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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 June 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 Par ValueAIZNew York Stock Exchange
5.25% Subordinated Notes due 2061AIZNNew 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 July 29, 2022 was 53,209,323.


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.Consolidated Financial Statements (unaudited) of Assurant, Inc.
Consolidated Balance Sheets (unaudited) as of June 30, 2022 and December 31, 2021
Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Changes in Equity (unaudited) for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2022 and 2021
Notes to Consolidated Financial Statements (unaudited)
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)
June 30, 2022December 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 - $6,776.3 and $6,903.9 at June 30, 2022 and December 31, 2021, respectively)
$6,308.8 $7,215.3 
Equity securities at fair value311.0 445.7 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $0.9 and $1.1 at June 30, 2022 and December 31, 2021, respectively)
293.5 256.5 
Short-term investments179.5 247.8 
Other investments515.2 506.3 
Total investments7,608.0 8,671.6 
Cash and cash equivalents1,182.0 2,040.8 
Premiums and accounts receivable (net of allowances for credit losses of $8.9 and $9.4 at June 30, 2022 and December 31, 2021, respectively)
2,376.9 1,942.5 
Reinsurance recoverables (net of allowances for credit losses of $5.7 and $5.0 at June 30, 2022 and December 31, 2021, respectively)
6,094.8 6,181.2 
Accrued investment income94.0 62.1 
Deferred acquisition costs9,359.0 8,811.0 
Property and equipment, net608.8 561.4 
Goodwill2,558.2 2,571.6 
Value of business acquired397.2 583.4 
Other intangible assets, net676.2 719.2 
Other assets (net of allowances for credit losses of $2.3 and $2.5 at June 30, 2022 and December 31, 2021, respectively)
773.6 698.9 
Assets held for sale (Note 4)— 1,076.9 
Total assets$31,728.7 $33,920.6 
Liabilities
Future policy benefits and expenses$401.5 $413.2 
Unearned premiums19,219.5 18,623.7 
Claims and benefits payable1,542.6 1,604.8 
Commissions payable648.6 692.7 
Reinsurance balances payable469.8 446.2 
Funds held under reinsurance338.7 364.2 
Accounts payable and other liabilities 2,519.5 3,044.4 
Debt2,128.8 2,202.5 
Liabilities held for sale (Note 4)— 1,064.8 
Total liabilities27,269.0 28,456.5 
Commitments and contingencies (Note 16)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 55,557,497 and 58,050,202 shares issued and 53,261,408 and 55,754,113 shares outstanding at June 30, 2022 and December 31, 2021, respectively
0.6 0.7 
Additional paid-in capital1,629.9 1,695.0 
Retained earnings3,774.2 4,041.2 
Accumulated other comprehensive loss(822.2)(150.0)
Treasury stock, at cost; 2,296,089 shares at June 30, 2022 and December 31, 2021
(122.8)(122.8)
Total equity4,459.7 5,464.1 
Total liabilities and equity$31,728.7 $33,920.6 
See the accompanying Notes to Consolidated Financial Statements (unaudited)
2


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,168.9 $2,150.6 $4,305.3 $4,256.2 
Fees and other income325.2 298.5 647.6 548.4 
Net investment income92.0 82.9 178.3 159.2 
Net realized (losses) gains on investments (including $(1.6), $1.2, $(2.1) and $0.2 of impairment-related (losses) gains for the three and six months ended June 30, 2022 and 2021, respectively) and fair value changes to equity securities
(76.4)10.3 (138.8)11.1 
Total revenues2,509.7 2,542.3 4,992.4 4,974.9 
Benefits, losses and expenses
Policyholder benefits600.0 535.2 1,090.0 1,066.8 
Underwriting, selling, general and administrative expenses1,811.7 1,738.6 3,602.3 3,426.4 
Interest expense27.2 28.8 54.1 57.2 
Loss on extinguishment of debt0.9 — 0.9 — 
Total benefits, losses and expenses2,439.8 2,302.6 4,747.3 4,550.4 
Income from continuing operations before income tax expense69.9 239.7 245.1 424.5 
Income tax expense 17.7 52.6 43.9 96.6 
Net income from continuing operations52.2 187.1 201.2 327.9 
Net income from discontinued operations (Note 4)— 18.9 — 33.2 
Net income52.2 206.0 201.2 361.1 
Less: Net loss attributable to non-controlling interest— (0.2)— — 
Net income attributable to stockholders52.2 205.8 201.2 361.1 
Less: Preferred stock dividends— — — (4.7)
Net income attributable to common stockholders$52.2 $205.8 $201.2 $356.4 
Earnings Per Common Share
Basic
Net income from continuing operations$0.96 $3.07 $3.65 $5.38 
Net income from discontinued operations$— $0.31 $— $0.55 
Net income attributable to common stockholders$0.96 $3.38 $3.65 $5.93 
Diluted
Net income from continuing operations$0.95 $3.05 $3.61 $5.33 
Net income from discontinued operations$— $0.31 $— $0.54 
Net income attributable to common stockholders$0.95 $3.36 $3.61 $5.87 
Share Data
Weighted average common shares outstanding used in basic per common share calculations54,607,321 60,990,609 55,190,104 60,096,711 
Plus: Dilutive securities407,626 331,947 473,842 1,457,291 
Weighted average common shares outstanding used in diluted per common share calculations55,014,947 61,322,556 55,663,946 61,554,002 

