. “Confidential Information” also includes combinations of information or materials which individually may be generally known outside of the Company, but for which the nature, method, or procedure for combining such information or materials is not generally known outside of the Company. In addition to data and information relating to the Company, “Confidential Information” also includes any and all data and information relating to or concerning a third party that otherwise meets the definition set forth above, that was provided or made available to the Company by such third party, and that the Company has a duty or obligation to keep confidential. This definition shall not limit any definition of “confidential information” or any equivalent term under state or federal law. “Confidential Information” shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company.

(iii)     “Material Contact” means contact between Participant and a customer or potential customer of the Company (i) with whom or which Participant has or had dealings on behalf of the Company; (ii) whose dealings with the Company are or were coordinated or supervised by Participant; (iii) about whom Participant obtains Confidential Information in the ordinary course of business as a result of his/her employment with the Company; or (iv) who receives products or services of the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Participant within the two (2) years prior to Participant’s Termination Date.

(iv)     “Person” means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise.

(v)     “Principal or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant.

(vi)     “Protected Customer” means any Person to whom the Company has sold its products or services or actively solicited to sell its products or services, and with whom Participant has had Material Contact on behalf of the Company during his/her employment with the Company.

(vii)     “Protective Covenants” means the protective covenants contained in Section 9 hereof.

(viii)     “Restricted Period” means any time during Participant’s employment with the Company, as well as one (1) year from Participant’s Termination Date.

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(ix)     “Restricted Territory” means each Metropolitan Statistical Area (“MSA”) or Combined Statistical Area (“CSA”) in which one or more of the following is true in the 24-month period prior to the Termination Date: (1) Participant’s office or primary work site for the Company is located there; (2) Participant sells products or services for the Company there; and/or (3) Participant performs services on behalf of the Company there. As used in this Agreement, the geographic area encompassed by any applicable MSAs and /or CSAs is as defined by the U.S. Office of Management and Budget as of the Grant Date.

(x)     “Termination” means the termination of Participant’s employment with the Company, either voluntarily by the Participant or by the Company for any reason.

(xi)     “Termination Date” means the date of Participant’s Termination.

(c)     Restriction on Disclosure and Use of Confidential Information. Participant agrees that Participant shall not, directly or indirectly, use any Confidential Information on Participant’s own behalf or on behalf of any Person other than Company, or reveal, divulge, or disclose any Confidential Information to any Person not expressly authorized by the Company to receive such Confidential Information. This obligation shall remain in effect for as long as the information or materials in question retain their status as Confidential Information. Participant further agrees that he/she shall fully cooperate with the Company in maintaining the Confidential Information to the extent permitted by law. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Participant’s obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. Anything herein to the contrary notwithstanding, Participant shall not be restricted from: (i) disclosing information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by law, Participant shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Participant; and (ii) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation, and Participant shall not need the prior authorization of the Company to make any such reports or disclosures and shall not be required to notify the Company that Participant has made such reports or disclosures.

(d)     Non-Competition. Participant agrees that, during the Restricted Period, and within the Restricted Territory, he/she will not, without the prior written consent of the Company, directly or indirectly carry on, engage in or provide Competitive Services.

(e)     Non-Solicitation of Protected Customers. Participant agrees that, during the Restricted Period, he/she shall not, without the prior written consent of the Company, directly or indirectly, on his/her own behalf or as a Principal or Representative of any Person, solicit, divert, take away, or attempt to solicit, divert, or take away a Protected Customer for the purpose of engaging in, providing, or selling Competitive Services.

(f)     Non-Recruitment of Employees and Independent Contractors. Participant agrees that during the Restricted Period, he/she shall not, directly or indirectly, whether on his/her own behalf or as a Principal or Representative of any Person, recruit, solicit, or induce or attempt to recruit, solicit or induce any employee or independent contractor of the Company to terminate his/her employment or other relationship with the Company or to enter into employment or any other kind of business relationship with the Participant or any other Person.

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(g)     Return of Materials. Participant agrees that he/she will not retain or destroy (except as set forth below), and will immediately return to the Company on or prior to the Termination Date, or at any other time the Company requests such return, any and all property of the Company that is in his/her possession or subject to his/her control, including, but not limited to, customer files and information, papers, drawings, notes, manuals, specifications, designs, devices, code, email, documents, diskettes, CDs, tapes, keys, access cards, credit cards, identification cards, equipment, computers, mobile devices, other electronic media, all other files and documents relating to the Company and its business (regardless of form, but specifically including all electronic files and data of the Company), together with all Protected Works and Confidential Information belonging to the Company or that Participant received from or through his/her employment with the Company. Participant will not make, distribute, or retain copies of any such information or property. To the extent that Participant has electronic files or information in his/her possession or control that belong to the Company or contain Confidential Information (specifically including but not limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud storage), on or prior to the Termination Date, or at any other time the Company requests, Participant shall (a) provide the Company with an electronic copy of all of such files or information (in an electronic format that readily accessible by the Company); (b) after doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Company-owned computers, mobile devices, electronic media, cloud storage, and other media, devices, and equipment, such that such files and information are permanently deleted and irretrievable; and (c) provide a written certification to the Company that the required deletions have been completed and specifying the files and information deleted and the media source from which they were deleted. Participant agrees that he/she will reimburse the Company for all of its costs, including reasonable attorneys’ fees, of recovering the above materials and otherwise enforcing compliance with this provision if he/she does not return the materials to the Company or take the required steps with respect to electronic information or files on or prior to the Termination Date or at any other time the materials and/or electronic file actions are requested by the Company or if Participant otherwise fails to comply with this provision.

(h)     Enforcement of Protective Covenants.

(i)     Rights and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the Protective Covenants will be inadequate, and that in the event Participant breaches, or threatens to breach, any of the Protective Covenants, the Company shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily and permanently, Participant from violating or threatening to violate the Protective Covenants and to have the Protective Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Protective Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company. Participant understands and agrees that if he/she violates any of the obligations set forth in the Protective Covenants, the period of restriction applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that such litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity. Participant understands and agrees that, if the Parties become involved in legal action regarding the enforcement of the Protective Covenants and if the Company prevails in such legal action, the Company will be entitled, in addition to any other remedy, to recover from Participant its reasonable costs and attorneys’ fees incurred in enforcing such covenants. The Company’s ability to enforce its rights under the Protective Covenants or applicable law against Participant shall not be impaired in any way by the existence of a claim or cause of action on the part of Participant based on, or arising out of, this Agreement or any other event or transaction.

(ii)     Severability and Modification of Covenants. Participant acknowledges and agrees that each of the Protective Covenants is reasonable and valid in time and scope and in all other respects. The parties agree that it is their intention that the Protective Covenants be

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enforced in accordance with their terms to the maximum extent permitted by law. Each of the Protective Covenants shall be considered and construed as a separate and independent covenant. Should any part or provision of any of the Protective Covenants be held invalid, void, or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement or such Protective Covenant. If any of the provisions of the Protective Covenants should ever be held by a court of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope as such court may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.

(i)     Disclosure of Agreement. Participant acknowledges and agrees that, during the Restricted Period, he/she will disclose the existence and terms of this Agreement to any prospective employer, business partner, investor or lender prior to entering into an employment, partnership or other business relationship with such prospective employer, business partner, investor or lender. Participant further agrees that the Company shall have the right to make any such prospective employer, business partner, investor or lender of Participant aware of the existence and terms of this Agreement.

10.     Notices. Notices and other communications under this Agreement must be in writing and shall be given by hand delivery to the other party or by overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Participant:

At the most recent address

on file at the Company.

If to the Company:

Assurant, Inc.

55 Broadway, Suite 2901

New York, New York 10006

Attention: Corporate Secretary

or to such other address as any party shall have furnished to the other in writing in accordance with this Section 10. Notices and communications shall be effective upon delivery. Notwithstanding the foregoing, the Participant consents to electronic delivery of documents required to be delivered by the Company under the securities laws.

11.     Effect of Agreement. This Agreement is personal to the Participant and, without the prior written consent of the Company, shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

12.     Applicable Law; Forum Selection; Consent to Jurisdiction: The Company and Participant agree that this Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Delaware without giving effect to its conflicts of law principles, as applied to contracts executed in and performed wholly within the State of Delaware. Participant agrees that the exclusive forum for any action to enforce this Agreement, as well as any action relating to or arising out of this Agreement, shall be the state or federal courts of the State of Delaware. With respect to any such court action, Participant hereby (a) irrevocably submits to the personal jurisdiction of such courts; (b) consents to service of process; (c) consents to venue; and (d) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, service of process, or venue. Both parties hereto further agree that the state and federal courts of Delaware are convenient forums for any

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dispute that may arise herefrom and that neither party shall raise as a defense that such courts are not convenient forums.

13.     Terms of Plan. In addition to the terms and conditions set forth in this Agreement, the Restricted Stock Units are subject to the terms and conditions of the Plan, which is hereby incorporated by reference.

14.     Waiver. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

15.     Severability. If any one or more of the provisions contained in this Agreement are held to be invalid, illegal or unenforceable, the other provisions of this Agreement shall be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

16.     Conflicts and Interpretation. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (a) interpret the Plan, (b) prescribe, amend and rescind rules and regulations relating to the Plan, and (c) make all other determinations deemed necessary or advisable for the administration of the Plan. To the extent that Participant has entered into any other agreements with the Company or its affiliates which contain any provisions of the type contained within Section 9 of this agreement, those other provisions shall remain in full force and effect and the Protective Covenants in this Agreement shall be enforceable only if those other provisions are declared invalid and/or unenforceable by a court or the Company states in writing its intent not to enforce one or more of those other provisions. Subsections 9(d) and 9(e) of this agreement shall not be applicable to Participants who reside or work primarily in any jurisdiction where such provisions are unenforceable.

17.     Amendment. The Company may modify, amend or waive the terms of the Restricted Stock Unit award, prospectively or retroactively, but no such modification, amendment or waiver shall materially impair the rights of the Participant without his or her consent, except as required by applicable law, stock exchange rules, tax rules or accounting rules. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

18.     Section 409A of the Code. It is the intention of the Company that the Restricted Stock Units shall either (a) not constitute “nonqualified deferred compensation” as defined under Section 409A of the Code or (b) comply in all respects with the requirements of Section 409A of the Code and the regulations promulgated thereunder, such that no delivery of Shares pursuant to this Agreement will result in the imposition of taxation or penalties as a consequence of the application of Section 409A of the Code. Shares in respect of any Restricted Stock Units that (i) constitute “nonqualified deferred compensation” as defined under Section 409A of the Code and (ii) vest as a consequence of the Participant’s termination of employment shall not be delivered until the date that the Participant incurs a “separation from service” within the meaning of Section 409A of the Code (or, if the Participant is a “specified employee” within the meaning of Section 409A of the Code and the regulations promulgated thereunder, the date that is six months following the date of such “separation from service”). If the Company determines after the Grant Date that an amendment to this Agreement is necessary to ensure the foregoing, it may, notwithstanding Section 17, make such an amendment, effective as of the Grant Date or any later date, without the consent of the Participant. Notwithstanding any provision of this Agreement or the Plan, in the event that any

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taxes or penalties are imposed on the Participant by reason of Section 409A of the Code, the Participant acknowledges and agrees that such taxes or penalties shall be the exclusive obligation of the Participant, and the Company shall have no liability therefor.

19.     Recoupment Policy. The Company has established a Recoupment Policy, as amended from time to time, with respect to certain incentive-based compensation provided to current and former “executive officers” (as defined in the Recoupment Policy) of the Company. All Restricted Stock Units granted under this Agreement and held by any such person are subject to the terms and conditions of the Recoupment Policy, and, as a condition of participation in the Plan, each such person is deemed to have agreed to the terms of the Recoupment Policy. The terms of the Recoupment Policy are incorporated into this Agreement by reference.

20.     Defend Trade Secrets Act Notice. Under the U.S. Defend Trade Secrets Act of 2016, Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; (b) is made to Participant’s attorney in relation to a lawsuit for retaliation against Participant for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

21.     Headings. The headings of Sections herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement.

22.     Counterparts. This Agreement may be executed in counterparts, which together shall constitute one and the same original.

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EX-10.2

EXHIBIT 10.2

A S S U R A N T, I N C.

R E S T R I C T E D S T O C K U N I T AWARD A G R E E M E N T

20[__] Performance-Based Award

THIS AGREEMENT, dated as of [_____], 20[__], between Assurant, Inc., a Delaware corporation (the “Company”), and [________________](the “Participant”).

In consideration of the mutual promises and covenants made herein and the mutual benefits to be derived herefrom, the parties hereto agree as follows:

1.     Grant, Vesting and Forfeiture of Restricted Stock Units. (a) Grant. Subject to the provisions of this Award Agreement (this “Agreement”) and the provisions of the Assurant, Inc. 2017 Long Term Equity Incentive Plan (the “Plan”), the Company hereby grants to the Participant, as of March 16, 20[__] (the “Grant Date”), a number of Restricted Stock Units (the “Restricted Stock Units”) equal to [________] (the “Target Award”), each with respect to one share of common stock of the Company, par value $0.01 per Share (“Common Stock”). All capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Plan.

(b)     Vesting. Subject to the terms and conditions of this Agreement, a number of Restricted Stock Units shall vest and shall no longer be subject to any restriction on the date that the Committee determines and certifies (the “Determination Date”) the Company’s achievement in respect of each Goal (as defined below) for the period beginning on January 1, 20[__] and ending on December 31, 20[__] (such period, the “Performance Period”), provided that the Participant is continuously employed by the Company until the third anniversary of the Grant Date. Vesting of the Restricted Stock Units shall be determined based upon the Company’s performance during the Performance Period with respect to the following goals (the “Goals”) established by the Company within 90 days following the commencement of the Performance Period (the “Performance Level”): (i) the achievement of total shareholder return measured relative to the S&P 500 Index (“TSR”) and (ii) absolute net operating earnings per share, excluding: (A) reportable catastrophes (as defined in the Company’s audited consolidated financial statements) and (B) the net effect of changes in tax laws or regulations (“Net Operating EPS”). Each Goal shall be weighted equally in determining the Company’s Performance Level. The number of Restricted Stock Units that shall vest pursuant to the TSR Goal shall be determined as follows:

Targeted Percentile Rank	Percentage of Applicable Restricted Stock Units that Vest
90th Percentile and Above	200%
75th Percentile	150%
50th Percentile	100%
25th Percentile	50%
Below 25th Percentile	0%

Vesting for index performance that falls between the 25th and 50th, 50th and 75th and 75th and 90th percentiles shall be determined by straight-line interpolation. The number of Restricted Stock Units that shall vest pursuant to the Net Operating EPS Goal shall be determined as set forth in Appendix A attached hereto. On the Determination Date, the Committee shall determine the number of Restricted Stock Units, if any, that shall vest pursuant to each Goal. Such determinations shall be final, binding and conclusive on all persons for all purposes.

(c)     Forfeiture; Termination of Employment. Upon the Participant’s Termination of Employment for any reason before the third anniversary of the Grant Date, all Restricted Stock Units shall be forfeited. Notwithstanding the foregoing, (i) in the event that the Participant experiences a Termination of Employment before the third anniversary of the Grant Date due to the Participant’s Retirement at any time following the end of the calendar year in which the Grant Date occurred, the Participant shall vest in that number of Restricted Stock Units determined in accordance with Section 1(b) and (ii) in the event of the Participant’s Termination of Employment before the third anniversary of the Grant Date by the Company without Cause, or Termination of Employment due to death or Disability,the Participant shall vest in a number of Restricted Stock Units equal to the product of (A) the number of Restricted Stock Units determined in accordance with Section 1(b) and (B) a fraction, the numerator of which is the number of full months from the Grant Date until the date of Termination of Employment (provided that, for this purpose, the month in which the Grant Date occurs shall be considered a full month) and the denominator of which is thirty-six. Any Restricted Stock Units earned pursuant to the immediately preceding sentence shall be settled in accordance with Section 2. For purposes of this Agreement, employment with the Company shall include employment with the Company’s Affiliates and its successors. Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ of the Company or any of its Affiliates or interfere in any way with the right of the Company or any such Affiliates to terminate the Participant’s employment at any time.

