Results In-line with Full-Year Outlook Driven
by The Warranty Group and Mobile Growth
Key Highlights for First Quarter
2019
- Net income of $161.0 million, or $2.52
per diluted share, up 29 percent
- Net operating income of $140.6 million,
or $148.8 million excluding reportable catastrophes1, up 31 and 30
percent, respectively
- Net operating income per diluted share
of $2.21, or $2.33 excluding reportable catastrophes2, up 11 and 9
percent, respectively
- $88 million returned to shareholders in
share repurchases and common dividends
Note: References to net income refer to net income attributable
to common stockholders. Comparisons in the quarterly financial
highlights relate to last year’s prior period unless otherwise
noted.
Assurant, Inc. (NYSE: AIZ), a leading global provider of housing
and lifestyle solutions that support, protect and connect major
consumer purchases, today reported results for the first quarter
ended March 31, 2019.
“Our first quarter results represent a strong start to 2019,
driven by contributions from our acquisition of TWG and organic
mobile growth,” said Assurant President and Chief Executive Officer
Alan Colberg. “In addition to the significant increase in Global
Lifestyle earnings, we also saw higher income from our Global
Housing and Global Preneed segments.”
“As we outlined at our 2019 Investor Day, we believe we’re well
positioned to sustain outperformance over time, driven by our
leading positions and innovative offerings which should support
double-digit earnings growth and significant cash flow generation,”
Colberg added.
Reconciliation of Net Operating Income
to GAAP Net Income Attributable to Common
Stockholders1
(UNAUDITED) 1Q 1Q ($ in
millions, net of tax) 2019 2018
Global Housing $ 72.7 $ 71.2 Global Lifestyle 100.6 55.8 Global
Preneed 11.8 9.8 Corporate and other (18.8 ) (20.0 ) Interest
expense (21.0 ) (9.6 ) Preferred stock dividends (4.7 )
—
Net operating income 140.6
107.2
Adjustments: Assurant
Health runoff operations 0.1 2.0 Net realized gains on investments
24.8 0.4 Amortization of deferred gains on disposal of businesses
6.1 14.6 Net TWG acquisition related charges(1) (9.0 ) (20.5 )
Foreign exchange related losses (4.3 ) — Other adjustments
2.7 2.3
GAAP net income attributable
to common stockholders $ 161.0 $ 106.0
Note: 2018 net operating income includes TWG earnings
beginning June 1, 2018 and mortgage solutions results prior to the
sale on August 1, 2018. A full reconciliation of net operating
income to GAAP net income attributable to common stockholders can
be found on Page 10. (1)
Details about the components of net TWG
acquisition related charges and other key financial metrics are
included in the Financial Supplement located on Assurant’s Investor
Relations website http://ir.assurant.com/investor/default.aspx
First Quarter 2019 Consolidated Results
- Net income was $161.0 million,
or $2.52 per diluted share, compared to first quarter 2018 net
income of $106.0 million, or $1.96 per diluted share. The increase
was primarily due to Global Lifestyle, including contributions from
TWG, an increase in realized gains on investments, mostly related
to a net increase in fair value of equity securities, and lower net
TWG acquisition-related charges.
- Net operating income3 increased
to $140.6 million, or $2.21 per diluted share, compared to first
quarter 2018 net operating income of $107.2 million, or $2.00 per
diluted share. Assurant incurred $8.2 million of reportable
catastrophes in first quarter 2019, compared to $7.4 million of
reportable catastrophes in first quarter 2018.Excluding reportable
catastrophes, net operating income for first quarter 2019 totaled
$148.8 million, compared to $114.6 million in the first quarter
2018. The increase was primarily driven by contributions from TWG
and mobile organic growth in Global Lifestyle. This was partially
offset by higher financing costs related to the TWG
acquisition.
- Net earned premiums, fees and other
income from the Global Housing, Global Lifestyle and Global
Preneed segments totaled $2.23 billion, compared to $1.49 billion
in first quarter 2018. This reflected $651 million of revenue from
TWG. Excluding TWG and the sale of mortgage solutions, revenue
increased 10 percent, primarily from continued organic growth in
mobile programs and Global Automotive.
