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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 September 30, 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 October 28, 2022 was 52,831,429.



ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1. Consolidated Financial Statements (unaudited) of Assurant, Inc.
Consolidated Balance Sheets (unaudited) as of September 30, 2022 and December 31, 2021
2
Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2022 and 2021
3
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2022 and 2021
4
Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2022 and 2021
5
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2022 and 2021
7
Notes to Consolidated Financial Statements (unaudited)
9
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
3. Quantitative and Qualitative Disclosures About Market Risk
4. Controls and Procedures
1. Legal Proceedings
1A. Risk Factors
2. Unregistered Sales of Equity Securities and Use of Proceeds
6. Exhibits
Signatures

1



Assurant, Inc.
Consolidated Balance Sheets (unaudited)
September 30, 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 - $6,863.6 and $6,903.9 at September 30, 2022 and December 31, 2021, respectively)
$ 6,137.9  $ 7,215.3 
Equity securities at fair value 302.6  445.7 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $1.1 at September 30, 2022 and December 31, 2021)
304.4  256.5 
Short-term investments 266.8  247.8 
Other investments 504.4  506.3 
Total investments 7,516.1  8,671.6 
Cash and cash equivalents 1,429.8  2,040.8 
Premiums and accounts receivable (net of allowances for credit losses of $11.5 and $9.4 at September 30, 2022 and December 31, 2021, respectively)
2,288.9  1,942.5 
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at September 30, 2022 and December 31, 2021, respectively)
7,561.8  6,181.2 
Accrued investment income 85.1  62.1 
Deferred acquisition costs 9,577.8  8,811.0 
Property and equipment, net 617.6  561.4 
Goodwill 2,547.4  2,571.6 
Value of business acquired 323.5  583.4 
Other intangible assets, net 631.0  719.2 
Other assets (net of allowances for credit losses of $2.0 and $2.5 at September 30, 2022 and December 31, 2021, respectively)
666.7  698.9 
Assets held for sale (Note 4) —  1,076.9 
Total assets $ 33,245.7  $ 33,920.6 
Liabilities
Future policy benefits and expenses $ 406.7  $ 413.2 
Unearned premiums 19,554.9  18,623.7 
Claims and benefits payable 3,022.4  1,604.8 
Commissions payable 670.9  692.7 
Reinsurance balances payable 520.9  446.2 
Funds held under reinsurance 374.5  364.2 
Accounts payable and other liabilities 2,467.2  3,044.4 
Debt 2,129.3  2,202.5 
Liabilities held for sale (Note 4) —  1,064.8 
Total liabilities 29,146.8  28,456.5 
Commitments and contingencies (Note 16)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 55,187,797 and 58,050,202 shares issued and 52,891,708 and 55,754,113 shares outstanding at September 30, 2022 and December 31, 2021, respectively
0.6  0.7 
Additional paid-in capital 1,627.1  1,695.0 
Retained earnings 3,678.9  4,041.2 
Accumulated other comprehensive loss (1,084.9) (150.0)
Treasury stock, at cost; 2,296,089 shares at September 30, 2022 and December 31, 2021
(122.8) (122.8)
Total equity 4,098.9  5,464.1 
Total liabilities and equity $ 33,245.7  $ 33,920.6 
See the accompanying Notes to Consolidated Financial Statements (unaudited)
2



