Assurant (AIZ) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Assurant, Inc. (AIZ)

Financial Supplement as of March 31, 2009

ASSURANT, INC. AND SUBSIDIARIES

FINANCIAL SUPPLEMENT

(UNAUDITED)

AS OF MARCH 31, 2009

INDEX TO SUPPLEMENT

	Page:
SAFE HARBOR STATEMENT & REGULATION G – NON GAAP FINANCIAL MEASURES	1
SUMMARY FINANCIAL HIGHLIGHTS	2
SEGMENTED CONDENSED BALANCE SHEETS	4
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME	5
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS AND SELECTED DATA	6
CONDENSED SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA	7
INVESTMENTS	16
INVESTMENT RESULTS BY ASSET CATEGORY & ANNUALIZED YIELDS	18
SUMMARY OF NET OPERATING INCOME DISCLOSED ITEMS	19
RATINGS SUMMARY	20
EXHIBIT I - TOP 30 CORPORATE ISSUER EXPOSURES	21
EXHIBIT II - TOP 10 FOREIGN GOVERNMENT EXPOSURES	22
EXHIBIT III - COMMERCIAL MORTGAGE LOANS SUMMARY	23

About Assurant:

Assurant is a premier provider of specialized insurance products and related services in North America and selected other international markets. The four key businesses – Assurant Solutions; Assurant Specialty Property; Assurant Health; and Assurant Employee Benefits – 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 debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; creditor-placed homeowners insurance; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.

Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has more than $23 billion in assets and $8 billion in annual revenue. Assurant has approximately 15,000 employees worldwide and is headquartered in New York’s financial district.www.assurant.com.

Safe Harbor Statement:

Some of the statements included in this financial supplement and its exhibits, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they may use words such as “will,” “anticipate,” “expect,” “estimate,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” or the negative versions of those words and terms with a similar meaning. Our actual results might differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this financial supplement as a result of new information or future events or developments.

The following risk factors could cause our actual results to differ materially from those currently estimated by management: (i) failure to maintain significant client relationships, distribution sources and contractual arrangements; (ii) failure to attract and retain sales representatives; (iii) deterioration in the Company’s market capitalization compared to its book value that could impair the Company’s goodwill; (iv) general global economic, financial market and political conditions (including difficult conditions in financial, capital and credit markets, the global economic slowdown, fluctuations in interest rates, mortgage rates, monetary policies and inflationary pressure); (v) diminished value of invested assets in our investment portfolio (due to, among other things, the recent volatility in financial markets, the global economic slowdown, credit and liquidity risk, other than temporary impairments, environmental liability exposure and inability to target an appropriate overall risk level); (vi) inadequacy of reserves established for future claims losses; (vii) failure to predict or manage benefits, claims and other costs; (viii) losses due to natural and man-made catastrophes; (ix) increases or decreases in tax valuation allowances; (x) fluctuations in exchange rates and other risks related to our international operations; (xi) unavailability, inadequacy and unaffordable pricing of reinsurance coverage; (xii) inability of reinsurers to meet their obligations; (xiii) insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xiv) credit risk of some of our agents in Assurant Specialty Property and Assurant Solutions; (xv) a further decline in the manufactured housing industry; (xvi) a decline in our credit or financial strength ratings (including the currently heightened risk of ratings downgrades in the insurance industry); (xvii) failure to effectively maintain and modernize our information systems; (xviii) failure to protect client information and privacy; (xix) failure to find and integrate suitable acquisitions and new insurance ventures; (xx) inability of our subsidiaries to pay sufficient dividends; (xxi) failure to provide for succession of senior management and key executives; (xxii) negative impact on our business and negative publicity due to unfavorable outcomes in litigation and regulatory investigations (including the potential impact on our reputation and business of a negative outcome in the ongoing SEC investigation); (xxiii) significant competitive pressures in our businesses and cyclicality of the insurance industry; and (xxiv) current or new laws and regulations that could increase our costs or limit our growth.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our 2008 Annual Report on Form 10-K and our upcoming first quarter 2009 Form 10-Q, as filed with the SEC.

Regulation G – 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 financial supplement. 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 net 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. Please refer to page 5 for a reconciliation net operating income to net income.

(2) Assurant uses annualized operating ROE as an important measure of the Company’s operating performance. Annualized operating ROE equals year-to-date net operating income divided by average stockholders’ equity for the year to date period, excluding AOCI, and then the return is annualized. The Company believes annualized operating ROE provides investors a valuable measure of the performance of the Company’s ongoing business, because it excludes the effect of realized gains (losses) on investments that tend to be highly variable and those events that are unusual and/or unlikely to recur. The comparable GAAP measure for this included measure would be annualized GAAP return on equity, defined as the annualized return of net income divided by average stockholders’ equity for the period. Consolidated GAAP ROE for the three months ended March 31, 2009 and 2008 was 8.7% and 18.0%, respectively. Segment ROEs are measured consistently with GAAP. Please refer to page 6 for the reconciliation of annualized operating ROE to annualized GAAP return on average equity.

1

Assurant, Inc. and Subsidiaries

Summary Financial Highlights

(Unaudited)

	For the Three Months Ended March 31,						For the Year Ended December 31,
($ in thousands, except number of shares and per share amounts)	2009			2008			2008			2007
Net operating income (1)	$	137,779		$	214,873		$	637,443		$	694,188
Net realized losses on investments		(36,198	)		(28,043	)		(278,641	)		(40,442	)
Change in net deferred tax asset (2)		(21,000	)		—			88,994			—
Net income	$	80,581		$	186,830		$	447,796		$	653,746
Total revenues	$	2,087,877		$	2,177,325		$	8,601,228		$	8,453,515
PER SHARE AND SHARE DATA:
Basic earnings per common share
Net operating income (3)	$	1.17		$	1.82		$	5.40		$	5.79
Net income (3)	$	0.68		$	1.58		$	3.79		$	5.45
Weighted average common shares outstanding - basic (3)		117,891,543			118,103,519			118,005,967			119,934,873
Diluted earnings per common share
Net operating income (3)	$	1.17		$	1.80		$	5.36		$	5.71
Net income (3)	$	0.68		$	1.56		$	3.76		$	5.38
Weighted average common shares outstanding - diluted (3)		117,967,747			119,387,321			118,974,679			121,559,567

(1) See Footnote (1) Regulation G - Non GAAP Financial Measures on page 1.

(2) Quarterly changes in net deferred tax asset represent changes to valuation allowance associated with capital loss deferred tax asset carryforwards. Full year 2008 results include a gain from the sale of an inactive subsidiary realized in the second quarter of 2008.

(3) Weighted average shares outstanding and earnings per share amounts have been revised to reflect the adoption of Financial Accounting Standards Board Staff Position (“FSP”) Emerging Issues Task Force (“EITF”) Issue No. 03-6-1,Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (“FSP EITF 03-6-1”),as of January 1, 2009. For further information on FSP EITF 03-6-1, please see our upcoming first quarter 2009 Form 10-Q.

