8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report: August 2, 2004

Assurant, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-31978	39-1126612
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

One Chase Manhattan Plaza, 41st Floor
New York, New York	10005
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 859-7000

N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	Item 5. Other Events
	Item 12. Results of Operations and Financial Condition
SIGNATURE
PRESS RELEASE
PRESS RELEASE
STATISTICAL SUPPLEMENT

Item 5. Other Events

     On August 2, 2004, Assurant, Inc. issued a press release announcing that the Board of Directors has approved a share repurchase program under which the Company may repurchase up to 10% of its outstanding common stock. For additional information please see the press release. The press release is attached at Exhibit 99.1 and is incorporated by reference into this Item.

Item 12. Results of Operations and Financial Condition

     On August 5, 2004, Assurant, Inc. issued a press release reporting on its financial results for the three and six months ended June 30, 2004 and 2003. The text of the press release, which is attached at Exhibit 99.2, and the statistical supplement which accompanied the press release, which is attached at Exhibit 99.3, are each incorporated by reference into this Item.

Exhibits

     99.1     Press Release Dated August 2, 2004.

     99.2     Press Release Dated August 5, 2004.

     99.3     Presentation entitled “Assurant, Inc. Statistical Supplement as of June 30, 2004”.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ASSURANT, INC.
Date: August 5, 2004	By:	/s/ Katherine Greenzang
	Katherine Greenzang
	Senior Vice President, General Counsel and Secretary

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EX-99.1

Exhibit 99.1

Investor Relations & Press Contacts:

Larry Cains or Melissa Kivett

Assurant

212-859-7045 or 212-859- 7029

larry.cains@assurant.com or melissa.kivett@assurant.com

Assurant Announces Stock Buyback Program

New York – August 2, 2004 – Assurant, Inc. (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today announced that its Board of Directors has approved a share repurchase program under which the Company may repurchase up to 10% of its outstanding common stock.

The stock buyback program may utilize open market and/or private transactions. The exact time frame has not yet been determined. The amount and timing of the repurchases will depend upon market conditions.

J. Kerry Clayton, President and Chief Executive Officer, Assurant, Inc. said: “Our decision to repurchase company stock demonstrates the confidence we have in our specialty insurance platform and our belief in its long-term value potential.”

On March 31, 2004, the Company had 142.2 million shares of common stock outstanding.

About Assurant

Assurant is a premier provider of specialized insurance products and related services in North America and selected other markets. The four key businesses — Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions — have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and selected international markets. The Assurant business units provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.

The company, which is traded on the New York Stock Exchange under the symbol AIZ, has approximately $24 billion in assets and $7 billion in revenue. Assurant has more than 12,000 employees and is headquartered in New York’s financial district.

EX-99.2

Exhibit 99.2

Investor Relations & Press Contacts:

Larry Cains or Melissa Kivett

Assurant

212-859-7045 or 212-859-7029

larry.cains@assurant.com or melissa.kivett@assurant.com

FOR IMMEDIATE RELEASE

Assurant Reports Q2 2004 Net Income of $95.2 Million ($0.67 per Pro Forma
Share), an Increase of 5% Over 2003, Net Operating Income of $97.8 Million
($0.69 per Pro Forma Share), an Increase of 18% Over 2003

New York – August 5, 2004 – Assurant, Inc. (“Assurant”) (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today reported its results for the quarter and the six-month period ended June 30, 2004.

J. Kerry Clayton, President and Chief Executive Officer, said: “Our diversified specialty insurance platform continues to deliver very good results. Net operating income for the second quarter increased 18% compared to a year ago, primarily driven by continued strong performances in Assurant Solutions and Assurant Health.”

Second Quarter Results:

Net income in the second quarter of 2004 grew 5.0% to $95.2 million, or $0.67 per pro forma share (see footnote 1 at the end of this release), versus second quarter 2003 net income of $90.7 million, or $0.64 per pro forma share.

Net operating income (see footnote 2 at the end of this release) for the second quarter of 2004 grew 18.5% to $97.8 million, or $0.69 per pro forma share, compared to second quarter 2003 net operating income of $82.6 million, or $0.58 per pro forma share. Net operating income excludes capital gains and losses, loss on disposal of business and IPO related expenses.

Net earned premiums in the second quarter of 2004 grew 8.9% to $1.6 billion from $1.5 billion for the same period in 2003. Assurant’s two largest segments, Assurant Solutions and Assurant Health, continued to drive net earned premium growth.

Net investment income in the second quarter of 2004 increased to $157.6 million from $154.4 million in the second quarter of 2003. The yield on average invested assets and cash and cash equivalents was 5.57% in the second quarter of 2004, compared to 5.92% in the second quarter of 2003.

Six-Month Results:

Net income in the first half of 2004 grew 15.7% to $189.6 million, or $1.33 per pro forma share, versus first half 2003 net income of $163.9 million, or $1.15 per pro forma share.

Net operating income for the first half of 2004 grew 16.5% to $185.3 million, or $1.30 per pro forma share, compared to first half 2003 net operating income of $159.0 million, or $1.12 per pro forma share. Net operating income excludes capital gains and losses, loss on disposal of business and IPO-related expenses.

Net earned premiums in the first half of 2004 grew 8.5% to $3.2 billion from $3.0 billion for the same period in 2003.

Net investment income in the first half of 2004 increased to $311.5 million from $305.9 million in the first half of 2003. The yield on average invested assets and cash and cash equivalents was 5.49% for the first six months of 2004, compared to 5.91% for the first half of 2003.