2.     Settlement of Units. Subject to Section 1(c) of this Agreement, as soon as practicable after the Determination Date, but in no event later than the end of the year in which the Determination Date occurs, the Company shall deliver to the Participant or his or her personal representative, in book-position or certificate form, one Share that does not bear any restrictive legend for each vested Restricted Stock Unit.

3.     Dividend Equivalents. The Participant shall have the right to receive Dividend Equivalents with respect to Shares underlying the Restricted Stock Units that vest pursuant to this Agreement. The Dividend Equivalents represent the right to receive an amount equal to the aggregate regular cash dividends that would have been paid to the Participant if the Participant had been the record owner, on each record date for a cash dividend during the period from the Grant Date through the date on which the applicable Restricted Stock Units are settled, of a number of Shares equal to the applicable number of Restricted Stock Units that vest pursuant to this Agreement. The Dividend Equivalents shall be paid, in cash, on the date on which the applicable Restricted Stock Units are settled pursuant to this Agreement, or as soon as practicable thereafter, based on the amount of dividends that would have accrued on the Shares earned based on actual performance.

4.     Nontransferability of the Restricted Stock Units. During the Performance Period and until such time as the Restricted Stock Units are ultimately settled as provided in Section 2 above, the Restricted Stock Units and the Shares covered by the Restricted Stock Units shall not be transferable by the Participant by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. Any purported or attempted transfer of such Shares or such rights shall be null and void.

5.     Rights as a Stockholder. During the Performance Period and until such time as the Restricted Stock Units are ultimately settled as provided in Section 2 above, the Participant shall not be entitled to any rights of a stockholder with respect to the Restricted Stock Units (including, without limitation, any voting rights).

6.     Adjustment; Change of Control. In the event of certain transactions during the Restricted Period, the Restricted Stock Units shall be subject to adjustment as provided in Section 3.6 of the Plan or any applicable successor provision under the Plan. In the event of a Change of Control before the Restricted Stock Units vest, the restrictions applicable to the Restricted Stock Units shall be

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determined in accordance with Section 9.1 of the Plan, and shall be settled within 5 calendar days after any full acceleration of vesting following a Change of Control as specified in Section 9.1 of the Plan; provided, however, that any Restricted Stock Units that constitute “nonqualified deferred compensation” as defined under Section 409A of the Code shall not be settled upon such Change of Control unless the Change of Control constitutes a “change in control event” within the meaning of Section 409A of the Code and will instead be settled at such time as specified in Section 2.

7.     Payment of Transfer Taxes, Fees and Other Expenses. The Company agrees to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of Shares received by a Participant in connection with the Restricted Stock Units, together with any and all other fees and expenses necessarily incurred by the Company in connection therewith.

8.     Taxes and Withholding. No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal, state, local, foreign income, employment or other tax purposes with respect to any Restricted Stock Units, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount. The obligations of the Company under this Agreement shall be conditioned on compliance by the Participant with this Section 8, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant, including deducting such amount from the delivery of Shares upon settlement of the Restricted Stock Units that gives rise to the withholding requirement.

9.     Protective Covenants. In consideration of the grant of the Restricted Stock Units, Participant agrees to the protective covenants contained in this Section 9.

(a)     Acknowledgments.

(i)     Condition of Grant. Participant acknowledges and agrees that he/she has received good and valuable consideration for entering into this Agreement, including, without limitation, the grant of the Restricted Stock Units contained herein, access to and use of Company’s Confidential Information (as that term is defined below) and access to the Company’s customer and employee relationships and goodwill, and further acknowledges that the Company would not make the grant of the Restricted Stock Units contained herein in the absence of his/her execution of and compliance with this Agreement.

(ii)     Access to Confidential Information, Relationships, and Goodwill. Participant acknowledges and agrees that he/she is being provided and entrusted with Confidential Information, including highly confidential customer information that is subject to extensive measures to maintain its secrecy within the Company, is not known in the trade or disclosed to the public, and would materially harm the Company’s legitimate business interests if it was disclosed or used in violation of this Agreement. Participant also acknowledges and agrees that he/she is being provided and entrusted with access to the Company’s customer and employee relationships and goodwill. Participant further acknowledges and agrees that the Company would not provide access to the Confidential Information, customer and employee relationships, and goodwill in the absence of Participant’s execution of and compliance with this Agreement. Participant further acknowledges and agrees that the Company’s Confidential Information, customer and employee relationships, and goodwill are valuable assets of the Company and are legitimate business interests that are properly subject to protection through the covenants contained in this Agreement.

(iii)     Potential Unfair Competition. Participant acknowledges and agrees that as a result of his/her employment with the Company, his/her knowledge of and access to Confidential

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Information, and his/her relationships with the Company’s customers and employees, Participant would have an unfair competitive advantage if Participant were to engage in activities in violation of this Agreement.

(iv)     No Undue Hardship. Participant acknowledges and agrees that, in the event that his/her employment with the Company terminates, Participant possesses marketable skills and abilities that will enable Participant to find suitable employment without violating the covenants set forth in this Agreement.

(v)     Voluntary Execution. Participant acknowledges and affirms that he/she is executing this Agreement voluntarily, that he/she has read this Agreement carefully and had a full and reasonable opportunity to consider this Agreement (including an opportunity to consult with legal counsel), and that he/she has not been pressured or in any way coerced, threatened or intimidated into signing this Agreement.

(b)     Definitions. The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms:

(i)     “Competitive Services” means services provided by the Participant on behalf of any Competitor which are the same as or similar to those services Participant provided to the Company during the last 24 months preceding Participant’s Date of Termination. As used herein, “Competitor” means any Person which is engaged in or actively planning to engage in providing products or services which are competitive with those products or services offered by the Company.

(ii)     “Confidential Information” means any and all data and information relating to the Company, its activities, business, or clients that (i) is disclosed to Participant or of which Participant becomes aware as a consequence of his/her employment with the Company; (ii) has value to the Company; and (iii) is not generally known outside of the Company. “Confidential Information” shall include, but is not limited to the following types of information regarding, related to, or concerning the Company: trade secrets (as defined by the Delaware Trade Secrets Act); financial plans and data; management planning information; business plans; operational methods; market studies; marketing plans or strategies; pricing information; product development techniques or plans; customer lists; customer files, data and financial information; details of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business referral sources; past, current and planned research and development; computer aided systems, software, strategies and programs; business acquisition plans; management organization and related information (including, without limitation, data and other information concerning the compensation and benefits paid to officers, directors, employees and management); personnel and compensation policies; new personnel acquisition plans; and other similar information. “Confidential Information” also includes combinations of information or materials which individually may be generally known outside of the Company, but for which the nature, method, or procedure for combining such information or materials is not generally known outside of the Company. In addition to data and information relating to the Company, “Confidential Information” also includes any and all data and information relating to or concerning a third party that otherwise meets the definition set forth above, that was provided or made available to the Company by such third party, and that the Company has a duty or obligation to keep confidential. This definition shall not limit any definition of “confidential information” or any equivalent term under state or federal law. “Confidential Information” shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company.

(iii)     “Material Contact” means contact between Participant and a customer or potential customer of the Company (i) with whom or which Participant has or had dealings on

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behalf of the Company; (ii) whose dealings with the Company are or were coordinated or supervised by Participant; (iii) about whom Participant obtains Confidential Information in the ordinary course of business as a result of his/her employment with the Company; or (iv) who receives products or services of the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Participant within the two (2) years prior to Participant’s Termination Date.

(iv)     “Person” means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise.

(v)     “Principal or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant.

(vi)     “Protected Customer” means any Person to whom the Company has sold its products or services or actively solicited to sell its products or services, and with whom Participant has had Material Contact on behalf of the Company during his/her employment with the Company.

(vii)     “Protective Covenants” means the protective covenants contained in Section 9 hereof.

(viii)     “Restricted Period” means any time during Participant’s employment with the Company, as well as one (1) year from Participant’s Termination Date.

(ix)     “Restricted Territory” means each Metropolitan Statistical Area (“MSA”) or Combined Statistical Area (“CSA”) in which one or more of the following is true in the 24-month period prior to the Termination Date: (1) Participant’s office or primary work site for the Company is located there; (2) Participant sells products or services for the Company there; and/or (3) Participant performs services on behalf of the Company there. As used in this Agreement, the geographic area encompassed by any applicable MSAs and /or CSAs is as defined by the U.S. Office of Management and Budget as of the Grant Date.

(x)     “Termination” means the termination of Participant’s employment with the Company, either voluntarily by the Participant or by the Company for any reason.

(xi)     “Termination Date” means the date of Participant’s Termination.

(c)     Restriction on Disclosure and Use of Confidential Information. Participant agrees that Participant shall not, directly or indirectly, use any Confidential Information on Participant’s own behalf or on behalf of any Person other than Company, or reveal, divulge, or disclose any Confidential Information to any Person not expressly authorized by the Company to receive such Confidential Information. This obligation shall remain in effect for as long as the information or materials in question retain their status as Confidential Information. Participant further agrees that he/she shall fully cooperate with the Company in maintaining the Confidential Information to the extent permitted by law. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Participant’s obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. Anything herein to the contrary notwithstanding, Participant shall not be restricted from: (i) disclosing information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by law, Participant shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Participant; and (ii) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the

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whistleblower provisions of federal, state, or local law or regulation, and Participant shall not need the prior authorization of the Company to make any such reports or disclosures and shall not be required to notify the Company that Participant has made such reports or disclosures.

(d)     Non-Competition. Participant agrees that, during the Restricted Period, and within the Restricted Territory, he/she will not, without the prior written consent of the Company, directly or indirectly carry on, engage in or provide Competitive Services.

(e)     Non-Solicitation of Protected Customers. Participant agrees that, during the Restricted Period, he/she shall not, without the prior written consent of the Company, directly or indirectly, on his/her own behalf or as a Principal or Representative of any Person, solicit, divert, take away, or attempt to solicit, divert, or take away a Protected Customer for the purpose of engaging in, providing, or selling Competitive Services.

(f)     Non-Recruitment of Employees and Independent Contractors. Participant agrees that during the Restricted Period, he/she shall not, directly or indirectly, whether on his/her own behalf or as a Principal or Representative of any Person, recruit, solicit, or induce or attempt to recruit, solicit or induce any employee or independent contractor of the Company to terminate his/her employment or other relationship with the Company or to enter into employment or any other kind of business relationship with the Participant or any other Person.

(g)     Return of Materials. Participant agrees that he/she will not retain or destroy (except as set forth below), and will immediately return to the Company on or prior to the Termination Date, or at any other time the Company requests such return, any and all property of the Company that is in his/her possession or subject to his/her control, including, but not limited to, customer files and information, papers, drawings, notes, manuals, specifications, designs, devices, code, email, documents, diskettes, CDs, tapes, keys, access cards, credit cards, identification cards, equipment, computers, mobile devices, other electronic media, all other files and documents relating to the Company and its business (regardless of form, but specifically including all electronic files and data of the Company), together with all Protected Works and Confidential Information belonging to the Company or that Participant received from or through his/her employment with the Company. Participant will not make, distribute, or retain copies of any such information or property. To the extent that Participant has electronic files or information in his/her possession or control that belong to the Company or contain Confidential Information (specifically including but not limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud storage), on or prior to the Termination Date, or at any other time the Company requests, Participant shall (a) provide the Company with an electronic copy of all of such files or information (in an electronic format that readily accessible by the Company); (b) after doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Company-owned computers, mobile devices, electronic media, cloud storage, and other media, devices, and equipment, such that such files and information are permanently deleted and irretrievable; and (c) provide a written certification to the Company that the required deletions have been completed and specifying the files and information deleted and the media source from which they were deleted. Participant agrees that he/she will reimburse the Company for all of its costs, including reasonable attorneys’ fees, of recovering the above materials and otherwise enforcing compliance with this provision if he/she does not return the materials to the Company or take the required steps with respect to electronic information or files on or prior to the Termination Date or at any other time the materials and/or electronic file actions are requested by the Company or if Participant otherwise fails to comply with this provision.

(h)     Enforcement of Protective Covenants.

(i)     Rights and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the Protective Covenants will be

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inadequate, and that in the event Participant breaches, or threatens to breach, any of the Protective Covenants, the Company shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily and permanently, Participant from violating or threatening to violate the Protective Covenants and to have the Protective Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Protective Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company. Participant understands and agrees that if he/she violates any of the obligations set forth in the Protective Covenants, the period of restriction applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that such litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity. Participant understands and agrees that, if the Parties become involved in legal action regarding the enforcement of the Protective Covenants and if the Company prevails in such legal action, the Company will be entitled, in addition to any other remedy, to recover from Participant its reasonable costs and attorneys’ fees incurred in enforcing such covenants. The Company’s ability to enforce its rights under the Protective Covenants or applicable law against Participant shall not be impaired in any way by the existence of a claim or cause of action on the part of Participant based on, or arising out of, this Agreement or any other event or transaction.

(ii)     Severability and Modification of Covenants. Participant acknowledges and agrees that each of the Protective Covenants is reasonable and valid in time and scope and in all other respects. The parties agree that it is their intention that the Protective Covenants be enforced in accordance with their terms to the maximum extent permitted by law. Each of the Protective Covenants shall be considered and construed as a separate and independent covenant. Should any part or provision of any of the Protective Covenants be held invalid, void, or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement or such Protective Covenant. If any of the provisions of the Protective Covenants should ever be held by a court of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope as such court may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.

(i)     Disclosure of Agreement. Participant acknowledges and agrees that, during the Restricted Period, he/she will disclose the existence and terms of this Agreement to any prospective employer, business partner, investor or lender prior to entering into an employment, partnership or other business relationship with such prospective employer, business partner, investor or lender. Participant further agrees that the Company shall have the right to make any such prospective employer, business partner, investor or lender of Participant aware of the existence and terms of this Agreement.

10.     Notices. Notices and other communications under this Agreement must be in writing and shall be given by hand delivery to the other party or by overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Participant:

At the most recent address

on file at the Company.

If to the Company:

Assurant, Inc.

55 Broadway, Suite 2901

New York, New York 10006

Attention: Corporate Secretary

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or to such other address as any party shall have furnished to the other in writing in accordance with this Section 10. Notices and communications shall be effective upon delivery. Notwithstanding the foregoing, the Participant consents to electronic delivery of documents required to be delivered by the Company under the securities laws.

11.     Effect of Agreement. This Agreement is personal to the Participant and, without the prior written consent of the Company, shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

12.     Applicable Law; Forum Selection; Consent to Jurisdiction: The Company and Participant agree that this Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Delaware without giving effect to its conflicts of law principles, as applied to contracts executed in and performed wholly within the State of Delaware. Participant agrees that the exclusive forum for any action to enforce this Agreement, as well as any action relating to or arising out of this Agreement, shall be the state or federal courts of the State of Delaware. With respect to any such court action, Participant hereby (a) irrevocably submits to the personal jurisdiction of such courts; (b) consents to service of process; (c) consents to venue; and (d) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, service of process, or venue. Both parties hereto further agree that the state and federal courts of Delaware are convenient forums for any dispute that may arise herefrom and that neither party shall raise as a defense that such courts are not convenient forums.