Reportable Segments
Global Housing
($ in millions)
1Q19 1Q18 % Change Net operating income
$ 72.7 $ 71.2 2 %
Net earned premiums, fees and other
$
500.0 $ 523.1
(4)% Note: On August 1, 2018, Assurant closed the
sale of Global Housing’s mortgage solutions business. Results for
this business are included in Global Housing’s revenue and net
operating income through July 2018.
- Net operating income increased
modestly in first quarter 2019. Results included $8.8 million of
reportable catastrophes related to winter weather, which were
consistent with the $8.7 million of catastrophes in the first
quarter 2018.Excluding mortgage solutions in the prior year period,
earnings declined as growth in multifamily housing was offset by
higher catastrophe reinsurance costs, and decreased profitability
in specialty property offerings.
- Net earned premiums, fees and other
income decreased in first quarter 2019, mainly reflecting the
sale of mortgage solutions. Excluding mortgage solutions, revenue
increased 5 percent due to growth in specialty property products
and multifamily housing. This increase was partially offset by
expected lower placement rates and lower real-estate owned volume
in lender-place insurance.
Global Lifestyle
($ in millions)
1Q19 1Q18 % Change Net operating income
$ 100.6 $ 55.8 80 %
Net earned premiums, fees and other
$
1,681.6 $ 918.5
83 % Note: Starting June 1, 2018, the results
of TWG business operations is reflected within Global Lifestyle
segment results.
- Net operating income increased
significantly in first quarter 2019, reflecting the TWG acquisition
and organic growth in Connected Living. TWG contributed a total of
$30.3 million in the quarter, net of $2.8 million primarily related
to intangible amortization and inclusive of approximately $10
million of realized operating synergies.Excluding TWG, results
increased 26 percent, mainly due to mobile subscriber growth from
new and existing programs and higher trade-in volumes and margins,
primarily in Asia Pacific and North America. More favorable Global
Automotive results, compared to the prior year period, also
contributed to the quarter. This growth was partially offset by
unfavorable foreign exchange and the continued decline in Financial
Services.
- Net earned premiums, fees and other
income increased primarily due to the addition of $651 million
of TWG revenue. Excluding TWG, revenue increased 12 percent driven
by organic growth in mobile from new protection programs and higher
trade-in volumes, as well as domestic Global Automotive growth from
strong prior period sales. Unfavorable foreign exchange reduced
revenue in Connected Living and Global Financial Services.
Global Preneed
($ in millions)
1Q19 1Q18 % Change Net operating income
$ 11.8 $ 9.8 20 %
Net earned premiums, fees and other
$
49.1 $ 46.2
6 %
- Net operating income was up in
first quarter 2019 primarily due to higher investment income and
lower mortality in the period compared to first quarter 2018.
- Net earned premiums, fees and other
income increased in the first quarter 2019, primarily driven by
growth in prefunded funeral policies in U.S., as well as prior
period sales of the Final Need product.
Corporate & Other
($ in millions)
1Q19 1Q18
% Change Net loss attributable to
common stockholders $ (24.1) $ (30.8) 22 %
Net operating
loss (4)
$ (18.8) $
(20.0) 6 % Note: Net
(loss) income attributable to common stockholders is the comparable
GAAP measure to net operating loss for the Corporate & Other
segment.
- Net operating loss4
decreased in first quarter 2019, primarily due to lower
employee-related expenses compared to first quarter 2018.
Capital Position
- Holding company liquidity was
approximately $354 million as of March 31, 2019, $129 million above
the company’s current targeted minimum level of $225
million.Dividends paid to the holding company in the first quarter
2019 from Assurant operating segments, inclusive of TWG, totaled
$78 million.
- Share repurchases and common and
preferred dividends, totaled $93 million in first quarter 2019.
Dividends to shareholders totaled $42 million, including $37
million in common stock dividends and $5 million in preferred stock
dividends. Assurant repurchased 0.5 million shares of common stock
for $51 million. From April 1 through May 3, 2019, the company
repurchased an additional 224,000 shares for approximately $21
million, with $690 million remaining under the current repurchase
authorization.