Assurant, Inc.
Consolidated Statements of Operations (unaudited)
  Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
  (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums $ 2,197.1  $ 2,140.1  $ 6,502.4  $ 6,396.3 
Fees and other income 294.6  309.6  942.2  858.0 
Net investment income 83.5  76.0  261.8  235.2 
Net realized (losses) gains on investments (including $—, $—, $(2.1) and $0.2 of impairment-related (losses) gains for the three and nine months ended September 30, 2022 and 2021, respectively) and fair value changes to equity securities
(27.4) 112.1  (166.2) 123.2 
Total revenues 2,547.8  2,637.8  7,540.2  7,612.7 
Benefits, losses and expenses
Policyholder benefits 670.5  617.4  1,760.5  1,684.2 
Underwriting, selling, general and administrative expenses 1,842.5  1,784.0  5,444.8  5,210.4 
Interest expense 26.3  27.5  80.4  84.7 
Loss on extinguishment of debt —  20.7  0.9  20.7 
Total benefits, losses and expenses 2,539.3  2,449.6  7,286.6  7,000.0 
Income from continuing operations before income tax expense 8.5  188.2  253.6  612.7 
Income tax expense 1.2  37.2  45.1  133.8 
Net income from continuing operations 7.3  151.0  208.5  478.9 
Net income from discontinued operations (Note 4) —  728.8  —  762.0 
Net income 7.3  879.8  208.5  1,240.9 
Less: Preferred stock dividends —  —  —  (4.7)
Net income attributable to common stockholders $ 7.3  $ 879.8  $ 208.5  $ 1,236.2 
Earnings Per Common Share
Basic
Net income from continuing operations $ 0.14  $ 2.56  $ 3.81  $ 7.94 
Net income from discontinued operations $ —  $ 12.32  $ —  $ 12.74 
Net income attributable to common stockholders $ 0.14  $ 14.88  $ 3.81  $ 20.68 
Diluted
Net income from continuing operations $ 0.14  $ 2.54  $ 3.78  $ 7.87 
Net income from discontinued operations $ —  $ 12.25  $ —  $ 12.52 
Net income attributable to common stockholders $ 0.14  $ 14.79  $ 3.78  $ 20.39 
Share Data
Weighted average common shares outstanding used in basic per common share calculations 53,717,373  59,126,313  54,693,799  59,769,690 
Plus: Dilutive securities 349,232  353,151  431,051  1,085,631 
Weighted average common shares outstanding used in diluted per common share calculations 54,066,605  59,479,464  55,124,850  60,855,321 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
3



Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
  Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
  (in millions)
Net income $ 7.3  $ 879.8  $ 208.5  $ 1,240.9 
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $50.5,$184.4, $213.3 and $220.8 for the three and nine months ended September 30, 2022 and 2021, respectively
(209.3) (663.1) (836.0) (786.2)
Change in unrealized gains on derivative transactions, net of taxes of $0.1, $0.2, $0.5 and $0.6 for each of the three and nine months ended September 30, 2022 and 2021, respectively
(0.6) (0.6) (1.9) (1.8)
Change in foreign currency translation, net of taxes of $0.1, $1.1, $(2.5) and $1.3 for the three and nine months ended September 30, 2022 and 2021, respectively
(51.4) (23.7) (92.0) (2.9)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.4, $0.2, $1.3 and $0.9 for the three and nine months ended September 30, 2022 and 2021, respectively
(1.4) (0.7) (5.0) (3.0)
Total other comprehensive loss (262.7) (688.1) (934.9) (793.9)
Total comprehensive (loss) income (255.4) 191.7  (726.4) 447.0 
Total comprehensive (loss) income attributable to stockholders $ (255.4) $ 191.7  $ (726.4) $ 447.0 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
4



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended September 30, 2022
Common Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
  (in millions)
Balance at June 30, 2022 $ 0.6  $ 1,629.9  $ 3,774.2  $ (822.2) $ (122.8) $ 4,459.7 
Stock plan exercises —  5.8  —  —  —  5.8 
Stock plan compensation expense —  17.9  —  —  —  17.9 
Common stock dividends ($0.68 per share)
—  —  (36.7) —  —  (36.7)
Acquisition of common stock —  (26.5) (65.9) —  —  (92.4)
Net income —  —  7.3  —  —  7.3 
Other comprehensive loss —  —  —  (262.7) —  (262.7)
Balance at September 30, 2022 $ 0.6  $ 1,627.1  $ 3,678.9  $ (1,084.9) $ (122.8) $ 4,098.9 
Three Months Ended September 30, 2021
Common Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
  (in millions)
Balance at June 30, 2021 $ 0.7  $ 1,786.2  $ 3,619.8  $ 604.0  $ (122.8) $ 5,887.9 
Stock plan exercises —  6.4  —  —  —  6.4 
Stock plan compensation expense —  18.2  —  —  —  18.2 
Common stock dividends ($0.66 per share)
—  —  (38.5) —  —  (38.5)
Acquisition of common stock —  (62.6) (264.9) —  —  (327.5)
Net income —  —  879.8  —  —  879.8 
Acquisition of non-controlling interests —  (16.9) —  —  —  (16.9)
Other comprehensive income —  —  —  (688.1) —  (688.1)
Balance at September 30, 2021 $ 0.7  $ 1,731.3  $ 4,196.2  $ (84.1) $ (122.8) $ 5,721.3 
Nine Months Ended September 30, 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  $ 4,041.2  $ (150.0) $ (122.8) $ 5,464.1 
Stock plan exercises —  13.6  —  —  —  13.6 
Stock plan compensation expense —  47.2  —  —  —  47.2 
Common stock dividends ($2.04 per share)
—  —  (112.7) —  —  (112.7)
Acquisition of common stock (0.1) (128.7) (458.1) —  —  (586.9)
Net income —  —  208.5  —  —  208.5 
Other comprehensive loss —  —  —  (934.9) —  (934.9)
Balance at September 30, 2022 $ 0.6  $ 1,627.1  $ 3,678.9  $ (1,084.9) $ (122.8) $ 4,098.9 
5



Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Nine Months Ended September 30, 2021
Preferred Stock Common Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling Interests Total
  (in millions)
Balance at December 31, 2020 $ 2.9  $ 0.6  $ 1,956.8  $ 3,533.5  $ 709.8  $ (267.4) $ 3.4  $ 5,939.6 
Stock plan exercises —  —  11.8  —  —  —  —  11.8 
Stock plan compensation expense —  —  48.6  —  —  —  —  48.6 
Common stock dividends ($1.98 per share)
—  —  —  (118.5) —  —  —  (118.5)
Acquisition of common stock —  —  (127.2) (454.4) —  —  —  (581.6)
Net income —  —  —  1,240.9  —  —  —  1,240.9 
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 interests —  —  —  (0.6) —  —  (3.4) (4.0)
Acquisition of non-controlling interest —  —  (16.9) —  —  —  —  (16.9)
Other comprehensive income —  —  —  —  (793.9) —  —  (793.9)
Balance at September 30, 2021 $ —  $ 0.7  $ 1,731.3  $ 4,196.2  $ (84.1) $ (122.8) $ —  $ 5,721.3 

See the accompanying Notes to Consolidated Financial Statements (unaudited)
6



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
  2022 2021
(in millions)
Operating activities
Net income attributable to stockholders $ 208.5  $ 1,240.9 
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 —  (762.0)
Deferred tax expense 65.6  122.3 
Depreciation and amortization 140.2  126.0 
Net realized losses (gains) on investments, including impairment losses 166.2  (123.2)
Stock based compensation expense 47.2  48.6 
Loss on extinguishment of debt 0.9  20.7 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses 2,388.4  1,425.8 
Premiums and accounts receivable (384.2) (131.6)
Commissions payable (9.4) (77.4)
Reinsurance recoverable (1,397.2) (518.7)
Reinsurance balance payable 71.8  37.2 
Funds withheld under reinsurance 13.2  (8.6)
Deferred acquisition costs and value of business acquired (514.1) (706.6)
Taxes payable (receivable) 49.3  (123.4)
Other assets and other liabilities (508.7) (177.2)
Other (17.9) (17.0)
Net cash provided by operating activities - discontinued operations —  151.2 
Net cash provided by operating activities 319.8  527.0 
Investing activities
Sales of:
Fixed maturity securities available for sale 2,310.3  668.9 
Equity securities 43.2  10.6 
Other invested assets 123.9  124.4 
Subsidiary, net of cash transferred 4.8  1,319.6 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 386.3  730.4 
Commercial mortgage loans on real estate 29.1  11.0 
Purchases of:
Fixed maturity securities available for sale (2,681.9) (2,316.9)
Equity securities (27.0) (34.9)
Commercial mortgage loans on real estate (77.0) (95.7)
Other invested assets (91.1) (58.9)
Property and equipment and other (133.9) (131.3)
Subsidiaries, net of cash transferred (16.6)
Change in short-term investments (22.1) (30.2)
Other 0.5  1.5 
Net cash used in investing activities - discontinued operations —  (145.2)
Net cash (used in) provided by investing activities (134.9) 36.7 
7



Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
  2022 2021
Financing activities
Issuance of debt, net of issuance costs —  347.2 
Repayment of debt (75.9) (419.8)
Acquisition of common stock (557.6) (544.3)
Common stock dividends paid (112.7) (118.5)
Preferred stock dividends paid —  (4.7)
Employee stock purchases and withholdings (21.0) (17.3)
Net cash provided by (used in) financing activities - discontinued operations —  — 
Net cash used in financing activities (767.2) (757.4)
Effect of exchange rate changes on cash and cash equivalents - continuing operations (42.7) (7.2)
Effect of exchange rate changes on cash and cash equivalents - discontinued operations —  0.2 
Effect of exchange rate changes on cash and cash equivalents (42.7) (7.0)
Change in cash and cash equivalents (625.0) (200.7)
Cash and cash equivalents at beginning of period 2,054.8  2,228.6 
Cash and cash equivalents at end of period $ 1,429.8  $ 2,027.9 


See the accompanying Notes to Consolidated Financial Statements (unaudited)
8

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



INDEX OF NOTES
 

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 September 30, 2022 and for the three and nine months ended September 30, 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
9

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
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 and nine months ended September 30, 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.
Revision of Prior Period Financial Statements
In second quarter 2022, the Company revised its prior period financial statements to reflect the correction of an error identified in second quarter 2022 related to reinsurance of claims and benefits payable within the Connected Living business unit in the Global Lifestyle segment occurring in late 2018 through first quarter 2022, as well as other immaterial errors which were previously recorded in the periods in which the Company identified them.
A summary of revisions to the Company’s consolidated balance sheet as of December 31, 2021; and the consolidated statements of operations, comprehensive income and changes in equity, in each case, for the three and nine months ended September 30, 2021, and cash flows for the nine months ended September 30, 2021 is presented in Note 17. The Company will also correct previously reported financial information for such errors in its future filings, as applicable.

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
10

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

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.
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions: In June 2022, the FASB issued guidance on investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. Disclosures will be required to provide investors with information about the restriction including the fair value of the equity securities subject to any contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of such restrictions, and any circumstances that could cause a lapse in such restrictions.
The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company plans to early adopt the standard if it invests in equity securities that have contractual restrictions preventing the sale of those securities prior to the effective date.
Inflation Reduction Act of 2022: In August 2022, the U.S. government enacted the Inflation Reduction Act (the “IRA”) which makes changes to the Internal Revenue Code of 1986, as amended, including the imposition of (1) a new corporate alternative minimum tax (“CAMT”) based on applicable financial statement income and (2) a 1% excise tax on corporate stock repurchases. The effective date of the IRA is January 1, 2023. After initial analysis of the IRA, the Company does not expect a material impact to the financial statements in 2022. The Company is undergoing further analysis to determine if the CAMT will apply to the financial statements in 2023 and future years. Additionally, any excise tax incurred on corporate stock repurchases is expected to be recognized as part of the cost basis of the treasury stock acquired and not reported as part of income tax expense.
11

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



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, to subsidiaries of CUNA Mutual Group for an aggregate purchase price at closing of $1.34 billion in cash.
The following table summarizes the components of net income from discontinued operations included in the consolidated statements of operations:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2021
Revenues
Net earned premiums $ 6.1  $ 42.6 
Fees and other income 13.6  91.0 
Net investment income 23.7  168.4 
Net realized gains on investments and fair value changes to equity securities 0.5  4.2 
Gain on disposal of businesses 926.4  920.1 
Total revenues 970.3  1,226.3 
Benefits, losses and expenses
Policyholder benefits 24.6  172.7 
Underwriting, selling, general and administrative expenses 12.8  85.2 
Total benefits, losses and expenses 37.4  257.9 
Income from discontinued operations before income taxes 932.9  968.4 
Benefit for income taxes 204.1  206.4 
Net income from discontinued operations $ 728.8  $ 762.0 
Sale of John Alden Life Insurance Company
On April 1, 2022, the Company completed its sale of John Alden Life Insurance Company (“JALIC”), a run-off 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 December 31, 2021 consolidated balance sheet. The major classes of assets and liabilities held for sale included $915.8 million of future policy benefits and expenses, $881.6 million of reinsurance recoverables, $159.6 million of other investments and $117.2 million of claims and benefits payable as December 31, 2021.
Most of the $881.6 million reinsurance recoverables balance for JALIC, which was included in assets held for sale as of December 31, 2021 was reinsured with Employers Reassurance Corporation and was uncollateralized.

