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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted EBITDA by segment:
Global Lifestyle$184.3 $191.8 $581.7 $587.7 
Global Housing92.4 165.1 445.8 388.1 
Corporate and Other(29.8)(26.2)(86.5)(79.1)
Reconciling items to consolidated net income:
Interest expense(26.7)(27.0)(80.2)(81.2)
Depreciation expense(38.9)(25.8)(99.5)(77.6)
Amortization of purchased intangible assets(17.0)(18.2)(51.9)(55.6)
Net realized losses on investments and fair value changes to equity securities(18.3)(19.1)(46.7)(49.7)
Non-core operations (1)(2.3)3.0 (8.6)(39.4)
Restructuring costs1.0 (13.2)(0.2)(18.3)
Assurant Health runoff operations (2)(0.1)(0.3)0.3 7.2 
Other adjustments6.9 (1.3)23.1 (1.9)
Total reconciling items(95.4)(101.9)(263.7)(316.5)
Income before income tax expense151.5 228.8 677.3 580.2 
Income tax expense17.7 38.7 118.4 120.2 
Net income$133.8 $190.1 $558.9 $460.0 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income.
(2)In first quarter 2023, the Company recorded income of $7.5 million related to a payment it received from Time Insurance Company (“TIC”) pursuant to a participation agreement that the Company had with TIC in connection with its sale by the Company in 2018. The payment related to the Company’s prior participation in the risk adjustment program introduced by the Patient Protection and Affordable Care Act of 2010.
The following table presents total assets by segment:
September 30, 2024December 31, 2023
Global Lifestyle (1)$27,630.8 $27,642.9 
Global Housing (1)5,612.3 4,274.5 
Corporate and Other (2)2,089.2 1,717.8 
Segment assets $35,332.3 $33,635.2 
(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.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of September 30, 2024 and December 31, 2023, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. The Company intends to sell the property and, based on ongoing negotiation of an agreement with a potential buyer, the Company has determined that the assets continue to meet held-for-sale criteria. There can be no assurance that a definitive agreement will be executed or that a transaction will be approved or consummated.
Schedule of Net Earned Premiums by Segment and Product
The Company’s net earned premiums, fees and other income by segment and line of business are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Global Lifestyle:
Connected Living$1,223.5 $1,082.9 $3,512.3 $3,188.7 
Global Automotive 1,026.0 1,022.9 3,108.5 3,066.3 
Total$2,249.5 $2,105.8 $6,620.8 $6,255.0 
Global Housing:
Homeowners$478.4 $434.1 $1,438.5 $1,237.8 
Renters and Other125.4 121.1 371.1 359.3 
Total$603.8 $555.2 $1,809.6 $1,597.1