Reconciliation of Net operating income to Net income

	For the Three Months Ended						For the Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2004			2003			2004			2003
	(UNAUDITED)
	(amounts in millions, net of tax)
Assurant Solutions	$	38.6		$	34.1		$	78.6		$	68.7
Assurant Health		39.9			30.4			76.6			62.0
Assurant Employee Benefits		14.0			18.4			27.3			26.5
Assurant Preneed		10.1			9.9			16.6			19.0
Amortization of deferred gain on disposal of businesses		9.3			10.0			18.7			22.6
Interest expense and distributions on preferred securities of subsidiary trusts		(10.3	)		(18.8	)		(18.3	)		(38.1	)
Corporate and other		(3.8	)		(1.4	)		(14.2	)		(1.7	)
Net operating income		97.8			82.6			185.3			159.0
Adjustments:
Net realized gains on investments		3.7			8.1			12.9			4.9
Loss on disposal of business		(6.3	)		—			(6.3	)		—
Expenses directly related to the initial public offering		—			—			(2.3	)		—
Net income	$	95.2		$	90.7		$	189.6		$	163.9

Assurant Solutions

Assurant Solutions second quarter 2004 net operating income was $38.6 million, up 13.2% from second quarter 2003 net operating income of $34.1 million. First half 2004 net operating income of $78.6 million grew 14.5% from $68.7 million in the first half of 2003. Net operating income for the second quarter and six-month period of 2004 increased due to growth in net earned premiums and improved loss experience, primarily as a result of lower catastrophe activity versus the second quarter and first six months of 2003.

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Assurant Solutions second quarter 2004 net earned premiums grew 10.5% to $610.6 million from $552.4 million in the same year-ago period. Net earned premiums in the first half of 2004 grew 9.8% to $1.2 billion from $1.1 billion in the first half of 2003. The increases in net earned premium for the second quarter and six-month period of 2004 were primarily due to growth in the creditor-placed homeowners insurance and extended service contract products.

Assurant Health

Assurant Health second quarter 2004 net operating income increased 31.3% to $39.9 million from $30.4 million in same period in 2003. Net operating income for the first half of 2004 grew 23.7% to $76.6 million from $62.0 million in the first half of 2003. The increases in net operating income for the second quarter and the six-month period of 2004 were primarily due to premium growth and further improvement in combined ratio from already favorable levels.

Assurant Health second quarter 2004 net earned premiums grew 13.8% to $559.4 million from $491.7 million in the same period in 2003. Net earned premiums in the first half of 2004 increased 14.6% to $1.1 billion from $968.8 million in the first half of 2003. Net earned premium growth for the second quarter and six-month period of 2004 is attributable to continued sales and membership growth in the individual medical product lines. Health Savings Account (HSA) sales continued to be a strong contributor to individual medical sales. In the second quarter of 2004, Assurant Health renewed its national marketing alliance with State Farm Insurance, under which Assurant Health is the exclusive provider of individual medical insurance marketed through State Farm agents nationwide.

Assurant Employee Benefits

Assurant Employee Benefits second quarter 2004 net operating income decreased 23.8% to $14.0 million when compared to the particularly strong second quarter of 2003 net operating income of $18.4 million. Net operating income for the first half of 2004 increased 2.8% to $27.3 million from $26.5 million in the first half of 2003. The increase in net operating income for the first half of 2004 was primarily due to favorable loss experience in the Disability and Group Life businesses.

Assurant Employee Benefits second quarter 2004 net earned premiums grew 2.1% to $309.2 million from $302.8 million in the same period of 2003. Net earned premiums in the first half of 2004 grew 0.7% to $627.2 million from $623.0 million in the first half of 2003. Net earned premium increases for the second quarter and the six-month period of 2004 were primarily driven by increases in Disability premiums, which were offset by lower premium growth in the Dental and Group Life product lines as a result of pricing and renewal discipline in an increasingly competitive environment.

Assurant Preneed

Assurant Preneed second quarter 2004 net operating income was $10.1 million, up 2.7%

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from $9.9 million in the same period of 2003. First half 2004 net operating income decreased 12.7% to $16.6 million from $19.0 million in the first half of 2003. The increase in second quarter 2004 net operating income was attributable to actions taken to reduce crediting rates where we have the ability to do so and reduced expenses. Net operating income for the first half of 2004 decreased primarily due to lower new money yields.

Assurant Preneed second quarter 2004 net earned premiums decreased 0.6% to $136.3 million from $137.2 million in the same period of 2003. Assurant Preneed first half 2004 net earned premiums decreased 0.6% to $269.5 million from $271.2 million in the first half of 2003. The segment’s sales activity has begun to stabilize compared to a year ago and net earned premiums increased for the second consecutive quarter.

Corporate

Amortization of deferred gains from businesses sold through reinsurance declined consistent with the run-off of these businesses. Interest expense in the second quarter of 2004 declined by $8.5 million after-tax compared to the second quarter of 2003 as a result of a lower level of debt at lower interest rates. Corporate and other net operating loss for the second quarter of 2004 was $3.8 million, primarily due to public company expenses, including expenses related to Sarbanes Oxley compliance, and lower investment income. Additionally, each Assurant business incurred Sarbanes-Oxley related expenses.

Financial Position

At June 30, 2004 total assets were $23.3 billion and total invested assets, cash and cash equivalents were $11.6 billion. In the second quarter of 2004, Assurant had after-tax net capital gains of approximately $3.7 million compared to net realized after-tax gains of $8.1 million in the second quarter of 2003. In the second quarter of 2004, Assurant recorded no other than temporary impairments compared to $3.2 million after-tax in the second quarter of 2003. During the second quarter Assurant sold WorkAbility, a small non core operation and recognized an after-tax loss of $6.3 million.

