Assurant (AIZ) 8-K Assurant Reports Fourth Quarter and Full-year 2009 Operating Results

Exhibit 99.2

Assurant, Inc. (AIZ)

Financial Supplement as of December 31, 2009

ASSURANT, INC.

FINANCIAL SUPPLEMENT

(UNAUDITED)

AS OF DECEMBER 31, 2009

INDEX TO SUPPLEMENT
	Page:
SAFE HARBOR STATEMENT	1
REGULATION G – NON GAAP FINANCIAL MEASURES	2
SUMMARY FINANCIAL HIGHLIGHTS	3
SEGMENTED CONDENSED BALANCE SHEETS	5
RECONCILIATION OF NET OPERATING INCOME TO NET INCOME	6
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS AND SELECTED DATA	7
CONDENSED SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA	9
INVESTMENTS	18
INVESTMENT RESULTS BY ASSET CATEGORY & ANNUALIZED YIELDS	20
SUMMARY OF NET OPERATING INCOME DISCLOSED ITEMS	21
RATINGS SUMMARY	22
EXHIBIT I - TOP 30 CORPORATE ISSUER EXPOSURES	23
EXHIBIT II - COMMERCIAL MORTGAGE LOANS SUMMARY	24

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 $25 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 may 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 or its exhibits 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) negative impact on our business and negative publicity due to unfavorable outcomes in litigation and/or regulatory investigations; (v) current or new laws and regulations, including proposed legislation relating to health care reform, that could increase our costs and/or decrease our revenues; (vi) 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, unemployment and inflationary pressure); (vii) inadequacy of reserves established for future claims losses; (viii) failure to predict or manage benefits, claims and other costs; (ix) losses due to natural and man-made catastrophes; (x) increases or decreases in tax valuation allowances; (xi) fluctuations in exchange rates and other risks related to our international operations; (xii) unavailability, inadequacy and unaffordable pricing of reinsurance coverage; (xiii) 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, and inability to target an appropriate overall risk level); (xiv) inability of reinsurers to meet their obligations; (xv) insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xvi) credit risk of some of our agents in Assurant Specialty Property and Assurant Solutions; (xvii) a further decline in the manufactured housing industry; (xviii) a decline in our credit or financial strength ratings (including the risk of ratings downgrades in the insurance industry); (xix) failure to effectively maintain and modernize our information systems; (xx) failure to protect client information and privacy; (xxi) failure to find and integrate suitable acquisitions and new insurance ventures; (xxii) inability of our subsidiaries to pay sufficient dividends; (xxiii) failure to provide for succession of senior management and key executives; and (xxiv) significant competitive pressures in our businesses and cyclicality of the insurance industry.

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 2009 Annual Report on Form 10-K, as filed with the SEC.

1

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 net operating income for the periods presented divided by average stockholders’ equity for the year to date period, excluding AOCI, and then the return is annualized, if necessary. 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 net 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 December 31, 2009 and 2008 was 1.0% and 19.6%, respectively, and for the year ended December 31, 2009 and 2008 was 10.1% and 11.5%, 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.

(3) Assurant uses book value per diluted share excluding accumulated other comprehensive income (AOCI), as an important measure of the Company’s stockholder value. Book value per diluted share excluding AOCI equals total stockholders’ equity excluding AOCI divided by diluted shares outstanding. The company believes book value per diluted share excluding AOCI provides investors a valuable measure of stockholder value because it excludes the effect of unrealized gains (losses) on investments which tend to be highly variable from period to period and other comprehensive income items. The comparable GAAP measure for this included measure would be book value per diluted share defined as total stockholders’ equity divided by diluted shares outstanding. Book value per diluted share was $41.03 as of December 31, 2009, as shown in the reconciliation below.

	As of December 31, 2009
Book value per diluted share (excluding AOCI)	$	40.47
Change due to effect of including AOCI		0.56
Book value per diluted share	$	41.03

2

Assurant, Inc.

Summary Financial Highlights

(Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
($ in thousands, except number of shares and per share amounts)	2009			2008			2009			2008
Net operating income (1)	$	101,566		$	153,719		$	464,870		$	637,443
Net realized losses on investments		(7,561	)		(33,642	)		(34,838	)		(278,641	)
Tax benefit realized from the sale of an inactive subsidiary		—			62,364			—			88,994
Change in tax valuation allowance		936			—			—			—
Legal settlement and related expenses		—			—			83,542			—
Goodwill impairment		(83,000	)		—			(83,000	)		—
Net income	$	11,941		$	182,441		$	430,574		$	447,796
Total revenues	$	2,182,142		$	2,220,608		$	8,700,501		$	8,601,228
PER SHARE AND SHARE DATA(2):
Basic earnings per common share
Net operating income	$	0.86		$	1.31		$	3.94		$	5.40
Net income	$	0.10		$	1.55		$	3.65		$	3.79
Weighted average common shares outstanding - basic		117,589,401			117,629,438			118,036,632			118,005,967
Diluted earnings per common share
Net operating income	$	0.86		$	1.30		$	3.92		$	5.36
Net income	$	0.10		$	1.55		$	3.63		$	3.76
Weighted average common shares outstanding - diluted		118,235,310			117,908,809			118,495,640			118,974,679

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

(2) Weighted average shares outstanding and earnings per share amounts have been prepared in accordance with the new earnings per share guidance on participating securities and the two class method, which is now within the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standards Codification (“ASC”) Topic 260,Earnings PerShare. Prior period amounts have been adjusted to reflect this new guidance. For further information, please see our previously filed third quarter 2009 Form 10-Q and our upcoming 2009 Annual Report on Form 10-K.

3

Assurant, Inc.

Summary Financial Highlights (continued)

(Unaudited)

($ in thousands, except shares and per share amounts)	As of December 31, 2009			As of September 30, 2009			As of June 30, 2009			As of March 31, 2009			As of December 31, 2008
Total assets	$	25,841,796		$	25,665,578		$	24,822,474		$	23,820,644		$	24,514,586
Total stockholders’ equity	$	4,853,249		$	4,903,449		$	4,364,577		$	3,670,322		$	3,709,505
Total stockholders’ equity (excluding AOCI)	$	4,787,324		$	4,781,088		$	4,676,177		$	4,452,650		$	4,380,451
Basic book value per share (1)	$	41.27		$	41.71		$	36.83		$	30.99		$	31.53
Basic book value per share (excluding AOCI) (1) (2)	$	40.71		$	40.66		$	39.46		$	37.60		$	37.24
Shares outstanding for basic book value per share calculation (1)		117,591,250			117,572,997			118,494,717			118,432,367			117,640,936
Diluted book value per share (1)	$	41.03		$	41.61		$	36.76		$	30.98		$	31.47
Diluted book value per share (excluding AOCI) (1) (2)	$	40.47		$	40.57		$	39.38		$	37.58		$	37.16
Shares outstanding for diluted book value per share calculation (1)		118,293,293			117,854,377			118,736,239			118,477,818			117,870,037
Debt to total capital ratio (excluding AOCI)		17.0	%		17.0	%		17.3	%		18.0	%		18.3	%

(1) Shares outstanding for book value per share calculations and book value per share amounts have been prepared in accordance with the new earnings per share guidance on participating securities and the two class method, which is now within ASC Topic 260. Prior period amounts have been adjusted to reflect this new guidance. For further information, please see our previously filed third quarter 2009 Form 10-Q and our upcoming 2009 Annual Report on Form 10-K.