13.     Terms of Plan. In addition to the terms and conditions set forth in this Agreement, the Restricted Stock Units are subject to the terms and conditions of the Plan, which is hereby incorporated by reference.

14.     Waiver. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

15.     Severability. If any one or more of the provisions contained in this Agreement are held to be invalid, illegal or unenforceable, the other provisions of this Agreement shall be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

16.     Conflicts and Interpretation. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (a) interpret the Plan, (b) prescribe, amend and rescind rules and regulations relating to the Plan, and (c) make all other determinations deemed necessary or advisable for the administration of the Plan. To the extent that Participant has entered into any other agreements with the Company or its affiliates which contain any provisions of the type contained within Section 9 of this agreement, those other provisions shall remain in full force and effect and the Protective Covenants in this Agreement shall be enforceable only if those other provisions are declared invalid and/or unenforceable by a court or the Company states in writing its intent not to enforce one or more of those other provisions. Subsections 9(d) and 9(e) of this agreement shall not be applicable to Participants who reside or work primarily in any jurisdiction where such provisions are not enforceable.

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17.     Amendment. The Company may modify, amend or waive the terms of the Restricted Stock Unit award, prospectively or retroactively, but no such modification, amendment or waiver shall materially impair the rights of the Participant without his or her consent, except as required by applicable law, stock exchange rules, tax rules or accounting rules. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

18.     Section 409A of the Code. It is the intention of the Company that the Restricted Stock Units shall either (a) not constitute “nonqualified deferred compensation” as defined under Section 409A of the Code or (b) comply in all respects with the requirements of Section 409A of the Code and the regulations promulgated thereunder, such that no delivery of Shares pursuant to this Agreement will result in the imposition of taxation or penalties as a consequence of the application of Section 409A of the Code. Shares in respect of any Restricted Stock Units that (i) constitute “nonqualified deferred compensation” as defined under Section 409A of the Code and (ii) vest as a consequence of the Participant’s termination of employment shall not be delivered until the date that the Participant incurs a “separation from service” within the meaning of Section 409A of the Code (or, if the Participant is a “specified employee” within the meaning of Section 409A of the Code and the regulations promulgated thereunder, the date that is six months following the date of such “separation from service”). If the Company determines after the Grant Date that an amendment to this Agreement is necessary to ensure the foregoing, it may, notwithstanding Section 17, make such an amendment, effective as of the Grant Date or any later date, without the consent of the Participant. Notwithstanding any provision of this Agreement or the Plan, in the event that any taxes or penalties are imposed on the Participant by reason of Section 409A of the Code, the Participant acknowledges and agrees that such taxes or penalties shall be the exclusive obligation of the Participant, and the Company shall have no liability therefor.

19.     Recoupment Policy. The Company has established a Recoupment Policy, as amended from time to time, with respect to certain incentive-based compensation provided to current and former “executive officers” (as defined in the Recoupment Policy) of the Company. All Restricted Stock Units granted under this Agreement and held by any such person are subject to the terms and conditions of the Recoupment Policy, and, as a condition of participation in the Plan, each such person is deemed to have agreed to the terms of the Recoupment Policy. The terms of the Recoupment Policy are incorporated into this Agreement by reference.

20.     Defend Trade Secrets Act Notice. Under the U.S. Defend Trade Secrets Act of 2016, Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; (b) is made to Participant’s attorney in relation to a lawsuit for retaliation against Participant for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

21.     Headings. The headings of Sections herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement.

22.     Counterparts. This Agreement may be executed in counterparts, which together shall constitute one and the same original.

-9-

Appendix A

The number of Restricted Stock Units that shall vest pursuant to the Net Operating EPS Goal shall be determined as follows:

Performance Level	Cumulative Net Operating EPS Goal (20[__]-20[__])	Percentage of Applicable Restricted Stock Units that Vest
Maximum	$	200%
Stretch	$	125%
Above Target	$	110%
Target	$	100%
Near Target	$	90%
Below Target	$	75%
Threshold	$	50%
Below Threshold	$___ or less	0%

Vesting for performance that falls between performance levels shall be determined by straight-line interpolation. The cumulative goal achievement is determined by adding Net Operating EPS for each year of the Performance Period.

-10-

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Keith W. Demmings, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Assurant, Inc. for the period ended March 31, 2022;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2022

/s/ Keith W. Demmings

Keith W. Demmings
President, Chief Executive Officer and Director (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Richard S. Dziadzio, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Assurant, Inc. for the period ended March 31, 2022;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2022

/s/ Richard S. Dziadzio

Richard S. Dziadzio
Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF

ASSURANT, INC.

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

§ 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Assurant, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Keith W. Demmings, President, Chief Executive Officer and Director (Principal Executive Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 5, 2022

/s/ Keith W. Demmings

Keith W. Demmings
President, Chief Executive Officer and Director (Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER OF

ASSURANT, INC.

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

§ 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Assurant, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard S. Dziadzio, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 5, 2022

/s/ Richard S. Dziadzio

Richard S. Dziadzio
Executive Vice President and Chief Financial Officer (Principal Financial Officer)

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-31978
Entity Registrant Name	Assurant, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1126612
Entity Address, Address Line One	55 Broadway
Entity Address, Address Line Two	Suite 2901
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
City Area Code	212
Local Phone Number	859-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,085,077
Entity Central Index Key	0001267238
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.01 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	AIZ
Security Exchange Name	NYSE
5.25% Subordinated Notes due 2061
Entity Listings [Line Items]
Title of 12(b) Security	5.25% Subordinated Notes due 2061
Trading Symbol	AIZN
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $6,996.0 and $6,903.9 at March 31, 2022 and December 31, 2021, respectively)	$ 6,887.9	$ 7,215.3
Equity securities at fair value	371.7	445.7
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $0.9 and $1.1 at March 31, 2022 and December 31, 2021, respectively)	280.7	256.5
Short-term investments	144.4	247.8
Other investments	534.4	506.3
Total investments	8,219.1	8,671.6
Cash and cash equivalents	1,250.9	2,040.8
Premiums and accounts receivable (net of allowances for credit losses of $8.8 and $9.4 at March 31, 2022 and December 31, 2021, respectively)	2,267.5	1,942.5
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at March 31, 2022 and December 31, 2021, respectively)	6,068.3	6,178.9
Accrued investment income	89.2	62.1
Deferred acquisition costs	9,025.4	8,811.0
Property and equipment, net	585.3	561.4
Goodwill	2,569.4	2,571.6
Value of business acquired	484.3	583.4
Other intangible assets, net	695.1	719.2
Other assets (net of allowances for credit losses of $2.6 and $2.5 at March 31, 2022 and December 31, 2021, respectively)	706.4	680.2
Assets held in separate accounts	11.1	11.9
Assets held for sale (Note 4)	1,050.6	1,076.9
Total assets	33,022.6	33,911.5
Liabilities
Future policy benefits and expenses	408.4	413.2
Unearned premiums	18,702.9	18,623.7
Claims and benefits payable	1,535.7	1,595.9
Commissions payable	629.4	692.7
Reinsurance balances payable	425.6	420.4
Funds held under reinsurance	355.1	364.2
Accounts payable and other liabilities	2,693.3	3,032.5
Debt	2,203.0	2,202.5
Liabilities related to separate accounts	11.1	11.9
Liabilities held for sale (Note 4)	1,037.0	1,064.8
Total liabilities	28,001.5	28,421.8
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 56,832,160 and 58,050,202 shares issued and 54,536,071 and 55,754,113 shares outstanding at March 31, 2022 and December 31, 2021, respectively	0.6	0.7
Additional paid-in capital	1,652.1	1,695.0
Retained earnings	3,976.5	4,066.8
Accumulated other comprehensive loss	(485.3)	(150.0)
Treasury stock, at cost; 2,296,089 shares at March 31, 2022 and December 31, 2021	(122.8)	(122.8)
Total equity	5,021.1	5,489.7
Total liabilities and equity	$ 33,022.6	$ 33,911.5

XML

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fixed maturity securities available for sale, amortized cost	$ 6,996.0
Commercial mortgage loans on real estate, allowances for expected credit losses	0.9	$ 1.1
Premiums and accounts receivable, allowances for expected credit losses	8.8	9.4
Reinsurance recoverables, allowances for expected credit losses	5.7	5.0
Other assets, allowances for credit losses	$ 2.6	$ 2.5
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares, issued (in shares)	56,832,160	58,050,202
Common stock, shares outstanding (in shares)	54,536,071	55,754,113
Treasury stock, at cost (in shares)	2,296,089	2,296,089
Fixed maturity securities
Fixed maturity securities available for sale, amortized cost	$ 6,996.0	$ 6,903.9

XML

Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net earned premiums	$ 2,136.4	$ 2,105.6
Fees and other income	322.4	249.9
Net investment income	86.3	76.3
Net realized (losses) gains on investments (including $0.5 and $1.0 of impairment-related losses for the three months ended March 31, 2022 and 2021, respectively) and fair value changes to equity securities	(62.4)	0.8
Total revenues	2,482.7	2,432.6
Benefits, losses and expenses
Policyholder benefits	494.5	528.7
Underwriting, selling, general and administrative expenses	1,790.5	1,682.4
Interest expense	26.9	28.4
Total benefits, losses and expenses	2,311.9	2,239.5
Income from continuing operations before income tax expense	170.8	193.1
Income tax expense	25.3	44.6
Net income from continuing operations	145.5	148.5
Net income from discontinued operations (Note 4)	0.0	14.3
Net income	145.5	162.8
Less: Net loss attributable to non-controlling interest	0.0	0.2
Net income attributable to stockholders	145.5	163.0
Less: Preferred stock dividends	0.0	(4.7)
Net income (loss) attributable to common stockholders, basic	145.5	158.3
Net income (loss) attributable to common stockholders, diluted	$ 145.5	$ 158.3
Basic
Net income from continuing operations (in dollars per share)	$ 2.61	$ 2.43
Net income (loss) from discontinued operations (in dollars per share)	0	0.24
Net income (loss) attributable to common stockholders (in dollars per share)	2.61	2.67
Diluted
Net income from continuing operations (in dollars per share)	2.59	2.41
Net income (loss) from discontinued operations (in dollars per share)	0	0.23
Net income (loss) attributable to common stockholders (in dollars per share)	$ 2.59	$ 2.64
Share Data
Weighted average common shares outstanding used in basic per common share calculations (in shares)	55,779,362	59,192,880
Plus: Dilutive securities (in shares)	401,042	2,590,512
Weighted average common shares outstanding used in diluted per common share calculations (in shares)	56,180,404	61,783,392

XML

Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Impairment gain (losses)	$ (0.5)	$ (1.0)

XML

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 145.5	$ 162.8
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $85.3 and $58.8 for the three months ended March 31, 2022 and 2021, respectively	(334.8)	(210.3)
Change in unrealized gains on derivative transactions, net of taxes of $0.2 and $0.2 for each of the three months ended March 31, 2022 and 2021, respectively	(0.6)	(0.6)
Change in foreign currency translation, net of taxes of $(3.6) and $2.1 for the three months ended March 31, 2022 and 2021, respectively	1.3	7.2
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.3 and $0.5 for the three months ended March 31, 2022 and 2021, respectively	(1.2)	(1.6)
Total other comprehensive loss	(335.3)	(205.3)
Total comprehensive loss	(189.8)	(42.5)
Less: Comprehensive loss attributable to non-controlling interest	0.0	0.2
Total comprehensive loss attributable to stockholders	$ (189.8)	$ (42.3)

XML

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Change in unrealized gains on securities, tax	$ 85.3	$ 58.8
Change in unrealized gains on derivative transactions, tax	0.2	0.2
Change in foreign currency transaction, tax	(3.6)	2.1
Change in pension and postretirement unrecognized net periodic benefit cost, tax	$ 0.3	$ 0.5

XML

Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 5,954.8	$ 2.9	$ 0.6	$ 1,956.8	$ 3,548.7	$ 709.8	$ (267.4)	$ 3.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan exercises	5.4			5.4
Stock plan compensation expense	13.2			13.2
Common stock dividends	(38.2)				(38.2)
Acquisition of common stock	(62.6)			(29.3)	(33.3)
Net income (loss)	162.8				163.0			(0.2)
Preferred stock conversion	0.0	(2.9)	0.1	(141.8)			144.6
Preferred stock dividends	(4.7)				(4.7)
Change in equity of non-controlling interests	0.2							0.2
Other comprehensive loss	(205.3)					(205.3)
Ending balance at Mar. 31, 2021	5,825.6	$ 0.0	0.7	1,804.3	3,635.5	504.5	(122.8)	$ 3.4
Beginning balance at Dec. 31, 2021	5,489.7		0.7	1,695.0	4,066.8	(150.0)	(122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan exercises	7.8			7.8
Stock plan compensation expense	12.4			12.4
Common stock dividends	(37.4)				(37.4)
Acquisition of common stock	(261.6)		(0.1)	(63.1)	(198.4)
Net income (loss)	145.5				145.5
Other comprehensive loss	(335.3)					(335.3)
Ending balance at Mar. 31, 2022	$ 5,021.1		$ 0.6	$ 1,652.1	$ 3,976.5	$ (485.3)	$ (122.8)

XML

Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (usd per share)	$ 0.68	$ 0.66
Preferred stock dividends (usd per share)		$ 1.63

XML

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Net income attributable to stockholders	$ 145.5	$ 163.0
Noncash revenues, expenses, gains and losses included in net income from operations:
Income from discontinued operations	0.0	(14.3)
Deferred tax expense	26.1	19.2
Depreciation and amortization	47.3	41.4
Net realized losses (gains) on investments, including impairment losses	62.4	(0.8)
Stock based compensation expense	12.4	13.2
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(30.6)	4.9
Premiums and accounts receivable	(311.2)	(385.0)
Commissions payable	(66.4)	(142.6)
Reinsurance recoverable	113.2	69.9
Reinsurance balance payable	(2.8)	64.0
Funds withheld under reinsurance	(9.7)	0.6
Deferred acquisition costs and value of business acquired	(91.0)	(111.4)
Taxes payable	(70.5)	6.5
Other assets and other liabilities	(285.0)	(187.9)
Other	(40.8)	(9.0)
Net cash provided by operating activities - discontinued operations	0.0	49.6
Net cash used in operating activities	(501.1)	(418.7)
Sales of:
Fixed maturity securities available for sale	729.6	215.5
Equity securities	28.9	3.4
Other invested assets	29.2	25.8
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	151.6	239.0
Commercial mortgage loans on real estate	10.6	4.2
Purchases of:
Fixed maturity securities available for sale	(951.7)	(390.6)
Equity securities	(7.9)	(10.3)
Commercial mortgage loans on real estate	(34.6)	(10.0)
Other invested assets	(31.9)	(12.2)
Property and equipment and other	(41.1)	(39.6)
Subsidiaries, net of cash transferred	0.0	(4.1)
Change in short-term investments	103.8	41.6
Other	0.2	0.5
Net cash used in investing activities - discontinued operations	0.0	(48.7)
Net cash (used in) provided by investing activities	(13.3)	14.5
Financing activities
Repayment of debt	0.0	(50.0)
Acquisition of common stock	(230.0)	(42.0)
Common stock dividends paid	(37.4)	(38.2)
Preferred stock dividends paid	0.0	(4.7)
Employee stock purchases and withholdings	(10.1)	(18.1)
Net cash used in financing activities	(277.5)	(153.0)
Effect of exchange rate changes on cash and cash equivalents - continuing operations	(4.1)	0.0
Effect of exchange rate changes on cash and cash equivalents - discontinued operations	0.0	0.2
Effect of exchange rate changes on cash and cash equivalents	(4.1)	0.2
Change in cash and cash equivalents	(796.0)	(557.0)
Cash and cash equivalents at beginning of period - continuing operations	2,040.8	2,228.6
Add: Cash and cash equivalents reclassified as held for sale at beginning of period	14.0	0.0
Cash and cash equivalents at beginning of period	2,054.8	2,228.6
Cash and cash equivalents at end of period	1,258.8	1,671.6
Less: Cash and cash equivalents reclassified as held for sale at end of period	7.9	0.0
Less: Cash and cash equivalents of discontinued operations at end of period	0.0	20.3
Cash and cash equivalents of continuing operations at end of period	$ 1,250.9	$ 1,651.3

XML

Nature of Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Assurant, Inc. (the “Company”) is a leading global business services company that supports, protects and connects major consumer purchases. The Company supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service products and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection and related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”). The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.

The interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been revised to conform to the current year presentation, including the change to the segment measure of profitability described in Note 5. 

Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adopted

Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.

The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no contracts or hedging relationships for which the reference LIBOR or another rate is expected to be discontinued and a GAAP contract modification is required.

Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no convertible instruments or contracts in its own equity.

Not Yet Adopted

Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.

The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. With the sale of the disposed Global

Preneed business in August 2021, the adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.  

Recognition and Measurement of Revenue Contracts with Customers Acquired in a Business Combination: In October 2021, the FASB issued guidance to improve comparability after a business combination is reported in the acquirer’s financial statements by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. Generally, the acquirer will recognize the acquired contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in the acquisition accounting. Under the amended guidance, the acquirer should account for the related revenue contracts as if it had originated the contracts. The amendments provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination.

The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.

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Dispositions

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions

Sale of Global Preneed

On August 2, 2021, the Company completed its sale of the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment (collectively, the “disposed Global Preneed business”), to subsidiaries of CUNA Mutual Group (“CUNA”) for an aggregate purchase price at closing of $1.34 billion in cash.

The following table summarizes the components of net income (loss) from discontinued operations included in the consolidated statements of operations:

	Three Months Ended March 31,
	2021
Revenues
Net earned premiums	$	17.7
Fees and other income	37.5
Net investment income	72.0
Net realized losses on investments and fair value changes to equity securities	(1.1)
Loss on disposal of businesses	(4.3)
Total revenues	121.8
Benefits, losses and expenses
Policyholder benefits	74.0
Selling, underwriting, general and administrative expenses	36.7
Total benefits, losses and expenses	110.7
Income from discontinued operations before income taxes	11.1
Benefit for income taxes	(3.2)
Net income from discontinued operations	$	14.3

Sale of John Alden Life Insurance Company

On April 1, 2022, the Company completed its sale of John Alden Life Insurance Company (“JALIC”), a runoff business reported in the Corporate and Other segment. Prior to the sale, JALIC met the criteria for held for sale presentation and, therefore, its assets and liabilities were recorded as held for sale in the March 31, 2022 and December 31, 2021 consolidated balance sheets. The major classes of assets and liabilities held for sale included $908.2 million and $915.8 million of future policy benefits and expenses, $875.4 million and $881.6 million of reinsurance recoverables, $146.7 million and $159.6 million of other investments and $114.1 million and $117.2 million of claims and benefits payable as of March 31, 2022 and December 31, 2021, respectively.

Most of the $875.4 million and $881.6 million reinsurance recoverables balance for JALIC, which was included in assets held for sale as of March 31, 2022 and December 31, 2021, respectively, was reinsured with Employers Reassurance Corporation (“ERAC”) and was uncollateralized.

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Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

In conjunction with the transition of our new CEO and chief operating decision maker, the Company changed its segment measure of profitability for its reportable segments to an Adjusted EBITDA metric, as the primary measure used for purposes of making decisions about allocating resources to the segments and assessing performance, from segment net income from continuing operations, effective January 1, 2022. Prior period amounts have been revised to reflect the new segment measure for profitability.

As of March 31, 2022, the Company had three reportable segments: Global Lifestyle, Global Housing and Corporate and Other. The Company defines Adjusted EBITDA as net income from continuing operations, excluding net realized gains (losses) on investments and fair value changes to equity securities, COVID-19 direct and incremental expenses, loss on extinguishment of debt, net income (loss) attributable to non-controlling interests, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), as well as other highly variable or unusual items.

The following table presents segment Adjusted EBITDA with a reconciliation to net income attributable to common shareholders:

	Three Months Ended March 31,
	2022		2021
Adjusted EBITDA by segment:
Global Lifestyle	$	217.4	$	193.0
Global Housing	103.8		93.5
Corporate and Other	(22.2)		(27.9)
Reconciling items to consolidated net income from continuing operations:
Interest expense	(26.9)		(28.4)
Depreciation expense	(20.3)		(16.8)
Amortization of purchased intangible assets	(17.6)		(17.0)
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)		0.8
COVID-19 direct and incremental expenses	(1.4)		(3.0)
Other adjustments	0.4		(0.9)
Loss attributable to non-controlling interest	—		(0.2)
Total reconciling items	(128.2)		(65.5)
Income from continuing operations before income tax expense	170.8		193.1
Income tax expense	25.3		44.6
Net income from continuing operations	$	145.5	$	148.5

The Company’s net earned premiums, fees and other income by segment and product are as follows:

	Three Months Ended March 31,
	2022		2021
Global Lifestyle:
Connected Living (1)	$	1,072.5	$	1,049.9
Global Automotive	889.1		812.4
Total	$	1,961.6	$	1,862.3
Global Housing:
Lender-placed Insurance	$	266.8	$	260.4
Multifamily Housing	119.9		117.4
Specialty and Other	110.1		115.2
Total	$	496.8	$	493.0

(1)Effective January 1, 2022, the Connected Living line of business includes the previous Global Financial Services and Other line of business. Prior period amounts have been revised to reflect this change.

The following table presents total assets by segment:

	March 31, 2022		December 31, 2021
Global Lifestyle (1)	$	26,244.2	$	26,210.0
Global Housing (1)	3,963.6		4,131.2
Corporate and Other	2,814.8		3,570.3
Segment assets	$	33,022.6	$	33,911.5

(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.

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Contract Revenues

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract Revenues

Contract Revenues

The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.

The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $277.6 million and $164.9 million for Global Lifestyle and $22.4 million and $24.5 million for Global Housing for the three months ended March 31, 2022 and 2021, respectively.

Global Lifestyle

In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its clients, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.

Global Housing

In the Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

Contract Balances

The receivables and unearned revenue under these contracts were $320.0 million and $193.1 million, respectively, as of March 31, 2022, and $313.7 million and $191.5 million, respectively, as of December 31, 2021. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended March 31, 2022 and 2021 that was included in unearned revenue as of December 31, 2021 and 2020 was $22.6 million and $11.7 million, respectively.

In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of March 31, 2022 and December 31, 2021, the Company had approximately $87.2 million and $93.0 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.

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Investments

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Investments

Investments

The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:

	March 31, 2022
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	81.5	$	—	$	0.8	$	(2.8)	$	79.5
States, municipalities and political subdivisions	144.8		—		3.1		(6.9)		141.0
Foreign governments	428.5		—		2.7		(10.1)		421.1
Asset-backed	476.9		—		12.7		(10.5)		479.1
Commercial mortgage-backed	481.6		—		1.2		(16.3)		466.5
Residential mortgage-backed	536.4		—		5.8		(15.9)		526.3
U.S. corporate	3,556.2		—		85.4		(111.5)		3,530.1
Foreign corporate	1,290.1		—		15.9		(61.7)		1,244.3
Total fixed maturity securities	$	6,996.0	$	—	$	127.6	$	(235.7)	$	6,887.9

	December 31, 2021
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	83.0	$	—	$	2.1	$	(0.1)	$	85.0
States, municipalities and political subdivisions	142.2		—		7.0		(0.7)		148.5
Foreign governments	436.0		—		5.9		(4.2)		437.7
Asset-backed	411.1		—		14.2		(2.3)		423.0
Commercial mortgage-backed	466.7		—		10.3		(3.3)		473.7
Residential mortgage-backed	578.4		—		25.2		(1.7)		601.9
U.S. corporate	3,581.2		—		235.9		(14.0)		3,803.1
Foreign corporate	1,205.3		—		46.0		(8.9)		1,242.4
Total fixed maturity securities	$	6,903.9	$	—	$	346.6	$	(35.2)	$	7,215.3

The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Cost or Amortized Cost		Fair Value
Due in one year or less	$	356.6	$	358.7
Due after one year through five years	2,012.2		2,013.1
Due after five years through ten years	2,074.3		2,020.5
Due after ten years	1,058.0		1,023.7
Total	5,501.1		5,416.0
Asset-backed	476.9		479.1
Commercial mortgage-backed	481.6		466.5
Residential mortgage-backed	536.4		526.3
Total	$	6,996.0	$	6,887.9

The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 

	Three Months Ended March 31,
	2022		2021
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities	$	(18.5)	$	3.0
Equity securities (1) (2)	(43.2)		(1.7)
Commercial mortgage loans on real estate	0.2		0.3
Other investments	(0.4)		0.2
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(61.9)		1.8
Net realized losses related to impairments:
Fixed maturity securities	—		—
Other investments	(0.5)		(1.0)
Total net realized losses related to impairments	(0.5)		(1.0)
Total net realized (losses) gains on investments and fair value changes to equity securities	$	(62.4)	$	0.8

(1)Upward adjustments of $10.0 million and $2.1 million and impairments of $0.0 million and $0.5 million were realized on equity investments accounted for under the measurement alternative for the three months ended March 31, 2022 and 2021, respectively.

(2)Three months ended March 31, 2022 included $33.7 million of net losses from four equity positions that went public during 2021. The total fair value of these investments as of March 31, 2022 was $77.0 million, included in equity securities on the consolidated balance sheet.

The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Net losses recognized on equity securities	$	(43.2)	$	(1.7)
Less: Net realized gains related to sales of equity securities	11.8		0.9
Total fair value changes to equity securities held	$	(55.0)	$	(2.6)

Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:

	March 31, 2022		December 31, 2021
Initial cost	$	83.7	$	77.0
Cumulative upward adjustments	52.1		42.7
Cumulative downward adjustments (including impairments)	(16.0)		(16.0)
Carrying value	$	119.8	$	103.7

The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	53.5	$	(2.7)	$	0.6	$	(0.1)	$	54.1	$	(2.8)
States, municipalities and political subdivisions	59.0		(5.9)		6.5		(1.0)		65.5		(6.9)
Foreign governments	246.9		(9.2)		12.7		(0.9)		259.6		(10.1)
Asset-backed	373.4		(9.9)		23.3		(0.6)		396.7		(10.5)
Commercial mortgage-backed	314.9		(13.9)		20.2		(2.4)		335.1		(16.3)
Residential mortgage-backed	233.8		(15.0)		12.1		(0.9)		245.9		(15.9)
U.S. corporate	1,359.3		(94.8)		96.5		(16.7)		1,455.8		(111.5)
Foreign corporate	735.6		(49.3)		75.0		(12.4)		810.6		(61.7)
Total fixed maturity securities	$	3,376.4	$	(200.7)	$	246.9	$	(35.0)	$	3,623.3	$	(235.7)

	December 31, 2021
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	31.5	$	(0.1)	$	—	$	—	$	31.5	$	(0.1)
States, municipalities and political subdivisions	48.1		(0.7)		—		—		48.1		(0.7)
Foreign governments	216.0		(4.1)		4.0		(0.1)		220.0		(4.2)
Asset-backed	257.7		(2.1)		9.8		(0.2)		267.5		(2.3)
Commercial mortgage-backed	274.8		(2.9)		2.0		(0.4)		276.8		(3.3)
Residential mortgage-backed	94.0		(1.5)		10.0		(0.2)		104.0		(1.7)
U.S. corporate	687.8		(13.1)		15.2		(0.9)		703.0		(14.0)
Foreign corporate	394.0		(8.6)		6.7		(0.3)		400.7		(8.9)
Total fixed maturity securities	$	2,003.9	$	(33.1)	$	47.7	$	(2.1)	$	2,051.6	$	(35.2)

Total gross unrealized losses represented approximately 7% and 2% of the aggregate fair value of the related securities as of March 31, 2022 and December 31, 2021, respectively. Approximately 85% and 94% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of March 31, 2022 and December 31, 2021, respectively. The total gross unrealized losses are comprised of 2,460 and 1,202 individual securities as of March 31, 2022 and December 31, 2021, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of March 31, 2022 and December 31, 2021 were related to non-credit factors and therefore, did not recognize credit-related losses during the three months ended March 31, 2022. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.

The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of March 31, 2022, approximately 35% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Nevada. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $9.5 million as of March 31, 2022 and from $0.1 million to $9.6 million as of December 31, 2021.

Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is

commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.

The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2022 and December 31, 2021.

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	21.3	$	71.6	$	2.9	$	—	$	—	$	100.4	$	196.2	69.7	%
71% to 80%	12.7		62.2		2.7		—		4.7		—		82.3		29.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		—		2.0		2.0		0.7	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	8.0	$	59.8	$	5.6	$	—	$	—	$	67.0	$	140.4	49.9	%
1.5 to 2.0	18.4		34.0		—		—		4.7		21.0		78.1		27.7	%
1.0 to 1.5	7.6		40.0		—		—		—		9.7		57.3		20.3	%
Less than 1.0	—		—		—		—		—		5.8		5.8		2.1	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	71.7	$	5.6	$	—	$	—	$	4.0	$	99.8	$	181.1	70.3	%
71% to 80%	61.8		—		—		4.7		—		1.0		67.5		26.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		5.8		2.1		7.9		3.1	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	59.3	$	5.6	$	—	$	—	$	—	$	70.5	$	135.4	52.6	%
1.5 to 2.0	34.1		—		—		4.7		4.0		17.5		60.3		23.4	%
1.0 to 1.5	40.1		—		—		—		—		9.9		50.0		19.4	%
Less than 1.0	—		—		—		—		5.8		6.1		11.9		4.6	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

(1)Loan-to-value ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.

(2)Debt-service coverage ratio calculated using most recent reported operating results from property operators divided by annual debt service coverage.

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures

The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.

The levels of the fair value hierarchy are described below:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.

•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.

•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant

Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.  