Earnings Conference Call

Assurant will host a conference call this morning, August 5th at 10:00 a.m. (ET) with access available via Internet and telephone. Investors and analysts may participate in the live conference call by dialing 800-473-6123 (toll-free domestic) or 973-582-2706 (international); passcode: Assurant. Please call to register at least 10 minutes before the conference call begins. A replay of the call will be available for one week via the telephone starting at approximately 12:00 pm (ET) on August 5, 2004 and can be accessed at 877-519-4471 (toll-free domestic) or 973-341-3080 (international); passcode: 4877330. The webcast will be archived for one month on Assurant’s website.

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About Assurant

Assurant is a premier provider of specialized insurance products and related services in North America and selected other markets. The four key businesses — Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions — have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and selected international markets. The Assurant business units provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.

The company, which is traded on the New York Stock Exchange under the symbol AIZ, has approximately $23 billion in assets and $7 billion in revenue. Assurant has more than 12,000 employees and is headquartered in New York’s financial district.

Safe Harbor Statement

Some of the statements included in this press release, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For a discussion of the factors that could affect our actual results please refer to the risk factors identified from time to time in our SEC reports, including, but not limited to, our 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 press 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) Pro forma earnings per share has been included as a measure of operating performance. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. Pro forma earnings per share reflects earnings per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that this adjusted measure provides a better indication of operating performance than the corresponding GAAP measure, earnings per share.

(2) Assurant uses net operating income as an important measure of the company’s operating performance. Net operating income equals net income excluding net realized gains (losses) on investments and other unusual and/or infrequent items. The company believes net operating

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income provides investors a valuable measure of the performance of the company’s ongoing business, because it excludes both the effect of realized gains (losses) on investments that tend to be highly variable from period to period, and those events that are unusual and/or unlikely to recur.

Assurant, Inc. and Subsidiaries
Consolidated Statement of Operations
At June 30, 2004 (unaudited) and December 31, 2003

	Three Months Ended June 30,					Six Months Ended June 30,
	2004			2003		2004			2003
	(in thousands except number of shares and per share amount)
Revenues
Net earned premiums and other considerations	$	1,615,473		$	1,484,066	$	3,240,711		$	2,987,029
Net investment income		157,628			154,364		311,452			305,885
Net realized gain on investments		5,722			12,452		19,946			7,474
Amortization of deferred gain on disposal of businesses		14,262			15,405		28,759			34,713
Loss on disposal of business		(9,232	)		—		(9,232	)		—
Fees and other income		53,496			56,314		103,273			119,240
Total revenues		1,837,349			1,722,601		3,694,909			3,454,341
Benefits, losses and expenses
Policyholder benefits		943,049			888,241		1,912,014			1,777,004
Selling, underwriting, general and administrative expenses		734,422			667,819		1,467,930			1,370,798
Interest expense		15,834			—		25,997			—
Distributions on mandatorily redeemable preferred securities of subsidiary trusts		—			28,935		2,163			58,566
Total benefits, losses and expenses		1,693,305			1,584,995		3,408,104			3,206,368
Income before income taxes		144,044			137,606		286,805			247,973
Income taxes		48,834			46,956		97,217			84,086
Net income	$	95,210		$	90,650	$	189,588		$	163,887
Net income per share:
Basic and diluted	$	0.67		$	0.83	$	1.40		$	1.50
Weighted average shares outstanding — basic		142,196,828			109,222,276		135,859,214			109,222,276
Weighted average shares outstanding — diluted		142,220,994			109,222,276		135,870,936			109,222,276
Pro forma net income per share:	$	0.67		$	0.64	$	1.33		$	1.15
Weighted average pro forma shares outstanding		142,196,828			142,208,676		142,202,752			142,208,676

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Assurant, Inc. and Subsidiaries
Consolidated Balance Sheets
At June 30, 2004 (unaudited) and December 31, 2003

	June 30,		December 31,
	2004		2003
	(in thousands except number of shares)
Assets
Investments:
Fixed maturities available for sale, at fair value (amortized cost — $8,355,719 in 2004 and $8,229,861 in 2003)	$	8,608,718	$	8,728,838
Equity securities available for sale, at fair value (cost — $534,960 in 2004 and $436,823 in 2003)		519,779		456,440
Commercial mortgage loans on real estate at amortized cost		996,446		932,791
Policy loans		68,314		68,185
Short-term investments		314,776		275,878
Other investments		492,350		461,473
Total investments		11,000,383		10,923,605
Cash and cash equivalents		608,870		958,197
Premiums and accounts receivable		482,072		480,254
Reinsurance recoverables		4,282,794		4,445,265
Accrued investment income		132,576		135,267
Tax receivable		—		26,499
Deferred acquisition costs		1,492,176		1,393,681
Property and equipment, at cost less accumulated depreciation		272,198		283,762
Deferred income taxes, net		130,394		60,321
Goodwill		833,789		828,523
Value of business acquired		181,073		191,929
Other assets		216,032		195,958
Assets held in separate accounts		3,716,824		3,805,058
Total assets	$	23,349,181	$	23,728,319

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Assurant, Inc. and Subsidiaries
Consolidated Balance Sheets
At June 30, 2004 (unaudited) and December 31, 2003