(2) See Footnote (3) in Regulation G - Non GAAP Financial Measures.

4

Assurant, Inc.

Segmented Condensed Balance Sheets

(Unaudited)

	At December 31, 2009
	Solutions		Specialty Property		Health		Employee Benefits		Corporate & Other(1)			Consolidated
	($ in thousands)
Assets
Investments and cash and cash equivalents	$	7,393,989	$	2,287,688	$	954,132	$	2,343,922	$	1,496,653		$	14,476,384
Reinsurance recoverables		674,806		329,512		7,251		21,589		3,179,705			4,212,863
Deferred acquisition costs		2,257,568		214,300		8,338		24,448		—			2,504,654
Goodwill		—		—		—		—		926,398			926,398
Assets held in separate accounts		219,166		—		—		—		1,753,166			1,972,332
Other assets		546,271		355,240		108,846		131,708		607,100			1,749,165
Total assets	$	11,091,800	$	3,186,740	$	1,078,567	$	2,521,667	$	7,963,022		$	25,841,796
Liabilities
Policyholder benefits and claims payable	$	4,772,514	$	345,109	$	491,899	$	1,718,623	$	3,387,815		$	10,715,960
Unearned premiums		3,655,942		1,315,881		124,515		15,721		41,505			5,153,564
Debt		—		—		—		—		972,058			972,058
Mandatorily redeemable preferred stock		—		—		—		—		8,160			8,160
Liabilities related to separate accounts		219,166		—		—		—		1,753,166			1,972,332
Accounts payable and other liabilities		790,361		340,952		152,947		250,282		631,931			2,166,473
Total liabilities		9,437,983		2,001,942		769,361		1,984,626		6,794,635			20,988,547
Stockholders’ equity
Equity, excluding accumulated other comprehensive income		1,653,817		1,184,798		309,206		537,041		1,102,462			4,787,324
Accumulated other comprehensive income		—		—		—		—		65,925			65,925
Total stockholders’ equity		1,653,817		1,184,798		309,206		537,041		1,168,387			4,853,249
Total liabilities and stockholders’ equity	$	11,091,800	$	3,186,740	$	1,078,567	$	2,521,667	$	7,963,022		$	25,841,796
	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/loss and goodwill as well as reinsurance recoverables and separate accounts related to the sale of businesses by reinsurance.

5

Assurant, Inc.

Reconciliation of Net Operating Income to Net Income (Loss)

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands, net of tax)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Assurant Solutions	$	30,203		$	31,644		$	27,894		$	30,311		$	11,884		$	20,387		$	32,355		$	47,557		$	120,052		$	112,183
Assurant Specialty Property		106,944			103,157			91,228			104,668			118,475			30,942			131,042			124,744			405,997			405,203
Assurant Health		(29,715	)		(4,847	)		(10,330	)		14,672			25,066			30,204			27,721			37,263			(30,220	)		120,254
Assurant Employee Benefits		11,556			11,450			12,128			7,022			14,138			21,457			18,630			16,332			42,156			70,557
Corporate and other		(8,938	)		(9,743	)		(16,157	)		(13,442	)		(10,735	)		(14,858	)		(18,777	)		(5,882	)		(48,280	)		(50,252	)
Amortization of deferred gains on disposal of businesses		1,370			4,421			4,388			4,421			4,763			4,796			4,763			4,796			14,600			19,118
Interest expense		(9,854	)		(9,854	)		(9,854	)		(9,873	)		(9,872	)		(9,874	)		(9,937	)		(9,937	)		(39,435	)		(39,620	)
Net operating income		101,566			126,228			99,297			137,779			153,719			83,054			185,797			214,873			464,870			637,443
Adjustments:
Net realized (losses) gains on investments		(7,561	)		12,913			(3,992	)		(36,198	)		(33,642	)		(194,483	)		(22,473	)		(28,043	)		(34,838	)		(278,641	)
Tax benefit realized from the sale of an inactive subsidiary		—			—			—			—			62,364			—			26,630			—			—			88,994
Change in tax valuation allowance		936			7,043			13,021			(21,000	)		—			—			—			—			—			—
Legal settlement and related expenses		—			(1,454	)		84,996			—			—			—			—			—			83,542			—
Goodwill impairment		(83,000	)		—			—			—			—			—			—			—			(83,000	)		—
Net income (loss)	$	11,941		$	144,730		$	193,322		$	80,581		$	182,441		$	(111,429	)	$	189,954		$	186,830		$	430,574		$	447,796

6

Assurant, Inc.