2

Assurant, Inc. and Subsidiaries

Summary Financial Highlights (continued)

(Unaudited)

($ in thousands, except shares and per share amounts)	As of March 31, 2009			As of December 31, 2008
Total assets	$	23,820,644		$	24,514,586
Total stockholders’ equity	$	3,670,322		$	3,709,505
Total stockholders’ equity (excluding AOCI)	$	4,452,650		$	4,380,451
Basic book value per share (1)	$	30.99		$	31.53
Basic book value per share (excluding AOCI) (1)	$	37.60		$	37.24
Shares outstanding for basic book value per share calculation (1)		118,432,367			117,640,936
Diluted book value per share (1)	$	30.98		$	31.47
Diluted book value per share (excluding AOCI) (1)	$	37.58		$	37.16
Shares outstanding for diluted book value per share calculation (1)		118,477,818			117,870,037
Debt to total capital ratio (excluding AOCI)		18.0	%		18.3	%

(1) Shares outstanding for book value per share calculations and book value per share amounts have been revised to reflect the adoption of FSP EITF 03-6-1 as of 1/1/09. For further information on FSP EITF 03-6-1, please see our upcoming first quarter 2009 Form 10-Q.

3

Assurant, Inc. and Subsidiaries

Segmented Condensed Balance Sheets

(Unaudited)

	At March 31, 2009
	Solutions		Specialty Property		Health		Employee Benefits		Corporate & Other(1)			Consolidated
	($ in thousands)
Assets
Investments and cash and cash equivalents	$	7,220,368	$	2,402,616	$	885,223	$	2,352,089	$	(317,911	)	$	12,542,385
Reinsurance recoverables		621,806		335,641		7,437		22,615		3,089,075			4,076,574
Deferred acquisition costs		2,343,549		192,582		13,229		30,060		—			2,579,420
Goodwill		—		—		—		—		1,005,027			1,005,027
Assets held in separate accounts		199,339		—		—		—		1,403,023			1,602,362
Other assets		482,439		335,207		109,324		105,828		982,078			2,014,876
Total assets	$	10,867,501	$	3,266,046	$	1,015,213	$	2,510,592	$	6,161,292		$	23,820,644
Liabilities
Policyholder benefits and claims payable	$	4,583,093	$	374,540	$	414,092	$	1,760,725	$	3,296,032		$	10,428,482
Unearned premiums		3,850,116		1,191,174		127,250		18,213		41,096			5,227,849
Debt		—		—		—		—		971,982			971,982
Mandatorily redeemable preferred stock		—		—		—		—		8,160			8,160
Liabilities related to separate accounts		199,339		—		—		—		1,403,023			1,602,362
Accounts payable and other liabilities		709,268		329,332		116,508		239,716		516,663			1,911,487
Total liabilities		9,341,816		1,895,046		657,850		2,018,654		6,236,956			20,150,322
Stockholders’ equity
Equity, excluding accumulated other comprehensive loss		1,525,685		1,371,000		357,363		491,938		706,664			4,452,650
Accumulated other comprehensive loss		—		—		—		—		(782,328	)		(782,328	)
Total stockholders’ equity		1,525,685		1,371,000		357,363		491,938		(75,664	)		3,670,322
Total liabilities and stockholders’ equity	$	10,867,501	$	3,266,046	$	1,015,213	$	2,510,592	$	6,161,292		$	23,820,644
	At December 31, 2008
	Solutions		Specialty Property		Health		Employee Benefits		Corporate & Other(1)			Consolidated
	($ in thousands)
Assets
Investments and cash and cash equivalents	$	7,457,948	$	2,434,697	$	899,271	$	2,376,324	$	(60,764	)	$	13,107,476
Reinsurance recoverables		625,127		369,328		7,333		21,414		2,986,968			4,010,170
Deferred acquisition costs		2,407,675		201,817		16,623		24,557		—			2,650,672
Goodwill		—		—		—		—		1,001,899			1,001,899
Assets held in separate accounts		208,352		—		—		—		1,570,457			1,778,809
Other assets		452,076		329,288		117,534		136,770		929,892			1,965,560
Total assets	$	11,151,178	$	3,335,130	$	1,040,761	$	2,559,065	$	6,428,452		$	24,514,586
Liabilities
Policyholder benefits and claims payable	$	4,588,939	$	414,832	$	423,100	$	1,775,990	$	3,195,515		$	10,398,376
Unearned premiums		3,985,167		1,243,043		124,759		13,168		41,722			5,407,859
Debt		—		—		—		—		971,957			971,957
Mandatorily redeemable preferred stock		—		—		—		—		11,160			11,160
Liabilities related to separate accounts		208,352		—		—		—		1,570,457			1,778,809
Accounts payable and other liabilities		828,654		400,652		155,427		266,356		585,831			2,236,920
Total liabilities		9,611,112		2,058,527		703,286		2,055,514		6,376,642			20,805,081
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		1,540,066		1,276,603		337,475		503,551		722,756			4,380,451
Accumulated other comprehensive loss		—		—		—		—		(670,946	)		(670,946	)
Total stockholders’ equity		1,540,066		1,276,603		337,475		503,551		51,810			3,709,505
Total liabilities and stockholders’ equity	$	11,151,178	$	3,335,130	$	1,040,761	$	2,559,065	$	6,428,452		$	24,514,586

(1) Corporate & Other includes all accumulated other comprehensive income/losses and goodwill as well as reinsurance recoverables and separate accounts related to the sale of businesses by reinsurance.

4

Assurant, Inc. and Subsidiaries

Reconciliation of Net Operating Income to Net Income

(Unaudited)

	For the Three Months Ended															For the Year Ended
($ in thousands, net of tax)	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Assurant Solutions	$	30,311		$	11,884		$	20,387		$	32,355		$	47,557		$	112,183		$	143,921
Assurant Specialty Property		104,668			118,475			30,942			131,042			124,744			405,203			379,240
Assurant Health		14,672			25,066			30,204			27,721			37,263			120,254			151,743
Assurant Employee Benefits		7,022			14,138			21,457			18,630			16,332			70,557			87,021
Corporate and other		(13,442	)		(10,735	)		(14,858	)		(18,777	)		(5,882	)		(50,252	)		(49,513	)
Amortization of deferred gains on disposal of businesses		4,421			4,763			4,796			4,763			4,796			19,118			21,541
Interest expense		(9,873	)		(9,872	)		(9,874	)		(9,937	)		(9,937	)		(39,620	)		(39,765	)
Net operating income		137,779			153,719			83,054			185,797			214,873			637,443			694,188
Adjustments:
Net realized losses on investments		(36,198	)		(33,642	)		(194,483	)		(22,473	)		(28,043	)		(278,641	)		(40,442	)
Change in net deferred tax asset		(21,000	)		62,364			—			26,630			—			88,994			—
Net income (loss)	$	80,581		$	182,441		$	(111,429	)	$	189,954		$	186,830		$	447,796		$	653,746

