Assurant : Q1 for Q1 2023 Financial Results News Release 2023

Exhibit 99.1

Assurant Reports First Quarter 2023 Financial Results

First Quarter Results Driven by Strong Performance in Global Housing; Global Lifestyle Results

Improved Sequentially

Company Reaffirms 2023 Outlook

ATLANTA, May 2, 2023 - Assurant, Inc.(NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the first quarter ended March 31, 2023.

"We are pleased by our first quarter results, which reflected stronger than expected performance in Global Housing building on progress in fourth quarter 2022. While down year-over-year, Global Lifestyle's results were in-line with our expectations and improved sequentially, reflecting better mobile performance and the benefit of expense actions in international," said Assurant President and CEO Keith Demmings.

"Overall, our first quarter results reinforced our confidence in delivering on our financial objectives for 2023 as we continue to strengthen key client relationships and execute on our digital-first vision and ongoing expense initiatives. With our long-standing focus on prudent capital management, we have been carefully monitoring the broader business and macroeconomic environment. We now expect to resume share repurchases later in the second quarter, but at modest levels given ongoing market volatility," Demmings added.

Note: The metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

(Unaudited)	Q1'23		Q1'22		Change
$ in millions, except per share data
GAAP net income	113.6	149.0	(24)%
Adjusted EBITDA1	242.9	308.9	(21)%
Adjusted EBITDA, ex. reportable catastrophes2	293.3	315.0	(7)%
GAAP net income per diluted share	2.12	2.65	(20)%
Adjusted earnings per diluted share3	2.75	3.89	(29)%
Adjusted earnings, ex. reportable catastrophes, per diluted	3.49	3.98	(12)%
share4

Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.

First Quarter 2023 Summary

• GAAP net income decreased 24 percent to $113.6 million year-over-year, while net income per diluted share decreased 20 percent to $2.12 versus the prior year period
• Adjusted EBITDA, excluding reportable catastrophes2, decreased 7 percent to $293.3 million, or 5 percent on a constant currency basis5
• Adjusted earnings, excluding reportable catastrophes, per diluted share4, decreased 12 percent to $3.49
• Holding company liquidity was $383 million
• Returned $37 million to shareholders via common stock dividends

2023 Outlook

The company continues to expect:

• Adjusted EBITDA, excluding reportable catastrophes6, to increase low single-digits, driven by improved performance in Global Housing and more modest growth in Global Lifestyle.
• Adjusted earnings, excluding reportable catastrophes, per diluted share6, growth rate to be lower than Adjusted EBITDA growth due to increased depreciation expense and a higher effective tax rate.
  Note: The metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

First Quarter 2023 Consolidated Results

(Unaudited)	Q1'23		Q1'22		Change
$ in millions
GAAP net income	113.6	149.0	(24)%
Adjusted EBITDA
Global Lifestyle	198.9	226.7	(12)%
Global Housing	68.4	104.4	(34)%
Corporate and Other	(24.4)	(22.2)	(10)%
Adjusted EBITDA1	242.9	308.9	(21)%
Reportable catastrophes	50.4	6.1
Adjusted EBITDA, ex. reportable catastrophes
Global Lifestyle2	199.8	226.6	(12)%
Global Housing2	117.9	110.6	7%
Corporate and Other	(24.4)	(22.2)	(10)%
Adjusted EBITDA, ex. reportable catastrophes2	293.3	315.0	(7)%

Note: Adjusted EBITDA of the Global Lifestyle, Global Housing and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable

-2-

catastrophes. Additional details regarding key financial metrics are included in the Financial Supplement located on Assurant's Investor Relations website: https://ir.assurant.com/investor/default.aspx

• GAAP net income decreased 24 percent to $113.6 million, compared to first quarter 2022 of $149.0 million. The decline was primarily due to lower earnings in Global Housing, including higher reportable catastrophes, and Global Lifestyle, as well as a higher effective tax rate compared to a favorable rate in the prior year period. The decline was partially offset by a decrease in net unrealized losses.
• GAAP net income per diluted share decreased 20 percent to $2.12 compared to first quarter 2022 of $2.65. The decrease was primarily driven by the factors noted above.
• Adjusted EBITDA1 decreased 21 percent compared to the prior year period, primarily due to $44.3 million of higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 decreased 7 percent to $293.3 million, or 5 percent on a constant currency basis5, primarily due to lower Connected Living results in Global Lifestyle, which were partially offset by an increase in Homeowners within Global Housing.
• Adjusted earnings, excluding reportable catastrophes, per diluted share4, decreased 12 percent to $3.49, primarily from lower segment earnings, a higher effective tax rate compared to a favorable rate in the prior year period and an increase in depreciation expense, partially offset by share repurchases from previous quarters.
• Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $2.55 billion compared to $2.45 billion in first quarter 2022, up 4 percent or 5 percent on a constant currency basis5, mainly from Global Automotive growth within Global Lifestyle and an increase in Homeowners within Global Housing.

