| Metric (USD Million) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|
| Connected Living     | **1,026.6**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **1,079.2**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **1,082.9**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **1,140.3**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **1,148.5**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **1,223.5**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Global Automotive    | **1,013.7**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **1,029.7**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **1,022.9**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **1,047.5**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **1,035.0**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **1,026.0**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Total Global Lifestyle | **2,040.3**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **2,108.9**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **2,105.8**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **2,187.8**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **2,183.5**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **2,249.5**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Homeowners           | **391.4**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **412.3**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **434.1**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **447.4**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **512.7**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **478.4**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Renters and Other    | **113.9**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **124.3**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **121.1**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **124.8**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **120.9**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **125.4**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Total Global Housing | **505.3**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | **536.6**  **[0001267238-23-000041_aiz-20230630.htm:10]**  | **555.2**  **[0001267238-23-000052_aiz-20230930.htm:10]**  | N/A     | **572.2**  **[0001267238-24-000026_aiz-20240331.htm:9]**  | **633.6**  **[0001267238-24-000037_aiz-20240630.htm:9]**  | **603.8**  **[0001267238-24-000047_aiz-20240930.htm:10]**  |
| Non-core operations  | **2.5**  **[0001267238-23-000029_aiz-20230331.htm:11]**  | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |

3883a3a7a418f12670c54bddeac051bdaeb6d2ad32cf87d1dba72a605978a778

**Weighted-average liability duration**

**U.S. per-occurrence catastrophe coverage**

2f43354ca826c0158247fc127aef95337a913f6697eebb4c713761e165db7774

Assurant, Inc. is a leading global business services company that operates through two main segments: Global Lifestyle and Global Housing. The company provides a range of solutions including mobile device services, extended service contracts, and insurance products for consumer electronics, appliances, and vehicles **[0001267238-24-000047_aiz-20240930.htm:6]** **[0001267238-24-000026_aiz-20240331.htm:9]** **[0001267238-24-000008_aiz-20231231.htm:139]** **[0001267238-24-000008_aiz-20231231.htm:8]** **[0001267238-24-000026_aiz-20240331.htm:6]**. Additionally, Assurant offers various insurance products for homeowners, renters, and manufactured housing **[0001267238-24-000047_aiz-20240930.htm:6]** **[0001267238-24-000026_aiz-20240331.htm:9]** **[0001267238-24-000008_aiz-20231231.htm:139]** **[0001267238-24-000008_aiz-20231231.htm:13]** **[0001267238-24-000008_aiz-20231231.htm:3]**. The Global Lifestyle segment is the larger contributor to Assurant's revenue compared to the Global Housing segment **[0001267238-24-000008_aiz-20231231.htm:162]**.

1. **Global Lifestyle** - Offers mobile device solutions, extended service contracts, and related services for consumer electronics and appliances, as well as credit and other insurance products.
   - **Connected Living** - Provides mobile device solutions and extended service contracts for consumer electronics and appliances.
   - **Global Automotive** - Offers vehicle protection services and other related services.
2. **Global Housing** - Provides lender-placed homeowners, manufactured housing, and flood insurance, as well as voluntary manufactured housing, condominium, and homeowners insurance, along with renters insurance and other products.
   - **Homeowners Insurance** - Offers insurance products for homeowners, including lender-placed and voluntary options.
   - **Renters and Other Products** - Provides renters insurance and other related insurance products.

788fc88ce845e091a3d3296175ca890b69cdaa579da619dc455288dc03353ab4

d64f708cee9e6e051e787020bd1d2f5879498e7f28e50570099aff1f03bc8f00

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4cb7e4f6b684414e28030ef43ff98786922db8d61a70e59c25829829e95c98b7

| Metric (in million USD) | 2022 | 2023 |
|-------------------------|------|------|
| United States           | 8,386.6  **[0001267238-23-000007_aiz-20221231.htm:178]** **[0001267238-23-000007_aiz-20221231.htm:178]**  | 9,295.7  **[0001267238-24-000008_aiz-20231231.htm:161]**  |
| Foreign countries       | 1,806.4  **[0001267238-23-000007_aiz-20221231.htm:178]** **[0001267238-23-000007_aiz-20221231.htm:178]**  | 1,835.9  **[0001267238-24-000008_aiz-20231231.htm:161]**  |
| Total                   | 10,193.0  **[0001267238-23-000007_aiz-20221231.htm:178]** **[0001267238-23-000007_aiz-20221231.htm:178]**  | 11,131.6  **[0001267238-24-000008_aiz-20231231.htm:161]**  |