5

Assurant, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
($ in thousands, except per share data and closing stock price)	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Revenues:
Net earned premiums and other considerations	$	1,874,579		$	2,004,279		$	1,984,136		$	1,995,516		$	1,941,417		$	7,925,348		$	7,407,730
Net investment income		178,479			183,048			192,314			201,211			197,774			774,347			799,073
Net realized (losses) gains on investments		(55,689	)		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(428,679	)		(62,220	)
Amortization of deferred gains on disposal of businesses		6,802			7,327			7,379			7,327			7,379			29,412			33,139
Fees and other income		83,706			77,711			69,911			79,280			73,898			300,800			275,793
		2,087,877			2,220,608			1,954,535			2,248,760			2,177,325			8,601,228			8,453,515
Benefits, losses and expenses:
Policyholder benefits		960,342			988,432			1,095,048			998,208			937,459			4,019,147			3,712,711
Selling, underwriting, general and administrative expenses		954,479			1,025,532			1,007,817			985,851			938,650			3,957,850			3,668,586
Interest expense		15,189			15,188			15,190			15,287			15,288			60,953			61,178
		1,930,010			2,029,152			2,118,055			1,999,346			1,891,397			8,037,950			7,442,475
Income (loss) before provision for income taxes		157,867			191,456			(163,520	)		249,414			285,928			563,278			1,011,040
(Benefit) provision for income taxes		77,286			9,015			(52,091	)		59,460			99,098			115,482			357,294
Net income (loss)	$	80,581		$	182,441		$	(111,429	)	$	189,954		$	186,830		$	447,796		$	653,746
Diluted per share data:
Net operating income per diluted share (1)	$	1.17		$	1.30		$	0.70		$	1.55		$	1.80		$	5.36		$	5.71
Book value per diluted share (excluding AOCI) (1)	$	37.58		$	37.16		$	35.56		$	36.64		$	35.28		$	37.16		$	33.71
Computation of return on average equity measures:
Numerator:
Net operating income	$	137,779		$	153,719		$	83,054		$	185,797		$	214,873		$	637,443		$	694,188
Net income (loss)	$	80,581		$	182,441		$	(111,429	)	$	189,954		$	186,830		$	447,796		$	653,746
Denominator:
Average equity, excluding AOCI	$	4,416,551		$	4,294,030		$	4,296,429		$	4,298,980		$	4,123,852		$	4,207,722		$	3,889,763
Add: Average AOCI		(726,637	)		(573,372	)		(306,783	)		(71,632	)		24,207			(308,518	)		70,987
Average equity, including AOCI	$	3,689,914		$	3,720,658		$	3,989,646		$	4,227,348		$	4,148,059		$	3,899,204		$	3,960,750
Annualized operating return on average equity		12.5	%		14.3	%		7.7	%		17.3	%		20.8	%		15.1	%		17.8	%
Annualized GAAP return on average equity		8.7	%		19.6	%		-11.2	%		18.0	%		18.0	%		11.5	%		16.5	%
Annualized operating return on average equity (excluding AOCI)(2)		12.5	%		14.3	%		7.7	%		17.3	%		20.8	%		15.1	%		17.8	%
Net realized (losses) gains on investments		-3.3	%		-3.1	%		-18.1	%		-2.1	%		-2.7	%		-6.6	%		-1.0	%
Change in net deferred tax asset		-1.9	%		5.8	%		—			2.5	%		—			2.1	%		—
Change due to effect of including AOCI		1.4	%		2.6	%		-0.8	%		0.3	%		-0.1	%		0.8	%		-0.3	%
Annualized GAAP return on average equity (2)		8.7	%		19.6	%		-11.2	%		18.0	%		18.0	%		11.5	%		16.5	%
Share repurchases:
Shares repurchased		—			—			1,000,000			—			—			1,000,000			5,689,333
Average repurchase price per share	$	—		$	—		$	59.00		$	—		$	—		$	59.00		$	54.94
Repurchase price	$	—		$	—		$	59,000		$	—		$	—		$	59,000		$	312,563
AIZ Closing stock price (NYSE)	$	21.78		$	30.00		$	55.00		$	65.96		$	60.86		$	30.00		$	66.90
Investment yield(3)		5.32	%		5.29	%		5.44	%		5.56	%		5.61	%		5.50	%		5.69	%
Tax-adjusted yield(3) (4)		5.47	%		5.44	%		5.59	%		5.71	%		5.72	%		5.64	%		5.76	%
Investment income from real estate joint venture partnerships	$	—		$	414		$	—		$	3,457		$	—		$	3,871		$	37,173

(1) Net operating income per diluted share and book value per diluted share reflect the adoption of FSP EITF 03-6-1 as of 1/1/09. For further information on FSP EITF 03-6-1, please see our upcoming first quarter 2009 Form 10-Q.

(2) See Footnote (2) Regulation G - Non GAAP Financial Measures on page 1.

(3) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(4) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

6

Assurant Solutions

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended											For the Year Ended
($ in thousands)	March 31, 2009		December 31, 2008		September 30, 2008			June 30, 2008		March 31, 2008		December 31, 2008		December 31, 2007
Revenues:
Net earned premiums and other considerations	$	644,612	$	722,170	$	707,115		$	700,629	$	683,493	$	2,813,407	$	2,530,445
Net investment income		97,995		99,921		105,539			108,425		106,730		420,615		427,331
Fees and other income		52,031		49,936		40,623			47,668		44,281		182,508		159,211
		794,638		872,027		853,277			856,722		834,504		3,416,530		3,116,987
Benefits, losses and expenses:
Policyholder benefits		272,022		310,715		295,190			306,173		286,680		1,198,758		1,073,858
Selling, underwriting, general and administrative expenses		475,604		535,507		527,779			503,073		475,533		2,041,892		1,830,709
		747,626		846,222		822,969			809,246		762,213		3,240,650		2,904,567
Income before provision for income taxes		47,012		25,805		30,308			47,476		72,291		175,880		212,420
Provision for income taxes		16,701		13,921		9,921			15,121		24,734		63,697		68,499
Net operating income	$	30,311	$	11,884	$	20,387		$	32,355	$	47,557	$	112,183	$	143,921
Net earned premiums and other considerations:
Domestic:
Credit	$	65,941	$	66,166	$	70,270		$	69,808	$	73,253	$	279,497	$	303,231
Service contracts		346,508		375,433		334,386			335,552		319,515		1,364,886		1,156,991
Other		14,579		15,854		13,685			15,186		15,434		60,159		62,709
Total Domestic		427,028		457,453		418,341			420,546		408,202		1,704,542		1,522,931
International:
Credit		74,173		82,872		98,645			88,661		98,264		368,442		376,709
Service contracts		87,903		93,708		93,745			90,128		77,667		355,248		249,803
Other		3,660		3,813		(139	)		6,903		9,598		20,175		39,144
Total International		165,736		180,393		192,251			185,692		185,529		743,865		665,656
Preneed:
Domestic and international		44,486		76,616		88,293			85,253		80,654		330,816		298,142
Domestic independent runoff		7,362		7,708		8,230			9,138		9,108		34,184		43,716
Total Preneed		51,848		84,324		96,523			94,391		89,762		365,000		341,858
Total	$	644,612	$	722,170	$	707,115		$	700,629	$	683,493	$	2,813,407	$	2,530,445
Fee income:
Domestic:
Debt protection	$	9,271	$	9,765	$	8,495		$	8,284	$	7,915	$	34,459	$	31,093
Service contracts		27,709		22,515		18,472			19,941		18,370		79,298		70,709
Other		3,947		6,614		6,873			7,439		5,735		26,661		25,039
Total Domestic		40,927		38,894		33,840			35,664		32,020		140,418		126,841
International		6,072		6,201		7,272			9,706		9,740		32,919		22,168
Preneed		5,032		4,841		(489	)		2,298		2,521		9,171		10,202
Total	$	52,031	$	49,936	$	40,623		$	47,668	$	44,281	$	182,508	$	159,211