5. Segment Information
In conjunction with the transition of the Company’s CEO and chief operating decision maker on January 1, 2022, 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 as of that date. Prior period amounts have been revised to reflect the new segment measure of profitability.
Beginning with second quarter 2022, the Company changed the calculation of its segment measure of profitability, Adjusted EBITDA, to exclude certain businesses which the Company expects to fully exit, including the long-tail commercial
12

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

liability businesses in Global Housing (sharing economy and small commercial businesses), as well as certain legacy long-duration insurance policies within Global Lifestyle (collectively referred to as “non-core operations”), and present them as a reconciling item to consolidated net income from continuing operations. The non-core operations have been or are in the process of being exited by the Company, but do not qualify as held for sale or discontinued operations under GAAP accounting guidance.
As of September 30, 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, non-core operations (defined above), 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.
All prior period amounts have been revised, which impacts both segment Adjusted EBITDA and other adjustments under reconciling items to consolidated net income from continuing operations, but does not impact consolidated net income. The sharing economy and small commercial businesses, previously reported through the Company’s Global Housing segment, generated Adjusted EBITDA of $(3.6) million and $(46.8) million for the three and nine months ended September 30, 2022, respectively, and Adjusted EBITDA of $(6.1) million and $(0.6) million for the three and nine months ended September 30, 2021, respectively. The legacy long-duration insurance policies included in non-core operations and previously reported through the Company’s Global Lifestyle segment, generated Adjusted EBITDA of $0.7 million and $1.7 million for the three and nine months ended September 30, 2022, respectively, and Adjusted EBITDA of $(2.1) million and $(2.0) million for the three and nine months ended September 30, 2021, respectively.
Segment Adjusted EBITDA was also revised for an error related to reinsurance of claims and benefits payable within the Connected Living business unit in the Global Lifestyle segment, and for other unrelated immaterial errors. See Note 2 for more information.

13

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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Adjusted EBITDA by segment:
Global Lifestyle $ 165.9  $ 176.3  $ 587.3  $ 546.0 
Global Housing (25.0) 15.2  166.7  235.2 
Corporate and Other (24.9) (23.0) (72.0) (67.8)
Reconciling items to consolidated net income from continuing operations:
Interest expense (26.3) (27.5) (80.4) (84.7)
Depreciation expense (22.6) (18.1) (64.7) (52.4)
Amortization of purchased intangible assets (17.3) (15.7) (51.9) (50.0)
Net realized (losses) gains on investments and fair value changes to equity securities (27.4) 112.1  (166.2) 123.2 
COVID-19 direct and incremental expenses (1.1) (2.0) (3.6) (7.2)
Loss on extinguishment of debt —  (20.7) (0.9) (20.7)
Non-core operations (2.9) (8.2) (45.1) (2.6)
Other adjustments (9.9) (0.2) (15.6) (6.3)
Total reconciling items (107.5) 19.7  (428.4) (100.7)
Income from continuing operations before income tax expense 8.5  188.2  253.6  612.7 
Income tax expense 1.2  37.2  45.1  133.8 
Net income from continuing operations $ 7.3  $ 151.0  $ 208.5  $ 478.9 


14

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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Global Lifestyle:
Connected Living (1) $ 1,046.8  $ 1,094.1  $ 3,182.0  $ 3,221.9 
Global Automotive 943.5  867.1  2,751.5  2,535.1 
Total $ 1,990.3  $ 1,961.2  $ 5,933.5  $ 5,757.0 
Global Housing:
Lender-placed Insurance $ 262.2  $ 256.2  $ 801.9  $ 790.9 
Multifamily Housing 119.9  121.7  362.0  361.2 
Specialty and Other 102.0  93.2  301.9  295.5 
Total $ 484.1  $ 471.1  $ 1,465.8  $ 1,447.6 
(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.
Net earned premiums, fees and other income for non-core operations were $17.2 million for each of the three months ended September 30, 2022 and 2021, and $44.7 million and $49.1 million for the nine months ended September 30, 2022 and 2021, respectively.
The following table presents total assets by segment:
September 30, 2022 December 31, 2021
Global Lifestyle (1) $ 26,617.9  $ 26,120.9 
Global Housing (1) 5,367.8  4,007.3 
Corporate and Other (2) 1,260.0  3,792.4 
Segment assets $ 33,245.7  $ 33,920.6 
(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)Includes the assets for non-core operations of $385.0 million and $326.3 million as of September 30, 2022 and December 31, 2021, respectively.