a7893910207a43fc2bc8589ee1c2b99b4b78ce31fe86ee20421e574ffcd37494

eead103406576a3b36d1aae658eeb328f6c601b69f50b79f6c3c4203917a0ebe

| Metric / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Weighted-average liability duration** | N/A | **12.6**  **[0001267238-23-000029_aiz-20230331.htm:24]**  | **12.3**  **[0001267238-23-000041_aiz-20230630.htm:26]**  | **12.1**  **[0001267238-23-000052_aiz-20230930.htm:24]**  | **12.0**  **[0001267238-24-000008_aiz-20231231.htm:190]**  | **11.9**  **[0001267238-24-000026_aiz-20240331.htm:23]**  | **11.7**  **[0001267238-24-000037_aiz-20240630.htm:23]**  | **11.5**  **[0001267238-24-000047_aiz-20240930.htm:24]**  |
| **U.S. per-occurrence catastrophe coverage** | **1.16**  **[0001267238-23-000007_aiz-20221231.htm:17]**  | N/A | **1.28**  **[0001267238-23-000041_aiz-20230630.htm:45]**  | **1.28**  **[0001267238-23-000052_aiz-20230930.htm:43]**  | **1.28**  **[0001267238-24-000008_aiz-20231231.htm:16]**  | **1.48**  **[0001267238-24-000026_aiz-20240331.htm:36]**  | **1.48**  **[0001267238-24-000037_aiz-20240630.htm:39]**  | **1.48**  **[0001267238-24-000047_aiz-20240930.htm:42]**  |

acaad604dc876a06f563de265f728e55eda6efbb73dcb266bef438b2d3c3d7d1

1. With ongoing profitability challenges in Global Auto due to longer-term policies and elevated losses, how exactly do you plan to accelerate the turnaround in this segment, and can you provide more details on the operational efficiencies you're implementing to achieve this?
2. Considering the active catastrophe season and its impact on Global Housing, how confident are you that reinsurance costs will remain stable in 2025, and what contingency plans are in place if reinsurance rates increase significantly?
3. Given the substantial investment spend in Connected Living this year and expectations of similar investments next year, can you elaborate on how these investments will translate into tangible revenue and EBITDA growth, and what key metrics are you using to measure success?
4. With the addition of new clients in Asia Pacific contributing to subscriber growth, how are you addressing potential challenges in scaling operations and ensuring profitability comparable to your established markets?
5. You mentioned the hard market is contributing to increased placement rates in your voluntary business; with the potential for market conditions to soften, how sustainable is this growth, and what steps are you taking to mitigate the risk of declining placement rates in the future?

