Investor Presentation March 2016 Safe Harbor Statement Some of the - PDF document

Investor Presentation March 2016 Safe Harbor Statement Some of the statements included in this presentation, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Please see Exhibit 3 of this presentation, which identifies risk factors that could cause our actual results to differ materially from those currently estimated by management, and provides information on where you can find a more detailed discussion of these risk factors in our SEC filings. 2 1

Assurant’s Vision A leading provider of Housing and Lifestyle risk management solutions with a proven record of outperformance. 3 We Are Focused on Two Key Markets Housing: Where People Live Lifestyle: The Goods They Buy 40% of 2015 Revenue 1 60% of 2015 Revenue 1 Key Specialty Property Offerings Key Solutions Offerings • Mortgage Solutions • Connected Living including Mobile • Multi-family Housing • Vehicle Protection • Lender-placed Insurance • Pre-funded Funeral Insurance (1) 2015 segment revenue of $6.25 billion includes net earned premiums and fees and other income. Excludes Assurant Health runoff operations and Assurant Employee Benefits. 4 2

Leadership Positions Built on Strong Foundation Core Capabilities A Leading Provider Integrated provider delivering Lender-placed insurance , tracking B2B2C solutions 33M mortgage loans nationwide Multi-family housing with 1M+ Deep consumer insights renters nationwide Management of complex Mobile protection offerings with administrative and delivery 29M+ covered devices worldwide networks Pre-funded funeral insurance with nearly 2M policies in North America Compliance expertise Vehicle protection offerings on more than 10M autos worldwide Seamless customer experience 5 Aligning Resources to Greatest Growth Potential Globally Economic Model Housing Lifestyle Targeted • Connected Living: • Fee-based and • Mortgage Solutions capital-light Growth - Mobile • Multi-family Housing offerings - Extended service • $3.1B in 2015 contracts revenue Core • Lender-placed • Vehicle Protection • Risk-based offerings Insurance • Pre-funded Funeral • $2.4B in 2015 Insurance revenue Non-Growth • Manufactured Housing • Credit Insurance • Risk-based offerings • $0.75B in 2015 revenue Note: Revenue consists of net earned premiums, fees and other income. 6 3

Unique Benefits of Integrated Risk Offerings Distinct Competitive Advantages and Attractive Economics Operating Benefits Economic Benefits • Business model integration • Diverse mix of revenue • Deeper consumer insights • Attractive returns • Product innovation • More predictable earnings • Client entanglement 7 Macro and Industry Trends Bolster Confidence in the Future Targeted Growth Areas Connected Living, Multi-Family Mortgage including Mobile Housing Solutions • Growing market and • Evolving market • Large and growing increased penetration dynamics creating global market new opportunities • Expanding beyond traditional insurance 8 4

Financial Objectives Grow net operating income long-term With more diversified, predictable earnings 15%+ average annual growth in operating EPS over time Through combination of net operating income growth excluding catastrophe losses, and disciplined capital deployment Expand operating ROE to 15%+ over time With higher mix of fee-based, capital-light offerings 9 Grow Net Operating Income Long-Term More Diversified, Predictable Earnings Net Operating Income Mix Expected Results: 2015 2020 Target • Generate more diversified, higher quality earnings • Mix shift toward more capital- light offerings, with lower volatility • Lender-placed normalization more than offset by organic growth across Assurant’s portfolio Lender-placed ex. catastrophe losses  Risk-based   Fee-based/Capital-light Note: Consists of segment earnings from Assurant Specialty Property, excluding catastrophe losses, and Assurant Solutions. Excludes Corporate and other, amortization of deferred gains on disposal of business and interest expense. For the most directly comparable GAAP measures and a reconciliation, refer to Exhibit 1 in the Appendix. 10 5