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 $257.9 million and $264.0 million for Global Lifestyle and $19.8 million and $22.4 million for Global Housing for the three months ended September 30, 2022 and 2021, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statement of operations are $825.5 million and $730.1 million for Global Lifestyle and $63.4 million and $71.8 million for Global Housing for the nine months ended September 30, 2022 and 2021, respectively.
15

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

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 $265.9 million and $173.7 million, respectively, as of September 30, 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 September 30, 2022 and 2021 that was included in unearned revenue as of December 31, 2021 and 2020 was $20.0 million and $12.5 million, respectively. Revenue from service contracts and sales of products recognized during the nine months ended September 30, 2022 and 2021 that was included in unearned revenue as of December 31, 2021 and 2020 was $69.0 million and $47.6 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 September 30, 2022 and December 31, 2021, the Company had approximately $62.3 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.


16

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

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:
  September 30, 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 $ 102.0  $ —  $ 0.3  $ (7.1) $ 95.2 
States, municipalities and political subdivisions 160.8  —  0.9  (16.6) 145.1 
Foreign governments 403.1  —  0.6  (21.0) 382.7 
Asset-backed 670.1  —  3.0  (46.9) 626.2 
Commercial mortgage-backed 461.7  —  —  (50.5) 411.2 
Residential mortgage-backed 515.5  —  0.5  (57.7) 458.3 
U.S. corporate 3,253.0  —  9.9  (374.1) 2,888.8 
Foreign corporate 1,297.4  —  1.9  (168.9) 1,130.4 
Total fixed maturity securities $ 6,863.6  $ —  $ 17.1  $ (742.8) $ 6,137.9 
  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 September 30, 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.
17

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

Cost or
Amortized Cost
Fair Value
Due in one year or less $ 182.5  $ 181.6 
Due after one year through five years 1,697.8  1,614.2 
Due after five years through ten years 2,241.6  1,973.5 
Due after ten years 1,094.4  872.9 
Total 5,216.3  4,642.2 
Asset-backed 670.1  626.2 
Commercial mortgage-backed 461.7  411.2 
Residential mortgage-backed 515.5  458.3 
Total $ 6,863.6  $ 6,137.9 
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 September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities $ (21.9) $ 16.1  $ (63.0) $ 19.3 
Equity securities (1) (5.2) 95.1  (102.4) 100.6 
Commercial mortgage loans on real estate (0.2) 0.5  —  0.7 
Other investments (0.1) 0.4  1.3  2.4 
Total net realized (losses) gains on investments related to sales and other and fair value changes to equity securities (27.4) 112.1  (164.1) 123.0 
Net realized (losses) gains related to impairments:
Fixed maturity securities —  —  (1.6) 1.2 
Other investments —  —  (0.5) (1.0)
Total net realized (losses) gains related to impairments —  —  (2.1) 0.2 
Total net realized (losses) gains on investments and fair value changes to equity securities $ (27.4) $ 112.1  $ (166.2) $ 123.2 
(1)Upward adjustments of $0.0 million, $19.5 million, $23.0 million and $25.1 million and impairments of $0.0 million, $0.0 million, $0.0 million and $1.0 million were realized on equity investments accounted for under the measurement alternative for the three and nine months ended September 30, 2022 and 2021, respectively.
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net (losses) gains recognized on equity securities $ (5.2) $ 95.1  $ (102.4) $ 100.6 
Less: Net realized gains related to sales of equity securities (0.2) 1.1  20.0  2.1 
Total fair value changes to equity securities held (1) $ (5.0) $ 94.0  $ (122.4) $ 98.5 
(1)Three and nine months ended September 30, 2022 included $0.6 million and $78.5 million of net losses from four equity positions that went public during 2021. The total fair value of these investments as of September 30, 2022 was $24.4 million, included in equity securities on the consolidated balance sheet.
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:
18