35312a098a7c52f038a4b50c2c067fc0c24d054ae602b84f58bef13a4c7f3026

22efde80406e5d02f5413ee974fd11b688f81a6539e3c3125d61162b6772abea

United States

Foreign countries

- Domestic

- International

Total Revenue

19e8ffde9e3453f2d41bd3360b4e9b5c5046dd9850d1a740bacf970ba3c6a3ae

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EBITDA**: Expected to grow in the **low double digits**, excluding catastrophes  **[AIZ_3406017_1]** **[AIZ_3406017_2]** .
  2. **Adjusted Earnings Per Share (EPS)**: Expected to increase in the **mid- to high teens**, excluding catastrophes  **[AIZ_3406017_1]** **[AIZ_3406017_2]** .
  3. **Global Lifestyle**: Modest growth expected with investments in Connected Living  **[AIZ_3406017_2]** .
  4. **Global Housing**: Strong growth anticipated due to policy growth and expense leverage  **[AIZ_3406017_2]** .
  5. **Corporate Adjusted EBITDA Loss**: Approximately **$115 million**  **[AIZ_3406017_6]** .
  6. **Shareholder Returns**: **$300 million** expected in share repurchases  **[AIZ_3406017_4]** .
  7. **Fourth Quarter Expectations**:
     - **Connected Living**: Sequential increase expected  **[AIZ_3406017_5]** .
     - **Global Auto**: Earnings expected to remain stable  **[AIZ_3406017_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year Adjusted EBITDA**: Expected to grow in the high single digits, excluding catastrophes  **[AIZ_3397157_3]** .
  2. **Adjusted EPS**: Expected to increase in the low double digits, excluding catastrophes  **[AIZ_3397157_3]** .
  3. **Global Lifestyle Adjusted EBITDA**: Expected to grow modestly  **[AIZ_3397157_4]** .
  4. **Global Auto Adjusted EBITDA**: Expected to be flat to modestly down  **[AIZ_3397157_4]** .
  5. **Global Housing Adjusted EBITDA**: Expected to drive enterprise performance  **[AIZ_3397157_5]** .
  6. **Corporate Adjusted EBITDA Loss**: Approximately **$110 million**  **[AIZ_3397157_5]** .
  7. **Share Repurchases**: Expected at the high end of **$200 million to $300 million**  **[AIZ_3397157_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Global Housing**: Expected to lead enterprise growth, driven by favorable loss experience and top-line momentum  **[AIZ_3387489_5]** .
  2. **Global Lifestyle**: Growth driven by Connected Living, especially in the U.S.  **[AIZ_3387489_4]** .
  3. **Global Automotive**: Adjusted EBITDA expected to be flat  **[AIZ_3387489_4]** .
  4. **Enterprise Outlook**: Adjusted EBITDA expected to grow mid-single digits  **[AIZ_3387489_3]** .
  5. **Capital Management**: Share repurchases between **$200 million to $300 million**  **[AIZ_3387489_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Global Lifestyle**: Growth driven by Connected Living and Global Automotive  **[AIZ_3372295_5]** .
  2. **Global Housing**: Growth driven by top-line momentum  **[AIZ_3372295_5]** .
  3. **Corporate**: Adjusted EBITDA loss expected to be **$105 million**  **[AIZ_3372295_6]** .
  4. **Capital Management**: Share repurchases between **$200 million to $300 million**  **[AIZ_3372295_6]** .
  5. **Overall Financial Performance**: Adjusted EBITDA expected to grow mid-single digits  **[AIZ_3372295_3]** .
  6. **Investment Income**: Expected to be flat to slightly up, with a portfolio yield of **4.99%**  **[AIZ_3372295_15]** .

9ba8f1adad69eaf27f6d3ab53fd33c8b07adecb1e35d81aaec7a1849911b11f2

### Quarterly guidance for Q4 2024:
- **Hurricane Milton Impact**: $75 million to $110 million  **[AIZ_3406017_1]**  (no prior guidance)  
- **Connected Living**: sequential increase  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Global Auto**: stable  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  

### Annual guidance for FY 2024:
- **Corporate Adjusted EBITDA Loss**: $115 million  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Adjusted EBITDA Growth (Excluding Catastrophes)**: low double digits  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Adjusted EPS Growth (Excluding Catastrophes)**: mid- to high teens  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Global Lifestyle Adjusted EBITDA**: modest growth  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Global Housing Adjusted EBITDA (Excluding Catastrophes)**: strong growth  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  
- **Share Repurchases**: $300 million  **[AIZ_3406017_1]**  (no change from prior guidance  **[AIZ_3406017_6]** )  

### Annual guidance for FY 2025:
- **Global Lifestyle**: expected to accelerate growth  **[AIZ_3406017_1]**  (no prior guidance)  
- **Housing**: expected to see solid underlying growth  **[AIZ_3406017_1]**  (no prior guidance)  

