Investor Presentation Fourth Quarter 2016 1
Safe Harbor Statement Some of the statements included in this presentation, particularly those anticipating future financial performance and financial objectives, targets, goals and outlook, business prospects, growth and operating strategies, and key drivers and initiatives, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Refer to Exhibit 1 for a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures. Please refer to Exhibit 2 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. Investor Day 2016 2
Assurant’s Vision A leading provider of Housing and Lifestyle risk management solutions with a proven record of outperformance. Investor Day 2016 3
We Are Focused on Two Key Markets Housing: Lifestyle: Where People Live The Goods They Buy ~63% of FY 2016 Revenue 1 ~37% of FY 2016 Revenue 1 Key Housing Offerings Key Lifestyle Offerings • Mortgage Solutions • Connected Living including Mobile • Multi-family Housing • Vehicle Protection • Lender-placed Insurance • Pre-funded Funeral Insurance (1) Full year 2016 revenue of $6.2 billion includes net earned premiums and fees and other income. Excludes Assurant Health runoff operations, Assurant Employee Benefits and Assurant Corporate & Other. Investor Day 2016 4
Leadership Positions Built on Strong Foundation Core Capabilities A Leading Provider Integrated provider delivering Lender-placed insurance , tracking B2B2C solutions 36M mortgage loans nationwide Multi-family housing with ~1.5M Deep consumer insights renters nationwide Management of complex Mobile protection offerings with administrative and delivery ~32M covered devices worldwide networks Pre-funded funeral insurance with nearly 2M policies in North America Compliance expertise Vehicle protection offerings on more than 12M autos worldwide Seamless customer experience Note: Information as of December 31, 2016 unless otherwise indicated. Investor Day 2016 5
Aligning Resources to Greatest Growth Potential Economic Model Housing Lifestyle Targeted • Connected Living: • Fee-based and • Mortgage Solutions capital-light Growth - Mobile • Multi-family Housing offerings - Extended service • $3.2B in FY 2016 contracts revenue • Lender-placed • Vehicle Protection • Risk-based offerings Core Insurance • Pre-funded Funeral • $2.2B in FY 2016 Insurance revenue Non-Growth • Manufactured Housing • Credit Insurance & • Risk-based offerings Other • $0.7B in FY 2016 revenue Note: Revenue consists of net earned premiums, fees and other income. Investor Day 2016 6
Macro and Industry Trends Bolster Confidence in Our Targeted Growth Areas 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 Investor Day 2016 7
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 Investor Day 2016 8
Long-term Financial Objectives Grow net operating income long-term With more diversified, predictable earnings 15%+ average annual growth in operating EPS (1) over time Through combination of net operating income growth excluding catastrophe losses, and disciplined capital deployment Expand operating ROE (2) to 15%+ over time With higher mix of fee-based, capital-light offerings (1) Refers to net operating income per diluted share excluding reportable catastrophe losses. (2) Refers to operating return on equity excluding reportable catastrophe losses and AOCI. Note: The long-term financial objectives constitute forward-looking information and the company believes that a quantitative reconciliation of such forward- looking information to the most comparable GAAP measure cannot be made available without unreasonable efforts. A reconciliation would require the company to quantify amortization of deferred gains and gains on disposal of businesses, net realized gains on investments, and others items that 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. For the definitions, most directly comparable GAAP measures and reconciliations of the present periods, refer to Exhibit 1 in the Appendix. Investor Day 2016 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 Global Housing, excluding catastrophe losses, and Global Lifestyle. Excludes AH, AEB, Corporate and other, amortization of deferred gains on disposal of business, interest expense, among other adjustments. For the most directly comparable GAAP measures and a reconciliation for 2015, refer to Exhibit 1 in the Appendix. Information presented at Assurant Investor Day 2016 as of March 2016. Investor Day 2016 10
Grow Operating Earnings Per Diluted Share Double-Digit Growth Over Time Key Drivers: 15%+ Average Annual Growth • 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 2020 Target - Pace of capital deployment Operating EPS ex. Catastrophe Losses 1 (1) Operating EPS excludes Assurant Health, Assurant Employee Benefits, amortization of deferred gain, reportable catastrophe losses, among other adjustments. For the most directly comparable GAAP measures and a reconciliation for 2015, refer to Exhibit 1 in the Appendix. Investor Day 2016 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 Operating ROE 2020 Target ex. AOCI and Catastrophe Losses 1 (1) For the most directly comparable GAAP measures and a reconciliation, refer to Exhibit 1 in the Appendix. Operating ROE excludes Assurant Health, Assurant Employee Benefits, amortization of deferred gain, AOCI, reportable catastrophe losses, among other adjustments. Investor Day 2016 12
Enterprise Targets Supported by Business Line Goals Segment Long-Term Goals Sensitivities Long-Term Profitability Metrics • 9.5% 1 pre-tax margin for Global Lifestyle • Client mix Connected 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 Global Housing • 15-20% combined pre-tax margin for Multi-family housing and • Segment targets Mortgage Solutions exclude: 20%+ operating ROE 2 • 86-90% combined ratio for Acquisitions - Lender-placed and Manufactured Enterprise-driven - Housing risk businesses 1 expense initiatives Global Preneed 11% operating ROE for Preneed 3 (1) Connected Living pre-tax margin target increased from 8% to 9.5% due to a change in program structure for a large service contract client effective as of Q416. (2) Includes assumption for catastrophe losses. (3) Global Preneed operating ROE target decreased from 12% to 11% due to $140M goodwill allocation from former Solutions business. Investor Day 2016 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 Investor Day 2016 14
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