7

Assurant Solutions (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Gross written premiums:
Domestic:
Credit	$	135,346		$	147,313		$	151,717		$	152,730		$	152,341		$	604,101		$	656,975
Service contracts		246,883			355,163			385,153			396,157			393,811			1,530,284			1,828,048
Other		15,074			19,701			17,858			17,076			16,758			71,393			85,005
Total Domestic		397,303			522,177			554,728			565,963			562,910			2,205,778			2,570,028
International:
Credit		171,379			180,516			213,322			214,407			219,212			827,457			833,894
Service contracts		107,070			132,710			133,226			110,714			101,002			477,652			422,669
Other		5,387			5,696			1,375			8,962			11,348			27,381			46,590
Total International		283,836			318,922			347,923			334,083			331,562			1,332,490			1,303,153
Total	$	681,139		$	841,099		$	902,651		$	900,046		$	894,472		$	3,538,268		$	3,873,181
Preneed (face sales)	$	103,124		$	99,009		$	121,021		$	120,859		$	104,424		$	445,313		$	395,790
Foreign currency translation (FX) impact (1):
Gross written premiums:
Including FX impact		-23.85	%		-19.10	%		-7.40	%		-4.26	%		-2.62	%		-8.65	%		10.96	%
FX impact		-6.83	%		-5.53	%		0.96	%		2.34	%		3.43	%		0.14	%		1.49	%
Excluding FX impact		-17.02	%		-13.57	%		-8.36	%		-6.60	%		-6.05	%		-8.79	%		9.47	%
Net earned premiums:
Including FX impact		-5.69	%		6.38	%		8.80	%		13.25	%		17.23	%		11.18	%		6.70	%
FX impact		-5.37	%		-4.42	%		0.56	%		1.65	%		2.42	%		-0.08	%		1.29	%
Excluding FX impact		-0.32	%		10.80	%		8.24	%		11.60	%		14.81	%		11.26	%		5.41	%
Net operating income:
Including FX impact		-36.26	%		-63.17	%		-45.45	%		7.10	%		7.91	%		-22.05	%		-9.15	%
FX impact		-0.51	%		0.24	%		-1.42	%		-4.64	%		1.99	%		-1.00	%		-1.65	%
Excluding FX impact		-35.75	%		-63.41	%		-44.03	%		11.74	%		5.92	%		-21.05	%		-7.50	%
Combined ratios (a):
Domestic		98.3	%		101.6	%		104.7	%		99.4	%		96.5	%		100.6	%		101.1	%
International		107.3	%		113.9	%		105.6	%		111.4	%		102.3	%		108.2	%		105.1	%
Preneed yield (2)		5.94	%		5.89	%		6.04	%		6.28	%		6.13	%		6.06	%		6.32	%
Preneed average invested assets	$	3,861,302		$	3,896,574		$	3,919,388		$	3,937,722		$	3,963,127		$	3,927,096		$	3,767,556
Investment yield(2)		5.45	%		5.34	%		5.60	%		5.76	%		5.72	%		5.62	%		5.80	%
Tax-adjusted yield(2) (3)		5.57	%		5.45	%		5.72	%		5.89	%		5.81	%		5.73	%		5.87	%
Investment income from real estate joint venture partnerships	$	—		$	240		$	—		$	1,210		$	—		$	1,450		$	15,724

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

(1) Total Solutions percentage growth from year-ago period due to conversion of income statement transactions at weighted average foreign currency exchange rates.

(2) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(3) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

8

Assurant Specialty Property

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Revenues:
Net earned premiums and other considerations	$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	2,048,238		$	1,682,266
Net investment income		29,436			30,542			31,129			31,997			29,375			123,043			100,210
Fees and other income		13,324			11,910			12,501			11,996			13,593			50,000			51,256
		536,550			562,121			556,858			577,907			524,395			2,221,281			1,833,732
Benefits, losses and expenses:
Policyholder benefits		167,800			166,692			302,105			171,793			144,813			785,403			548,873
Selling, underwriting, general and administrative expenses		209,917			214,148			208,519			206,339			188,842			817,848			701,958
		377,717			380,840			510,624			378,132			333,655			1,603,251			1,250,831
Income before provision for income taxes		158,833			181,281			46,234			199,775			190,740			618,030			582,901
Provision for income taxes		54,165			62,806			15,292			68,733			65,996			212,827			203,661
Net operating income	$	104,668		$	118,475		$	30,942		$	131,042		$	124,744		$	405,203		$	379,240
Net earned premiums:
Homeowners (Creditor Placed & Voluntary)	$	348,447		$	369,458		$	368,066		$	391,153		$	342,335		$	1,471,012		$	1,188,090
Manufactured Housing (Creditor Placed & Voluntary)		55,876			56,275			55,389			56,484			57,061			225,209			209,104
Other		89,467			93,936			89,773			86,277			82,031			352,017			285,072
Total	$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	2,048,238		$	1,682,266
Gross earned premiums:
Homeowners (Creditor Placed & Voluntary)	$	437,391		$	456,631		$	450,274		$	460,818		$	402,062		$	1,769,785		$	1,405,119
Manufactured Housing (Creditor Placed & Voluntary)		77,484			79,690			80,570			80,069			80,850			321,179			309,680
Other		151,429			156,843			152,899			146,880			140,793			597,415			512,034
Total	$	666,304		$	693,164		$	683,743		$	687,767		$	623,705		$	2,688,379		$	2,226,833
Gross written premiums:
Homeowners (Creditor Placed & Voluntary)	$	412,706		$	502,162		$	492,069		$	529,444		$	419,501		$	1,943,176		$	1,582,066
Manufactured Housing (Creditor Placed & Voluntary)		69,852			76,346			80,909			79,451			70,131			306,837			301,905
Other		131,701			147,675			187,929			169,849			125,316			630,769			565,174
Total	$	614,259		$	726,183		$	760,907		$	778,744		$	614,948		$	2,880,782		$	2,449,145
Reconciliation of gross earned premiums to net earned premiums:
Gross earned premiums	$	666,304		$	693,164		$	683,743		$	687,767		$	623,705		$	2,688,379		$	2,226,833
Ceded catastrophe reinsurance and reinstatements		(42,994	)		(36,793	)		(53,149	)		(34,015	)		(30,030	)		(153,987	)		(133,087	)
Ceded to clients including U.S. Government		(129,520	)		(136,702	)		(117,366	)		(119,838	)		(112,248	)		(486,154	)		(411,480	)
Net earned premiums	$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	2,048,238		$	1,682,266