	June 30,			December 31,
	2004			2003
	(in thousands except number of shares)
Liabilities
Future policy benefits and expenses	$	6,248,735		$	6,235,140
Unearned premiums		3,139,535			3,133,847
Claims and benefits payable		3,534,289			3,512,809
Commissions payable		285,549			371,074
Reinsurance balances payable		106,800			110,063
Funds held under reinsurance		236,653			200,384
Deferred gain on disposal of businesses		358,593			387,353
Accounts payable and other liabilities		1,314,518			1,370,104
Tax payable		57,707			—
Debt		971,614			1,750,000
Mandatorily redeemable preferred securities of subsidiary trusts		—			196,224
Mandatorily redeemable preferred stock		24,160			24,160
Liabilities related to separate accounts		3,716,824			3,805,058
Total liabilities		19,994,977			21,096,216
Commitments and contingencies		—			—
Stockholders’ equity
Common stock, par value $.01 per share, 800,000,000 shares authorized, 142,268,106 and 109,222,276 shares issued, 142,176,550 and 109,222,276 shares outstanding at June 30, 2004 and December 31, 2003, respectively		1,423			1,092
Additional paid-in capital		2,790,440			2,063,763
Retained earnings		428,350			248,721
Unamortized restricted stock compensation, 59,430 shares		(908	)		—
Accumulated other comprehensive income		135,697			318,527
Treasury stock, 32,126 shares		(798	)		—
Total stockholders’ equity		3,354,204			2,632,103
Total liabilities and stockholders’ equity	$	23,349,181		$	23,728,319

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EX-99.3

Exhibit 99.3

Assurant Inc. (AIZ)

Financial Supplement as of June 30, 2004

ASSURANT, INC. AND SUBSIDIARIES
EARNINGS RELEASE SUPPLEMENT
AS OF JUNE 30, 2004

INDEX TO SUPPLEMENT

	Page:
REGULATION G – NON GAAP MEASURES		1
SUMMARY FINANCIAL HIGHLIGHTS (unaudited)		2
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited)		4
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME (unaudited)		5
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (unaudited)		6
CONDENSED SEGMENT STATEMENTS OF OPERATIONS (unaudited)		7
INVESTMENTS (unaudited)		12
INVESTMENT RESULTS BY ASSET CATEGORY & ANNUALIZED YIELDS (unaudited)		13

About Assurant:

Assurant is a premier provider of specialized insurance products and related services in North America and selected other markets. The four key business segments – Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions – have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance markets in the U.S. and selected international markets. The Assurant business segments provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.

The company, which is traded on the New York Stock Exchange under the symbol AIZ, has over $20 billion in assets and $7 billion in annual revenue. Assurant has more than 12,000 employees and is headquartered in New York’s financial district.

Safe Harbor Statement:

Some of the statements included in this statistical supplement, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For a discussion of the factors that could affect our actual results please refer to the risk factors identified from time to time in our SEC reports, posted on the Assurant website at www.assurant.com.

Regulation G – Non GAAP Measures

Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in the press 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 as an important measure of the company’s operating performance. Net operating income equals net income, excluding net realized gains (losses) on investments and unusual and/or infrequent items. The company believes net operating income provides investors a valuable measure of the performance of the company’s ongoing business, because it excludes both the effect of realized gains (losses) on investments that tend to be highly variable from period to period, and those events that are unusual and/or unlikely to recur.

(2) Pro forma earnings per share has been included as a measure of operating performance. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. Pro forma earnings per share reflects earnings per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that this adjusted measure provides a better indication of operating performance than the corresponding GAAP measure, earnings per share.

(3) Book value per share excluding accumulated other comprehensive income (AOCI) has been included as a measure of stockholder value. The company believes book value per share excluding AOCI provides investors a better measure of stockholder value than book value per share because it excludes the effect of unrealized gains (losses) on investments and foreign currency translation, which tend to be highly variable from period to period.

(4) Pro forma book value per share and Pro forma book value per share excluding AOCI have been included as measures of stockholder value. In February 2004, Assurant completed a significant capital restructuring in conjunction with its initial public offering of common stock. These Pro forma book value per share measures reflect book value per share adjusted as if this capital restructuring had occurred on January 1, 2003. This restructuring included: a stock split and conversion of Class B and C shares resulting in total outstanding shares of 109,222,276; the issuance of 32,976,854 shares of Assurant common stock to Fortis Insurance N.V. in exchange for a capital contribution of $725.5 million, and the issuance of 68,976 restricted shares of Assurant common stock to certain officers and directors of the company pursuant to specific restricted stock grants (9,546 vested shares and 59,430 unvested shares). These transactions occurred subsequent to the December 31, 2003 balance sheet, but management believes that these adjusted measures provide a better indication of stockholder value than the corresponding GAAP measures, book value per share and book value per share excluding AOCI.