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)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Revenues:
Net earned premiums and other considerations	$	1,925,492		$	1,874,398		$	1,875,866		$	1,874,579		$	2,004,279		$	1,984,136		$	1,995,516		$	1,941,417		$	7,550,335		$	7,925,348
Net investment income		172,503			172,924			174,932			178,479			183,048			192,314			201,211			197,774			698,838			774,347
Net realized (losses) gains on investments		(11,632	)		19,866			(6,142	)		(55,689	)		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(53,597	)		(428,679	)
Amortization of deferred gains on disposal of businesses		2,107			6,802			6,750			6,802			7,327			7,379			7,327			7,379			22,461			29,412
Fees and other income		93,672			82,883			222,203			83,706			77,711			69,911			79,280			73,898			482,464			300,800
		2,182,142			2,156,873			2,273,609			2,087,877			2,220,608			1,954,535			2,248,760			2,177,325			8,700,501			8,601,228
Benefits, losses and expenses:
Policyholder benefits		977,093			941,145			989,402			960,342			988,432			1,095,048			998,208			937,459			3,867,982			4,019,147
Selling, underwriting, general and administrative expenses		1,045,734			991,502			987,529			954,479			1,025,532			1,007,817			985,851			938,650			3,979,244			3,957,850
Goodwill impairment (3)		83,000			—			—			—			—			—			—			—			83,000			—
Interest expense	��	15,160			15,160			15,160			15,189			15,188			15,190			15,287			15,288			60,669			60,953
		2,120,987			1,947,807			1,992,091			1,930,010			2,029,152			2,118,055			1,999,346			1,891,397			7,990,895			8,037,950
Income (loss) before provision (benefit) for income taxes		61,155			209,066			281,518			157,867			191,456			(163,520	)		249,414			285,928			709,606			563,278
Provision (benefit) for income taxes		49,214			64,336			88,196			77,286			9,015			(52,091	)		59,460			99,098			279,032			115,482
Net income (loss)	$	11,941		$	144,730		$	193,322		$	80,581		$	182,441		$	(111,429	)	$	189,954		$	186,830		$	430,574		$	447,796
Diluted per share data:
Net operating income per diluted share (1)	$	0.86		$	1.07		$	0.84		$	1.17		$	1.30		$	0.70		$	1.55		$	1.80		$	3.92		$	5.36
Book value per diluted share (excluding AOCI) (1)	$	40.47		$	40.57		$	39.38		$	37.58		$	37.16		$	35.56		$	36.64		$	35.28		$	40.47		$	37.16
Computation of return on average equity measures:
Numerator:
Net operating income	$	101,566		$	126,228		$	99,297		$	137,779		$	153,719		$	83,054		$	185,797		$	214,873		$	464,870		$	637,443
Net income (loss)		11,941			144,730			193,322			80,581			182,441			(111,429	)		189,954			186,830			430,574			447,796
Denominator:
Average equity, excluding AOCI	$	4,784,207			4,728,633			4,564,413			4,416,551			4,294,030			4,296,429			4,298,980			4,123,852			4,583,888			4,207,722
Add: Average AOCI		94,143			(94,620	)		(546,964	)		(726,637	)		(573,372	)		(306,783	)		(71,632	)		24,207			(302,511	)		(308,518	)
Average equity, including AOCI	$	4,878,350		$	4,634,013		$	4,017,449		$	3,689,914		$	3,720,658		$	3,989,646		$	4,227,348		$	4,148,059		$	4,281,377		$	3,899,204
Annualized operating return on average equity		8.5	%		10.7	%		8.7	%		12.5	%		14.3	%		7.7	%		17.3	%		20.8	%		10.1	%		15.1	%
Annualized GAAP return on average equity		1.0	%		12.5	%		19.2	%		8.7	%		19.6	%		-11.2	%		18.0	%		18.0	%		10.1	%		11.5	%
Annualized operating return on average equity (excluding AOCI) (2)		8.5	%		10.7	%		8.7	%		12.5	%		14.3	%		7.7	%		17.3	%		20.8	%		10.1	%		15.1	%
Net realized gains (losses) on investments		-0.6	%		1.1	%		-0.3	%		-3.3	%		-3.1	%		-18.1	%		-2.1	%		-2.7	%		-0.8	%		-6.6	%
Tax benefit realized from the sale of an inactive subsidiary		—			—			—			—			5.8	%		—			2.5	%		—			—			2.1	%
Change in tax valuation allowance		0.1	%		0.6	%		1.1	%		-1.9	%		—			—			—			—			—			—
Legal settlement and related expenses		—			-0.1	%		7.4	%		—			—			—			—			—			1.8	%		—
Goodwill impairment		-6.8	%		—			—			—			—			—			—			—			-7.7	%		—
Change due to effect of including AOCI		-0.2	%		0.2	%		2.3	%		1.4	%		2.6	%		-0.8	%		0.3	%		-0.1	%		6.7	%		0.8	%
Annualized GAAP return on average equity (2)		1.0	%		12.5	%		19.2	%		8.7	%		19.6	%		-11.2	%		18.0	%		18.0	%		10.1	%		11.5	%

(1) Net operating income per diluted share and book value per diluted share have been prepared in accordance with the new earnings per share guidance on participating securities and the two class method, which is now within ASC Topic 260. Prior period amounts have been adjusted to reflect this new guidance. For further information, please see our previously filed third quarter 2009 Form 10-Q and our upcoming 2009 Annual Report on Form 10-K.

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

7

Assurant, Inc. (continued)

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)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Share repurchases:
Shares repurchased		—			1,122,050			—			—			—			1,000,000			—			—			1,122,050			1,000,000
Average repurchase price per share	$	—		$	28.47		$	—		$	—		$	—		$	59.00		$	—		$	—		$	28.47		$	59.00
Repurchase price	$	—		$	31,948		$	—		$	—		$	—		$	59,000		$	—		$	—		$	31,948		$	59,000
AIZ Closing stock price (NYSE)	$	29.48		$	32.06		$	24.09		$	21.78		$	30.00		$	55.00		$	65.96		$	60.86		$	29.48		$	30.00
Investment yield(3)		4.96	%		5.08	%		5.23	%		5.32	%		5.29	%		5.44	%		5.56	%		5.61	%		5.13	%		5.50	%
Tax-adjusted yield (3) (4)		5.09	%		5.21	%		5.37	%		5.47	%		5.44	%		5.59	%		5.71	%		5.72	%		5.27	%		5.64	%
Investment (loss) income from real estate joint venture partnerships	$	—		$	(677	)	$	—		$	—		$	414		$	—		$	3,457		$	—		$	(677	)	$	3,871

(3) Investment yield excludes investment (loss) 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.