9

Assurant Specialty Property (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Creditor-Placed Homeowners Insurance(1):
Loans tracked(in millions):
Prime		25.7			25.9			26.2			26.3			26.2			25.9			26.2
Sub-prime		3.8			4.0			4.1			4.2			4.4			4.0			4.6
		29.5			29.9			30.3			30.5			30.6			29.9			30.8
Average placement rates:
Prime		1.13	%		1.07	%		1.03	%		0.99	%		0.96	%		1.07	%		0.93	%
Sub-prime		9.14	%		9.19	%		8.92	%		8.70	%		8.33	%		9.19	%		7.73	%
Average insured value (AIV):
Creditor-placed	$	168		$	167		$	166		$	164		$	161		$	167		$	156
Real estate owned	$	228		$	228		$	223		$	217		$	206		$	228		$	196
Percent of Real Estate Owned Policies:
% of creditor-placed gross earned premiums from REO policies		20	%		23	%		23	%		21	%		21	%		23	%		17	%
% of creditor-placed gross written premiums from REO policies		20	%		19	%		23	%		22	%		21	%		19	%		19	%
Ratios:
Loss ratio (a)		34.0	%		32.1	%		58.9	%		32.2	%		30.1	%		38.3	%		32.6	%
Expense ratio (b)		41.4	%		40.3	%		39.7	%		37.8	%		38.1	%		39.0	%		40.5	%
Combined ratio (c)		74.5	%		71.6	%		97.1	%		69.3	%		67.4	%		76.4	%		72.2	%
Investment yield(2)		4.87	%		5.01	%		5.11	%		5.16	%		5.11	%		5.15	%		5.57	%
Tax-adjusted yield(2) (3)		5.18	%		5.32	%		5.43	%		5.47	%		5.32	%		5.44	%		5.71	%
Investment income from real estate joint venture partnerships	$	—		$	39		$	—		$	346		$	—		$	385			522

(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, general and administrative 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.

(1) Estimates based on client information and classification.

(2) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(3) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

10

Assurant Health

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended										For the Year Ended
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
($ in thousands)	2009		2008		2008		2008		2008		2008		2007
Revenues:
Net earned premiums and other considerations	$	472,346	$	481,470	$	486,700	$	487,725	$	496,060	$	1,951,955	$	2,050,280
Net investment income		12,477		12,745		13,769		15,302		15,648		57,464		66,634
Fees and other income		9,914		9,774		10,100		9,637		9,406		38,917		40,583
		494,737		503,989		510,569		512,664		521,114		2,048,336		2,157,497
Benefits, losses and expenses:
Policyholder benefits		321,960		314,329		311,790		325,504		306,565		1,258,188		1,295,441
Selling, underwriting, general and administrative expenses		150,240		151,275		152,345		143,804		157,181		604,605		627,348
		472,200		465,604		464,135		469,308		463,746		1,862,793		1,922,789
Income before provision for income taxes		22,537		38,385		46,434		43,356		57,368		185,543		234,708
Provision for income taxes		7,865		13,319		16,230		15,635		20,105		65,289		82,965
Net operating income	$	14,672	$	25,066	$	30,204	$	27,721	$	37,263	$	120,254	$	151,743
Net earned premiums and other considerations:
Individual:
Individual medical	$	317,070	$	319,704	$	319,188	$	318,095	$	319,756	$	1,276,743	$	1,283,321
Short-term medical		26,048		25,978		27,335		24,583		23,539		101,435		96,837
Subtotal		343,118		345,682		346,523		342,678		343,295		1,378,178		1,380,158
Small employer group		129,228		135,788		140,177		145,047		152,765		573,777		670,122
Total	$	472,346	$	481,470	$	486,700	$	487,725	$	496,060	$	1,951,955	$	2,050,280

11

Assurant Health (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Sales (annualized issued premiums):
Individual:
Individual medical	$	88,769		$	84,603		$	87,600		$	78,080		$	79,976		$	330,259		$	352,851
Short-term medical		37,199			33,785			35,969			34,990			32,972			137,716			131,049
Subtotal		125,968			118,388			123,569			113,070			112,948			467,975			483,900
Small employer group		29,978			27,008			27,189			25,864			26,161			106,222			112,586
Total	$	155,946		$	145,396		$	150,758		$	138,934		$	139,109		$	574,197		$	596,486
Membership by product line(in thousands):
Individual:
Individual medical		572			578			585			587			599			578			619
Short-term medical		94			92			101			101			87			92			87
Subtotal		666			670			686			688			686			670			706
Small employer group		123			131			136			142			152			131			165
Total		789			801			822			830			838			801			871
Ratios:
Loss ratio (a)		68.2	%		65.3	%		64.1	%		66.7	%		61.8	%		64.5	%		63.2	%
Expense ratio (b)		31.2	%		30.8	%		30.7	%		28.9	%		31.1	%		30.4	%		30.0	%
Combined ratio (c)		97.9	%		94.8	%		93.4	%		94.4	%		91.7	%		93.6	%		92.0	%
Investment yield(1)		5.59	%		5.51	%		5.67	%		5.84	%		6.12	%		5.80	%		5.81	%
Tax-adjusted yield(1) (2)		5.84	%		5.78	%		5.95	%		6.13	%		6.32	%		6.06	%		5.93	%
Investment income from real estate joint venture partnerships	$	—		$	51		$	—		$	691		$	—		$	742		$	4,257

(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, general and administrative 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.

(1) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(2) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

12

Assurant Employee Benefits

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended										For the Year Ended
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
($ in thousands)	2009		2008		2008		2008		2008		2008		2007
Revenues:
Net earned premiums and other considerations	$	263,831	$	280,970	$	277,093	$	273,248	$	280,437	$	1,111,748	$	1,144,739
Net investment income		34,157		34,461		35,278		38,919		38,369		147,027		166,955
Fees and other income		6,758		5,901		6,475		7,208		6,555		26,139		23,997
		304,746		321,332		318,846		319,375		325,361		1,284,914		1,335,691
Benefits, losses and expenses:
Policyholder benefits		198,728		196,690		185,951		193,642		199,401		775,684		790,570
Selling, underwriting, general and administrative expenses		95,287		102,835		99,726		97,354		100,901		400,816		411,868
		294,015		299,525		285,677		290,996		300,302		1,176,500		1,202,438
Income before provision for income taxes		10,731		21,807		33,169		28,379		25,059		108,414		133,253
Provision for income taxes		3,709		7,669		11,712		9,749		8,727		37,857		46,232
Net operating income	$	7,022	$	14,138	$	21,457	$	18,630	$	16,332	$	70,557	$	87,021
Net earned premiums and other considerations:
Group dental	$	105,565	$	110,084	$	109,982	$	108,976	$	106,073	$	435,115	$	412,810
Group disability single premiums for closed blocks		—		5,947		—		—		5,500		11,447		49,456
All other group disability		109,704		113,832		115,749		113,327		116,300		459,208		467,490
Group life		48,562		51,107		51,362		50,945		52,564		205,978		214,983
Total	$	263,831	$	280,970	$	277,093	$	273,248	$	280,437	$	1,111,748	$	1,144,739

13

Assurant Employee Benefits (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Sales:
Group dental	$	31,573		$	16,487		$	24,918		$	23,021		$	45,625		$	110,051		$	105,708
Group disability		14,172			9,310			13,972			10,404			18,909			52,595			57,813
Group life		9,859			5,738			6,936			5,775			9,836			28,285			31,205
Total	$	55,604		$	31,535		$	45,826		$	39,200		$	74,370		$	190,931		$	194,726
Ratios:
Loss ratio (a)		75.3	%		70.0	%		67.1	%		70.9	%		71.1	%		69.8	%		69.1	%
Expense ratio (b)		35.2	%		35.8	%		35.2	%		34.7	%		35.2	%		35.2	%		35.2	%
Investment yield(1)		5.98	%		5.94	%		5.98	%		6.25	%		6.29	%		6.13	%		6.17	%
Tax-adjusted yield(1) (2)		6.05	%		6.01	%		6.06	%		6.33	%		6.35	%		6.20	%		6.21	%
Investment income from real estate joint venture partnerships	$	—		$	84		$	—		$	1,210		$	—		$	1,294		$	15,436

(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, general and administrative expenses divided by net earned premiums and other considerations and fees and other income.