f4a845748f4374327e3a289b278920468662f322b83361e34e41dd98c42a34c8

| Name               | Position                                                      | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|---------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Keith W. Demmings  | President, Chief Executive Officer, and Director              | January 1, 2022  | Keith W. Demmings became CEO and Director on January 1, 2022, after serving as President since May 18, 2021. He joined Assurant in 1997 and held various leadership roles, including CEO of Assurant Canada  **[0001267238-24-000019_aiz-20240404.htm:27]** **[0001267238-23-000020_aiz-20230323.htm:21]** **[0001267238-24-000019_aiz-20240404.htm:14]** **[0001267238-23-000020_aiz-20230323.htm:13]** .                     |
| Keith R. Meier     | Executive Vice President, Chief Financial Officer             | November 15, 2023| Keith R. Meier was appointed CFO on November 15, 2023. He joined Assurant in 1998 and previously served as COO from January 2022  **[0001267238-24-000019_aiz-20240404.htm:49]** .                                                                                                         |
| Michael P. Campbell| Executive Vice President, President, Global Housing           | July 2016        | Michael P. Campbell has been in his current role since July 2016. He joined Assurant in 2006 through an acquisition and held several executive roles  **[0001267238-24-000019_aiz-20240404.htm:27]** **[0001267238-23-000020_aiz-20230323.htm:21]** .                                                                                   |
| Martin Jenns       | Executive Vice President, President, Global Automotive        | January 2022     | Martin Jenns was appointed to his current position in January 2022. He rejoined Assurant in August 2019 and has held various leadership roles since 2003  **[0001267238-24-000019_aiz-20240404.htm:27]** .                                                                                  |
| Robert A. Lonergan | Executive Vice President, Chief Marketing and Risk Officer    | November 2023    | Robert A. Lonergan began his current role in November 2023. He joined Assurant in 2012 and has held various executive positions, including Chief Strategy Officer  **[0001267238-24-000019_aiz-20240404.htm:27]** **[0001267238-23-000020_aiz-20230323.htm:21]** .                                                                       |
| Francesca L. Luthi | Executive Vice President, Chief Operating Officer             | November 15, 2023| Francesca L. Luthi was appointed COO on November 15, 2023. She joined Assurant in 2012 and has held roles such as Chief Administrative Officer and Chief Communication and Marketing Officer  **[0001267238-24-000019_aiz-20240404.htm:28]** **[0001267238-24-000019_aiz-20240404.htm:49]** .                                           |
| Biju Nair          | Executive Vice President, President, Global Connected Living  | July 2021        | Biju Nair was appointed to his current role in July 2021. He joined Assurant in December 2020 through the acquisition of HYLA Mobile, where he was president and CEO  **[0001267238-24-000019_aiz-20240404.htm:28]** .                                                                       |
| Jay E. Rosenblum   | Executive Vice President, Chief Legal Officer                 | July 2020        | Jay E. Rosenblum became Chief Legal Officer in July 2020. He joined Assurant in June 2019 and previously served as Co-Interim General Counsel  **[0001267238-24-000019_aiz-20240404.htm:28]** **[0001267238-23-000020_aiz-20230323.htm:22]** .                                                                                           |
| Kevin Warren       | Board Member, Compensation and Talent Committee               | January 15, 2025 | Kevin Warren will join the Board of Directors and serve on the Compensation and Talent Committee effective January 15, 2025. He previously worked at UPS and Xerox Corporation  **[0001267238-24-000049_ex991pressrelease-director.htm:0]** **[0001267238-24-000049_aiz-20241115.htm:1]** .                                                        |
| Mariana Wisk       | Senior Vice President, Corporate Secretary                    | N/A              | Mariana Wisk serves as Senior Vice President and Corporate Secretary. She has been involved in signing off on company reports, but her start date in this role is not specified  **[0001267238-24-000049_aiz-20241115.htm:2]** **[0001267238-24-000044_aiz-20241105.htm:2]** .                                                        |

5cd456d5c844ef55e9ab78ba1ef828f6355e03b51dd2bcfea281365d0a116445

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | November 2023  **[0001267238-24-000047_aiz-20240930.htm:54]**  |
| End Date/Duration        | N/A             |
| Total additional amount  | **$600.0 million**  **[0001267238-24-000047_aiz-20240930.htm:54]**  |
| Remaining authorization amount | **$494.5 million**  **[0001267238-24-000047_aiz-20240930.htm:54]**  |
| Details                  | The program allows for the repurchase of up to $600.0 million of outstanding common stock. The purpose is to return capital to shareholders and potentially increase the stock price by reducing the number of shares outstanding.  **[0001267238-24-000008_aiz-20231231.htm:209]** **[0001267238-24-000008_aiz-20231231.htm:101]** **[0001267238-24-000008_aiz-20231231.htm:84]**  |

b4393aab1a4d2ac16438bf489e90cf247978ecc992e1a60d91c2a1113837c0f7

65c292914bae6dffbd7ddfa94bbb506d3dfa897187cff7d8c2087167cf4ec229

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2000  **[0001267238-24-000008_aiz-20231231.htm:133]**    | Present  | Current auditor   |

712ccc303b4e3a035e6917ccf05a44f149605930dcd4dce58aa1f7cc0f2a683d

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

2f3d7c39e867a7e84efd10eaaa02897bcc451a8d9ca91d3313b4ca5a0a43335c

Impact of reportable catastrophes (USD millions)