Company Outlook
Based on current market conditions, for full-year 2019 the
company continues to expect:
- Assurant net operating income per
diluted share, excluding catastrophe losses to increase 6
percent to 10 percent from 2018, driven mainly by profitable growth
in Global Lifestyle and Global Housing as well as share
repurchases. This growth rate includes the full year impact of the
10.4 million shares issued for the TWG acquisition. Assurant’s
consolidated effective tax rate to be between 23 percent to 25
percent.
- Double-digit earnings growth to reflect
full-year contributions from TWG including $25 million to $30
million after-tax of additional synergy realization, modest organic
growth across Connected Living, Global Automotive and multifamily
housing, as well as ongoing expense management efforts.
Lender-placed, excluding reportable catastrophe losses and the
incremental reinsurance costs to further reduce the company’s
catastrophe exposure, is expected to approximate 2018 levels as
revenue declines moderate. Earnings growth will be partially offset
by the continued declines in Global Financial Services.Corporate
& Other full-year net operating loss5 to approximate 2018
levels. Interest expense and preferred dividends are expected to be
between $83 million to $85 million and approximately $20 million,
respectively, reflecting a full year of financing costs related to
the acquisition of TWG.
- Business segment dividends from
Global Housing, Global Lifestyle and Global Preneed to approximate
segment net operating income, including catastrophe losses. This is
subject to the growth of the businesses and rating agency and
regulatory capital requirements.
- Capital to be deployed to
support business growth, fund other investments and return capital
to shareholders in the form of share repurchases and dividends,
subject to Board approval and market conditions.
Earnings Conference Call
The first quarter 2019 earnings conference call and webcast will
be held Tuesday, May 7, 2019 at 8:30 a.m. ET. The live and archived
webcast, along with supplemental information, will be available on
Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global provider of
housing and lifestyle solutions that support, protect and connect
major consumer purchases. Anticipating the evolving needs of
consumers, Assurant partners with the world’s leading brands to
develop innovative products and services and to deliver an enhanced
customer experience. A Fortune 500 company with a presence in 21
countries, Assurant offers mobile device solutions; extended
service contracts; vehicle protection services; pre-funded funeral
insurance; renters insurance and lender-placed homeowners
insurance. The Assurant Foundation strengthens communities by
supporting charitable partners that help protect where people live
and can thrive, connect with local resources, inspire inclusion and
prepare leaders of the future.
Learn more at assurant.com or on Twitter @AssurantNews.
Safe Harbor Statement
Some of the statements included in this news release and its
exhibits, particularly those anticipating future financial
performance, business prospects, growth and operating strategies
and similar matters, including the benefits and synergies of The
Warranty Group acquisition, are 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,” “will,” “may,” “can,” “anticipates,” “expects,”
“estimates,” “projects,” “intends,” “plans,” “believes,” “targets,”
“forecasts,” “potential,” “approximately,” or the negative version
of those words and other words and terms with a similar meaning.
Any forward-looking statements contained in this news release or
its exhibits 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 the future plans,
estimates or expectations contemplated by us will be achieved. Our
actual results might differ materially from those projected in the
forward-looking statements. The company undertakes no obligation to
update or review any forward-looking statements in this news
release or the exhibits, whether as a result of new information,
future events or other developments. The following risk factors
could cause our actual results to differ materially from those
currently estimated by management, including those projected in the
company outlook:
(i) the loss of significant clients, distributors and other
parties or those parties facing financial, reputation and
regulatory issues; (ii) significant competitive pressures, changes
in customer preferences and disruption; (iii) the failure to find
and integrate acquisitions, including The Warranty Group, or grow
organically and risks associated with joint ventures; (iv) the
impact of general economic, financial market and political
conditions, including unfavorable conditions in the capital and
credit markets, and conditions in the markets in which we operate;
(v) risks related to our international operations and fluctuations
in exchange rates; (vi) the impact of catastrophic and
non-catastrophe losses; (vii) our inability to recover should we
experience a business continuity event; (viii) our inability to