	March 31, 2022
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	79.5	$	—		$	79.5		$	—
States, municipalities and political subdivisions	141.0		—			141.0			—
Foreign governments	421.1		—			421.1			—
Asset-backed	479.1		—			479.1			—
Commercial mortgage-backed	466.5		—			466.5			—
Residential mortgage-backed	526.3		—			526.3			—
U.S. corporate	3,530.1		—			3,526.9			3.2
Foreign corporate	1,244.3		—			1,240.8			3.5
Equity securities:
Mutual funds	32.2		32.2			—			—
Common stocks	94.2		38.8			0.7			54.7		(6)
Non-redeemable preferred stocks	245.3		—			245.3			—
Short-term investments	105.6		95.8		(2)	9.8			—
Other investments	73.1		72.9		(1)	—			0.2
Cash equivalents	496.5		480.1		(2)	16.4		(3)	—
Other assets	3.7		—			3.7		(4)	—
Assets held in separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial assets	$	7,949.6	$	726.9		$	7,161.1		$	61.6
Financial Liabilities
Other liabilities	$	76.9	$	72.9	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial liabilities	$	88.0	$	80.0		$	4.0		$	4.0

	December 31, 2021
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	85.0	$	—		$	85.0		$	—
States, municipalities and political subdivisions	148.5		—			148.5			—
Foreign governments	437.7		—			437.7			—
Asset-backed	423.0		—			423.0			—
Commercial mortgage-backed	473.7		—			473.7			—
Residential mortgage-backed	601.9		—			601.9			—
U.S. corporate	3,803.1		—			3,799.7			3.4
Foreign corporate	1,242.4		—			1,238.8			3.6
Equity securities:
Mutual funds	33.3		33.3			—			—
Common stocks	151.1		15.5			0.7			134.9		(6)
Non-redeemable preferred stocks	261.3		—			261.3			—
Short-term investments	207.2		200.1		(2)	7.1			—
Other investments	72.6		72.4		(1)	—			0.2
Cash equivalents	1,243.9		1,190.9		(2)	53.0		(3)	—
Other assets	1.7		—			1.7		(4)	—
Assets held in separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial assets	$	9,198.2	$	1,519.9		$	7,536.2		$	142.1
Financial Liabilities
Other liabilities	$	76.4	$	72.4	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial liabilities	$	88.2	$	80.1		$	4.1		$	4.0

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities and related obligations.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities and other derivatives.

(6)These equity securities are subject to lock up agreements and therefore an illiquidity discount was applied to the exchange traded price, which includes significant unobservable inputs.

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:

	March 31, 2022
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	280.7	$	279.4	$	—	$	—	$	279.4
Other investments	4.7		4.7		2.0		—		2.7
Other assets	22.7		22.7		—		—		22.7
Total financial assets	$	308.1	$	306.8	$	2.0	$	—	$	304.8
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.6	$	8.7	$	—	$	—	$	8.7
Funds withheld under reinsurance	355.1		355.1		355.1		—		—
Debt	2,203.0		2,239.1		—		2,239.1		—
Total financial liabilities	$	2,566.7	$	2,602.9	$	355.1	$	2,239.1	$	8.7
	December 31, 2021
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	256.5	$	266.0	$	—	$	—	$	266.0
Other investments	4.2		4.2		2.0		—		2.2
Other assets	24.9		24.9		—		—		24.9
Total financial assets	$	285.6	$	295.1	$	2.0	$	—	$	293.1
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.5	$	9.6	$	—	$	—	$	9.6
Funds withheld under reinsurance	364.2		364.2		364.2		—		—
Debt	2,202.5		2,456.3		—		2,456.3		—
Total financial liabilities	$	2,575.2	$	2,830.1	$	364.2	$	2,456.3	$	9.6

(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.

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Deferred Acquisition Costs

3 Months Ended

Mar. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Acquisition Costs

Deferred Acquisition Costs 

The following table discloses information about deferred acquisition costs as of the dates indicated:

	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	8,811.0	$	7,388.0
Costs deferred	1,103.9		1,044.8
Amortization	(889.5)		(783.1)
Ending balance	$	9,025.4	$	7,649.7

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Reserves

3 Months Ended

Mar. 31, 2022

Insurance Loss Reserves [Abstract]

Reserves

Reserves

Reserve Roll Forward

The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.

Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.

The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.

	For the Three Months Ended March 31,
	2022		2021
Claims and benefits payable, at beginning of period	$	1,595.9	$	1,610.3
Less: Reinsurance ceded and other	(825.6)		(849.4)
Net claims and benefits payable, at beginning of period	770.3		760.9
Incurred losses and loss adjustment expenses related to:
Current year	524.6		574.9
Prior years	(30.1)		(46.2)
Total incurred losses and loss adjustment expenses	494.5		528.7
Paid losses and loss adjustment expenses related to:
Current year	211.4		235.8
Prior years	259.2		268.3
Total paid losses and loss adjustment expenses	470.6		504.1
Net claims and benefits payable, at end of period	794.2		785.5
Plus: Reinsurance ceded and other (1)	741.5		792.5
Claims and benefits payable, at end of period (1)	$	1,535.7	$	1,578.0

(1)Includes reinsurance recoverables and claims and benefits payable of $75.4 million and $66.1 million as of March 31, 2022 and 2021, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

The Company experienced favorable loss development in both periods presented in the roll forward table above. Global Lifestyle contributed $33.1 million and $30.6 million to the net favorable loss development during the three months ended March 31, 2022 and 2021, respectively. The net favorable loss development in both periods was attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable. Global Housing had net unfavorable loss development of $7.6 million for the three months ended March 31, 2022 and net favorable loss development of $12.6 million for the three months ended March 31, 2021. The net unfavorable loss development for the three months ended March 31, 2022 was primarily attributable to sharing economy products from a reserve adjustment and adverse development from policies previously written under less favorable terms. The net unfavorable loss development from non-catastrophe losses was partially offset by net favorable loss development of $1.6 million from prior catastrophe events. The favorable loss development for the three months ended March 31, 2021 was primarily attributable to Lender-placed Insurance products from the most recent accident years due to lower than expected non-catastrophe claim frequency. All others contributed $4.6 million and $3.0 million on net favorable loss development for the three months ended March 31, 2022 and 2021, respectively.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 

	Three Months Ended March 31, 2022
	Foreign currency translation adjustment		Net unrealized losses on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at December 31, 2021	$	(326.9)	$	256.6	$	12.4	$	(92.1)	$	(150.0)
Change in accumulated other comprehensive income (loss) before reclassifications	1.3		(347.8)		—		0.6		(345.9)
Amounts reclassified from accumulated other comprehensive income (loss)	—		13.0		(0.6)		(1.8)		10.6
Net current-period other comprehensive income (loss)	1.3		(334.8)		(0.6)		(1.2)		(335.3)
Balance at March 31, 2022	$	(325.6)	$	(78.2)	$	11.8	$	(93.3)	$	(485.3)
	Three Months Ended March 31, 2021
	Foreign currency translation adjustment		Net unrealized gains on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive income
Balance at December 31, 2020	$	(295.6)	$	1,097.6	$	14.7	$	(106.9)	$	709.8
Change in accumulated other comprehensive income (loss) before reclassifications	7.2		(207.9)		—		(0.3)		(201.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.4)		(0.6)		(1.3)		(4.3)
Net current-period other comprehensive income (loss)	7.2		(210.3)		(0.6)		(1.6)		(205.3)
Balance at March 31, 2021	$	(288.4)	$	887.3	$	14.1	$	(108.5)	$	504.5

The following tables summarize the reclassifications out of accumulated other comprehensive income (“AOCI”) for the periods indicated:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income				Affected line item in the statement where net income is presented
	Three Months Ended March 31,
	2022		2021
Net unrealized losses (gains) on investments	$	16.4	$	(3.1)	Net realized losses (gains) on investments
	(3.4)		0.7		Provision for income taxes
	$	13.0	$	(2.4)	Net of tax
Net unrealized gains on derivative transactions	$	(0.7)	$	(0.7)	Interest expense
	0.1		0.1		Provision for income taxes
	$	(0.6)	$	(0.6)	Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss	$	1.1	$	1.8	(1)
Amortization of prior service credit	(3.4)		(3.4)		(1)
	(2.3)		(1.6)
	0.5		0.3		Provision for income taxes
	$	(1.8)	$	(1.3)	Net of tax
Total reclassifications for the period	$	10.6	$	(4.3)	Net of tax

(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 14.

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Equity Transactions

3 Months Ended

Mar. 31, 2022

Class of Stock Disclosures [Abstract]

Equity Transactions

Equity Transactions

Mandatory Convertible Preferred Stock (“MCPS”)

In March 2018, the Company issued 2,875,000 shares of the MCPS, with a par value of $1.00 per share, at a public offering price of $100.00 per share. Each outstanding share of MCPS converted in March 2021 into 0.9405 of common shares, or 2,703,911 common shares in total plus an immaterial amount of cash in lieu of fractional shares. The Company used a portion of its treasury stock for the common shares, using the average cost method to account for the reissuance of such shares.

Dividends on the MCPS were payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company paid preferred stock dividends of $4.7 million for the three months ended March 31, 2021.

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common ShareThe following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.

	Three Months Ended March 31,
	2022		2021
Numerator
Net income from continuing operations	$	145.5	$	148.5
Less: Net loss attributable to non-controlling interest	—		0.2
Net income from continuing operations attributable to stockholders	145.5		148.7
Less: Preferred stock dividends	—		(4.7)
Net income from continuing operations attributable to common stockholders	145.5		144.0
Less: Common stock dividends paid	(37.4)		(38.2)
Undistributed earnings	$	108.1	$	105.8
Net income from continuing operations attributable to common stockholders	$	145.5	$	144.0
Add: Net income from discontinued operations	—		14.3
Net income attributable to common stockholders	$	145.5	$	158.3
Denominator
Weighted average common shares outstanding used in basic per common share calculations	55,779,362		59,192,880
Incremental common shares from:
PSUs	399,632		367,274
ESPP	1,410		—
MCPS	—		2,223,238
Weighted average common shares outstanding used in diluted per common share calculations	56,180,404		61,783,392
Earnings per common share - Basic
Distributed earnings	$	0.67	$	0.64
Undistributed earnings	1.94		1.79
Net income from continuing operations	2.61		2.43
Net income from discontinued operations	—		0.24
Net income attributable to common stockholders	$	2.61	$	2.67
Earnings per common share - Diluted
Distributed earnings	$	0.66	$	0.62
Undistributed earnings	1.93		1.79
Net income from continuing operations	2.59		2.41
Net income from discontinued operations	—		0.23
Net income attributable to common stockholders	$	2.59	$	2.64

Average PSUs totaling 14,777 and 18,373 for the three months ended March 31, 2022 and 2021, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.

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Retirement and Other Employee Benefits

3 Months Ended

Mar. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Retirement and Other Employee Benefits

Retirement and Other Employee BenefitsThe Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. The Pension Benefits and Retirement Health Benefits (together, the “Plans”) were frozen on March 1, 2016.

In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid up to the Termination Date. The Retirement Health Benefits obligations were re-measured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI, which will be reclassified from AOCI as it is amortized in the net periodic benefit cost over the remaining period until the Termination Date.

The following tables present the components of net periodic benefit cost for the Plans for the three months ended March 31, 2022 and 2021: 

	Qualified Pension Benefits				Unfunded Non-qualified  Pension Benefits				Retirement Health Benefits
	For the Three Months Ended March 31,				For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2022		2021		2022		2021		2022		2021
Interest cost	$	4.2	$	3.5	$	0.4	$	0.3	$	—	$	—
Expected return on plan assets	(6.9)		(6.9)		—		—		(0.3)		(0.4)
Amortization of prior service credit	—		—		—		—		(3.4)		(3.4)
Amortization of net loss (gain)	0.8		1.2		0.5		0.8		(0.2)		(0.1)
Net periodic benefit cost	$	(1.9)	$	(2.2)	$	0.9	$	1.1	$	(3.9)	$	(3.9)

 The Assurant Pension Plan funded status was $83.5 million at March 31, 2022 and $74.8 million at December 31, 2021 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 112% and 110% funded status at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2022.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Letters of Credit

In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $7.2 million of letters of credit outstanding as of March 31, 2022 and December 31, 2021.

Legal and Regulatory Matters

The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.

The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.

The interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been revised to conform to the current year presentation, including the change to the segment measure of profitability described in Note 5. 

Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adopted

Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.

The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no contracts or hedging relationships for which the reference LIBOR or another rate is expected to be discontinued and a GAAP contract modification is required.

Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.

This standard is effective as of January 1, 2022, but has no impact on the Company’s consolidated financial statements as the Company currently has no convertible instruments or contracts in its own equity.

Not Yet Adopted

Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.

The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. With the sale of the disposed Global

Preneed business in August 2021, the adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.  

Recognition and Measurement of Revenue Contracts with Customers Acquired in a Business Combination: In October 2021, the FASB issued guidance to improve comparability after a business combination is reported in the acquirer’s financial statements by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. Generally, the acquirer will recognize the acquired contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in the acquisition accounting. Under the amended guidance, the acquirer should account for the related revenue contracts as if it had originated the contracts. The amendments provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination.

The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The adoption of this standard is expected to have no material impact on the Company’s financial position and results of operations.

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Dispositions (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table summarizes the components of net income (loss) from discontinued operations included in the consolidated statements of operations:

	Three Months Ended March 31,
	2021
Revenues
Net earned premiums	$	17.7
Fees and other income	37.5
Net investment income	72.0
Net realized losses on investments and fair value changes to equity securities	(1.1)
Loss on disposal of businesses	(4.3)
Total revenues	121.8
Benefits, losses and expenses
Policyholder benefits	74.0
Selling, underwriting, general and administrative expenses	36.7
Total benefits, losses and expenses	110.7
Income from discontinued operations before income taxes	11.1
Benefit for income taxes	(3.2)
Net income from discontinued operations	$	14.3

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Information by Segment

The following table presents segment Adjusted EBITDA with a reconciliation to net income attributable to common shareholders:

	Three Months Ended March 31,
	2022		2021
Adjusted EBITDA by segment:
Global Lifestyle	$	217.4	$	193.0
Global Housing	103.8		93.5
Corporate and Other	(22.2)		(27.9)
Reconciling items to consolidated net income from continuing operations:
Interest expense	(26.9)		(28.4)
Depreciation expense	(20.3)		(16.8)
Amortization of purchased intangible assets	(17.6)		(17.0)
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)		0.8
COVID-19 direct and incremental expenses	(1.4)		(3.0)
Other adjustments	0.4		(0.9)
Loss attributable to non-controlling interest	—		(0.2)
Total reconciling items	(128.2)		(65.5)
Income from continuing operations before income tax expense	170.8		193.1
Income tax expense	25.3		44.6
Net income from continuing operations	$	145.5	$	148.5

The Company’s net earned premiums, fees and other income by segment and product are as follows:

	Three Months Ended March 31,
	2022		2021
Global Lifestyle:
Connected Living (1)	$	1,072.5	$	1,049.9
Global Automotive	889.1		812.4
Total	$	1,961.6	$	1,862.3
Global Housing:
Lender-placed Insurance	$	266.8	$	260.4
Multifamily Housing	119.9		117.4
Specialty and Other	110.1		115.2
Total	$	496.8	$	493.0

(1)Effective January 1, 2022, the Connected Living line of business includes the previous Global Financial Services and Other line of business. Prior period amounts have been revised to reflect this change.

The following table presents total assets by segment:

	March 31, 2022		December 31, 2021
Global Lifestyle (1)	$	26,244.2	$	26,210.0
Global Housing (1)	3,963.6		4,131.2
Corporate and Other	2,814.8		3,570.3
Segment assets	$	33,022.6	$	33,911.5

(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.