Favorable non-catastrophe prior period reserve development (USD millions)

1c97f5ccf59b3fd35eff0141928552f199fb50d4592a785b2a8239bf676747c2

- The renters business is exhibiting weaker than expected growth, with revenue up only **2%** year-to-date  **[AIZ_3397157_14]** , despite policies in force increasing by **4%**.  **[AIZ_3397157_14]**  This suggests potential weakness or competitive pressure in the segment.
- The auto segment is under pressure due to ongoing inflation impacts on motor vehicle repair costs and elevated losses in the Guaranteed Asset Protection (**GAP**) product. Challenges are intensified by declines in used car prices, higher interest rates, and an increase in total loss vehicles.  **[AIZ_3397157_2]**  The company has implemented **14 rate increases** with **5 clients** over the past two years to address these issues  **[AIZ_3397157_18]** , indicating operational difficulties that may affect future profitability.
- Core weakness in the auto segment is being offset by higher investment income, which may not be sustainable if interest rates decline. This reliance on investment income poses a risk to future earnings if rate increases do not earn in before potential interest rate decreases.  **[AIZ_3397157_17]**

eb466ac3ea1f37c6612346d10c1f7a425eb94027eb2a999ca00d12b327f16da8

- **Assurant's financial services business is showing strong growth**, highlighted by the **Chase win**, indicating good momentum and future prospects.  **[AIZ_3397157_12]**
- The company has a **strong track record of performance**, with **10% EBITDA growth on average since 2019** and more than **doubling earnings per share with a 16% CAGR** over the same 5-year period.  **[AIZ_3397157_3]**
- Assurant expects to be at the **high end of their $200 million to $300 million share repurchase range** for the year, demonstrating a **strong capital position** and commitment to returning value to shareholders.  **[AIZ_3397157_19]**

98c4df71c84525136dc301ddb8369053f2dfa6d290046272cddc95c62557b815

- **Assurant (AIZ)** is experiencing strong growth in their Global Housing business, with placement rates up **6 basis points sequentially** and **18 basis points year-over-year**, driven by onboarding a major new client and growth within existing clients, benefiting from homeowners finding it more challenging to secure traditional voluntary coverage  **[AIZ_3406017_9]** .
- AIZ is leveraging successful strategies from their Global Housing segment to improve profitability in their Global Auto business, having implemented **16 rate changes** and redesigned products to be more effective for consumers, expected to create longer-term tailwinds for profitability  **[AIZ_3406017_15]** .
- AIZ is experiencing steady growth in their mobile device protection business, driven by new products with major cable partners generating significant momentum, and expansion in the Asia Pacific region, contributing to substantial subscriber growth  **[AIZ_3406017_10]** .

719d1e3d266a467ecbeb7d3881d7eb8d8e42d14720ae25f7e51cb4a1b003e889

- **Challenges in the Global Auto business could impact profitability.** The company acknowledges that **elevated losses in the Auto segment require longer-term efforts to return to profitability**, unlike the Housing segment which has annual policies. This suggests that the **Global Auto business may continue to face profitability pressures in the near term**.  **[AIZ_3406017_15]**
- **Exposure to catastrophe losses in the Global Housing segment.** Despite not having touched the reinsurance tower, the company admits that **2024 has been an active season with multiple catastrophes**, which could potentially impact future reinsurance costs and pricing. Stability in pricing heading into 2025 may not fully offset the risks of increased catastrophe events.  **[AIZ_3406017_7]**
- **Ongoing investment spending may pressure margins.** The company has invested **$21 million year-to-date in Connected Living**, with plans for additional new investments next year. While these investments are aimed at growth, they represent **continued expenses that may affect short-term profitability**.  **[AIZ_3406017_13]**

bfca1e4b0758240f3a49f3e9fffe22fe3de0a69bd69c8006f71303ae8430442e

1. **Global Auto Profitability**  
   **Q:** Is the profitability issue in Global Auto more widespread, and what actions are being taken?  
   **A:** The challenges remain unchanged and are limited to specific clients with profit-share arrangements where elevated losses create short-term pressure. There's some elevation in severity due to higher parts and labor costs. We've taken rate increases over the last **18–20 months**, with more planned. We expect relative stability in the auto P&L in **2024** and progressive improvement entering **2025**.  **[AIZ_3387489_10]** 