develop and maintain distribution sources or attract and retain
sales representatives; (ix) failure to manage vendors and other
third parties who conduct business and provide services to our
clients; (x) declines in the value of mobile devices and export
compliance risk in our mobile business; (xi) negative publicity
relating to our products and services or the markets in which we
operate; (xii) failure to implement our strategy and to attract and
retain key personnel, including senior management; (xiii) employee
misconduct; (xiv) the adequacy of reserves established for claims
and our inability to accurately predict and price for claims; (xv)
a decline in financial strength ratings or corporate senior debt
ratings; (xvi) an impairment of goodwill or other intangible
assets; (xvii) failure to maintain effective internal control over
financial reporting; (xviii) a decrease in the value of our
investment portfolio including due to market, credit and liquidity
risks; (xix) the impact of U.S. tax reform legislation and
impairment of deferred tax assets; (xx) the unavailability or
inadequacy of reinsurance coverage and credit risk of reinsurers,
including those to whom we have sold business through reinsurance;
(xxi) the credit risk of some of our agents; (xxii) the inability
of our subsidiaries to pay sufficient dividends to the holding
company and limitations on our ability to declare and pay
dividends; (xxiii) changes in the method for determining or
replacement of LIBOR; (xxiv) failure to effectively maintain and
modernize our information technology systems and infrastructure and
integrate those of acquired businesses; (xxv) breaches of our
information systems or those of third parties or failure to protect
data in such systems, including due to cyber-attacks; (xxvi) costs
of complying with, or failure to comply with, extensive laws and
regulations to which we are subject, including related to privacy,
data security and data protection; (xxvii) the impact from
litigation and regulatory actions; (xxviii) reductions in the
insurance premiums we charge; and (xxix) changes in insurance and
other regulation.
For a detailed discussion of the risk factors that could affect
our actual results, please refer to the risk factors identified in
our SEC reports, including, but not limited to our Annual Report on
Form 10-K, as filed with the SEC.
Non-GAAP Financial Measures
Assurant uses the following non-GAAP financial measures to
analyze the company’s operating performance for the periods
presented in this news release. Because Assurant’s calculation of
these measures may differ from similar measures used by other
companies, investors should be careful when comparing Assurant’s
non-GAAP financial measures to those of other companies.
(1) Assurant uses net operating income (defined below),
excluding reportable catastrophes, as an important measure of the
company’s operating performance. Reportable catastrophes represents
reportable catastrophe losses net of reinsurance and client profit
sharing adjustments and including reinstatement and other premiums.
Reportable catastrophes include ISO events greater than $5 million,
pre-tax. The company believes this metric provides investors a
valuable measure of the performance of the company’s ongoing
business because it excludes reportable catastrophes, which can be
volatile. The comparable GAAP measure is net income attributable to
common stockholders.
(UNAUDITED) 1Q
1Q ($ in millions)
2019 2018 Global Housing,
excluding reportable catastrophes $ 81.5 $
79.9 Global Lifestyle(1) 100.0 54.5 Global
Preneed 11.8 9.8 Corporate and other (18.8 ) (20.0 ) Interest
expense (21.0 ) (9.6 ) Preferred stock dividends
(4.7 ) —
Net operating income, excluding reportable
catastrophes 148.8
114.6
Adjustments,
pre-tax: Assurant Health runoff operations 0.1 2.6 Net realized
gains on investments 28.8 0.5 Reportable catastrophes (10.3 ) (9.4
) Amortization of deferred gains on disposal of businesses 7.8 18.5
Net TWG acquisition related charges(2) (10.7 ) (26.0 ) Foreign
exchange related losses (4.2 ) — Other adjustments 3.4 3.2
(Provision) benefit for income taxes
(2.7 ) 2.0
GAAP
net income attributable to common stockholders $
161.0 $ 106.0
(1) 1Q 2019 and 1Q 2018 exclude benefits of $0.6
million after-tax ($0.9 million pre-tax) and $1.3 million after-tax
($1.6 million pre-tax), respectively, due to favorable development
related to prior year reportable catastrophes. (2)
Details about the components of net TWG
acquisition related charges are included in the Financial
Supplement located on Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
(2) Assurant uses net operating income per diluted share,
excluding reportable catastrophes, as an important measure of the
company's stockholder value. The company believes this metric
provides investors a valuable measure of stockholder value because
it excludes reportable catastrophes, which can be volatile. The
comparable GAAP measure is net income attributable to common
stockholders per diluted share, defined as net income plus any
dilutive preferred stock dividends divided by weighted average
diluted shares outstanding.