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Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, Fair Value

The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:

	March 31, 2022
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	81.5	$	—	$	0.8	$	(2.8)	$	79.5
States, municipalities and political subdivisions	144.8		—		3.1		(6.9)		141.0
Foreign governments	428.5		—		2.7		(10.1)		421.1
Asset-backed	476.9		—		12.7		(10.5)		479.1
Commercial mortgage-backed	481.6		—		1.2		(16.3)		466.5
Residential mortgage-backed	536.4		—		5.8		(15.9)		526.3
U.S. corporate	3,556.2		—		85.4		(111.5)		3,530.1
Foreign corporate	1,290.1		—		15.9		(61.7)		1,244.3
Total fixed maturity securities	$	6,996.0	$	—	$	127.6	$	(235.7)	$	6,887.9

	December 31, 2021
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	83.0	$	—	$	2.1	$	(0.1)	$	85.0
States, municipalities and political subdivisions	142.2		—		7.0		(0.7)		148.5
Foreign governments	436.0		—		5.9		(4.2)		437.7
Asset-backed	411.1		—		14.2		(2.3)		423.0
Commercial mortgage-backed	466.7		—		10.3		(3.3)		473.7
Residential mortgage-backed	578.4		—		25.2		(1.7)		601.9
U.S. corporate	3,581.2		—		235.9		(14.0)		3,803.1
Foreign corporate	1,205.3		—		46.0		(8.9)		1,242.4
Total fixed maturity securities	$	6,903.9	$	—	$	346.6	$	(35.2)	$	7,215.3

Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity

The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Cost or Amortized Cost		Fair Value
Due in one year or less	$	356.6	$	358.7
Due after one year through five years	2,012.2		2,013.1
Due after five years through ten years	2,074.3		2,020.5
Due after ten years	1,058.0		1,023.7
Total	5,501.1		5,416.0
Asset-backed	476.9		479.1
Commercial mortgage-backed	481.6		466.5
Residential mortgage-backed	536.4		526.3
Total	$	6,996.0	$	6,887.9

Net Realized Gains (Losses), Including Other-Than-Temporary Impairments

The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 

	Three Months Ended March 31,
	2022		2021
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities	$	(18.5)	$	3.0
Equity securities (1) (2)	(43.2)		(1.7)
Commercial mortgage loans on real estate	0.2		0.3
Other investments	(0.4)		0.2
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(61.9)		1.8
Net realized losses related to impairments:
Fixed maturity securities	—		—
Other investments	(0.5)		(1.0)
Total net realized losses related to impairments	(0.5)		(1.0)
Total net realized (losses) gains on investments and fair value changes to equity securities	$	(62.4)	$	0.8

(1)Upward adjustments of $10.0 million and $2.1 million and impairments of $0.0 million and $0.5 million were realized on equity investments accounted for under the measurement alternative for the three months ended March 31, 2022 and 2021, respectively.

(2)Three months ended March 31, 2022 included $33.7 million of net losses from four equity positions that went public during 2021. The total fair value of these investments as of March 31, 2022 was $77.0 million, included in equity securities on the consolidated balance sheet.

Unrealized Gains on Equity Securities

The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Net losses recognized on equity securities	$	(43.2)	$	(1.7)
Less: Net realized gains related to sales of equity securities	11.8		0.9
Total fair value changes to equity securities held	$	(55.0)	$	(2.6)

Equity Securities without Readily Determinable Fair Value

The following table summarizes information related to these investments:

	March 31, 2022		December 31, 2021
Initial cost	$	83.7	$	77.0
Cumulative upward adjustments	52.1		42.7
Cumulative downward adjustments (including impairments)	(16.0)		(16.0)
Carrying value	$	119.8	$	103.7

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	53.5	$	(2.7)	$	0.6	$	(0.1)	$	54.1	$	(2.8)
States, municipalities and political subdivisions	59.0		(5.9)		6.5		(1.0)		65.5		(6.9)
Foreign governments	246.9		(9.2)		12.7		(0.9)		259.6		(10.1)
Asset-backed	373.4		(9.9)		23.3		(0.6)		396.7		(10.5)
Commercial mortgage-backed	314.9		(13.9)		20.2		(2.4)		335.1		(16.3)
Residential mortgage-backed	233.8		(15.0)		12.1		(0.9)		245.9		(15.9)
U.S. corporate	1,359.3		(94.8)		96.5		(16.7)		1,455.8		(111.5)
Foreign corporate	735.6		(49.3)		75.0		(12.4)		810.6		(61.7)
Total fixed maturity securities	$	3,376.4	$	(200.7)	$	246.9	$	(35.0)	$	3,623.3	$	(235.7)

	December 31, 2021
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	31.5	$	(0.1)	$	—	$	—	$	31.5	$	(0.1)
States, municipalities and political subdivisions	48.1		(0.7)		—		—		48.1		(0.7)
Foreign governments	216.0		(4.1)		4.0		(0.1)		220.0		(4.2)
Asset-backed	257.7		(2.1)		9.8		(0.2)		267.5		(2.3)
Commercial mortgage-backed	274.8		(2.9)		2.0		(0.4)		276.8		(3.3)
Residential mortgage-backed	94.0		(1.5)		10.0		(0.2)		104.0		(1.7)
U.S. corporate	687.8		(13.1)		15.2		(0.9)		703.0		(14.0)
Foreign corporate	394.0		(8.6)		6.7		(0.3)		400.7		(8.9)
Total fixed maturity securities	$	2,003.9	$	(33.1)	$	47.7	$	(2.1)	$	2,051.6	$	(35.2)

Credit Quality Indicators

The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2022 and December 31, 2021.

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	21.3	$	71.6	$	2.9	$	—	$	—	$	100.4	$	196.2	69.7	%
71% to 80%	12.7		62.2		2.7		—		4.7		—		82.3		29.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		—		2.0		2.0		0.7	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	March 31, 2022
	Origination Year
	2022		2021		2020		2019		2018		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	8.0	$	59.8	$	5.6	$	—	$	—	$	67.0	$	140.4	49.9	%
1.5 to 2.0	18.4		34.0		—		—		4.7		21.0		78.1		27.7	%
1.0 to 1.5	7.6		40.0		—		—		—		9.7		57.3		20.3	%
Less than 1.0	—		—		—		—		—		5.8		5.8		2.1	%
Total	$	34.0	$	133.8	$	5.6	$	—	$	4.7	$	103.5	$	281.6	100.0	%

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	71.7	$	5.6	$	—	$	—	$	4.0	$	99.8	$	181.1	70.3	%
71% to 80%	61.8		—		—		4.7		—		1.0		67.5		26.2	%
81% to 95%	—		—		—		—		—		1.1		1.1		0.4	%
Greater than 95%	—		—		—		—		5.8		2.1		7.9		3.1	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

	December 31, 2021
	Origination Year
	2021		2020		2019		2018		2017		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	59.3	$	5.6	$	—	$	—	$	—	$	70.5	$	135.4	52.6	%
1.5 to 2.0	34.1		—		—		4.7		4.0		17.5		60.3		23.4	%
1.0 to 1.5	40.1		—		—		—		—		9.9		50.0		19.4	%
Less than 1.0	—		—		—		—		5.8		6.1		11.9		4.6	%
Total	$	133.5	$	5.6	$	—	$	4.7	$	9.8	$	104.0	$	257.6	100.0	%

(1)Loan-to-value ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.

(2)Debt-service coverage ratio calculated using most recent reported operating results from property operators divided by annual debt service coverage.

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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Assets and Liabilities

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant

Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.  

	March 31, 2022
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	79.5	$	—		$	79.5		$	—
States, municipalities and political subdivisions	141.0		—			141.0			—
Foreign governments	421.1		—			421.1			—
Asset-backed	479.1		—			479.1			—
Commercial mortgage-backed	466.5		—			466.5			—
Residential mortgage-backed	526.3		—			526.3			—
U.S. corporate	3,530.1		—			3,526.9			3.2
Foreign corporate	1,244.3		—			1,240.8			3.5
Equity securities:
Mutual funds	32.2		32.2			—			—
Common stocks	94.2		38.8			0.7			54.7		(6)
Non-redeemable preferred stocks	245.3		—			245.3			—
Short-term investments	105.6		95.8		(2)	9.8			—
Other investments	73.1		72.9		(1)	—			0.2
Cash equivalents	496.5		480.1		(2)	16.4		(3)	—
Other assets	3.7		—			3.7		(4)	—
Assets held in separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial assets	$	7,949.6	$	726.9		$	7,161.1		$	61.6
Financial Liabilities
Other liabilities	$	76.9	$	72.9	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.1		7.1		(1)	4.0		(3)	—
Total financial liabilities	$	88.0	$	80.0		$	4.0		$	4.0

	December 31, 2021
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	85.0	$	—		$	85.0		$	—
States, municipalities and political subdivisions	148.5		—			148.5			—
Foreign governments	437.7		—			437.7			—
Asset-backed	423.0		—			423.0			—
Commercial mortgage-backed	473.7		—			473.7			—
Residential mortgage-backed	601.9		—			601.9			—
U.S. corporate	3,803.1		—			3,799.7			3.4
Foreign corporate	1,242.4		—			1,238.8			3.6
Equity securities:
Mutual funds	33.3		33.3			—			—
Common stocks	151.1		15.5			0.7			134.9		(6)
Non-redeemable preferred stocks	261.3		—			261.3			—
Short-term investments	207.2		200.1		(2)	7.1			—
Other investments	72.6		72.4		(1)	—			0.2
Cash equivalents	1,243.9		1,190.9		(2)	53.0		(3)	—
Other assets	1.7		—			1.7		(4)	—
Assets held in separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial assets	$	9,198.2	$	1,519.9		$	7,536.2		$	142.1
Financial Liabilities
Other liabilities	$	76.4	$	72.4	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial liabilities	$	88.2	$	80.1		$	4.1		$	4.0

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities and related obligations.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities and other derivatives.

(6)These equity securities are subject to lock up agreements and therefore an illiquidity discount was applied to the exchange traded price, which includes significant unobservable inputs.

Carrying Value and Fair Value of the Financial Instruments that are Not recognized or are Not Carried at Fair Value

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:

	March 31, 2022
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	280.7	$	279.4	$	—	$	—	$	279.4
Other investments	4.7		4.7		2.0		—		2.7
Other assets	22.7		22.7		—		—		22.7
Total financial assets	$	308.1	$	306.8	$	2.0	$	—	$	304.8
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.6	$	8.7	$	—	$	—	$	8.7
Funds withheld under reinsurance	355.1		355.1		355.1		—		—
Debt	2,203.0		2,239.1		—		2,239.1		—
Total financial liabilities	$	2,566.7	$	2,602.9	$	355.1	$	2,239.1	$	8.7
	December 31, 2021
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	256.5	$	266.0	$	—	$	—	$	266.0
Other investments	4.2		4.2		2.0		—		2.2
Other assets	24.9		24.9		—		—		24.9
Total financial assets	$	285.6	$	295.1	$	2.0	$	—	$	293.1
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.5	$	9.6	$	—	$	—	$	9.6
Funds withheld under reinsurance	364.2		364.2		364.2		—		—
Debt	2,202.5		2,456.3		—		2,456.3		—
Total financial liabilities	$	2,575.2	$	2,830.1	$	364.2	$	2,456.3	$	9.6

(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.

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Deferred Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of Deferred Acquisition Costs

The following table discloses information about deferred acquisition costs as of the dates indicated:

	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	8,811.0	$	7,388.0
Costs deferred	1,103.9		1,044.8
Amortization	(889.5)		(783.1)
Ending balance	$	9,025.4	$	7,649.7

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Reserves (Tables)

3 Months Ended

Mar. 31, 2022

Insurance Loss Reserves [Abstract]

Roll Forward of Claims and Benefits Payable

The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.

Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.

The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.

	For the Three Months Ended March 31,
	2022		2021
Claims and benefits payable, at beginning of period	$	1,595.9	$	1,610.3
Less: Reinsurance ceded and other	(825.6)		(849.4)
Net claims and benefits payable, at beginning of period	770.3		760.9
Incurred losses and loss adjustment expenses related to:
Current year	524.6		574.9
Prior years	(30.1)		(46.2)
Total incurred losses and loss adjustment expenses	494.5		528.7
Paid losses and loss adjustment expenses related to:
Current year	211.4		235.8
Prior years	259.2		268.3
Total paid losses and loss adjustment expenses	470.6		504.1
Net claims and benefits payable, at end of period	794.2		785.5
Plus: Reinsurance ceded and other (1)	741.5		792.5
Claims and benefits payable, at end of period (1)	$	1,535.7	$	1,578.0

(1)Includes reinsurance recoverables and claims and benefits payable of $75.4 million and $66.1 million as of March 31, 2022 and 2021, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income, Net of Tax

The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 

	Three Months Ended March 31, 2022
	Foreign currency translation adjustment		Net unrealized losses on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at December 31, 2021	$	(326.9)	$	256.6	$	12.4	$	(92.1)	$	(150.0)
Change in accumulated other comprehensive income (loss) before reclassifications	1.3		(347.8)		—		0.6		(345.9)
Amounts reclassified from accumulated other comprehensive income (loss)	—		13.0		(0.6)		(1.8)		10.6
Net current-period other comprehensive income (loss)	1.3		(334.8)		(0.6)		(1.2)		(335.3)
Balance at March 31, 2022	$	(325.6)	$	(78.2)	$	11.8	$	(93.3)	$	(485.3)
	Three Months Ended March 31, 2021
	Foreign currency translation adjustment		Net unrealized gains on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive income
Balance at December 31, 2020	$	(295.6)	$	1,097.6	$	14.7	$	(106.9)	$	709.8
Change in accumulated other comprehensive income (loss) before reclassifications	7.2		(207.9)		—		(0.3)		(201.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.4)		(0.6)		(1.3)		(4.3)
Net current-period other comprehensive income (loss)	7.2		(210.3)		(0.6)		(1.6)		(205.3)
Balance at March 31, 2021	$	(288.4)	$	887.3	$	14.1	$	(108.5)	$	504.5

Reclassification out of Accumulated Other Comprehensive Income

The following tables summarize the reclassifications out of accumulated other comprehensive income (“AOCI”) for the periods indicated:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income				Affected line item in the statement where net income is presented
	Three Months Ended March 31,
	2022		2021
Net unrealized losses (gains) on investments	$	16.4	$	(3.1)	Net realized losses (gains) on investments
	(3.4)		0.7		Provision for income taxes
	$	13.0	$	(2.4)	Net of tax
Net unrealized gains on derivative transactions	$	(0.7)	$	(0.7)	Interest expense
	0.1		0.1		Provision for income taxes
	$	(0.6)	$	(0.6)	Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss	$	1.1	$	1.8	(1)
Amortization of prior service credit	(3.4)		(3.4)		(1)
	(2.3)		(1.6)
	0.5		0.3		Provision for income taxes
	$	(1.8)	$	(1.3)	Net of tax
Total reclassifications for the period	$	10.6	$	(4.3)	Net of tax

(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 14.

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS

The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.