2. **Connected Living Growth**  
   **Q:** How sustainable is Connected Living's strong growth amid steady device counts?  
   **A:** We're pleased with **14%** EBITDA growth in Connected Living, driven by the U.S. market. Despite a slight softness in device counts, especially in Japan and prepaid segments, our U.S. postpaid business performs exceptionally well. We've had double-digit growth for about **seven years** and feel incredibly well-positioned for continued growth.  **[AIZ_3387489_7]** 

3. **Trade-in Programs Impact**  
   **Q:** Could changes in trade-in programs and promotions affect Connected Living's bottom line?  
   **A:** While promotional activity was relatively light this quarter, we've maintained stable margins in the trade-in business even though devices serviced were down. Clients focused on other priorities, but we're well-positioned should promotional activity pick up, which could positively impact our financials.  **[AIZ_3387489_11]** 

4. **Onboarding Bank of America and Telstra**  
   **Q:** Are onboarding expenses for Bank of America and Telstra complete?  
   **A:** For Bank of America, we've been ramping up and expect policies to come online in the second and third quarters, with full operations by end of the third quarter. Telstra's main program launched this month; we've invested significantly and have more to come. We incurred about **$5 million** in incremental growth investments this quarter, and we anticipate a **2–3%** impact on overall growth for the full year due to these investments.  **[AIZ_3387489_9]** 

5. **Reinsurance Cost Reduction**  
   **Q:** What changes occurred in reinsurance costs and retention levels?  
   **A:** The reinsurance program's cost decreased from **$207 million** last year to about **$190 million** this year. Our per-event retention remains at a 1-in-5-year probable maximum loss. We increased the top end of the program from **$1.4 billion** to **$1.63 billion**, enhancing our protection while reducing costs.  **[AIZ_3387489_12]** 

6. **Housing Non-Cat Loss Experience**  
   **Q:** How did weather impact the non-catastrophe loss ratio in housing?  
   **A:** Excluding development, the non-cat loss ratio was just under **39%**, aligning with our expectations for the full year. We've seen normalized severity levels as inflation eases, benefiting from rate impacts and operating expense leverage. Our combined ratio stands at **77%**, and including catastrophe coverage, it's in the mid to high **80s**.  **[AIZ_3387489_8]** 

7. **Placement Rates and Policy Counts**  
   **Q:** Will the Bank of America portfolio affect placement rates or insured values?  
   **A:** There will be fluctuations due to client additions and deletions, with some portfolios having lower or higher placement rates. Overall, we expect policy counts to increase by year's end, with a relatively stable placement rate as we exit the year.  **[AIZ_3387489_11]** 

422ed84477087e8c2c65d3f1f2193d6ac91b02af450abdfd2770666b905c8e8a

- **Strong Performance in Connected Living Segment**: Adjusted EBITDA in Connected Living increased by **14%** in the first quarter, driven by sustained top-line growth and well-performing clients, positioning AIZ favorably for continued growth.  **[AIZ_3387489_7]**
- **Effective Management of Inflation in Global Auto**: AIZ is proactively addressing inflationary pressures in its Global Auto business by implementing rate increases over the past **18-20 months**, with more adjustments planned, aiming to stabilize and improve profitability in the long term.  **[AIZ_3387489_10]**
- **Growth Opportunities through New Partnerships**: The onboarding of major clients like **Bank of America** is expected to increase policy counts by year-end, and investments in new programs like **Telstra** are progressing well, indicating strong future growth potential.  **[AIZ_3387489_9]** **[AIZ_3387489_11]**

452545387525d3bab2500ba475f1ee2e0750483565886e99726ab3b20dddb83a

1. **Global Auto Inflation Impact**  
   **Q:** When will the inflation impact on Global Auto lessen?  
   **A:** The first half of the year showed differing trends; the first quarter was driven by inflation in vehicle service contracts, while the second quarter issues stemmed from GAP due to declining used car values and higher interest rates.  **[AIZ_3397157_7]**  We expect rates to stabilize and improve modestly in the back half of the year.  **[AIZ_3397157_7]**  Additionally, we've been reducing GAP risk and anticipate improvement in less than **two years**.  **[AIZ_3397157_7]**  The challenges now may create a tailwind for us over the next few years.  **[AIZ_3397157_7]** 

