Investor Presentaiton
Exhibit 2: Non-GAAP Financial Measures (Continued)
($ in millions)
GAAP net income
2023
2022
2Q
2Q
$
156.3
$
52.2
Less:
Interest expense
Provision for income taxes
Depreciation expense
Amortization of purchased intangible assets
27.2
27.2
48.0
17.7
25.4
21.8
18.7
17.0
Adjustments, pre-tax:
Net realized losses on investments and fair value changes to equity
20.0
76.4
securities
Non-core operations
30.2
36.7
Restructuring costs
(1.3)
0.2
0.5
Assurant Health runoff operations
Other Adjustments:
COVID-19 direct and incremental expenses
(Gain) loss on extinguishment of debt
Acquisition integration expenses
Foreign exchange related losses
Gain related to benefit plan activity
Merger and acquisition transaction and other related expenses
Total other adjustments
Adjusted EBITDA
Reportable catastrophes
Adjusted EBITDA, excluding reportable catastrophes
1.1
0.9
0.1
3.0
4.6
7.1
(6.0)
(4.9)
(0.1)
0.2
(1.4)
7.4
323.1
257.1
13.4
20.3
$
336.5
$
277.4
Additional details about the components of Other adjustments and other key financial metrics are
included in the Financial Supplement located on Assurant's Investor Relations website
http://ir.assurant.com/investor/default.aspx
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