Other investments, allowance for credit losses

  
  
Assurant, Inc.Consolidated Balance Sheets As of December 31, 2021 and 2020 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|   | December 31, |
|   | 2021 |  | 2020 |
|  | (in millions except number of shares and per share amounts) |
| Assets |
| Investments: |  |  |  |
| Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of zero and $1.2 at December 31, 2021 and 2020, respectively; amortized cost – $6,903.9 and $6,245.8 at December 31, 2021 and 2020, respectively) | $ | 7,215.3  |  |  | $ | 6,815.5  |  |
| Equity securities at fair value | 445.7  |  |  | 290.2  |  |
| Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $1.1 and $1.6 at December 31, 2021 and 2020, respectively)  | 256.5  |  |  | 138.3  |  |
| Short-term investments | 247.8  |  |  | 292.0  |  |
| Other investments (net of allowances for credit losses of zero and $1.4 at December 31, 2021 and 2020, respectively) | 506.3  |  |  | 686.8  |  |
| Total investments | 8,671.6  |  |  | 8,222.8  |  |
| Cash and cash equivalents | 2,040.8  |  |  | 2,207.6  |  |
| Premiums and accounts receivable (net of allowances for credit losses of $9.4 and $13.3 at December 31, 2021 and 2020, respectively)  | 1,942.5  |  |  | 1,548.9  |  |
| Reinsurance recoverables (net of allowances for credit losses of $5.0 and $24.6 at December 31, 2021 and 2020, respectively) | 6,178.9  |  |  | 6,605.4  |  |
| Accrued investment income | 62.1  |  |  | 67.0  |  |
| Deferred acquisition costs | 8,811.0  |  |  | 7,388.0  |  |
| Property and equipment, net | 561.4  |  |  | 446.1  |  |
| Goodwill | 2,571.6  |  |  | 2,589.3  |  |
| Value of business acquired | 583.4  |  |  | 1,152.2  |  |
| Other intangible assets, net | 719.2  |  |  | 696.2  |  |
| Other assets (net of allowances for credit losses of $2.5 and $1.8 at December 31, 2021 and 2020, respectively)  | 680.2  |  |  | 496.2  |  |
| Assets held in separate accounts | 11.9  |  |  | 11.5  |  |
| Assets held for sale (Note 4) | 1,076.9  |  |  | 13,218.7  |  |
| Total assets | $ | 33,911.5  |  |  | $ | 44,649.9  |  |
| Liabilities |  |  |  |
| Future policy benefits and expenses | $ | 413.2  |  |  | $ | 1,358.5  |  |
| Unearned premiums | 18,623.7  |  |  | 17,293.1  |  |
| Claims and benefits payable | 1,595.9  |  |  | 1,610.3  |  |
| Commissions payable | 692.7  |  |  | 699.1  |  |
| Reinsurance balances payable | 420.4  |  |  | 359.3  |  |
| Funds held under reinsurance | 364.2  |  |  | 358.6  |  |
| Accounts payable and other liabilities | 3,032.5  |  |  | 2,640.5  |  |
| Debt | 2,202.5  |  |  | 2,252.9  |  |
| Liabilities related to separate accounts | 11.9  |  |  | 11.5  |  |
| Liabilities held for sale (Note 4) | 1,064.8  |  |  | 12,111.3  |  |
| Total liabilities | 28,421.8  |  |  | 38,695.1  |  |
| Commitments and contingencies (Note 27) |  |  |  |
| Stockholders’ equity |  |  |  |
| 6.50% Series D mandatory convertible preferred stock, par value $1.00 per share, zero and 2,875,000 shares authorized, issued and outstanding at December 31, 2021 and 2020, respectively (1) | —  |  |  | 2.9  |  |
| Common stock, par value $0.01 per share, 800,000,000 shares authorized, 58,050,202 and 62,967,808 shares issued and 55,754,113 and 57,967,808 shares outstanding at December 31, 2021 and 2020, respectively  | 0.7  |  |  | 0.6  |  |
| Additional paid-in capital | 1,695.0  |  |  | 1,956.8  |  |
| Retained earnings | 4,066.8  |  |  | 3,548.7  |  |
| Accumulated other comprehensive (loss) income | (150.0) |  |  | 709.8  |  |
| Treasury stock, at cost; 2,296,089 and 5,000,000 shares at December 31, 2021 and 2020, respectively  | (122.8) |  |  | (267.4) |  |
| Total Assurant, Inc. stockholders’ equity | 5,489.7  |  |  | 5,951.4  |  |
| Non-controlling interest | —  |  |  | 3.4  |  |
| Total equity | 5,489.7  |  |  | 5,954.8  |  |
| Total liabilities and equity | $ | 33,911.5  |  |  | $ | 44,649.9  |  |

(1)Each outstanding share of mandatory convertible preferred stock converted to common stock in March 2021. Refer to Note 20 for further information. See the accompanying Notes to the Consolidated Financial StatementsF-3