Assurant, Inc. and Subsidiaries
Summary Financial Highlights
(Unaudited)

	For the Three-Months Ended					For the Six Months Ended
	June 30,					June 30,
($ in thousands, except per share amounts)	2004			2003		2004			2003
Net operating income (1)	$	97,828		$	82,556	$	185,294		$	159,029
Net realized gains from investments		3,719			8,094		12,965			4,858
Loss on disposal of business		(6,337	)		—		(6,337	)		—
Expenses directly related to the initial public offering		—			—		(2,334	)		—
Net income	$	95,210		$	90,650	$	189,588		$	163,887
Total revenues	$	1,837,349		$	1,722,601	$	3,694,909		$	3,454,341
PER SHARE AND SHARE DATA:
Basic earnings per share
Net operating income	$	0.69		$	0.76	$	1.36		$	1.46
Net income	$	0.67		$	0.83	$	1.40		$	1.50
Weighted average of common shares outstanding — basic		142,196,828			109,222,276		135,859,214			109,222,276
Diluted earnings per share
Net operating income	$	0.69		$	0.76	$	1.36		$	1.46
Net income	$	0.67		$	0.83	$	1.40		$	1.50
Weighted average of common shares outstanding — diluted		142,220,994			109,222,276		135,870,936			109,222,276
Pro forma earnings per share (2)
Net operating income	$	0.69		$	0.58	$	1.30		$	1.12
Net income (loss)	$	0.67		$	0.64	$	1.33		$	1.15
Pro forma common shares outstanding		142,196,828			142,208,676		142,202,752			142,208,676

Page 2

Assurant, Inc. and Subsidiaries
Summary Financial Highlights (continued)
(Unaudited)

	As of		As of
	June 30,		December 31,
($ in thousands, except per share amounts)	2004		2003		2002
Total assets	$	23,349,181	$	23,728,319	$	22,279,055
Total stockholders’ equity	$	3,354,204	$	2,632,103	$	2,555,059
Capital contribution from Fortis		—		725,500		725,500
Pro forma stockholders’ equity (3)	$	3,354,204	$	3,357,603	$	3,280,559
Total stockholders’ equity (excluding AOCI) (4)	$	3,218,507	$	2,313,576	$	2,310,074
Capital contribution from Fortis		—		725,500		725,500
Pro forma stockholders’ equity (excluding AOCI) (3)	$	3,218,507	$	3,039,076	$	3,035,574
Basic book value per share	$	23.59	$	24.10	$	23.39
Basic book value per share (excluding AOCI)(4)	$	22.64	$	21.18	$	21.15
Shares outstanding for basic book value per share calculation		142,176,550		109,222,276		109,222,276
Diluted book value per share	$	23.58	$	24.10	$	23.39
Diluted book value per share (excluding AOCI)(4)	$	22.63	$	21.18	$	21.15
Shares outstanding for diluted book value per share calculation		142,223,095		109,222,276		109,222,276
Pro forma book value per share (3)	$	23.59	$	23.61	$	23.07
Pro forma book value per share (excluding AOCI)(3)	$	22.64	$	21.37	$	21.35
Pro forma shares outstanding		142,176,550		142,208,676		142,208,676

Page 3

Assurant, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(Unaudited)

	As of		As of
	June 30,		December 31,
($ in thousands)	2004		2003		2002
Assets
Investments and cash and cash equivalents	$	11,609,253	$	11,881,802	$	10,694,772
Reinsurance recoverables		4,282,794		4,445,265		4,649,909
Deferred acquisition costs and value of business acquired		1,673,249		1,585,610		1,528,839
Goodwill		833,789		828,523		834,138
Assets held in separate accounts		3,716,824		3,805,058		3,411,616
Other assets		1,233,272		1,182,061		1,159,781
Total assets		23,349,181		23,728,319		22,279,055
Liabilities
Future policy benefits and expenses		6,248,735		6,235,140		5,806,847
Unearned premiums		3,139,535		3,133,847		3,207,636
Claims and benefits payable		3,534,289		3,512,809		3,374,140
Deferred gain on disposal of businesses		358,593		387,353		462,470
Debt		971,614		1,750,000		—
Mandatorily redeemable preferred securities of subsidiary trusts		—		196,224		1,446,074
Mandatorily redeemable preferred stock		24,160		24,160		24,660
Liabilities related to separate accounts		3,716,824		3,805,058		3,411,616
Accounts payable and other liabilities		2,001,227		2,051,625		1,990,553
Total liabilities		19,994,977		21,096,216		19,723,996
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		3,218,507		2,313,576		2,310,074
Accumulated other comprehensive income		135,697		318,527		244,985
Total stockholders’ equity		3,354,204		2,632,103		2,555,059
Total liabilities and stockholders’ equity	$	23,349,181	$	23,728,319	$	22,279,055

Page 4

Assurant, Inc. and Subsidiaries
Reconciliation of Net Operating Income to Net Income
(Unaudited)

	For the Three Months Ended																		For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			June 30,			June 30,
($ in thousands, net of tax)	2004			2004			2003			2003			2003			2003			2004			2003
Assurant Solutions	$	38,568		$	40,053		$	33,085		$	31,424		$	34,067		$	34,613		$	78,621		$	68,680
Assurant Health		39,935			36,708			28,421			30,626			30,424			31,542			76,643			61,966
Assurant Employee Benefits		14,026			13,250			12,938			22,091			18,400			8,138			27,276			26,538
Assurant Preneed		10,139			6,456			8,159			8,857			9,874			9,132			16,595			19,006
Corporate and Other		(3,818	)		(10,412	)		(1,150	)		9,981			(1,414	)		(242	)		(14,230	)		(1,656	)
Amortization of deferred gain on disposal of businesses		9,270			9,423			10,427			11,389			10,013			12,550			18,693			22,563
Interest expense and distributions on preferred securities of subsidiary trusts		(10,292	)		(8,012	)		(17,081	)		(19,037	)		(18,808	)		(19,260	)		(18,304	)		(38,068	)
Net operating income		97,828			87,466			74,799			95,331			82,556			76,473			185,294			159,029
Adjustments:
Net realized gains (losses) on investments		3,719			9,246			(8,411	)		4,767			8,094			(3,236	)		12,965			4,858
Loss on disposal of business		(6,337	)		—			—			—			—			—			(6,337	)		—
Expenses directly related to the initial public offering		—			(2,334	)		(10,237	)		(700	)		—			—			(2,334	)		—
Interest premium on redemption of preferred securities of subsidiary trusts		—			—			(133,784	)		—			—			—			—			—
Net income (loss)	$	95,210		$	94,378		$	(77,633	)	$	99,398		$	90,650		$	73,237		$	189,588		$	163,887