2. **Card Benefits Growth with Chase**  
   **Q:** What is the opportunity in the card benefits business with Chase?  
   **A:** We're expanding our relationship with Chase, converting all active Chase cardholders in the fourth quarter.  **[AIZ_3397157_9]**  This will be **EBITDA positive as we enter 2025** and will drive growth in our Connected Living business.  **[AIZ_3397157_9]**  We're investing in this launch as part of our strategic growth initiatives.  **[AIZ_3397157_9]** 

3. **Auto Segment Profitability and Rate Increases**  
   **Q:** How are loss cost trends and rate increases affecting Auto?  
   **A:** Loss cost trends are moderating; the CPI index for auto repairs went down modestly to about **9% year-over-year**.  **[AIZ_3397157_10]**  We've implemented **14 rate increases over 5 clients** in the last couple of years.  **[AIZ_3397157_10]**  This momentum will build over time, improving our position sequentially.  **[AIZ_3397157_10]** 

4. **Global Housing Combined Ratio Outlook**  
   **Q:** How do you view the long-term combined ratio for Global Housing?  
   **A:** We target a **mid-80s combined ratio**, with a non-cat loss ratio around **40%**, adding about **7 points** for cat losses, and expenses in the high **30s**.  **[AIZ_3397157_15]**  We've demonstrated discipline in expense management, driving efficiency through technology and scale.  **[AIZ_3397157_15]** 

5. **Renters Business Performance**  
   **Q:** What's causing weakness in the renters business, and are rates improving?  
   **A:** Year-to-date revenue is up **2%**, policies are up **4%**, and gross written premium is up **8%**, a leading indicator of future revenue.  **[AIZ_3397157_14]**  The property management company segment is up **20% year-to-date**.  **[AIZ_3397157_14]**  We expect momentum to continue, supported by our investments in products and platforms.  **[AIZ_3397157_14]** 

6. **Higher Investment Income in Auto**  
   **Q:** Is higher investment income offsetting weaknesses in Auto?  
   **A:** We're in a good position with investment income; our portfolio duration is about **5 years**, and book yield is up **12 basis points** over the last quarter to **5.16%**.  **[AIZ_3397157_17]**  New money yields are slightly higher, and some client arrangements provide a natural offset if interest rates decline.  **[AIZ_3397157_17]** 

7. **Share Repurchase Plans Amid Hurricane Season**  
   **Q:** Why increase repurchase plans despite an active hurricane forecast?  
   **A:** Confidence comes from our strong capital position and strengthened reinsurance program.  **[AIZ_3397157_19]**  We've completed **$100 million** of buybacks and are on pace to deliver at the higher end of the **$200 million to $300 million** range.  **[AIZ_3397157_19]**  Our businesses generate strong cash flow, allowing us to operate from a position of strength.  **[AIZ_3397157_19]** 

8. **Fee Income in Global Housing**  
   **Q:** Were there any unusual factors in elevated fee income in Housing?  
   **A:** The increase is due to a business change—a reclassification between fee income and expense lines.  **[AIZ_3397157_20]**  There's no bottom-line P&L impact; it's simply a shift in accounting.  **[AIZ_3397157_20]** 

9. **Client Transition in Housing**  
   **Q:** How will client transitions affect Housing in the second half?  
   **A:** There's ongoing activity in the lender-placed business with portfolios rolling off and on as clients make acquisitions.  **[AIZ_3397157_21]**  We expect some movement over the back half of the year but anticipate policy counts to remain relatively stable.  **[AIZ_3397157_21]** 

d18b228787b547f75bf89430787a6da41cecf61a18429b034784a558b8dc68b2

- **Substantial fee income growth in Global Lifestyle segment, driven by higher trade-in volumes and new programs with major OEMs**, indicating strong performance and successful expansion.  **[AIZ_3372295_11]**
- **Effective management in Auto business with significant rate adjustments leading to expected improvement in 2024 and beyond**, demonstrating proactive measures and positive future outlook.  **[AIZ_3372295_13]**
- **Significant expense reductions in Global Housing segment, reducing expense ratio by 6 points from 46% to 40%, and attracting major clients like Bank of America**, enhancing profitability and market position.  **[AIZ_3372295_12]**

b907bb2ae9a02641ad0a39db0026d1fc444ed891af142f47a24c153336b8590a

1. **Global Lifestyle 2025 Outlook**  
   **Q:** What can we expect for Global Lifestyle in 2025?  
   **A:** Management expects **accelerated growth** in Global Lifestyle in 2025, particularly in Connected Living, as the **2024 investments** will transition to generating revenue and EBITDA from new client launches and efficiencies. The auto segment is also anticipated to grow, benefiting from **higher earnings from rate increases** and **stabilizing inflation levels**. There will be some **additional incremental investments** in 2025 for new client programs, with details to come in February. ( **[AIZ_3406017_8]** )