8

Assurant Solutions

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																		For the Year Ended
($ in thousands)	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008			June 30, 2008		March 31, 2008			December 31, 2009		December 31, 2008
Revenues:
Net earned premiums and other considerations	$	690,150	$	669,344	$	666,935	$	644,612	$	722,170	$	707,115		$	700,629	$	683,493		$	2,671,041	$	2,813,407
Net investment income		98,447		97,681		97,106		97,995		99,921		105,539			108,425		106,730			391,229		420,615
Fees and other income		62,466		50,093		51,960		52,031		49,936		40,623			47,668		44,281			216,550		182,508
		851,063		817,118		816,001		794,638		872,027		853,277			856,722		834,504			3,278,820		3,416,530
Benefits, losses and expenses:
Policyholder benefits		246,871		248,933		261,325		272,022		310,715		295,190			306,173		286,680			1,029,151		1,198,758
Selling, underwriting, general and administrative expenses		550,139		520,217		509,388		475,604		535,507		527,779			503,073		475,533			2,055,348		2,041,892
		797,010		769,150		770,713		747,626		846,222		822,969			809,246		762,213			3,084,499		3,240,650
Income before provision for income taxes		54,053		47,968		45,288		47,012		25,805		30,308			47,476		72,291			194,321		175,880
Provision for income taxes		23,850		16,324		17,394		16,701		13,921		9,921			15,121		24,734			74,269		63,697
																		��
Net operating income	$	30,203	$	31,644	$	27,894	$	30,311	$	11,884	$	20,387		$	32,355	$	47,557		$	120,052	$	112,183
Net earned premiums and other considerations:
Domestic:
Credit	$	53,050	$	59,562	$	62,740	$	65,941	$	66,166	$	70,270		$	69,808	$	73,253		$	241,293	$	279,497
Service contracts		362,404		348,258		354,783		346,508		375,433		334,386			335,552		319,515			1,411,953		1,364,886
Other		23,835		24,471		22,054		14,579		15,854		13,685			15,186		15,434			84,939		60,159
Total Domestic		439,289		432,291		439,577		427,028		457,453		418,341			420,546		408,202			1,738,185		1,704,542
International:
Credit		85,711		80,743		79,835		74,173		82,872		98,645			88,661		98,264			320,462		368,442
Service contracts		122,053		108,458		97,280		87,903		93,708		93,745			90,128		77,667			415,694		355,248
Other		3,939		4,025		4,107		3,660		3,813		(139	)		6,903		9,598			15,731		20,175
Total International		211,703		193,226		181,222		165,736		180,393		192,251			185,692		185,529			751,887		743,865
Preneed*:
Domestic and international		33,374		37,123		39,229		44,486		76,616		88,293			85,253		80,654			154,212		330,816
Domestic independent runoff		5,784		6,704		6,907		7,362		7,708		8,230			9,138		9,108			26,757		34,184
Total Preneed		39,158		43,827		46,136		51,848		84,324		96,523			94,391		89,762			180,969		365,000
Total	$	690,150	$	669,344	$	666,935	$	644,612	$	722,170	$	707,115		$	700,629	$	683,493		$	2,671,041	$	2,813,407
Fee income:
Domestic:
Debt protection	$	10,014	$	10,541	$	10,232	$	9,271	$	9,765	$	8,495		$	8,284	$	7,915		$	40,058	$	34,459
Service contracts		28,249		23,384		23,068		27,709		22,515		18,472			19,941		18,370			102,410		79,298
Other		4,551		4,443		5,593		3,947		6,614		6,873			7,439		5,735			18,534		26,661
Total Domestic		42,814		38,368		38,893		40,927		38,894		33,840			35,664		32,020			161,002		140,418
International		6,928		7,400		7,330		6,072		6,201		7,272			9,706		9,740			27,730		32,919
Preneed		12,724		4,325		5,737		5,032		4,841		(489	)		2,298		2,521			27,818		9,171
Total	$	62,466	$	50,093	$	51,960	$	52,031	$	49,936	$	40,623		$	47,668	$	44,281		$	216,550	$	182,508

* As of January 1, 2009, net earned premiums are recorded in accordance with universal life insurance guidance which is now within ASC Topic 944,Financial Services - Insurance.

As a result, net earned premiums no longer include new preneed sales.

9

Assurant Solutions (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Gross written premiums:
Domestic:
Credit	$	120,139		$	134,597		$	136,450		$	135,346		$	147,313		$	151,717		$	152,730		$	152,341		$	526,532		$	604,101
Service contracts		261,165			259,316			245,306			246,883			355,163			385,153			396,157			393,811			1,012,670			1,530,284
Other		18,842			14,210			43,985			15,074			19,701			17,858			17,076			16,758			92,111			71,393
Total Domestic		400,146			408,123			425,741			397,303			522,177			554,728			565,963			562,910			1,631,313			2,205,778
International:
Credit		252,660			221,581			197,605			171,379			180,516			213,322			214,407			219,212			843,225			827,457
Service contracts		139,144			118,256			98,494			107,070			132,710			133,226			110,714			101,002			462,964			477,652
Other		6,794			7,652			6,734			5,387			5,696			1,375			8,962			11,348			26,567			27,381
Total International		398,598			347,489			302,833			283,836			318,922			347,923			334,083			331,562			1,332,756			1,332,490
Total	$	798,744		$	755,612		$	728,574		$	681,139		$	841,099		$	902,651		$	900,046		$	894,472		$	2,964,069		$	3,538,268
Preneed (face sales)	$	145,678		$	137,301		$	126,263		$	103,124		$	99,009		$	121,021		$	120,859		$	104,424		$	512,366		$	445,313
Foreign currency translation (FX) impact (1):
Gross written premiums:
Including FX impact		-5.04	%		-16.29	%		-19.05	%		-23.85	%		-19.10	%		-7.40	%		-4.26	%		-2.62	%		-16.23	%		-8.65	%
FX impact		3.24	%		-3.12	%		-5.03	%		-6.83	%		-5.53	%		0.96	%		2.34	%		3.43	%		-3.04	%		0.14	%
Excluding FX impact		-8.28	%		-13.17	%		-14.02	%		-17.02	%		-13.57	%		-8.36	%		-6.60	%		-6.05	%		-13.19	%		-8.79	%
Net earned premiums:
Including FX impact		-4.43	%		-5.34	%		-4.81	%		-5.69	%		6.38	%		8.80	%		13.25	%		17.23	%		-5.06	%		11.18	%
FX impact		1.63	%		-2.64	%		-3.76	%		-5.37	%		-4.42	%		0.56	%		1.65	%		2.42	%		-2.49	%		-0.08	%
Excluding FX impact		-6.06	%		-2.70	%		-1.05	%		-0.32	%		10.80	%		8.24	%		11.60	%		14.81	%		-2.57	%		11.26	%
Net operating income:
Including FX impact		154.14	%		55.21	%		-13.79	%		-36.26	%		-63.17	%		-45.45	%		7.10	%		7.91	%		7.01	%		-22.05	%
FX impact		4.79	%		-8.34	%		3.32	%		-0.51	%		0.24	%		-1.42	%		-4.64	%		1.99	%		-0.27	%		-1.00	%
Excluding FX impact		149.35	%		63.55	%		-17.11	%		-35.75	%		-63.41	%		-44.03	%		11.74	%		5.92	%		7.28	%		-21.05	%
Combined ratios (a):
Domestic		94.6	%		98.2	%		97.6	%		98.3	%		101.6	%		104.7	%		99.4	%		96.5	%		97.2	%		100.6	%
International		114.5	%		108.8	%		111.6	%		107.3	%		113.9	%		105.6	%		111.4	%		102.3	%		110.7	%		108.2	%
Preneed yield (2)		5.87	%		5.89	%		5.83	%		5.94	%		5.89	%		6.04	%		6.16	%		6.13	%		5.87	%		6.06	%
Preneed average invested assets	$	4,055,563		$	3,996,330		$	3,907,868		$	3,861,302		$	3,896,574		$	3,919,388		$	3,937,722		$	3,963,127		$	3,960,136		$	3,927,096
Investment yield(2)		5.40	%		5.36	%		5.41	%		5.45	%		5.34	%		5.60	%		5.76	%		5.72	%		5.40	%		5.62	%
Tax-adjusted yield (2) (3)		5.50	%		5.47	%		5.52	%		5.57	%		5.45	%		5.72	%		5.89	%		5.81	%		5.51	%		5.73	%
Investment (loss) income from real estate joint venture partnerships	$	—		$	(237	)	$	—		$	—		$	240		$	—		$	1,210		$	—		$	(237	)	$	1,450