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

September 30, 2022 December 31, 2021
Initial cost $ 86.0  $ 74.4 
Cumulative upward adjustments 58.6  42.7 
Cumulative downward adjustments (including impairments) (15.4) (15.4)
Carrying value $ 129.2  $ 101.7 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2022 and December 31, 2021 were as follows:
  September 30, 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 $ 87.8  $ (6.6) $ 4.1  $ (0.5) $ 91.9  $ (7.1)
States, municipalities and political subdivisions 96.4  (10.9) 21.8  (5.7) 118.2  (16.6)
Foreign governments 306.9  (17.9) 26.8  (3.1) 333.7  (21.0)
Asset-backed 474.3  (38.5) 76.7  (8.4) 551.0  (46.9)
Commercial mortgage-backed 337.9  (35.5) 73.3  (15.0) 411.2  (50.5)
Residential mortgage-backed 413.2  (45.2) 32.3  (12.5) 445.5  (57.7)
U.S. corporate 2,460.4  (295.9) 225.8  (78.2) 2,686.2  (374.1)
Foreign corporate 942.8  (117.5) 157.8  (51.4) 1,100.6  (168.9)
Total fixed maturity securities $ 5,119.7  $ (568.0) $ 618.6  $ (174.8) $ 5,738.3  $ (742.8)
  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 13% and 2% of the aggregate fair value of the related securities as of September 30, 2022 and December 31, 2021, respectively. Approximately 76% and 94% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of September 30, 2022 and December 31, 2021, respectively. The total gross unrealized losses are comprised of 3,874 and 1,202 individual securities as of September 30, 2022 and December 31, 2021, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of September 30, 2022 and December 31, 2021 were related to non-credit factors and therefore, did not
19

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

recognize credit-related losses during the three and nine months ended September 30, 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 September 30, 2022, approximately 36% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. 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 September 30, 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 September 30, 2022 and December 31, 2021.
September 30, 2022
Origination Year
2022 2021 2020 2019 2018 Prior Total % of Total
Loan to value
ratios (1):
70% and less $ 43.9  $ 68.8  $ —  $ —  $ —  $ 85.9  $ 198.6  65.0  %
71% to 80% 30.9  44.8  2.7  —  4.6  1.0  84.0  27.5  %
81% to 95% —  21.0  —  —  —  —  21.0  6.9  %
Greater than 95% —  —  —  —  —  1.9  1.9  0.6  %
Total $ 74.8  $ 134.6  $ 2.7  $ —  $ 4.6  $ 88.8  $ 305.5  100.0  %
September 30, 2022
Origination Year
2022 2021 2020 2019 2018 Prior Total % of Total
Debt-service coverage ratios (2):
Greater than 2.0 $ 24.0  $ 57.9  $ 2.7  $ —  $ —  $ 56.8  $ 141.4  46.3  %
1.5 to 2.0 26.9  37.1  —  —  4.6  19.6  88.2  28.9  %
1.0 to 1.5 23.9  39.6  —  —  —  7.1  70.6  23.1  %
Less than 1.0 —  —  —  —  —  5.3  5.3  1.7  %
Total $ 74.8  $ 134.6  $ 2.7  $ —  $ 4.6  $ 88.8  $ 305.5  100.0  %
20

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
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.

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
21

Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

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 September 30, 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.  
  September 30, 2022  
  Total Level 1   Level 2   Level 3  
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities $ 95.2  $ —     $ 95.2     $ —    
States, municipalities and political subdivisions 145.1  —     145.1     —    
Foreign governments 382.7  —     382.7     —    
Asset-backed 626.2  —     569.3     56.9  (7)
Commercial mortgage-backed 411.2  —     411.2     —    
Residential mortgage-backed 458.3  —     458.3     —    
U.S. corporate 2,888.8  —  2,885.0  3.8 
Foreign corporate 1,130.4  —     1,127.3     3.1    
Equity securities:
Mutual funds 32.9  32.9  —  — 
Common stocks 37.4  36.5     0.7     0.2 
Non-redeemable preferred stocks 232.3  —     232.3     —    
Short-term investments 228.1  150.0  (2) 78.1  (3) —    
Other investments 56.3  56.1  (1) —  0.2 
Cash equivalents 667.0  608.5  (2) 58.5  (3) —    
Other assets 4.2  —  4.2  (4) — 
Assets held in separate accounts 9.8  4.5  (1) 5.3  (3) —    
Total financial assets $ 7,405.9  $ 888.5     $ 6,453.2     $ 64.2    
Financial Liabilities
Other liabilities $ 64.4  $ 56.1  (1) $ —  $ 8.3  (5)
Liabilities related to separate accounts 9.8  4.5  (1) 5.3  (3) — 
  
Total financial liabilities $ 74.2  $ 60.6     $ 5.3 
  
$ 8.3