(1) Investment yield excludes investment income from real estate joint venture partnerships shown above.

(2) Tax-adjusted yield represents the yield on the portfolio after including the incremental benefit of investing in certain, tax-advantaged securities.

14

Assurant Corporate and Other

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended															For the Year Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
($ in thousands)	2009			2008			2008			2008			2008			2008			2007
Revenues:
Net earned premiums and other considerations	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		4,414			5,379			6,599			6,568			7,652			26,198			37,943
Net realized losses on investments		(55,689	)		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(428,679	)		(62,220	)
Amortization of deferred gains on disposal of businesses		6,802			7,327			7,379			7,327			7,379			29,412			33,139
Fees and other income		1,679			190			212			2,771			63			3,236			746
		(42,794	)		(38,861	)		(285,015	)		(17,908	)		(28,049	)		(369,833	)		9,608
Benefits, losses and expenses:
Policyholder benefits		(168	)		6			12			1,096			—			1,114			3,969
Selling, underwriting, general and administrative expenses		23,431			21,767			19,448			35,281			16,193			92,689			96,703
Interest expense		15,189			15,188			15,190			15,287			15,288			60,953			61,178
		38,452			36,961			34,650			51,664			31,481			154,756			161,850
Loss before benefit for income taxes		(81,246	)		(75,822	)		(319,665	)		(69,572	)		(59,530	)		(524,589	)		(152,242	)
(Benefit) provision for income taxes		(5,154	)		(88,700	)		(105,246	)		(49,778	)		(20,464	)		(264,188	)		(44,063	)
Net (loss) income	$	(76,092	)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(260,401	)	$	(108,179	)
Real estate investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	1,234
Corporate and Other Reconciliation
Assurant Corporate and Other Segment Net (loss) income	$	(76,092	)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(260,401	)	$	(108,179	)
Adjustments, net of tax:
Amortization of deferred gains on disposal of businesses		(4,421	)		(4,763	)		(4,796	)		(4,763	)		(4,796	)		(19,118	)		(21,541	)
Interest expense		9,873			9,872			9,874			9,937			9,937			39,620			39,765
Net realized losses on investments		36,198			33,642			194,483			22,473			28,043			278,641			40,442
Change in net deferred tax asset		21,000			(62,364	)		—			(26,630	)		—			(88,994	)		—
Corporate and other line item result (1)	$	(13,442	)	$	(10,735	)	$	(14,858	)	$	(18,777	)	$	(5,882	)	$	(50,252	)	$	(49,513	)

(1) Agrees to Corporate and other result per Reconciliation of Net Operating Income to Net Income on page 5.

15

Assurant, Inc. and Subsidiaries

Investments

(Unaudited)

	As of				As of
	March 31,				December 31,
($ in thousands)	2009				2008
Investments by type
Fixed maturity securities: available for sale, at fair value	$	8,616,598	68.7	%	$	8,591,266	65.5	%
Equity securities: available for sale, at fair value
Preferred stock		370,717	3.0	%		470,824	3.6	%
Common stock		3,659	0.0	%		4,049	0.1	%
Commercial mortgage loans on real estate, at amortized cost		1,495,420	11.9	%		1,506,694	11.5	%
Policy loans		57,793	0.5	%		58,096	0.4	%
Short-term investments		664,272	5.3	%		703,402	5.4	%
Collateral held under securities lending		181,177	1.4	%		234,027	1.8	%
Other investments		488,410	3.9	%		498,434	3.8	%
Total investments		11,878,046	94.7	%		12,066,792	92.1	%
Cash and cash equivalents		664,339	5.3	%		1,040,684	7.9	%
Total investments and cash and cash equivalents	$	12,542,385	100.0	%	$	13,107,476	100.0	%
Fixed Maturity Securities by Credit Quality (Fair Value)
Aaa / Aa / A	$	5,638,489	65.4	%	$	5,706,913	66.4	%
Baa		2,384,793	27.7	%		2,364,693	27.5	%
Ba		467,895	5.4	%		402,942	4.7	%
B and lower		125,421	1.5	%		116,718	1.4	%
Total	$	8,616,598	100.0	%	$	8,591,266	100.0	%

16

Assurant, Inc. and Subsidiaries

Investments (continued)

(Unaudited)

	As of March 31, 2009									As of December 31, 2008
	Book		Fair		% of Fair		Unrealized			Book		Fair		% of Fair		Unrealized
($ in thousands)	Value		Value		Value		Gain (Loss)			Value		Value		Value		Gain (Loss)
Fixed Maturity Securities by Issuer Type:
Government:
U.S. Government and government agencies	$	120,273	$	129,072	1.5	%	$	8,799		$	136,725	$	150,487	1.8	%	$	13,762
State, municipalities and political subdivisions		871,498		891,805	10.3	%		20,307			874,134		873,580	10.2	%		(554	)
Foreign governments		528,041		533,410	6.2	%		5,369			503,620		513,318	6.0	%		9,698
Corporate (1):
Consumer Cyclical		970,124		863,019	10.0	%		(107,105	)		1,004,262		891,923	10.4	%		(112,339	)
Consumer Non-Cyclical		308,978		300,920	3.5	%		(8,058	)		315,544		302,847	3.5	%		(12,697	)
Energy		650,057		588,340	6.8	%		(61,717	)		670,000		604,332	7.0	%		(65,668	)
Financials		1,954,137		1,591,825	18.5	%		(362,312	)		1,900,557		1,671,617	19.5	%		(228,940	)
Health Care		383,865		363,758	4.2	%		(20,107	)		305,795		290,201	3.4	%		(15,594	)
Industrials		948,228		859,480	10.0	%		(88,748	)		959,652		859,641	10.0	%		(100,011	)
Materials		252,380		221,392	2.6	%		(30,988	)		262,411		220,934	2.6	%		(41,477	)
Technology		138,294		129,219	1.5	%		(9,075	)		131,069		124,490	1.4	%		(6,579	)
Telecommunications		388,305		373,861	4.3	%		(14,444	)		378,661		367,051	4.3	%		(11,610	)
Utilities		810,438		781,464	9.1	%		(28,974	)		774,343		750,551	8.7	%		(23,792	)
Other corporate		361		371	0.0	%		10			363		374	0.0	%		11
Asset-backed securities		53,427		50,974	0.6	%		(2,453	)		62,183		59,906	0.7	%		(2,277	)
Commercial mortgage-backed securities		239,953		198,885	2.3	%		(41,068	)		241,458		198,103	2.3	%		(43,355	)
Residential mortgage-backed securities (RMBS):
Agency		676,352		714,692	8.3	%		38,340			654,371		683,521	8.0	%		29,150
Alt-A		—		—	0.0	%		—			—		—	0.0	%		—
Subprime		19,774		18,639	0.2	%		(1,135	)		22,911		22,390	0.3	%		(521	)
Other		335		349	0.0	%		14			352		365	0.0	%		13
Collaterized debt obligations:
Credit backed		5,218		5,123	0.1	%		(95	)		5,817		5,635	0.1	%		(182	)
RMBS backed		—		—	0.0	%		—			—		—	0.0	%		—
Total fixed maturity securities	$	9,320,038	$	8,616,598	100.0	%	$	(703,440	)	$	9,204,228	$	8,591,266	100.0	%	$	(612,962	)

(1) Industry classifications are based on a combination of published index classifications as well as Assurant’s view of underlying creditor risk. These resulting classifications are then mapped to the Global Industry Classification Standard (GICS®).