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


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (in millions)
Net income$52.2 $206.0 $201.2 $361.1 
Other comprehensive (loss) income:
Change in unrealized gains on securities, net of taxes of $77.5,$(22.4), $162.8 and $36.4 for the three and six months ended June 30, 2022 and 2021, respectively
(291.9)87.2 (626.7)(123.1)
Change in unrealized gains on derivative transactions, net of taxes of $0.2, $0.2, $0.4 and $0.4 for each of the three and six months ended June 30, 2022 and 2021, respectively
(0.7)(0.6)(1.3)(1.2)
Change in foreign currency translation, net of taxes of $1.0, $(1.9), $(2.6) and $0.2 for the three and six months ended June 30, 2022 and 2021, respectively
(41.9)13.6 (40.6)20.8 
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.6, $0.2, $0.9 and $0.7 for the three and six months ended June 30, 2022 and 2021, respectively
(2.4)(0.7)(3.6)(2.3)
Total other comprehensive (loss) income(336.9)99.5 (672.2)(105.8)
Total comprehensive (loss) income(284.7)305.5 (471.0)255.3 
Less: Comprehensive loss attributable to non-controlling interest— (0.2)— — 
Total comprehensive (loss) income attributable to stockholders$(284.7)$305.3 $(471.0)$255.3 

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


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended June 30, 2022
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
 (in millions)
Balance at March 31, 2022$0.6 $1,652.1 $3,954.4 $(485.3)$(122.8)$4,999.0 
Stock plan compensation expense— 16.9 — — — 16.9 
Common stock dividends ($0.68 per share)
— — (38.6)— — (38.6)
Acquisition of common stock— (39.1)(193.8)— — (232.9)
Net income— — 52.2 — — 52.2 
Other comprehensive loss— — — (336.9)— (336.9)
Balance at June 30, 2022$0.6 $1,629.9 $3,774.2 $(822.2)$(122.8)$4,459.7 
Three Months Ended June 30, 2021
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Non-controlling InterestTotal
 (in millions)
Balance at March 31, 2021$0.7 $1,804.3 $3,612.6 $504.5 $(122.8)$3.4 $5,802.7 
Stock plan compensation expense— 17.2 — — — — 17.2 
Common stock dividends ($0.66 per share)
— — (41.8)— — — (41.8)
Acquisition of common stock— (35.3)(156.2)— — — (191.5)
Net income— — 205.8 — — 0.2 206.0 
Issuance of common stock— — — — — — — 
Change in equity of non-controlling interest— — (0.6)— — (3.6)(4.2)
Other comprehensive income— — — 99.5 — — 99.5 
Balance at June 30, 2021$0.7 $1,786.2 $3,619.8 $604.0 $(122.8)$— $5,887.9 
Six Months Ended June 30, 2022
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income (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— 7.8 — — — 7.8 
Stock plan compensation expense— 29.3 — — — 29.3 
Common stock dividends ($1.36 per share)
— — (76.0)— — (76.0)
Acquisition of common stock(0.1)(102.2)(392.2)— — (494.5)
Net income— — 201.2 — — 201.2 
Other comprehensive loss— — — (672.2)— (672.2)
Balance at June 30, 2022$0.6 $1,629.9 $3,774.2 $(822.2)$(122.8)$4,459.7 
5


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Six Months Ended June 30, 2021
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income		Treasury
Stock		Non-controlling InterestsTotal
 (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— — 5.4 — — — — 5.4 
Stock plan compensation expense— — 30.4 — — — — 30.4 
Common stock dividends ($1.32 per share)
— — — (80.0)— — — (80.0)
Acquisition of common stock— — (64.6)(189.5)— — — (254.1)
Net income— — — 361.1 — — — 361.1 
Preferred stock conversion(2.9)0.1 (141.8)— — 144.6 — — 
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — (0.6)— — (3.4)(4.0)
Other comprehensive income— — — — (105.8)— — (105.8)
Balance at June 30, 2021$— $0.7 $1,786.2 $3,619.8 $604.0 $(122.8)$— $5,887.9 