Page 5

Assurant, Inc. and Subsidiaries
Consolidated Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,		December 31,			September 30,		June 30,		March 31,			June 30,			June 30,
($ in thousands)	2004			2004		2003			2003		2003		2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	1,615,473		$	1,625,238	$	1,623,269		$	1,546,474	$	1,484,066	$	1,502,963		$	3,240,711		$	2,987,029
Net investment income		157,628			153,824		150,705			150,723		154,364		151,521			311,452			305,885
Net realized gains (losses) on investments		5,722			14,224		(12,940	)		7,334		12,452		(4,978	)		19,946			7,474
Amortization of deferred gain on disposal of businesses		14,262			14,497		16,042			17,522		15,405		19,308			28,759			34,713
Loss on disposal of business		(9,232	)		—		—			—		—		—			(9,232	)		—
Fees and other income		53,496			49,777		59,219			53,524		56,314		62,926			103,273			119,240
		1,837,349			1,857,560		1,836,295			1,775,577		1,722,601		1,731,740			3,694,909			3,454,341
Benefits, losses and expenses:
Policyholder benefits		943,049			968,965		998,394			882,365		888,241		888,763			1,912,014			1,777,004
Selling, underwriting, general and administrative expenses		734,422			733,508		740,192			718,148		667,819		702,979			1,467,930			1,370,798
Interest expense and distributions on preferred securities of subsidiary trusts		15,834			12,326		26,279			29,288		28,935		29,631			28,160			58,566
Interest premium on redemption of preferred securities of subsidiary trusts		—			—		205,822			—		—		—			—			—
		1,693,305			1,714,799		1,970,687			1,629,801		1,584,995		1,621,373			3,408,104			3,206,368
Income (loss) before income taxes		144,044			142,761		(134,392	)		145,776		137,606		110,367			286,805			247,973
Income tax expense (benefit)		48,834			48,383		(56,759	)		46,378		46,956		37,130			97,217			84,086
Net income (loss)	$	95,210		$	94,378	$	(77,633	)	$	99,398	$	90,650	$	73,237		$	189,588		$	163,887

Page 6

Assurant Solutions
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended												For the Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		March 31,		June 30,		June 30,
($ in thousands)	2004		2004		2003		2003		2003		2003		2004		2003
Revenues:
Net earned premiums and other considerations	$	610,630	$	623,065	$	624,999	$	612,882	$	552,403	$	571,531	$	1,233,695	$	1,123,934
Net investment income		44,868		44,759		44,658		46,315		45,387		50,490		89,627		95,877
Fees and other income		34,004		26,859		30,091		31,218		30,774		37,399		60,863		68,173
		689,502		694,683		699,748		690,415		628,564		659,420		1,384,185		1,287,984
Benefits, losses and expenses:
Policyholder benefits		220,215		231,576		267,081		221,755		213,280		197,113		451,791		410,393
Selling, underwriting, general and administrative expenses		412,573		404,202		390,087		424,307		364,783		411,023		816,775		775,806
		632,788		635,778		657,168		646,062		578,063		608,136		1,268,566		1,186,199
Income (loss) before income taxes		56,714		58,905		42,580		44,353		50,501		51,284		115,619		101,785
Income tax expense (benefit)		18,146		18,852		9,495		12,929		16,434		16,671		36,998		33,105
Net operating income (loss)	$	38,568	$	40,053	$	33,085	$	31,424	$	34,067	$	34,613	$	78,621	$	68,680
Net earned premiums and other considerations by major product groupings: (amounts in millions)
Special Property Solutions	$	193	$	183	$	206	$	185	$	172	$	172	$	376	$	344
Consumer Protection Solutions		418		440		419		428		380		400		858		780
Total	$	611	$	623	$	625	$	613	$	552	$	572	$	1,234	$	1,124

Page 7

Assurant Health
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																		For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			June 30,			June 30,
($ in thousands)	2004			2004			2003			2003			2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	559,361		$	550,947		$	533,711		$	506,702		$	491,690		$	477,145		$	1,110,308		$	968,835
Net investment income		16,716			16,947			12,970			11,460			12,406			12,594			33,663			25,000
Fees and other income		11,035			9,355			8,524			8,590			7,904			7,237			20,390			15,141
		587,112			577,249			555,205			526,752			512,000			496,976			1,164,361			1,008,976
Benefits, losses and expenses:
Policyholder benefits		358,729			356,115			351,843			334,681			317,609			312,913			714,844			630,522
Selling, underwriting, general and administrative expenses		167,753			165,401			160,703			145,677			146,848			136,055			333,154			282,903
		526,482			521,516			512,546			480,358			464,457			448,968			1,047,998			913,425
Income (loss) before income taxes		60,630			55,733			42,659			46,394			47,543			48,008			116,363			95,551
Income tax expense (benefit)		20,695			19,025			14,238			15,768			17,119			16,466			39,720			33,585
Net operating income (loss)	$	39,935		$	36,708		$	28,421		$	30,626		$	30,424		$	31,542		$	76,643		$	61,966
Loss ratio (a)		64.1	%		64.6	%		65.9	%		66.1	%		64.6	%		65.6	%		64.4	%		65.1	%
Expense ratio (b)		29.4	%		29.5	%		29.6	%		28.3	%		29.4	%		28.1	%		29.5	%		28.8	%
Combined ratio (c)		92.3	%		93.1	%		94.5	%		93.2	%		93.0	%		92.7	%		92.7	%		92.8	%
Membership by product line:
Individual		810			786			761			755			715			685			810			715
Small employer group		367			375			376			365			360			355			367			360
Total		1,177			1,161			1,137			1,120			1,075			1,040			1,177			1,075
Net earned premiums and other considerations: (amounts in millions)
Individual	$	301		$	292		$	281		$	262		$	252		$	242		$	593		$	494
Small employer group		258			259			253			245			240			235			517			475
Total	$	559		$	551		$	534		$	507		$	492		$	477		$	1,110		$	969