Global Lifestyle

$ in millions	Q1'23	Q1'22	Change
Adjusted EBITDA	198.9	226.7	(12)%
Net earned premiums, fees and other income	2,040.3	1,988.6	3%

• Adjusted EBITDA decreased 12 percent compared to the first quarter 2022, or 10 percent on a constant currency basis5. The decrease was primarily driven by lower Connected Living results mainly from an increase in claims costs within extended service contracts compared to favorable loss experience in first quarter 2022, as well as weaker international performance mainly from Asia Pacific and the unfavorable impact of foreign exchange. Global Automotive also declined from ongoing higher claims costs. The decline in Global Lifestyle was partially offset by higher investment income.
• Net earned premiums, fees and other income increased 3 percent compared to first quarter 2022, or 4 percent on a constant currency basis5, driven by prior period sales in Global Automotive. Connected Living decreased mainly from the approximately $65 million impact from previously disclosed mobile contract changes, as well as runoff mobile programs, which were partially offset by growth in extended service contracts and North American mobile subscribers.

-3-

Global Housing

$ in millions	Q1'23	Q1'22	Change
Adjusted EBITDA	68.4	104.4	(34)%
Reportable catastrophes	49.5	6.2
Adjusted EBITDA, ex. reportable catastrophes2	117.9	110.6	7%
Net earned premiums, fees and other income	505.3	457.3	11%

• Adjusted EBITDA decreased 34 percent compared to the first quarter 2022, primarily due to a $43.3 million increase in reportable catastrophes from severe weather and tornado events. Excluding reportable catastrophes, Adjusted EBITDA2 increased 7 percent primarily due to Homeowners from higher lender-placed net earned premiums, which was partially offset by $32.0 million of higher non-catastrophe loss experience across all major products and increased catastrophe reinsurance costs.
• Net earned premiums, fees and other income increased 11 percent year-over-year,largely driven by Homeowners from an increase in lender-placedpolicies in-forceas well as higher average insured values and premium rates.

Corporate and Other

$ in millions	Q1'23	Q1'22	Change
Adjusted EBITDA	(24.4)	(22.2)	(10)%

• Adjusted EBITDA loss increased in first quarter 2023 compared to the prior year period, primarily due to lower investment income from lower asset balances.

Holding Company Liquidity Position

• Holding company liquidity totaled $383 million as of March 31, 2023, or $158 million above the company's targeted minimum level of $225 million.
  Dividends paid by operating segments to the holding company in first quarter 2023 totaled $112 million.
  The net proceeds from the first quarter 2023 debt offering were used as part of the $175 million redemption of Senior Notes due September 2023, of which $50 million aggregate principal amount remains outstanding.
• Common stock dividends totaled $37 million in first quarter 2023. During first quarter 2023 and through April 28, 2023, Assurant did not repurchase common stock; $274 million remains under the current repurchase authorization.

-4-

2023 Company Outlook6

Note: Some of the metrics included within the company's outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

$ in millions, except per share data	FY 2022	Q1'23	2023 Outlook6
Adjusted EBITDA, ex. reportable	1,128.3	293.3	Low single-digit
catastrophes2	growth
			Lower growth
Adjusted earnings, ex. reportable	$13.61	$3.49	rate than Adjusted
EBITDA, ex.
catastrophes, per diluted share4
		reportable

catastrophes

Based on current market conditions, for full-year 2023, the company continues to expect:

• Adjusted EBITDA, excluding reportable catastrophes, to increase by low single-digits,with results improving as the year progresses, led by improved performance in Global Housing and more modest growth in Global Lifestyle.
• • Global Housing Adjusted EBITDA, excluding reportable catastrophes, is expected to grow, driven by improved performance in Homeowners reflecting higher lender-placednet earned premiums along with expense savings to be realized over the course of the year. Higher 2023 catastrophe reinsurance program costs as well as continued elevated non-catastropheloss experience across all lines of business, particularly in the first half of 2023, are expected to impact the segment.
  • Global Lifestyle Adjusted EBITDA, is expected to grow modestly, driven by Connected Living and Global Automotive, including contributions from new and existing client programs and expense savings realized over the course of the year. Lower contributions from international, including the impact of continued foreign exchange headwinds, are expected to pressure results particularly in the first half of 2023.
  • Corporate and Other Adjusted EBITDA loss is expected to be approximately $105 million as the company continues to drive expense leverage.
• Adjusted earnings, excluding reportable catastrophes, per diluted share growth rate is expected to be lower than Adjusted EBITDA, excluding reportable catastrophes growth due to higher depreciation expense of approximately $114 million and a higher effective tax rate of approximately 22 to 24 percent, following a $9 million benefit in 2022. Interest expense is expected to be approximately $110 million, in-linewith 2022.
• Business segment dividends to approximate 65% of segment Adjusted EBITDA, including reportable catastrophes, which takes into account the previously announced restructuring plan. This is subject to the business and investment portfolio performance, and rating agency and regulatory capital requirements.
  Based on current market conditions, the company now expects:

-5-