17

Assurant, Inc. and Subsidiaries

Investment Results by Asset Category and Annualized Yields

(Unaudited)

	For the Three Months Ended March 31, 2009								For the Three Months Ended March 31, 2008								For the Year Ended December 31, 2008								For the Year Ended December 31, 2007
($ in thousands)	Yield		Investment Income			Net realized gain (loss)			Yield		Investment Income			Net realized gain (loss)		��	Yield		Investment Income			Net realized gain (loss)			Yield		Investment Income			Net realized gain (loss)
Fixed maturity securities: available for sale	5.98	%	$	138,411		$	(31,710	)	6.01	%	$	147,992		$	(34,353	)	6.01	%	$	582,869		$	(223,997	)	5.96	%	$	564,369		$	(45,587	)
Equity securities: available for sale	7.32	%		10,232			(23,942	)	6.25	%		11,613			(8,397	)	6.88	%		47,618			(181,178	)	6.46	%		47,264			(27,248	)
Commercial mortgage loans on real estate	6.31	%		23,683			—		6.55	%		23,763			—		6.42	%		95,013			326		6.79	%		91,702			(532	)
Policy loans	5.35	%		775			—		6.11	%		872			—		6.50	%		3,717			—		6.84	%		3,967			—
Cash and short-term investments	1.66	%		6,383			3		3.58	%		12,931			4		2.80	%		43,246			(1	)	4.69	%		57,353			94
Other investments*	4.69	%		5,787			(40	)	5.23	%		7,038			(397	)	5.07	%		27,395			(23,829	)	10.85	%		59,998			11,053
Total				185,271		$	(55,689	)				204,209		$	(43,143	)				799,858		$	(428,679	)				824,653		$	(62,220	)
Investment expenses				(6,792	)							(6,435	)							(25,511	)							(25,580	)
Net investment income			$	178,479							$	197,774							$	774,347							$	799,073
Gross realized gains						$	6,596							$	28,399							$	67,945							$	41,863
Gross realized losses							(36,846	)							(28,133	)							(156,471	)							(55,899	)
Other-than-temporary impairments on available for sale securities							(25,439	)							(43,409	)							(340,153	)							(48,184	)
Net realized (losses) gains						$	(55,689	)						$	(43,143	)						$	(428,679	)						$	(62,220	)

* Consists primarily of investments in joint venture partnerships, invested assets associated with a modified coinsurance agreement, and invested assets associated with the Assurant Investment Plan.

18

Assurant, Inc. and Subsidiaries

Summary of Net Operating Income Disclosed Items - (1)

Income / (Expense) Items

(unaudited)

	For the Three Months Ended
($ in millions, after-tax)		March 31, 2009						December 31, 2008						September 30, 2008						June 30, 2008						March 31, 2008
		$			Diluted EPS**			$			Diluted EPS**			$			Diluted EPS**			$			Diluted EPS**			$			Diluted EPS**
Assurant Solutions:
Exit cost for international business	(c)(d)	$	—		$	—		$	(9.7	)	$	(0.08	)	$	—		$	—		$	—		$	—		$	—		$	—
Loss from repriced/discontinued international product	(b)(c)	$	—		$	—		$	—		$	—		$	—		$	—		$	(6.9	)	$	(0.06	)	$	—		$	—
Client bankruptcies	(c)	$	—		$	—		$	(8.1	)	$	(0.07	)	$	—		$	—		$	—		$	—		$	—		$	—
Client related settlements	(a)(c)	$	—		$	—		$	5.9		$	0.05		$	(7.7	)	$	(0.06	)	$	—		$	—		$	11.7		$	0.10
Assurant Specialty Property:
Catastrophe losses, net of reinsurance (1)	(b)	$	—		$	—		$	(5.1	)	$	(0.04	)	$	(86.2	)	$	(0.73	)	$	(11.5	)	$	(0.10	)	$	—		$	—
Client related settlements	(c)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	4.6		$	0.04
Reinsurance reinstatement premiums	(e)	$	—		$	—		$	—		$	—		$	(8.6	)	$	(0.07	)	$	—		$	—		$	—		$	—
Assurant Employee Benefits:
Reserve adequacy study adjustment	(b)	$	—		$	—		$	3.5		$	0.03		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Corporate and Other:
Expenses related to SEC investigation (2)	(c)	$	—		$	—		$	1.7		$	0.01		$	—		$	—		$	(3.0	)	$	(0.03	)	$	(1.6	)	$	(0.01	)
Change in various tax liabilities/receivables	(d)	$	—		$	—		$	—		$	—		$	(4.0	)	$	(0.03	)	$	—		$	—		$	—		$	—
Compensation expense	(c)	$	(4.6	)	$	(0.04	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Statement of Operations line impact:

(a) Fees and other income

(b) Policyholder benefits

(c) Selling, underwriting, general and administrative expenses

(d) Income taxes

(e) Net earned premiums

* Schedule excludes investment income from real estate joint ventures, which are shown separately in the Consolidated and Segment statements of operations.

** Diluted earnings per share amounts reflect the adoption of FSP EITF 03-6-1 as of 1/1/09. For further information on FSP EITF 03-6-1, please see our upcoming first quarter 2009 Form 10-Q.

(1) Assurant disclosed catastrophe losses including Individual Services Office (“ISO”) and non-ISO events with losses greater than $5 million. Catastrophe losses in the three months ended June 30, 2008 include paid losses and case reserves on all ISO events, but do not include IBNR reserves.

(2) This item includes both SEC investigation-related expenses and reimbursements received related to SEC expenses covered under Director & Officer insurance.