(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 (loss) 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 Specialty Property

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Revenues:
Net earned premiums and other considerations	$	497,200		$	478,701		$	477,838		$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	1,947,529		$	2,048,238
Net investment income		26,031			26,550			28,320			29,436			30,542			31,129			31,997			29,375			110,337			123,043
Fees and other income		14,824			15,100			13,642			13,324			11,910			12,501			11,996			13,593			56,890			50,000
		538,055			520,351			519,800			536,550			562,121			556,858			577,907			524,395			2,114,756			2,221,281
Benefits, losses and expenses:
Policyholder benefits		162,139			156,076			178,167			167,800			166,692			302,105			171,793			144,813			664,182			785,403
Selling, underwriting, general and administrative expenses		212,203			206,992			203,416			209,917			214,148			208,519			206,339			188,842			832,528			817,848
		374,342			363,068			381,583			377,717			380,840			510,624			378,132			333,655			1,496,710			1,603,251
Income before provision for income taxes		163,713			157,283			138,217			158,833			181,281			46,234			199,775			190,740			618,046			618,030
Provision for income taxes		56,769			54,126			46,989			54,165			62,806			15,292			68,733			65,996			212,049			212,827
Net operating income	$	106,944		$	103,157		$	91,228		$	104,668		$	118,475		$	30,942		$	131,042		$	124,744		$	405,997		$	405,203
Net earned premiums:
Homeowners (Creditor-Placed & Voluntary)	$	351,178		$	333,068		$	336,338		$	348,447		$	369,458		$	368,066		$	391,153		$	342,335		$	1,369,031		$	1,471,012
Manufactured Housing (Creditor-Placed & Voluntary)		54,609			54,347			55,128			55,876			56,275			55,389			56,483			57,061			219,960			225,208
Other		91,413			91,286			86,372			89,467			93,936			89,773			86,278			82,031			358,538			352,018
Total	$	497,200		$	478,701		$	477,838		$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	1,947,529		$	2,048,238
Gross earned premiums:
Homeowners (Creditor-Placed & Voluntary)	$	460,289		$	427,030		$	430,568		$	437,391		$	456,631		$	450,274		$	460,818		$	402,062		$	1,755,278		$	1,769,785
Manufactured Housing (Creditor-Placed & Voluntary)		76,339			76,448			77,083			77,484			79,690			80,570			80,069			80,850			307,354			321,179
Other		150,695			150,604			147,449			151,429			156,843			152,899			146,880			140,793			600,177			597,415
Total	$	687,323		$	654,082		$	655,100		$	666,304		$	693,164		$	683,743		$	687,767		$	623,705		$	2,662,809		$	2,688,379
Gross written premiums:
Homeowners (Creditor-Placed & Voluntary)	$	533,454		$	437,835		$	437,271		$	412,706		$	502,162		$	492,069		$	529,444		$	419,501		$	1,821,266		$	1,943,176
Manufactured Housing (Creditor-Placed & Voluntary)		76,441			75,935			77,969			69,852			76,346			80,909			79,451			70,131			300,197			306,837
Other		157,209			167,968			154,864			131,701			147,675			187,929			169,849			125,316			611,742			630,769
Total	$	767,104		$	681,738		$	670,104		$	614,259		$	726,183		$	760,907		$	778,744		$	614,948		$	2,733,205		$	2,880,782
Reconciliation of gross earned premiums to net earned premiums:
Gross earned premiums	$	687,323		$	654,082		$	655,100		$	666,304		$	693,164		$	683,743		$	687,767		$	623,705		$	2,662,809		$	2,688,379
Ceded catastrophe reinsurance and reinstatements		(46,945	)		(48,794	)		(44,688	)		(42,994	)		(36,793	)		(53,149	)		(34,015	)		(30,030	)		(183,421	)		(153,987	)
Ceded to clients including U.S. Government		(143,178	)		(126,587	)		(132,574	)		(129,520	)		(136,702	)		(117,366	)		(119,838	)		(112,248	)		(531,859	)		(486,154	)
Net earned premiums	$	497,200		$	478,701		$	477,838		$	493,790		$	519,669		$	513,228		$	533,914		$	481,427		$	1,947,529		$	2,048,238

11

Assurant Specialty Property (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Creditor-Placed Homeowners Insurance(1):
Loans tracked(in millions):
Prime		25.6			25.7			25.4			25.7			25.9			26.2			26.3			26.2			25.6			25.9
Sub-prime		3.9			3.8			3.6			3.8			4.0			4.1			4.2			4.4			3.9			4.0
		29.5			29.5			29.0			29.5			29.9			30.3			30.5			30.6			29.5			29.9
Average placement rates (2):
Prime		1.24	%		1.18	%		1.18	%		1.13	%		1.07	%		1.03	%		0.99	%		0.96	%		1.24	%		1.07	%
Sub-prime		9.51	%		9.51	%		9.39	%		9.14	%		9.19	%		8.92	%		8.70	%		8.33	%		9.51	%		9.19	%
Average insured value (AIV):
Creditor-placed	$	177		$	174		$	172		$	168		$	167		$	166		$	164		$	161		$	177		$	167
Real estate owned	$	227		$	226		$	228		$	228		$	228		$	223		$	217		$	206		$	227		$	228
Percent of creditor-placed premiums from real estate owned policies:
% of gross earned premiums		12	%		14	%		16	%		20	%		23	%		23	%		21	%		21	%		16	%		22	%
% of gross written premiums		9	%		12	%		12	%		20	%		19	%		23	%		22	%		21	%		13	%		22	%
Ratios:
Loss ratio (a)		32.6	%		32.6	%		37.3	%		34.0	%		32.1	%		58.9	%		32.2	%		30.1	%		34.1	%		38.3	%
Expense ratio (b)		41.4	%		41.9	%		41.4	%		41.4	%		40.3	%		39.7	%		37.8	%		38.1	%		41.5	%		39.0	%
Combined ratio (c)		73.1	%		73.5	%		77.6	%		74.5	%		71.6	%		97.1	%		69.3	%		67.4	%		74.7	%		76.4	%
Investment yield(3)		4.42	%		4.46	%		4.77	%		4.87	%		5.01	%		5.11	%		5.16	%		5.11	%		4.64	%		5.15	%
Tax-adjusted yield (3) (4)		4.72	%		4.76	%		5.07	%		5.18	%		5.32	%		5.43	%		5.47	%		5.32	%		4.94	%		5.44	%
Investment (loss) income from real estate joint venture partnerships	$	—		$	(68	)	$	—		$	—		$	39		$	—		$	346		$	—		$	(68	)		385

(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) Does not include real estate owned policies.

(3) Investment yield excludes investment (loss) 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.