(a) The loss ratio is equal to policyholder benefits divided by net earned premiums and other considerations.

(b) The expense ratio is equal to selling, underwriting and general expenses divided by net earned premiums and other considerations and fees and other income.

(c) The combined ratio is equal to total benefits, losses and expenses divided by net earned premiums and other considerations and fees and other income.

Page 8

Assurant Employee Benefits
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																		For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			June 30,			June 30,
($ in thousands)	2004			2004			2003			2003			2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	309,159		$	318,044		$	336,134		$	297,258		$	302,759		$	320,279		$	627,203		$	623,038
Net investment income		37,437			35,722			35,527			34,512			35,397			34,520			73,159			69,917
Fees and other income		6,734			10,384			16,898			3,832			16,290			16,773			17,118			33,063
		353,330			364,150			388,559			335,602			354,446			371,572			717,480			726,018
Benefits, losses and expenses:
Policyholder benefits		228,842			244,326			253,265			196,910			223,261			247,512			473,168			470,773
Selling, underwriting, general and administrative expenses		102,737			99,345			114,069			104,707			102,877			111,539			202,082			214,416
		331,579			343,671			367,334			301,617			326,138			359,051			675,250			685,189
Income (loss) before income taxes		21,751			20,479			21,225			33,985			28,308			12,521			42,230			40,829
Income tax expense (benefit)		7,725			7,229			8,287			11,894			9,908			4,383			14,954			14,291
Net operating income (loss)	$	14,026		$	13,250		$	12,938		$	22,091		$	18,400		$	8,138		$	27,276		$	26,538
Loss ratio (a)		74.0	%		76.8	%		75.3	%		66.2	%		73.7	%		77.3	%		75.4	%		75.6	%
Expense ratio (b)		32.5	%		30.2	%		32.3	%		34.8	%		32.2	%		33.1	%		31.4	%		32.7	%
Net earned premiums and other considerations by major product groupings: (amounts in millions)
Group dental	$	130		$	131		$	135		$	132		$	134		$	137		$	261		$	271
Group disability		115			124			140			102			101			118			239			219
Group life		64			63			61			63			68			65			127			133
Total	$	309		$	318		$	336		$	297		$	303		$	320		$	627		$	623

(a) The loss ratio is equal to policyholder benefits divided by net earned premiums and other considerations.

(b) The expense ratio is equal to selling, underwriting and general expenses divided by net earned premiums and other considerations and fees and other income.

Page 9

Assurant Preneed
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended												For the Six Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,		March 31,		June 30,		June 30,
($ in thousands)	2004		2004		2003		2003		2003		2003		2004		2003
Revenues:
Net earned premiums and other considerations	$	136,323	$	133,182	$	128,425	$	129,632	$	137,214	$	134,008	$	269,505	$	271,222
Net investment income		52,469		50,177		48,363		46,371		48,380		45,110		102,646		93,490
Fees and other income		1,494		2,041		1,660		1,167		1,243		1,245		3,535		2,488
		190,286		185,400		178,448		177,170		186,837		180,363		375,686		367,200
Benefits, losses and expenses:
Policyholder benefits		135,263		136,948		126,205		129,019		134,091		131,225		272,211		265,316
Selling, underwriting, general and administrative expenses		39,390		38,513		39,495		34,721		37,657		35,069		77,903		72,726
		174,653		175,461		165,700		163,740		171,748		166,294		350,114		338,042
Income (loss) before income taxes		15,633		9,939		12,748		13,430		15,089		14,069		25,572		29,158
Income tax expense (benefit)		5,494		3,483		4,589		4,573		5,215		4,937		8,977		10,152
Net operating income (loss)	$	10,139	$	6,456	$	8,159	$	8,857	$	9,874	$	9,132	$	16,595	$	19,006
Net earned premiums and other considerations by channel: (amounts in millions)
AMLIC	$	70	$	72	$	67	$	69	$	75	$	72	$	142	$	147
Independent		66		61		61		61		62		62		127		124
Total	$	136	$	133	$	128	$	130	$	137	$	134	$	269	$	271

Page 10

Assurant Corporate and Other
Condensed Statement of Operations
(Unaudited)