	Three Months Ended March 31,
	2022		2021
Numerator
Net income from continuing operations	$	145.5	$	148.5
Less: Net loss attributable to non-controlling interest	—		0.2
Net income from continuing operations attributable to stockholders	145.5		148.7
Less: Preferred stock dividends	—		(4.7)
Net income from continuing operations attributable to common stockholders	145.5		144.0
Less: Common stock dividends paid	(37.4)		(38.2)
Undistributed earnings	$	108.1	$	105.8
Net income from continuing operations attributable to common stockholders	$	145.5	$	144.0
Add: Net income from discontinued operations	—		14.3
Net income attributable to common stockholders	$	145.5	$	158.3
Denominator
Weighted average common shares outstanding used in basic per common share calculations	55,779,362		59,192,880
Incremental common shares from:
PSUs	399,632		367,274
ESPP	1,410		—
MCPS	—		2,223,238
Weighted average common shares outstanding used in diluted per common share calculations	56,180,404		61,783,392
Earnings per common share - Basic
Distributed earnings	$	0.67	$	0.64
Undistributed earnings	1.94		1.79
Net income from continuing operations	2.61		2.43
Net income from discontinued operations	—		0.24
Net income attributable to common stockholders	$	2.61	$	2.67
Earnings per common share - Diluted
Distributed earnings	$	0.66	$	0.62
Undistributed earnings	1.93		1.79
Net income from continuing operations	2.59		2.41
Net income from discontinued operations	—		0.23
Net income attributable to common stockholders	$	2.59	$	2.64

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Retirement and Other Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Components of Net Periodic Benefit Cost

The following tables present the components of net periodic benefit cost for the Plans for the three months ended March 31, 2022 and 2021: 

	Qualified Pension Benefits				Unfunded Non-qualified  Pension Benefits				Retirement Health Benefits
	For the Three Months Ended March 31,				For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2022		2021		2022		2021		2022		2021
Interest cost	$	4.2	$	3.5	$	0.4	$	0.3	$	—	$	—
Expected return on plan assets	(6.9)		(6.9)		—		—		(0.3)		(0.4)
Amortization of prior service credit	—		—		—		—		(3.4)		(3.4)
Amortization of net loss (gain)	0.8		1.2		0.5		0.8		(0.2)		(0.1)
Net periodic benefit cost	$	(1.9)	$	(2.2)	$	0.9	$	1.1	$	(3.9)	$	(3.9)

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Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

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Dispositions - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Aug. 02, 2021	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Future policy benefits and expenses	$ 408.4	$ 413.2
Reinsurance recoverables, including reinsurance premium paid	6,068.3	6,178.9
Other Investments	534.4	506.3
Claims and benefits payable	1,535.7	1,595.9		$ 1,578.0	$ 1,610.3
Global Preneed | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of discontinued operation, aggregated sale price			$ 1,340.0
John Alden Life Insurance Company | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Future policy benefits and expenses	908.2	915.8
Reinsurance recoverables, including reinsurance premium paid	875.4	881.6
Other Investments	146.7	159.6
Claims and benefits payable	$ 114.1	$ 117.2

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Dispositions - Schedule of Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net earned premiums	$ 2,136.4	$ 2,105.6
Fees and other income	322.4	249.9
Net investment income	86.3	76.3
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)	0.8
Total revenues	2,482.7	2,432.6
Benefits, losses and expenses
Policyholder benefits	494.5	528.7
Selling, underwriting, general and administrative expenses	1,790.5	1,682.4
Total benefits, losses and expenses	2,311.9	2,239.5
Net income from discontinued operations (Note 4)	$ 0.0	14.3
Global Preneed | Discontinued Operations, Held-for-sale
Revenues
Net earned premiums		17.7
Fees and other income		37.5
Net investment income		72.0
Net realized (losses) gains on investments and fair value changes to equity securities		(1.1)
Loss on disposal of businesses		(4.3)
Total revenues		121.8
Benefits, losses and expenses
Policyholder benefits		74.0
Selling, underwriting, general and administrative expenses		36.7
Total benefits, losses and expenses		110.7
Income from discontinued operations before income taxes		11.1
Benefit for income taxes		(3.2)
Net income from discontinued operations (Note 4)		$ 14.3

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Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segment Information - Schedule of Segment Adjusted EBITDA Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciling items to consolidated net income from continuing operations:
Interest expense	$ (26.9)	$ (28.4)
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)	0.8
Loss attributable to non-controlling interest	0.0	(0.2)
Income from continuing operations before income tax expense	170.8	193.1
Income tax expense	25.3	44.6
Net income from continuing operations	145.5	148.5
Segment Reconciling Items
Reconciling items to consolidated net income from continuing operations:
Interest expense	(26.9)	(28.4)
Depreciation expense	(20.3)	(16.8)
Amortization of purchased intangible assets	(17.6)	(17.0)
Net realized (losses) gains on investments and fair value changes to equity securities	(62.4)	0.8
COVID-19 direct and incremental expenses	(1.4)	(3.0)
Other adjustments	0.4	(0.9)
Loss attributable to non-controlling interest	0.0	(0.2)
Total reconciling items	(128.2)	(65.5)
Global Lifestyle | Operating Segments
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	217.4	193.0
Global Housing | Operating Segments
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	103.8	93.5
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Total Segment Adjusted EBITDA	$ (22.2)	$ (27.9)

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Segment Information - Schedule of Net Earned Premiums, Fees and Other Income by Segment (Details) - Operating Segments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Global Lifestyle
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,961.6	$ 1,862.3
Global Lifestyle | Connected Living
Segment Reporting Information [Line Items]
Net earned premiums	1,072.5	1,049.9
Global Lifestyle | Global Automotive
Segment Reporting Information [Line Items]
Net earned premiums	889.1	812.4
Global Housing
Segment Reporting Information [Line Items]
Net earned premiums	496.8	493.0
Global Housing | Lender-placed Insurance
Segment Reporting Information [Line Items]
Net earned premiums	266.8	260.4
Global Housing | Multifamily Housing
Segment Reporting Information [Line Items]
Net earned premiums	119.9	117.4
Global Housing | Specialty and Other
Segment Reporting Information [Line Items]
Net earned premiums	$ 110.1	$ 115.2

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Segment Information - Schedule of Asset by Segment (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 33,022.6	$ 33,911.5
Global Lifestyle | Operating Segments
Segment Reporting Information [Line Items]
Assets	26,244.2	26,210.0
Global Housing | Operating Segments
Segment Reporting Information [Line Items]
Assets	3,963.6	4,131.2
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 2,814.8	$ 3,570.3

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Contract Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Global Lifestyle
Disaggregation of Revenue [Line Items]
Disaggregated fee revenues	$ 277.6	$ 164.9
Global Housing
Disaggregation of Revenue [Line Items]
Disaggregated fee revenues	22.4	24.5
Service contracts and sales
Disaggregation of Revenue [Line Items]
Receivables from contracts with customers	320.0		$ 313.7
Unearned revenue from contracts with customers	193.1		191.5
Contract with customer, liability, unearned revenue	22.6	$ 11.7
Deferred upfront commissions and other costs	$ 87.2		$ 93.0

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Investments - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	$ 6,996.0
Fixed maturity securities, fair value	6,887.9	$ 7,215.3
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	6,996.0	6,903.9
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	127.6	346.6
Fixed maturity securities, gross unrealized losses	(235.7)	(35.2)
Fixed maturity securities, fair value	6,887.9	7,215.3
Fixed maturity securities | U.S. government and government agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	81.5	83.0
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	0.8	2.1
Fixed maturity securities, gross unrealized losses	(2.8)	(0.1)
Fixed maturity securities, fair value	79.5	85.0
Fixed maturity securities | States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	144.8	142.2
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	3.1	7.0
Fixed maturity securities, gross unrealized losses	(6.9)	(0.7)
Fixed maturity securities, fair value	141.0	148.5
Fixed maturity securities | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	428.5	436.0
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	2.7	5.9
Fixed maturity securities, gross unrealized losses	(10.1)	(4.2)
Fixed maturity securities, fair value	421.1	437.7
Fixed maturity securities | Asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	476.9	411.1
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	12.7	14.2
Fixed maturity securities, gross unrealized losses	(10.5)	(2.3)
Fixed maturity securities, fair value	479.1	423.0
Fixed maturity securities | Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	481.6	466.7
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	1.2	10.3
Fixed maturity securities, gross unrealized losses	(16.3)	(3.3)
Fixed maturity securities, fair value	466.5	473.7
Fixed maturity securities | Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	536.4	578.4
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	5.8	25.2
Fixed maturity securities, gross unrealized losses	(15.9)	(1.7)
Fixed maturity securities, fair value	526.3	601.9
Fixed maturity securities | U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	3,556.2	3,581.2
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	85.4	235.9
Fixed maturity securities, gross unrealized losses	(111.5)	(14.0)
Fixed maturity securities, fair value	3,530.1	3,803.1
Fixed maturity securities | Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available for sale, amortized cost	1,290.1	1,205.3
Fixed maturity securities available for sale, allowances for credit losses	0.0	0.0
Fixed maturity securities, gross unrealized gains	15.9	46.0
Fixed maturity securities, gross unrealized losses	(61.7)	(8.9)
Fixed maturity securities, fair value	$ 1,244.3	$ 1,242.4

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Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment
Investment [Line Items]
Percentage of securities representing gross unrealized losses (as a percent)	7.00%	2.00%
Percentage of gross unrealized losses in a continuous loss position less than twelve months (as a percent)	85.00%	94.00%
Individual securities comprising total gross unrealized losses | investment	2,460	1,202
Percentage of residential mortgage-backed holdings exposure to sub-prime mortgage collateral (as a percent)	35.00%
Minimum
Investment [Line Items]
Total	$ 0.1	$ 0.1
Maximum
Investment [Line Items]
Total	$ 9.5	$ 9.6

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Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost
Due in one year or less, cost or amortized cost	$ 356.6
Due after one year through five years, cost or amortized cost	2,012.2
Due after five years through ten years, cost or amortized cost	2,074.3
Due after ten years, cost or amortized cost	1,058.0
Total, cost or amortized cost	5,501.1
Fixed maturity securities, cost or amortized cost	6,996.0
Fair Value
Due in one year or less, fair value	358.7
Due after one year through five years, fair value	2,013.1
Due after five years through ten years, fair value	2,020.5
Due after ten years, fair value	1,023.7
Total, fair value	5,416.0
Fixed maturity securities, fair value	6,887.9	$ 7,215.3
Commercial mortgage-backed
Cost or Amortized Cost
Cost or amortized cost	481.6
Fair Value
Fair value	466.5
Residential mortgage-backed
Cost or Amortized Cost
Cost or amortized cost	536.4
Fair Value
Fair value	526.3
Asset-backed
Cost or Amortized Cost
Cost or amortized cost	476.9
Fair Value
Fair value	$ 479.1

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Investments - Net Realized Gains (Losses), Including Impairment, Recognized in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	$ (61.9)	$ 1.8
Net realized losses related to impairments:
Net realized losses related to impairments	(0.5)	(1.0)
Other investments	0.0	(0.5)
Total net realized (losses) gains on investments and fair value changes to equity securities	(62.4)	0.8
Upward adjustment for equity securities under alternative measurement	10.0	2.1
Equity securities at fair value	371.7		$ 445.7
Three Equity Positions that Went Public
Net realized losses related to impairments:
Equity securities, unrealized gain	33.7
Equity securities at fair value	77.0
Fixed maturity securities
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(18.5)	3.0
Net realized losses related to impairments:
Net realized losses related to impairments	0.0	0.0
Equity securities
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(43.2)	(1.7)
Commercial mortgage loans on real estate
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	0.2	0.3
Other investments
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities	(0.4)	0.2
Net realized losses related to impairments:
Other investments	$ (0.5)	$ (1.0)

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Investments - Unrealized Gains on Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net losses recognized on equity securities	$ (43.2)	$ (1.7)
Less: Net realized gains related to sales of equity securities	11.8	0.9
Total fair value changes to equity securities held	$ (55.0)	$ (2.6)

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Investments - Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Initial cost	$ 83.7	$ 77.0
Cumulative upward adjustments	52.1	42.7
Cumulative downward adjustments (including impairments)	(16.0)	(16.0)
Carrying value	$ 119.8	$ 103.7

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Investments - Investment Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities (Details) - Fixed maturity securities - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 3,376.4	$ 2,003.9
Fixed maturity securities, less than 12 months, unrealized losses	(200.7)	(33.1)
Fixed maturity securities, 12 months or more, fair value	246.9	47.7
Fixed maturity securities, 12 months or more, unrealized losses	(35.0)	(2.1)
Fixed maturity securities, total, fair value	3,623.3	2,051.6
Fixed maturity securities, unrealized losses	(235.7)	(35.2)
U.S. government and government agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	53.5	31.5
Fixed maturity securities, less than 12 months, unrealized losses	(2.7)	(0.1)
Fixed maturity securities, 12 months or more, fair value	0.6	0.0
Fixed maturity securities, 12 months or more, unrealized losses	(0.1)	0.0
Fixed maturity securities, total, fair value	54.1	31.5
Fixed maturity securities, unrealized losses	(2.8)	(0.1)
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	59.0	48.1
Fixed maturity securities, less than 12 months, unrealized losses	(5.9)	(0.7)
Fixed maturity securities, 12 months or more, fair value	6.5	0.0
Fixed maturity securities, 12 months or more, unrealized losses	(1.0)	0.0
Fixed maturity securities, total, fair value	65.5	48.1
Fixed maturity securities, unrealized losses	(6.9)	(0.7)
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	246.9	216.0
Fixed maturity securities, less than 12 months, unrealized losses	(9.2)	(4.1)
Fixed maturity securities, 12 months or more, fair value	12.7	4.0
Fixed maturity securities, 12 months or more, unrealized losses	(0.9)	(0.1)
Fixed maturity securities, total, fair value	259.6	220.0
Fixed maturity securities, unrealized losses	(10.1)	(4.2)
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	373.4	257.7
Fixed maturity securities, less than 12 months, unrealized losses	(9.9)	(2.1)
Fixed maturity securities, 12 months or more, fair value	23.3	9.8
Fixed maturity securities, 12 months or more, unrealized losses	(0.6)	(0.2)
Fixed maturity securities, total, fair value	396.7	267.5
Fixed maturity securities, unrealized losses	(10.5)	(2.3)
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	314.9	274.8
Fixed maturity securities, less than 12 months, unrealized losses	(13.9)	(2.9)
Fixed maturity securities, 12 months or more, fair value	20.2	2.0
Fixed maturity securities, 12 months or more, unrealized losses	(2.4)	(0.4)
Fixed maturity securities, total, fair value	335.1	276.8
Fixed maturity securities, unrealized losses	(16.3)	(3.3)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	233.8	94.0
Fixed maturity securities, less than 12 months, unrealized losses	(15.0)	(1.5)
Fixed maturity securities, 12 months or more, fair value	12.1	10.0
Fixed maturity securities, 12 months or more, unrealized losses	(0.9)	(0.2)
Fixed maturity securities, total, fair value	245.9	104.0
Fixed maturity securities, unrealized losses	(15.9)	(1.7)
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	1,359.3	687.8
Fixed maturity securities, less than 12 months, unrealized losses	(94.8)	(13.1)
Fixed maturity securities, 12 months or more, fair value	96.5	15.2
Fixed maturity securities, 12 months or more, unrealized losses	(16.7)	(0.9)
Fixed maturity securities, total, fair value	1,455.8	703.0
Fixed maturity securities, unrealized losses	(111.5)	(14.0)
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	735.6	394.0
Fixed maturity securities, less than 12 months, unrealized losses	(49.3)	(8.6)
Fixed maturity securities, 12 months or more, fair value	75.0	6.7
Fixed maturity securities, 12 months or more, unrealized losses	(12.4)	(0.3)
Fixed maturity securities, total, fair value	810.6	400.7
Fixed maturity securities, unrealized losses	$ (61.7)	$ (8.9)