(UNAUDITED)
1Q 1Q
2019 2018 Net operating
income, excluding reportable catastrophes, per diluted
share(1) $ 2.33 $
2.14
Adjustments, pre-tax: Dilutive effect from
mandatory convertible preferred stock — (0.03 ) Assurant Health
runoff operations — 0.05 Net realized gains on investments 0.43
0.01 Reportable catastrophes (0.16 ) (0.17 ) Amortization of
deferred gains on disposal of businesses 0.12 0.33 Net TWG
acquisition related charges (0.17 ) (0.47 ) Foreign exchange
related losses (0.06 ) — Other adjustments 0.06 0.06 (Provision)
benefit for income taxes (0.03 )
0.04
Net income attributable to
common stockholders per diluted share(1) $
2.52 $ 1.96 (1)
Information on the share counts used in
the per share calculations are included in the Financial Supplement
located on Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
(3) Assurant uses net operating income as an important measure
of the company’s operating performance. Net operating income equals
net income, excluding Assurant Health runoff operations, net
realized gains on investments, amortization of deferred gains on
disposal of businesses (including Assurant Employee Benefits), net
TWG acquisition related charges, foreign exchange gains (losses)
from remeasurement of monetary assets and liabilities and other
highly variable or unusual items. The company believes net
operating income provides investors a valuable measure of the
performance of the company’s ongoing business because the excluded
items do not represent the ongoing operations of the company. The
comparable GAAP measure is net income attributable to common
stockholders.
(UNAUDITED)
1Q 1Q ($ in millions)
2019 2018 Net operating income $
140.6 $ 107.2
Adjustments
(pre-tax): Assurant Health runoff operations 0.1 2.6 Net
realized gains on investments 28.8 0.5 Amortization of deferred
gains on disposal of businesses 7.8 18.5 Net TWG acquisition
related charges(1) (10.7) (26.0) Foreign exchange related losses
(4.2) — Other adjustments 3.4 3.2 (Provision) benefit for income
taxes (4.8)
—
GAAP net income attributable to common stockholders $
161.0 $ 106.0 (1)
Details about the components of net TWG
acquisition related charges are included in the Financial
Supplement located on Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
(4) Assurant uses Corporate and Other net operating loss as an
important measure of the corporate segment’s performance. Corporate
and Other net operating loss equals Corporate and Other segment net
(loss) income, excluding Health runoff operations, amortization of
deferred gains on disposal of businesses, net TWG acquisition
related charges, interest expense, net realized losses (gains) on
investments, foreign exchange gains (losses) from remeasurement of
monetary assets and liabilities and other highly variable or
unusual items. The company believes Corporate and Other net
operating loss provides investors a valuable measure of the
performance of the company’s corporate segment because it excludes
highly variable items that do not represent the ongoing results of
the company’s corporate segment. The comparable GAAP measure is
Corporate & Other segment net (loss) income attributable to
common stockholders.
(UNAUDITED)
1Q 1Q ($ in millions)
2019 2018 GAAP Corporate and Other segment
net loss attributable to common stockholders $
(24.1 ) $ (30.8 )
Adjustments,
pre-tax: Assurant Health runoff operations (0.1 ) (2.6 )
Amortization of deferred gains on disposal of businesses (7.8 )
(18.5 ) Net TWG acquisition related charges(1) 10.7 26.0 Interest
expense 26.5 12.2 Net realized gains on investments (28.8 ) (0.5 )
Foreign exchange related losses 4.2 — Other adjustments (3.4 ) (3.2
) Benefit for income taxes (0.7 ) (2.6 ) Preferred stock dividends
4.7
—
Corporate & other net operating loss $
(18.8 ) $ (20.0 ) (1)
Details about the components of net TWG
acquisition related charges are included in the Financial
Supplement located on Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
(5) The company outlook for net operating income per diluted
share, excluding reportable catastrophe losses, and Corporate &
Other net operating loss constitutes forward-looking information
and the company believes that it cannot reconcile such
forward-looking information to the most comparable GAAP measure
without unreasonable efforts. Many of the GAAP components cannot be
reliably quantified due to the combination of variability and
volatility of such components and may, depending on the size of the
components, have a significant impact on the reconciliation. The
company is able to reasonably quantify a range for amortization of
deferred gains based on certain assumptions relating to future
reinsured premium on disposed business during the forecast period.