12

Assurant Health

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																			For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2009			December 31, 2008
Revenues:
Net earned premiums and other considerations	$	468,002		$	470,385		$	468,895		$	472,346	$	481,470	$	486,700	$	487,725	$	496,060	$	1,879,628		$	1,951,955
Net investment income		11,338			11,770			12,073			12,477		12,745		13,769		15,302		15,648		47,658			57,464
Fees and other income		9,978			10,140			9,847			9,914		9,774		10,100		9,637		9,406		39,879			38,917
		489,318			492,295			490,815			494,737		503,989		510,569		512,664		521,114		1,967,165			2,048,336
Benefits, losses and expenses:
Policyholder benefits		377,155			353,412			357,644			321,960		314,329		311,790		325,504		306,565		1,410,171			1,258,188
Selling, underwriting, general and administrative expenses		157,826			147,475			149,157			150,240		151,275		152,345		143,804		157,181		604,698			604,605
		534,981			500,887			506,801			472,200		465,604		464,135		469,308		463,746		2,014,869			1,862,793
(Loss) income before (benefit) provision for income taxes		(45,663	)		(8,592	)		(15,986	)		22,537		38,385		46,434		43,356		57,368		(47,704	)		185,543
(Benefit) provision for income taxes		(15,948	)		(3,745	)		(5,656	)		7,865		13,319		16,230		15,635		20,105		(17,484	)		65,289
Net operating (loss) income	$	(29,715	)	$	(4,847	)	$	(10,330	)	$	14,672	$	25,066	$	30,204	$	27,721	$	37,263	$	(30,220	)	$	120,254
Net earned premiums and other considerations:
Individual:
Individual medical	$	319,215		$	317,820		$	316,093		$	317,070	$	319,704	$	319,188	$	318,095	$	319,756	$	1,270,198		$	1,276,743
Short-term medical		24,308			27,278			26,604			26,048		25,978		27,335		24,583		23,539		104,238			101,435
Subtotal		343,523			345,098			342,697			343,118		345,682		346,523		342,678		343,295		1,374,436			1,378,178
Small employer group		124,479			125,287			126,198			129,228		135,788		140,177		145,047		152,765		505,192			573,777
Total	$	468,002		$	470,385		$	468,895		$	472,346	$	481,470	$	486,700	$	487,725	$	496,060	$	1,879,628		$	1,951,955

13

Assurant Health (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Sales (annualized issued premiums):
Individual:
Individual medical	$	92,068		$	91,434		$	84,707		$	88,769		$	84,603		$	87,600		$	78,080		$	79,976		$	356,978		$	330,259
Short-term medical		27,870			34,296			34,509			37,199			33,785			35,969			34,990			32,972			133,874			137,716
Subtotal		119,938			125,730			119,216			125,968			118,388			123,569			113,070			112,948			490,852			467,975
Small employer group		33,701			31,588			37,708			29,978			27,008			27,189			25,864			26,161			132,975			106,222
Total	$	153,639		$	157,318		$	156,924		$	155,946		$	145,396		$	150,758		$	138,934		$	139,109		$	623,827		$	574,197
Membership by product line(in thousands):
Individual:
Individual medical		568			568			570			572			578			585			587			599			568			578
Short-term medical		78			91			95			94			92			101			101			87			78			92
Subtotal		646			659			665			666			670			686			688			686			646			670
Small employer group		121			122			123			123			131			136			142			152			121			131
Total		767			781			788			789			801			822			830			838			767			801
Ratios:
Loss ratio (a)		80.6	%		75.1	%		76.3	%		68.2	%		65.3	%		64.1	%		66.7	%		61.8	%		75.0	%		64.5	%
Expense ratio (b)		33.0	%		30.7	%		31.2	%		31.2	%		30.8	%		30.7	%		28.9	%		31.1	%		31.5	%		30.4	%
Combined ratio (c)		111.9	%		104.2	%		105.9	%		97.9	%		94.8	%		93.4	%		94.4	%		91.7	%		105.0	%		93.6	%
Investment yield(1)		4.82	%		5.24	%		5.45	%		5.59	%		5.51	%		5.67	%		5.84	%		6.12	%		5.25	%		5.80	%
Tax-adjusted yield (1) (2)		5.05	%		5.47	%		5.70	%		5.84	%		5.78	%		5.95	%		6.13	%		6.32	%		5.48	%		6.06	%
Investment (loss) income from real estate joint venture partnerships	$	—		$	(135	)	$	—		$	—		$	51		$	—		$	691		$	—		$	(135	)	$	742

(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 (loss) 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 Employee Benefits

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																For the Year Ended
($ in thousands)	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2009		December 31, 2008
Revenues:
Net earned premiums and other considerations	$	270,140	$	255,968	$	262,198	$	263,831	$	280,970	$	277,093	$	273,248	$	280,437	$	1,052,137	$	1,111,748
Net investment income		32,703		33,039		33,466		34,157		34,461		35,278		38,919		38,369		133,365		147,027
Fees and other income		6,578		7,467		7,540		6,758		5,901		6,475		7,208		6,555		28,343		26,139
		309,421		296,474		303,204		304,746		321,332		318,846		319,375		325,361		1,213,845		1,284,914
Benefits, losses and expenses:
Policyholder benefits		188,940		182,632		186,770		198,728		196,690		185,951		193,642		199,401		757,070		775,684
Selling, underwriting, general and administrative expenses		103,092		96,529		97,993		95,287		102,835		99,726		97,354		100,901		392,901		400,816
		292,032		279,161		284,763		294,015		299,525		285,677		290,996		300,302		1,149,971		1,176,500
Income before provision for income taxes		17,389		17,313		18,441		10,731		21,807		33,169		28,379		25,059		63,874		108,414
Provision for income taxes		5,833		5,863		6,313		3,709		7,669		11,712		9,749		8,727		21,718		37,857
Net operating income	$	11,556	$	11,450	$	12,128	$	7,022	$	14,138	$	21,457	$	18,630	$	16,332	$	42,156	$	70,557
Net earned premiums and other considerations:
Group dental	$	108,910	$	105,507	$	105,306	$	105,565	$	110,084	$	109,982	$	108,976	$	106,073	$	425,288	$	435,115
Group disability single premiums for closed blocks		—		—		—		—		5,947		—		—		5,500		—		11,447
All other group disability		112,722		103,460		108,495		109,704		113,832		115,749		113,327		116,300		434,381		459,208
Group life		48,508		47,001		48,397		48,562		51,107		51,362		50,945		52,564		192,468		205,978
Total	$	270,140	$	255,968	$	262,198	$	263,831	$	280,970	$	277,093	$	273,248	$	280,437	$	1,052,137	$	1,111,748

15

Assurant Employee Benefits (continued)