2. **Auto Profitability Improvement**  
   **Q:** Will auto profitability improve with rate increases?  
   **A:** Management anticipates that auto profitability will improve as the **16 total rate changes** they've implemented start earning through over the next few years, providing a tailwind. They have worked with clients to redesign products, and the pressure on auto is **declining**, expecting improvements as they move forward. ( **[AIZ_3406017_15]** )

3. **Connected Living Investments**  
   **Q:** How will investment spend in Connected Living change?  
   **A:** The **$21 million** investment spend in Connected Living in 2024 is sunsetting, with those investments resulting in new client launches generating revenue and EBITDA in 2025. Management expects **additional investments** in 2025 for new programs, viewing this as a positive sign of strong commercial momentum. ( **[AIZ_3406017_13]** )

4. **Global Housing Catastrophe Losses**  
   **Q:** How will catastrophe losses affect 2025 pricing?  
   **A:** Despite an active season, management hasn't touched their reinsurance tower and feels good about their program. They expect **favorable reinsurance costs** heading into 2025 and anticipate pricing to remain **relatively stable**, with no big shift in premiums. ( **[AIZ_3406017_7]** )

5. **GAAP Losses in Auto**  
   **Q:** When will GAAP losses in auto run through?  
   **A:** The impact from GAAP losses is **shorter term**, with claims heavier in the first **24 months**. Management has reduced risk participation from **40% in 2022** to **12% in 2024**. They expect auto to improve in 2025, with pressure **declining**. ( **[AIZ_3406017_11]** )

6. **Device Count Growth**  
   **Q:** Will device count growth continue with new Asia clients?  
   **A:** The growth in device count is a natural evolution, with continued steady growth domestically and in Asia Pacific. The monetization opportunity is **aligned** with their standard model, and management is **pleased** with material year-over-year subscriber growth. ( **[AIZ_3406017_10]** ,  **[AIZ_3406017_12]** )

7. **Trade-in Volumes and Q4 Guidance**  
   **Q:** Is Q4 guidance unusually strong due to trade-in volumes?  
   **A:** Management expects trade-in volumes to **pick up** in Q4 with more promotional activity following the launch of the **iPhone 16**. The Q4 guidance reflects **seasonal improvements**, new client revenue, and loss improvements, which are part of normal seasonality rather than unusually strong. ( **[AIZ_3406017_14]** )

8. **Voluntary Business Placement Rates**  
   **Q:** How are voluntary business placement rates trending?  
   **A:** Placement rates are up **6 basis points** sequentially and **18 basis points** year-over-year, driven by growth in the underlying business and additional policies as homeowners face challenges finding coverage in a **hard market**. ( **[AIZ_3406017_9]** )

9. **Cross-Selling Opportunities**  
   **Q:** Are there cross-selling opportunities between businesses?  
   **A:** Management sees opportunities to leverage relationships across wide distribution channels and is well-positioned to capitalize on clients looking to reinvent services. They consider it a **positive opportunity** to expand relationships, as evidenced by partnerships like **Chase**. ( **[AIZ_3406017_16]** )

389a2752b37c268ca3d6d26805ea0f65879714087ba0bb0ff87a228a1bc0198c

- **Persistent inflation in vehicle parts and labor repair costs** have led to **elevated claims costs** in the Global Auto segment, putting pressure on margins and profits. The impact is expected to continue into 2024.  **[AIZ_3387489_10]**
- **Low promotional activity from carriers** has resulted in **decreased trade-in volumes** in the Connected Living business. Future profitability could be impacted if promotional activity remains low.  **[AIZ_3387489_12]**
- **Ongoing investments** in new clients and programs, such as **Bank of America and Telstra**, may **temper growth** in the near term due to increased expenses.  **[AIZ_3387489_9]**

c2769821f3bb14929a733d8286c2f18bf2b1fdf9d661972ba6b861c42a262209

Assurant Inc (AIZ)

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