19

Assurant, Inc. and Subsidiaries

Ratings Summary

(Unaudited)

	As of March 31, 2009
	A.M. Best	Moody’s	Standard & Poor’s
Outlook	Stable	Stable	Negative
Company
American Bankers Insurance Company	A	A2	A-
American Bankers Insurance Company (CAB)	A	N/A	N/A
American Bankers Life Assurance Company	A-	A2	A-
American Bankers Life Assurance Company (CAB)	A-	N/A	N/A
American Memorial Life Insurance Company	A-	N/A	A-
American Reliable Insurance Company	A-	N/A	N/A
American Security Insurance Company	A	A2	A-
Assurant Life of Canada	A-	N/A	N/A
Caribbean American Life Assurance Company	A-	N/A	N/A
Caribbean American Property Insurance Company	A-	N/A	N/A
John Alden Life Insurance Company	A-	A2	A
Reliable Lloyds	A-	N/A	N/A
Standard Guaranty Insurance Company	A	N/A	N/A
Time Insurance Company	A-	A2	A
UDC Dental California	A-	N/A	N/A
Union Security Dental Care New Jersey	A-	N/A	N/A
Union Security Insurance Company	A-	A2	A-
Union Security Life Insurance Company of New York	A-	N/A	N/A
United Dental Care of Arizona	A-	N/A	N/A
United Dental Care of Colorado	A-	N/A	N/A
United Dental Care of Michigan	NR-3	N/A	N/A
United Dental Care of Missouri	A-	N/A	N/A
United Dental Care of New Mexico	A-	N/A	N/A
United Dental Care of Ohio	NR-3	N/A	N/A
United Dental Care of Texas	A-	N/A	N/A
United Dental Care of Utah	NR-3	N/A	N/A
Voyager Indemnity Insurance Company	A-	N/A	N/A
Commercial Paper	AMB-2	P-2	A-
Senior Debt	bbb	Baa1	BBB+

20

Exhibit I

Assurant, Inc. and Subsidiaries

Top 30 Corporate Issuer Exposures

(unaudited)

	As of March 31, 2009
($ in thousands)	Fixed Maturity Securities							Preferred Stocks
Corporate Issuer	Fair Value		Book Value		Unrealized Gain/Loss			Fair Value		Book Value		Unrealized Gain/Loss
General Electric Co	$	96,400	$	116,340	$	(19,940	)	$	7,390	$	10,100	$	(2,710	)
Wells Fargo & Company		80,946		100,546		(19,600	)		13,218		16,926		(3,708	)
AT&T Inc		87,556		89,188		(1,632	)		702		883		(181	)
Bank of America Corp		61,032		90,202		(29,170	)		22,080		55,421		(33,341	)
Verizon Communications Inc		73,758		77,207		(3,449	)		2,458		2,758		(300	)
HSBC Holdings PLC		55,485		68,165		(12,680	)		19,389		32,803		(13,414	)
MidAmerican Energy Hldgs		62,396		63,884		(1,488	)		4,460		5,920		(1,460	)
Comcast Corp		49,282		53,099		(3,817	)		9,454		11,889		(2,435	)
JPMorgan Chase & Co		45,728		60,033		(14,305	)		12,154		17,988		(5,834	)
Canadian Imperial Bank		54,849		50,340		4,509			—		—		—
IBM Corp		54,109		56,621		(2,512	)		605		617		(12	)
US Bancorp		20,951		33,129		(12,178	)		26,592		38,808		(12,216	)
ConocoPhillips		46,840		46,211		629			—		—		—
Duke Energy Corp		45,872		46,434		(562	)		—		—		—
Wal-Mart Store Inc		45,347		44,605		742			—		—		—
FMR LLC		45,259		54,868		(9,609	)		—		—		—
Burlington Northern Santa Fe		44,821		45,803		(982	)		—		—		—
Wyeth		43,561		43,838		(277	)		—		—		—
Target Corp		42,941		45,065		(2,124	)		—		—		—
Goldman Sachs Group Inc		33,439		45,325		(11,886	)		9,050		13,311		(4,261	)
Deere & Co		41,903		40,890		1,013			—		—		—
FPL Group Inc		37,737		38,234		(497	)		3,515		3,670		(155	)
PNC Financial Services		28,520		27,703		817			12,571		19,001		(6,430	)
News Corp		40,733		49,066		(8,333	)		—		—		—
Manulife Financial Corp		27,366		33,394		(6,028	)		11,796		13,225		(1,429	)
Citigroup Inc		38,917		58,647		(19,730	)		—		—		—
Time Warner Cable Inc		37,945		41,149		(3,204	)		—		—		—
Xcel Energy Inc		36,310		34,861		1,449			1,270		918		352
Roche Holding AG		37,401		36,816		585			—		—		—
Allstate Corp		37,127		44,797		(7,670	)		—		—		—
	$	1,454,531	$	1,636,460	$	(181,929	)	$	156,704	$	244,238	$	(87,534	)

21

Exhibit II

Assurant, Inc. and Subsidiaries

Top 10 Foreign Government Exposures

(unaudited)

	As of March 31, 2009
($ in thousands)	Fixed Maturity Securities
Issuer	Fair Value		Book Value		Unrealized Gain/Loss
Province of Ontario	$	136,763	$	134,970	$	1,793
Government of Brazil		54,251		53,649		602
United Kingdom of Great Britain		41,535		37,888		3,647
Province of Quebec		37,266		37,124		142
Corp Andina De Fomento		28,756		31,391		(2,635	)
United Mexican States		26,419		25,181		1,238
Province of Manitoba		23,575		22,724		851
Bundes obligation		17,866		17,234		632
Kingdom of Denmark		15,967		15,201		766
Swedish Export Credit		14,625		13,159		1,466
Other		136,387		139,520		(3,133	)
	$	533,410	$	528,041	$	5,369

22

Exhibit III

Assurant, Inc. and Subsidiaries

Commercial Mortgage Loans Summary

(unaudited)

($ in thousands)	As of March 31, 2009
Summary of Commercial Mortgage Loans(1)	Book Value			% of Total
Geographic Region
Pacific	$	507,039		34	%
Middle Atlantic		269,338		18	%
New England		180,536		12	%
South Atlantic		176,392		12	%
Mountain		169,043		11	%
West South Central		85,583		6	%
West North Central		45,294		3	%
East South Central		27,662		2	%
Canada		21,626		1	%
East North Central		18,815		1	%
Allowance for loan losses		(5,908	)	—
Total	$	1,495,420		100	%
Property Type
Retail	$	493,501		33	%
Office		486,383		33	%
Industrial		385,787		26	%
Other		76,012		5	%
Apartments		59,645		4	%
Allowance for loan losses		(5,908	)	—
Total	$	1,495,420		100	%
Loan Size
Under $3 million	$	572,763		38	%
$3 million but less than $6 million		515,037		34	%
$6 million but less than $9 million		233,621		16	%
$9 million but less than $12 million		59,513		4	%
$12 million and over		120,394		8	%
Allowance for loan losses		(5,908	)	—
Total	$	1,495,420		100	%

Commercial Mortgage Loan Information by Vintage

As of March 31, 2009

Loan year	Book value			Delinquent loan balance	Number of loans (whole number)	Number of delinquent loans	Average balance per loan		Property value weighted average loan-to-value		Book value weighted average loan-to-value
2004 and prior	$	615,274		—	295	—	$	2,086	30.16	%	39.11	%
2005		251,514		—	72	—		3,493	47.49	%	53.43	%
2006		179,126		—	63	—		2,843	43.98	%	51.79	%
2007		289,259		—	90	—		3,214	55.15	%	60.39	%
2008		156,169		—	42	—		3,718	54.29	%	56.90	%
2009		9,986		—	1	—		9,986	67.70	%	67.70	%
Allowance for loan losses		(5,908	)	—	N/A	—		N/A	N/A		N/A
Total	$	1,495,420		—	563	—	$	2,656	39.47	%	49.16	%

⁽¹⁾ Based upon property appraisals as of June 30, 2008.

23