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Sales(1):
Group dental	$	14,354		$	21,202		$	16,904		$	31,573		$	16,487		$	24,918		$	23,021		$	45,625		$	84,033		$	110,051
Group disability		6,351			10,587			8,207			14,172			9,310			13,972			10,404			18,909			39,317			52,595
Group life		4,509			6,547			5,086			9,859			5,738			6,936			5,775			9,836			26,001			28,285
Total	$	25,214		$	38,336		$	30,197		$	55,604		$	31,535		$	45,826		$	39,200		$	74,370		$	149,351		$	190,931
Ratios:
Loss ratio (a)		69.9	%		71.3	%		71.2	%		75.3	%		70.0	%		67.1	%		70.9	%		71.1	%		72.0	%		69.8	%
Expense ratio (b)		37.3	%		36.6	%		36.3	%		35.2	%		35.8	%		35.2	%		34.7	%		35.2	%		36.4	%		35.2	%
Investment yield (2)		5.79	%		5.88	%		5.86	%		5.98	%		5.94	%		5.98	%		6.25	%		6.29	%		5.87	%		6.13	%
Tax-adjusted yield (2) (3)		5.86	%		5.94	%		5.93	%		6.05	%		6.01	%		6.06	%		6.33	%		6.35	%		5.94	%		6.20	%
Investment (loss) income from real estate joint venture partnerships	$	—		$	(237	)	$	—		$	—		$	84		$	—		$	1,210		$	—		$	(237	)	$	1,294

(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) Sales do not include any sales from assumed business, only direct.

(2) Investment yield excludes investment (loss) 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.

16

Assurant Corporate and Other

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended																								For the Year Ended
($ in thousands)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2009			December 31, 2008
Revenues:
Net earned premiums and other considerations	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment income		3,984			3,884			3,967			4,414			5,379			6,599			6,568			7,652			16,249			26,198
Net realized (losses) gains on investments		(11,632	)		19,866			(6,142	)		(55,689	)		(51,757	)		(299,205	)		(34,574	)		(43,143	)		(53,597	)		(428,679	)
Amortization of deferred gains on disposal of businesses		2,107			6,802			6,750			6,802			7,327			7,379			7,327			7,379			22,461			29,412
Fees and other income		(174	)		83			139,214			1,679			190			212			2,771			63			140,802			3,236
		(5,715	)		30,635			143,789			(42,794	)		(38,861	)		(285,015	)		(17,908	)		(28,049	)		125,915			(369,833	)
Benefits, losses and expenses:
Policyholder benefits		1,988			92			5,496			(168	)		6			12			1,096			—			7,408			1,114
Selling, underwriting, general and administrative expenses		22,474			20,289			27,575			23,431			21,767			19,448			35,281			16,193			93,769			92,689
Interest expense		15,160			15,160			15,160			15,189			15,188			15,190			15,287			15,288			60,669			60,953
		39,622			35,541			48,231			38,452			36,961			34,650			51,664			31,481			161,846			154,756
(Loss) income before (benefit) provision for income taxes		(45,337	)		(4,906	)		95,558			(81,246	)		(75,822	)		(319,665	)		(69,572	)		(59,530	)		(35,931	)		(524,589	)
(Benefit) provision for income taxes		(21,290	)		(8,232	)		23,156			(5,154	)		(88,700	)		(105,246	)		(49,778	)		(20,464	)		(11,520	)		(264,188	)
Net (loss) income	$	(24,047	)	$	3,326		$	72,402		$	(76,092	)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(24,411	)	$	(260,401	)
Real estate investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Corporate and Other Reconciliation
Assurant Corporate and Other Segment Net income (loss)	$	(24,047	)	$	3,326		$	72,402		$	(76,092	)	$	12,878		$	(214,419	)	$	(19,794	)	$	(39,066	)	$	(24,411	)	$	(260,401	)
Adjustments, net of tax:
Amortization of deferred gains on disposal of businesses		(1,370	)		(4,421	)		(4,388	)		(4,421	)		(4,763	)		(4,796	)		(4,763	)		(4,796	)		(14,600	)		(19,118	)
Interest expense		9,854			9,854			9,854			9,873			9,872			9,874			9,937			9,937			39,435			39,620
Net realized (gains) losses on investments		7,561			(12,913	)		3,992			36,198			33,642			194,483			22,473			28,043			34,838			278,641
Tax benefit realized from the sale of an inactive subsidiary		—			—			—			—			(62,364	)		—			(26,630	)		—			—			(88,994	)
Change in tax valuation allowance		(936	)		(7,043	)		(13,021	)		21,000			—			—			—			—			—			—
Legal settlement and related expenses		—			1,454			(84,996	)		—			—			—			—			—			(83,542	)		—
Corporate and other line item result (1)	$	(8,938	)	$	(9,743	)	$	(16,157	)	$	(13,442	)	$	(10,735	)	$	(14,858	)	$	(18,777	)	$	(5,882	)	$	(48,280	)	$	(50,252	)

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

17

Assurant, Inc.

Investments

(Unaudited)

($ in thousands)	As of December 31, 2009				As of December 31, 2008
Investments by type
Fixed maturity securities available for sale, at fair value	$	9,966,772	68.8	%	$	8,631,687	65.9	%
Equity securities available for sale, at fair value
Preferred stock		508,458	3.5	%		430,403	3.3	%
Common stock		4,529	0.0	%		4,049	0.0	%
Commercial mortgage whole loans on real estate, at amortized cost		1,428,027	9.9	%		1,506,694	11.5	%
Policy loans		56,407	0.4	%		58,096	0.4	%
Short-term investments		453,469	3.1	%		703,402	5.4	%
Collateral held under securities lending		218,129	1.5	%		234,027	1.8	%
Other investments		522,041	3.6	%		498,434	3.8	%
Total investments		13,157,832	90.9	%		12,066,792	92.1	%
Cash and cash equivalents		1,318,552	9.1	%		1,040,684	7.9	%
Total investments and cash and cash equivalents	$	14,476,384	100.0	%	$	13,107,476	100.0	%
Fixed Maturity Securities by Credit Quality (Fair Value)
Aaa / Aa / A	$	6,152,842	61.8	%	$	5,712,630	66.1	%
Baa		2,953,964	29.6	%		2,398,830	27.8	%
Ba		647,321	6.5	%		403,636	4.7	%
B and lower		212,645	2.1	%		116,591	1.4	%
Total	$	9,966,772	100.0	%	$	8,631,687	100.0	%

18

Assurant, Inc.