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


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
 20222021
(in millions)
Operating activities
Net income attributable to stockholders$201.2 $361.1 
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— (33.2)
Deferred tax expense14.2 (16.9)
Depreciation and amortization 95.4 84.1 
Net realized losses (gains) on investments, including impairment losses138.8 (11.1)
Stock based compensation expense29.3 30.4 
Changes in operating assets and liabilities:
Insurance policy reserves and expenses527.1 623.1 
Premiums and accounts receivable (444.5)(143.6)
Commissions payable(40.6)(3.8)
Reinsurance recoverable77.0 (115.3)
Reinsurance balance payable 18.5 89.2 
Funds withheld under reinsurance (24.9)(0.2)
Deferred acquisition costs and value of business acquired (352.0)(424.8)
Taxes (receivable) payable(68.3)24.6 
Other assets and other liabilities(459.8)(48.8)
Other(39.5)(4.9)
Net cash provided by operating activities - discontinued operations— 119.1 
Net cash (used in) provided by operating activities(328.1)529.0 
Investing activities
Sales of:
Fixed maturity securities available for sale1,712.6 438.5 
Equity securities40.3 3.5 
Other invested assets 93.0 88.1 
Subsidiary, net of cash transferred4.8 — 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale297.8 506.7 
Commercial mortgage loans on real estate23.1 7.8 
Purchases of:
Fixed maturity securities available for sale(1,903.1)(753.2)
Equity securities(27.0)(15.3)
Commercial mortgage loans on real estate(59.9)(43.6)
Other invested assets(58.6)(24.5)
Property and equipment and other(87.3)(85.2)
Subsidiaries, net of cash transferred— (15.2)
Change in short-term investments70.6 39.9 
Other0.7 0.6 
Net cash used in investing activities - discontinued operations— (114.8)
Net cash provided by investing activities107.0 33.3 
7


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
 20222021
Financing activities
Issuance of debt, net of issuance costs— 347.2 
Repayment of debt(75.9)(50.0)
Acquisition of common stock(466.6)(223.1)
Common stock dividends paid(76.0)(80.0)
Preferred stock dividends paid— (4.7)
Employee stock purchases and withholdings(6.4)(10.2)
Net cash provided by (used in) financing activities - discontinued operations— — 
Net cash used in financing activities(624.9)(20.8)
Effect of exchange rate changes on cash and cash equivalents - continuing operations(26.8)1.2 
Effect of exchange rate changes on cash and cash equivalents - discontinued operations— 0.5 
Effect of exchange rate changes on cash and cash equivalents(26.8)1.7 
Change in cash and cash equivalents(872.8)543.2 
Cash and cash equivalents at beginning of period2,054.8 2,228.6 
Cash and cash equivalents at end of period1,182.0 2,771.8 
Less: Cash and cash equivalents of discontinued operations at end of period— 25.8 
Cash and cash equivalents of continuing operations at end of period $1,182.0 $2,746.0 


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 June 30, 2022 and for the three and six months ended June 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 and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior
9

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 six months ended June 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 connection with the preparation of the Company’s consolidated statement of operations for the three months ended June 30, 2022, the Company identified an error related to reinsurance of claims and benefits payables within the Connected Living business unit in the Global Lifestyle segment occurring in late 2018 through the three months ended March 31, 2022. In accordance with SAB No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the error and determined that the related impact was not material to the Company’s results for any prior period, but that correcting the cumulative impact of the error in the current period would be material to the results of operations for the three months ended June 30, 2022. Accordingly, and for comparability, the Company revised all prior periods impacted including the 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 six-month periods ended June 30, 2021, and cash flows for the six-month period ended June 30, 2021.
In addition, the Company corrected other unrelated immaterial errors which were previously recorded in the periods in which the Company identified them. A summary of revisions to the Company’s previously reported financial statements 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.
10
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

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 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.


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 June 30,Six Months Ended June 30,
20212021
Revenues
Net earned premiums$18.8 $36.5 
Fees and other income39.9 77.4 
Net investment income72.7 144.7 
Net realized losses on investments and fair value changes to equity securities4.8 3.7 
Loss on disposal of businesses(2.0)(6.3)
Total revenues