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Investments - Credit Quality Indicators (Details) - Commercial Portfolio Segment $ in Millions	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Greater than 2.0
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 8.0	$ 59.3
Financing receivable, originated year one	59.8	5.6
Financing receivable, originated year two	5.6	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	0.0
Prior	67.0	70.5
Financing receivable, before allowance for credit loss	$ 140.4	$ 135.4
Percentage of financing receivable, before allowance for credit loss	0.499	0.526
1.5 to 2.0
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 18.4	$ 34.1
Financing receivable, originated year one	34.0	0.0
Financing receivable, originated year two	0.0	0.0
Financing receivable, originated year three	0.0	4.7
Financing receivable, originated year four	4.7	4.0
Prior	21.0	17.5
Financing receivable, before allowance for credit loss	$ 78.1	$ 60.3
Percentage of financing receivable, before allowance for credit loss	0.277	0.234
1.0 to 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 7.6	$ 40.1
Financing receivable, originated year one	40.0	0.0
Financing receivable, originated year two	0.0	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	0.0
Prior	9.7	9.9
Financing receivable, before allowance for credit loss	$ 57.3	$ 50.0
Percentage of financing receivable, before allowance for credit loss	0.203	0.194
Less than 1.0
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 0.0	$ 0.0
Financing receivable, originated year one	0.0	0.0
Financing receivable, originated year two	0.0	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	5.8
Prior	5.8	6.1
Financing receivable, before allowance for credit loss	$ 5.8	$ 11.9
Percentage of financing receivable, before allowance for credit loss	0.021	0.046
Total
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 34.0	$ 133.5
Financing receivable, originated year one	133.8	5.6
Financing receivable, originated year two	5.6	0.0
Financing receivable, originated year three	0.0	4.7
Financing receivable, originated year four	4.7	9.8
Prior	103.5	104.0
Financing receivable, before allowance for credit loss	$ 281.6	$ 257.6
Percentage of financing receivable, before allowance for credit loss	1.000	1.000
70% and less
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 21.3	$ 71.7
Financing receivable, originated year one	71.6	5.6
Financing receivable, originated year two	2.9	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	4.0
Prior	100.4	99.8
Financing receivable, before allowance for credit loss	$ 196.2	$ 181.1
Percentage of financing receivable, before allowance for credit loss	0.697	0.703
71% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 12.7	$ 61.8
Financing receivable, originated year one	62.2	0.0
Financing receivable, originated year two	2.7	0.0
Financing receivable, originated year three	0.0	4.7
Financing receivable, originated year four	4.7	0.0
Prior	0.0	1.0
Financing receivable, before allowance for credit loss	$ 82.3	$ 67.5
Percentage of financing receivable, before allowance for credit loss	0.292	0.262
81% to 95%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 0.0	$ 0.0
Financing receivable, originated year one	0.0	0.0
Financing receivable, originated year two	0.0	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	0.0
Prior	1.1	1.1
Financing receivable, before allowance for credit loss	$ 1.1	$ 1.1
Percentage of financing receivable, before allowance for credit loss	0.004	0.004
Greater than 95%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 0.0	$ 0.0
Financing receivable, originated year one	0.0	0.0
Financing receivable, originated year two	0.0	0.0
Financing receivable, originated year three	0.0	0.0
Financing receivable, originated year four	0.0	5.8
Prior	2.0	2.1
Financing receivable, before allowance for credit loss	$ 2.0	$ 7.9
Percentage of financing receivable, before allowance for credit loss	0.007	0.031
Total
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated current year	$ 34.0	$ 133.5
Financing receivable, originated year one	133.8	5.6
Financing receivable, originated year two	5.6	0.0
Financing receivable, originated year three	0.0	4.7
Financing receivable, originated year four	4.7	9.8
Prior	103.5	104.0
Financing receivable, before allowance for credit loss	$ 281.6	$ 257.6
Percentage of financing receivable, before allowance for credit loss	1.000	1.000

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Fair Value Disclosures - Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 7,949.6	$ 9,198.2
Other liabilities	76.9	76.4
Liabilities related to separate accounts	11.1	11.8
Total financial liabilities	88.0	88.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	726.9	1,519.9
Other liabilities	72.9	72.4
Liabilities related to separate accounts	7.1	7.7
Total financial liabilities	80.0	80.1
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	7,161.1	7,536.2
Other liabilities	0.0	0.0
Liabilities related to separate accounts	4.0	4.1
Total financial liabilities	4.0	4.1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	61.6	142.1
Other liabilities	4.0	4.0
Liabilities related to separate accounts	0.0	0.0
Total financial liabilities	4.0	4.0
U.S. government and government agencies and authorities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	79.5	85.0
U.S. government and government agencies and authorities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
U.S. government and government agencies and authorities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	79.5	85.0
U.S. government and government agencies and authorities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	141.0	148.5
States, municipalities and political subdivisions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
States, municipalities and political subdivisions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	141.0	148.5
States, municipalities and political subdivisions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	421.1	437.7
Foreign governments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Foreign governments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	421.1	437.7
Foreign governments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	479.1	423.0
Asset-backed | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Asset-backed | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	479.1	423.0
Asset-backed | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	466.5	473.7
Commercial mortgage-backed | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Commercial mortgage-backed | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	466.5	473.7
Commercial mortgage-backed | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	526.3	601.9
Residential mortgage-backed | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Residential mortgage-backed | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	526.3	601.9
Residential mortgage-backed | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3,530.1	3,803.1
U.S. corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
U.S. corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3,526.9	3,799.7
U.S. corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3.2	3.4
Foreign corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	1,244.3	1,242.4
Foreign corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Foreign corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	1,240.8	1,238.8
Foreign corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3.5	3.6
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	32.2	33.3
Mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	32.2	33.3
Mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	94.2	151.1
Common Stock | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	38.8	15.5
Common Stock | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.7	0.7
Common Stock | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	54.7	134.9
Non-redeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	245.3	261.3
Non-redeemable preferred stocks | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Non-redeemable preferred stocks | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	245.3	261.3
Non-redeemable preferred stocks | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	105.6	207.2
Short-term investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	95.8	200.1
Short-term investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	9.8	7.1
Short-term investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	73.1	72.6
Other investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	72.9	72.4
Other investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Other investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.2	0.2
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	496.5	1,243.9
Cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	480.1	1,190.9
Cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	16.4	53.0
Cash equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3.7	1.7
Other assets | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Other assets | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	3.7	1.7
Other assets | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0.0	0.0
Assets held in separate accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	11.1	11.8
Assets held in separate accounts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	7.1	7.7
Assets held in separate accounts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	4.0	4.1
Assets held in separate accounts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0.0	$ 0.0

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Fair Value Disclosures - Carrying Value and Fair Value of the Financial Instruments that are Not Recognized or are Not Carried at Fair Value (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 7,949.6	$ 9,198.2
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	726.9	1,519.9
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	7,161.1	7,536.2
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	61.6	142.1
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans on real estate	280.7	256.5
Other investments	4.7	4.2
Other assets	22.7	24.9
Total financial assets	308.1	285.6
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal)	8.6	8.5
Funds withheld under reinsurance	355.1	364.2
Debt	2,203.0	2,202.5
Total financial liabilities	2,566.7	2,575.2
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans on real estate	279.4	266.0
Other investments	4.7	4.2
Other assets	22.7	24.9
Total financial assets	306.8	295.1
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal)	8.7	9.6
Funds withheld under reinsurance	355.1	364.2
Debt	2,239.1	2,456.3
Total financial liabilities	2,602.9	2,830.1
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans on real estate	0.0	0.0
Other investments	2.0	2.0
Other assets	0.0	0.0
Total financial assets	2.0	2.0
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal)	0.0	0.0
Funds withheld under reinsurance	355.1	364.2
Debt	0.0	0.0
Total financial liabilities	355.1	364.2
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans on real estate	0.0	0.0
Other investments	0.0	0.0
Other assets	0.0	0.0
Total financial assets	0.0	0.0
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal)	0.0	0.0
Funds withheld under reinsurance	0.0	0.0
Debt	2,239.1	2,456.3
Total financial liabilities	2,239.1	2,456.3
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans on real estate	279.4	266.0
Other investments	2.7	2.2
Other assets	22.7	24.9
Total financial assets	304.8	293.1
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal)	8.7	9.6
Funds withheld under reinsurance	0.0	0.0
Debt	0.0	0.0
Total financial liabilities	$ 8.7	$ 9.6

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Deferred Acquisition Costs (Schedule of Deferred Acquisition Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 8,811.0	$ 7,388.0
Costs deferred	1,103.9	1,044.8
Amortization	(889.5)	(783.1)
Ending balance	$ 9,025.4	$ 7,649.7

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Reserves - Roll Forward of Claims and Benefits Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Claims and benefits payable, at beginning of period	$ 1,595.9	$ 1,610.3
Less: Reinsurance ceded and other	(825.6)	(849.4)
Net claims and benefits payable, at beginning of period	770.3	760.9
Incurred losses and loss adjustment expenses related to:
Current year	524.6	574.9
Prior years	(30.1)	(46.2)
Total incurred losses and loss adjustment expenses	494.5	528.7
Paid losses and loss adjustment expenses related to:
Current year	211.4	235.8
Prior years	259.2	268.3
Total paid losses and loss adjustment expenses	470.6	504.1
Net claims and benefits payable, at end of period	794.2	785.5
Plus: Reinsurance ceded and other	741.5	792.5
Claims and benefits payable, at end of period	1,535.7	1,578.0
Ceded to U.S. Government | Not Rated
Paid losses and loss adjustment expenses related to:
Reinsurance recoverables	$ 75.4	$ 66.1

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Reserves - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Favorable (unfavorable) prior year development	$ 30.1	$ 46.2
Global Lifestyle
Liability for Claims and Claims Adjustment Expense [Line Items]
Favorable (unfavorable) prior year development	33.1	30.6
Global Housing
Liability for Claims and Claims Adjustment Expense [Line Items]
Favorable (unfavorable) prior year development	(7.6)	12.6
Global Housing | Catastrophe
Liability for Claims and Claims Adjustment Expense [Line Items]
Favorable (unfavorable) prior year development	1.6
Corporate and Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Favorable (unfavorable) prior year development	$ 4.6	$ 3.0

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Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 5,489.7
Change in accumulated other comprehensive income (loss) before reclassifications	(345.9)	$ (201.0)
Amounts reclassified from accumulated other comprehensive income (loss)	10.6	(4.3)
Total other comprehensive loss	(335.3)	(205.3)
Ending balance	5,021.1
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(150.0)	709.8
Total other comprehensive loss	(335.3)	(205.3)
Ending balance	(485.3)	504.5
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(326.9)	(295.6)
Change in accumulated other comprehensive income (loss) before reclassifications	1.3	7.2
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Total other comprehensive loss	1.3	7.2
Ending balance	(325.6)	(288.4)
Net unrealized gains (losses) on securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	256.6	1,097.6
Change in accumulated other comprehensive income (loss) before reclassifications	(347.8)	(207.9)
Amounts reclassified from accumulated other comprehensive income (loss)	13.0	(2.4)
Total other comprehensive loss	(334.8)	(210.3)
Ending balance	(78.2)	887.3
Net unrealized gains on derivative transactions
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	12.4	14.7
Change in accumulated other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive income (loss)	(0.6)	(0.6)
Total other comprehensive loss	(0.6)	(0.6)
Ending balance	11.8	14.1
Unamortized net losses on Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(92.1)	(106.9)
Change in accumulated other comprehensive income (loss) before reclassifications	0.6	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss)	(1.8)	(1.3)
Total other comprehensive loss	(1.2)	(1.6)
Ending balance	$ (93.3)	$ (108.5)

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Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized losses (gains) on investments	$ 62.4	$ (0.8)
Provision for income taxes	25.3	44.6
Net of tax	(145.5)	(162.8)
Interest expense	26.9	28.4
Total reclassifications for the period, net of tax	10.6	(4.3)
Net unrealized losses (gains) on investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	13.0	(2.4)
Net unrealized gains on derivative transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	(0.6)	(0.6)
Unamortized net losses on Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	(1.8)	(1.3)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	10.6	(4.3)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses (gains) on investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized losses (gains) on investments	16.4	(3.1)
Provision for income taxes	(3.4)	0.7
Net of tax	13.0	(2.4)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains on derivative transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	0.1	0.1
Net of tax	(0.6)	(0.6)
Interest expense	(0.7)	(0.7)
Reclassification out of Accumulated Other Comprehensive Income | Unamortized net losses on Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(2.3)	(1.6)
Provision for income taxes	0.5	0.3
Total reclassifications for the period, net of tax	(1.8)	(1.3)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	1.1	1.8
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	$ (3.4)	$ (3.4)

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Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2018
Class of Stock [Line Items]
Preferred stock dividends		$ 4.7
MCPS
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			2,875,000
Preferred stock, par value (in dollars per share)			$ 1.00
Public offering price (in dollars per share)			$ 100.00
Stock conversion ratio (in shares)	0.9405	0.9405
Number of shares converted (in shares)	2,703,911
Share interest rate (as a percent)		6.50%
Liquidation price (in dollars per share)	$ 100.00	$ 100.00
Preferred stock dividends		$ 4.7

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Earnings Per Common Share - Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income from continuing operations	$ 145.5	$ 148.5
Less: Net loss attributable to non-controlling interest	0.0	0.2
Net income from continuing operations attributable to stockholders	145.5	148.7
Less: Preferred stock dividends	0.0	(4.7)
Net income from continuing operations attributable to common stockholders	145.5	144.0
Net income from continuing operations attributable to common stockholders	145.5	144.0
Less: Common stock dividends paid	(37.4)	(38.2)
Undistributed earnings	108.1	105.8
Undistributed earnings	108.1	105.8
Add: Net income from discontinued operations	0.0	14.3
Net income (loss) attributable to common stockholders, basic	145.5	158.3
Net income (loss) attributable to common stockholders, diluted	$ 145.5	$ 158.3
Denominator
Weighted average common shares outstanding used in basic per common share calculations (in shares)	55,779,362	59,192,880
Incremental common shares from:
Weighted average common shares outstanding used in diluted per common share calculations (in shares)	56,180,404	61,783,392
Basic
Distributed earnings (in dollars per share)	$ 0.67	$ 0.64
Undistributed earnings (in dollars per share)	1.94	1.79
Net income from continuing operations (in dollars per share)	2.61	2.43
Net income (loss) from discontinued operations (in dollars per share)	0	0.24
Net income (loss) attributable to common stockholders (in dollars per share)	2.61	2.67
Diluted
Distributed earnings (in dollars per share)	0.66	0.62
Undistributed earning (in dollars per share)	1.93	1.79
Net income from continuing operations (in dollars per share)	2.59	2.41
Net income (loss) from discontinued operations (in dollars per share)	0	0.23
Net income (loss) attributable to common stockholders (in dollars per share)	$ 2.59	$ 2.64
PSUs
Incremental common shares from:
Incremental common shares (in shares)	399,632	367,274
ESPP
Incremental common shares from:
Incremental common shares (in shares)	1,410	0
MCPS
Incremental common shares from:
Mandatory convertible preferred stock (in shares)	0	2,223,238

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Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding anti-dilutive shares excluded from computation of diluted EPS (in shares)	14,777	18,373

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Retirement and Other Employee Benefits - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Dec. 31, 2021	Feb. 29, 2020
Defined Benefit Plan Disclosure [Line Items]
Qualified pension benefits plan funded status	$ 83,500,000		$ 74,800,000
Funded status percentage	112.00%		110.00%
Cash contribution to qualified pension benefits plan	$ 0
Cash expected contribution to plan over remainder of fiscal year	$ 0
Retirement Health Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percentage)				1.55%
Reduction in obligations		$ 65,600,000

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Retirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plan | Qualified Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 4.2	$ 3.5
Expected return on plan assets	(6.9)	(6.9)
Amortization of prior service credit	0.0	0.0
Amortization of net loss (gain)	0.8	1.2
Net periodic benefit cost	(1.9)	(2.2)
Pension Plan | Unfunded Nonqualified  Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.4	0.3
Expected return on plan assets	0.0	0.0
Amortization of prior service credit	0.0	0.0
Amortization of net loss (gain)	0.5	0.8
Net periodic benefit cost	0.9	1.1
Retirement Health Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.0	0.0
Expected return on plan assets	(0.3)	(0.4)
Amortization of prior service credit	(3.4)	(3.4)
Amortization of net loss (gain)	(0.2)	(0.1)
Net periodic benefit cost	$ (3.9)	$ (3.9)

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 7.2	$ 7.2