	For the Three Months Ended																	For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,		June 30,			March 31,			June 30,			June 30,
($ in thousands)	2004			2004			2003			2003		2003			2003			2004			2003
Revenues:
Net earned premiums and other considerations	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—
Net investment income		6,138			6,219			9,187			12,065		12,794			8,807			12,357			21,601
Net realized gains (losses) on investments		5,722			14,224			(12,940	)		7,334		12,452			(4,978	)		19,946			7,474
Amortization of deferred gain on disposal of businesses		14,262			14,497			16,042			17,522		15,405			19,308			28,759			34,713
Loss on disposal of business		(9,232	)		—			—			—		—			—			(9,232	)		—
Fees and other income		229			1,138			2,046			8,717		103			272			1,367			375
		17,119			36,078			14,335			45,638		40,754			23,409			53,197			64,163
Benefits, losses and expenses:
Policyholder benefits		—			—			—			—		—			—			—			—
Selling, underwriting, general and administrative expenses		11,969			26,047			35,838			8,736		15,654			9,293			38,016			24,947
Interest expense and distributions on preferred securities of subsidiary trusts		15,834			12,326			26,279			29,288		28,935			29,631			28,160			58,566
Interest premium on redemption of preferred securities of subsidiary trusts		—			—			205,822			—		—						—			—
		27,803			38,373			267,939			38,024		44,589			38,924			66,176			83,513
Income (loss) before income taxes		(10,684	)		(2,295	)		(253,604	)		7,614		(3,835	)		(15,515	)		(12,979	)		(19,350	)
Income tax expense (benefit)		(3,226	)		(206	)		(93,368	)		1,214		(1,720	)		(5,327	)		(3,432	)		(7,047	)
Net operating income (loss)	$	(7,458	)	$	(2,089	)	$	(160,236	)	$	6,400	$	(2,115	)	$	(10,188	)	$	(9,547	)	$	(12,303	)

Page 11

Assurant, Inc. and Subsidiaries
Investments
(Unaudited)

	As of				As of
	June 30,				December 31,
($ in thousands)	2004				2003
Investments by Type
Fixed maturities: available-for-sale, at fair value	$	8,608,718			$	8,728,838
Equity Securities: available-for-sale
Preferred stocks		516,231				452,373
Common stocks		3,548				4,067
Commercial mortgage loans on real estate, at amortized cost		996,446				932,791
Policy loans		68,314				68,185
Cash and short-term investments		923,646				1,234,075
Other investments		492,350				461,473
Total	$	11,609,253			$	11,881,802
Fixed Maturity Securities by Credit Quality (Fair Value)
Aaa / Aa / A	$	5,815,166	68	%	$	6,074,426	70	%
Baa		2,251,841	26	%		2,110,009	24	%
Ba		394,760	5	%		360,991	4	%
B		102,497	1	%		135,415	2	%
Caa and lower		40,507	0	%		39,884	0	%
In or near default		3,947	0	%		8,113	0	%
Total	$	8,608,718	100	%	$	8,728,838	100	%
Fixed Maturity Securities by Issuer Type (Fair Value)
U.S government and government agencies and authorities	$	1,529,046	18	%	$	1,681,746	19	%
State, municipalities and political subdivisions		197,431	2	%		203,679	2	%
Foreign government		200,437	2	%		317,748	4	%
Public utilities		962,452	11	%		984,141	11	%
All other corporate bonds		5,719,352	67	%		5,541,524	64	%
Total	$	8,608,718	100	%	$	8,728,838	100	%

Page 12

Assurant, Inc.
Investment Results by Asset Category and Annualized Yields
(Unaudited)

	For the Three Months Ended June 30, 2004									For the Three Months Ended June 30, 2003
				Investment			Investment						Investment			Investment
($ in thousands)	Yield			Income			Gain (Loss)			Yield			Income			Gain (Loss)
Fixed maturities: available-for-sale, at fair value		5.90	%	$	122,675		$	2,626			6.04	%	$	120,570		$	13,574
Equity Securities: available-for-sale		7.07	%		9,200			(42	)		6.79	%		6,918			462
Commercial mortgage loans on real estate, at amortized cost		8.09	%		19,936			88			7.57	%		16,361			(641	)
Policy loans		7.25	%		1,240			—			5.55	%		970			—
Cash and short-term investments		0.61	%		1,454			(7	)		1.28	%		2,953			—
Other investments		8.48	%		10,401			3,057			30.95	%		11,973			(943	)
Total					164,906		$	5,722						159,745		$	12,452
Investment expenses					(7,278	)								(5,381	)
Net investment income				$	157,628								$	154,364
Gross investment gain							$	13,289								$	9,926
Gross investment loss								(7,567	)								7,402
Write-downs on available-for-sale securities								—									(4,876	)
Net investment gain (loss)							$	5,722								$	12,452

[Additional columns below]

[Continued from above table, first column(s) repeated]

	For the Six Months Ended June 30, 2004									For the Six Months Ended June 30, 2003
				Investment			Investment						Investment			Investment
($ in thousands)	Yield			Income			Gain (Loss)			Yield			Income			Gain (Loss)
Fixed maturities: available-for-sale, at fair value		5.83	%	$	241,926		$	16,528			6.19	%	$	243,026		$	8,693
Equity Securities: available-for-sale		7.18	%		17,454			638			6.93	%		11,905			190
Commercial mortgage loans on real estate, at amortized cost		8.12	%		39,155			—			8.26	%		35,359			(495	)
Policy loans		6.48	%		2,210			—			5.33	%		1,858			—
Cash and short-term investments		0.68	%		3,666			—			1.09	%		5,870			10
Other investments		8.44	%		20,115			2,780			24.67	%		18,559			(924	)
Total					324,526		$	19,946						316,577		$	7,474
Investment expenses					(13,074	)								(10,692	)
Net investment income				$	311,452								$	305,885
Gross investment gain							$	32,707								$	34,049
Gross investment loss								(11,944	)								(10,082	)
Write-downs on available-for-sale securities								(817	)								(16,493	)
Net investment gain (loss)							$	19,946								$	7,474

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