Amortization of deferred gains on disposal of businesses is
expected to be approximately $16-18 million after-tax. The company
is also able to reasonably quantify a range of net TWG acquisition
related charges, which is expected to be approximately $25-30
million after-tax. Finally, the company is able to quantify a range
of interest expense and preferred stock dividends, as disclosed in
the outlook. The interest expense estimate assumes no additional
debt is incurred or extinguished in the forecast period. Preferred
stock dividends are subject to Board approval.
A summary of net operating income disclosed items is included on
page 21 of the company’s Financial Supplement, which is available
on Assurant’s Investor Relations website
http://ir.assurant.com/investor/default.aspx
Assurant, Inc. Consolidated Statement of
Operations (unaudited) Three Months Ended March 31, 2019 and
2018 1Q 2019 2018 ($ in
millions except number of shares and per share amounts)
Revenues Net earned premiums $ 1,904.4 $ 1,124.9 Fees and
other income 328.3 364.5 Net investment income 166.3 130.2 Net
realized gains on investments 28.8 0.5 Amortization of deferred
gains on disposal of businesses 7.8 18.5 Total
revenues 2,435.6 1,638.6
Benefits, losses
and expenses Policyholder benefits 614.7 414.6 Selling,
underwriting, general and administrative expenses 1,577.4 1,066.0
Interest expense 26.5 21.5 Total benefits,
losses and expenses 2,218.6 1,502.1 Income
before provision for income taxes 217.0 136.5 Provision for income
taxes 48.4 30.5 Net income 168.6 106.0
Less: Net income attributable to
non-controlling interests
(2.9 ) — Net income attributable to stockholders
165.7 106.0 Less: Preferred stock dividends
(4.7 ) — Net income attributable to common
stockholders $ 161.0 $ 106.0
Net income
attributable to common stockholders per share: Basic $ 2.57 $
1.99 Diluted $ 2.52 $ 1.96
Common stock dividends per
share $ 0.60 $ 0.56
Share data: Basic
weighted average shares outstanding 62,594,828 53,169,358
Diluted weighted average shares outstanding 65,777,945 54,189,498
Assurant, Inc. Consolidated
Condensed Balance Sheets (unaudited) At March 31, 2019 and
Dec. 31, 2018 March 31, December 31,
2019 2018 ($ in millions)
Assets Investments and cash and cash equivalents $
15,257.9 $ 14,657.9 Reinsurance
recoverables 9,061.6 9,166.0 Deferred acquisition costs 5,371.5
5,103.0 Goodwill 2,331.2 2,321.8 Value of business acquired 2,858.1
3,157.8 Assets held in separate accounts 1,801.1 1,609.7 Other
assets 3,497.9 3,387.7 Assets of consolidated investment entities
2,057.7
1,685.4 Total assets $ 42,237.0 $
41,089.3
Liabilities
Policyholder benefits and claims payable $ 12,061.4 $ 12,054.6
Unearned premiums 15,638.7 15,648.0 Debt 2,006.6 2,006.0
Liabilities related to separate accounts 1,801.1 1,609.7 Deferred
gain on disposal of businesses 45.4 53.1 Accounts payable and other
liabilities 3,410.9 3,128.9 Liabilities of consolidated investment
entities 1,801.2
1,455.1 Total liabilities
36,765.3 35,955.4
Stockholders' equity Equity, excluding accumulated other
comprehensive income 5,337.2 5,267.4 Accumulated other
comprehensive income 103.4
(155.4 ) Total Assurant, Inc. stockholders'
equity 5,440.6 5,112.0 Non-controlling interest
31.1 21.9 Total
equity 5,471.7
5,133.9 Total liabilities and equity $
42,237.0 $ 41,089.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190506005714/en/
Media:Linda RecuperoSenior Vice President, Global
CommunicationPhone: 212.859.7005linda.recupero@assurant.com
Investor Relations:Suzanne ShepherdSenior Vice President,
Investor RelationsPhone:
212.859.7062suzanne.shepherd@assurant.com
Sean MoshierDirector, Investor
Relations212.859.5831sean.moshier@assurant.com
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