Grow Operating Earnings Per Share Double-Digit Growth Over Time 15%+ Average Annual Growth Key Drivers: • Net operating income growth • Share repurchases and acquisitions Considerations: $6.06 • Non-linear growth - Portfolio and organizational realignment in 2016 - Normalization of lender-placed through 2018 - Investments in capabilities 2015 Adjusted 2020 Target - Pace of capital deployment Operating EPS 1 (1) For the most directly comparable GAAP measures and a reconciliation, refer to Exhibit 1 in the Appendix. Adjusted Operating EPS excludes Assurant Health, Assurant Employee Benefits, amortization of deferred gain and catastrophe losses. 11 Expand Operating Return on Equity Driven by Higher Mix of Fee-Based, Capital-Light Offerings Key Drivers: 15%+ • Net operating income growth • Capital efficient businesses 12% Considerations: • Select acquisitions • Investments in capabilities and clients 2015 Adjusted 2020 Target 2020 Target Operating ROE ex. AOCI 1 (1) For the most directly comparable GAAP measures and a reconciliation, refer to Exhibit 1 in the Appendix. Adjusted Operating ROE excludes Health, Employee Benefits, amortization of deferred gain and catastrophe losses. 12 6

Enterprise Targets Supported by Business Line Goals Segment Long-Term Goals Long-Term Profitability Metrics Sensitivities Solutions • 8% pre-tax margin for Connected • Client mix Living globally • Product and service mix 10% average annual • 96-98% combined ratio for global growth in net • Foreign exchange Vehicle Protection and Credit operating income • Catastrophe losses • 12%+ operating ROE for Preneed • Segment targets exclude: Specialty • 15-20% combined pre-tax margin - Acquisitions for Multi-family housing and Property - Enterprise-driven Mortgage Solutions expense initiatives 20%+ operating ROE 1 • 86-90% combined ratio for Lender-placed and Manufactured Housing risk businesses 1 (1) Includes assumption for catastrophe losses 13 Transition to New Organizational Model to Generate Efficiencies and Fund Investments Phase 1 Address Residual Expenses from Health and Employee Benefits • Pension freeze effective March 1, 2016 • Integration of key support functions Phase 2 Implement Business Organizational Framework Preliminary • Elimination of “siloed” operating structures Target of $100M Gross Phase 3 Savings Finance, Procurement and IT Transformation • Rationalization of IT infrastructure • Vendor management 2015 Beyond 14 7

Solid Financial Foundation Provides Flexibility Excellence in Risk Solid Balance Sheet Strong Liquidity Management Approximately $460 million Maintain risk buffer for tail $4.4 billion equity (1) corporate capital events Approximately $210 million deployable capital, excluding Multi-faceted catastrophe 23.4% debt-to-capital ratio (2) $250 million risk buffer reinsurance program $400 million 2.9 ratio of invested assets Conservative investment revolving credit facility to equity (3) portfolio through Sept. 2019 (4) Limited callable liabilities Note: All information is as of December 31, 2015 and includes Assurant Health runoff operations and Assurant Employee Benefits unless otherwise stated. (1) Excludes AOCI. This is a non-GAAP measure. GAAP equity would include $118.5 million in AOCI at December 31, 2015. (2) Excludes AOCI and excludes Assurant Health runoff operations. (3) Equals total investments divided by total stockholders’ equity including AOCI. (4) $396 million available as of December 31, 2015. 15 Specialty Businesses Generate Significant Cash Flow Segment Dividends 1 ($ in Millions) $840 $614 $623 $582 $563 $550 $501 $454 $422 $374 $353 $175 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (1) Consists of dividends from operating subsidiaries to the holding company, net of infusions, and excluding acquisitions and divestitures. 16 8

Strong Cash Flow Generation Segment Dividends to Approximate Operating Earnings Segment Dividends 1 as a Key Drivers: Percentage of Segment Earnings • Dividends from ongoing businesses • Capital releases from normalization >100% ~100 % of lender-placed • Investments in core businesses Average 2020 Target 2010-2015 (1) Consists of dividends from operating subsidiaries to the holding company, net of infusions, less interest expense, and other holding company expenses. 17 Strategic Capital Management Capital Management Framework Capital Deployment 2004 - 2015 Strong cash flow has allowed us to pursue our growth objectives while returning capital to shareholders Capitalize Businesses Capital Deployment Invest in Growth Share Repurchases Increase Dividends  Shareholder dividends  Share repurchases Acquisitions  Capital infusions  18 9