Investments (continued)

(Unaudited)

	As of December 31, 2009									As of December 31, 2008
($ in thousands)	Book Value		Fair Value		% of Fair Value		Unrealized Gain (Loss)			Book Value		Fair Value		% of Fair Value		Unrealized Gain (Loss)
Fixed Maturity Securities by Issuer Type:
Government:
U.S. Government and government agencies	$	115,268	$	120,330	1.2	%	$	5,062		$	136,725	$	150,487	1.8	%	$	13,762
State, municipalities and political subdivisions		873,548		910,068	9.1	%		36,520			874,134		873,580	10.1	%		(554	)
Foreign governments		558,254		572,827	5.7	%		14,573			503,620		513,318	5.8	%		9,698
Corporate (1):
Consumer cyclical		975,965		1,014,735	10.2	%		38,770			1,035,228		915,887	10.6	%		(119,341	)
Consumer non-cyclical		306,841		322,638	3.2	%		15,797			315,544		302,847	3.5	%		(12,697	)
Energy		751,097		790,437	7.9	%		39,340			670,000		604,332	7.0	%		(65,668	)
Financials		2,089,298		2,076,599	20.8	%		(12,699	)		1,869,195		1,672,525	19.4	%		(196,670	)
Health care		416,581		431,155	4.3	%		14,574			306,016		290,410	3.4	%		(15,606	)
Industrials		928,154		952,792	9.6	%		24,638			949,846		851,921	9.9	%		(97,925	)
Materials		287,338		292,502	2.9	%		5,164			262,411		220,934	2.5	%		(41,477	)
Technology		150,542		156,272	1.6	%		5,730			126,410		120,626	1.4	%		(5,784	)
Telecommunications		474,025		502,267	5.0	%		28,242			388,872		376,896	4.4	%		(11,976	)
Utilities		856,645		894,794	9.0	%		38,149			793,188		767,630	8.9	%		(25,558	)
Other corporate		349		357	0.0	%		8			363		374	0.0	%		11
Asset-backed securities		51,834		53,963	0.5	%		2,129			62,184		59,906	0.7	%		(2,278	)
Commercial mortgage-backed securities		159,780		159,907	1.6	%		127			241,458		198,103	2.3	%		(43,355	)
Residential mortgage-backed securities (RMBS):
Agency		663,407		690,632	6.9	%		27,225			654,370		683,521	7.9	%		29,151
Alt-A		—		—	0.0	%		—			—		—	0.0	%		—
Subprime		17,739		17,307	0.2	%		(432	)		22,911		22,390	0.3	%		(521	)
Other		4,227		4,064	0.1	%		(163	)		352		365	0.0	%		13
Collaterized debt obligations:
Credit backed		3,191		3,126	0.1	%		(65	)		5,817		5,635	0.1	%		(182	)
RMBS backed		—		—	0.0	%		—			—		—	0.0	%		—
Total fixed maturity securities	$	9,684,083	$	9,966,772	100.0	%	$	282,689		$	9,218,644	$	8,631,687	100.0	%	$	(586,957	)

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

19

Assurant, Inc.

Investment Results by Asset Category and Annualized Yields

(Unaudited)

	For the Three Months Ended December 31, 2009								For the Three Months Ended December 31, 2008								For the Year Ended December 31, 2009								For the Year Ended December 31, 2008
($ 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	5.82	%	$	140,296		$	(5,507	)	5.96	%	$	140,721		$	(36,334	)	5.89	%	$	558,639		$	(5,587	)	6.02	%	$	584,712		$	(215,648	)
Equity securities, available for sale	7.03	%		9,120			84		6.93	%		10,154			(4,319	)	7.24	%		38,189			(35,486	)	6.76	%		45,775			(189,527	)
Commercial mortgage whole loans on real estate	6.13	%		22,031			(4,913	)	6.34	%		23,839			(626	)	6.27	%		92,116			(10,219	)	6.42	%		95,013			326
Policy loans	6.23	%		878			—		6.35	%		918			—		5.84	%		3,329			—		6.50	%		3,717			—
Cash and short-term investments	0.61	%		2,627			(20	)	2.02	%		8,617			2		1.04	%		16,292			127		2.80	%		43,246			(1	)
Other investments*	3.22	%		4,251			(1,276	)	3.86	%		4,981			(10,480	)	3.40	%		17,453			(2,432	)	5.07	%		27,395			(23,829	)
Total				179,203		$	(11,632	)				189,230		$	(51,757	)				726,018		$	(53,597	)				799,858		$	(428,679	)
Investment expenses				(6,700	)							(6,182	)							(27,180	)							(25,511	)
Net investment income			$	172,503							$	183,048							$	698,838							$	774,347
Gross realized gains						$	14,891							$	12,835							$	55,695							$	67,945
Gross realized losses							(20,258	)							(24,569	)							(70,632	)							(156,471	)
Other-than-temporary impairments on available for sale securities							(6,265	)							(40,023	)							(38,660	)							(340,153	)
Net realized gains (losses) on investments						$	(11,632	)						$	(51,757	)						$	(53,597	)						$	(428,679	)

* 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.

20

Assurant, Inc.

Summary of Net Operating Income Disclosed Items - (1)

Income / (Expense) Items

(unaudited)

		For the Three Months Ended
($ in millions, after-tax)		December 31, 2009						September 30, 2009						June 30, 2009						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**			$			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
Restructuring costs	(c)	$	(8.4	)	$	(0.07	)	$	—		$	—		$	(2.4	)	$	(0.02	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Specialty Property:
Catastrophe losses, net of reinsurance (2)	(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	)	$	—		$	—		$	—		$	—
Restructuring costs	(c)	$	—		$	—		$	—		$	—		$	(2.5	)	$	(0.02	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Subrogation reimbursement	(b)	$	—		$	—		$	5.9		$	0.05		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Health:
Reserve strengthening	(b)	$	—		$	—		$	—		$	—		$	(9.0	)	$	(0.08	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Litigation reserve	(b)	$	(24.0	)	$	(0.20	)	$	(8.1	)	$	(0.07	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Restructuring costs	(c)	$	(2.9	)	$	(0.02	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
H1N1 related medical expenses	(b)	$	(2.5	)	$	(0.02	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Employee Benefits:
Reserve adequacy study adjustment	(b)	$	2.1		$	0.02		$	—		$	—		$	—		$	—		$	—		$	—		$	3.5		$	0.03		$	—		$	—		$	—		$	—		$	—		$	—
Restructuring costs	(c)	$	(1.0	)	$	(0.01	)	$	—		$	—		$	(1.5	)	$	(0.01	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assurant Corporate and Other:
Expenses related to SEC investigation (3)	(c)	$	(3.5	)	$	(0.03	)	$	—		$	—��		$	—		$	—		$	—		$	—		$	1.7		$	0.01		$	—		$	—		$	(3.0	)	$	(0.03	)	$	(1.6	)	$	(0.01	)
Change in various tax liabilities/receivables	(d)	$	4.5		$	0.04		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(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 have been prepared in accordance with the new earnings per share guidance on participating securities and the two class method, which is now within ASC Topic 260. Prior period amounts have been adjusted to reflect this new guidance. For further information, please see our previously filed third quarter 2009 Form 10-Q and our upcoming 2009 Annual Report on Form 10-K.

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

(2) Assurant discloses 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.

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

21

Assurant, Inc.

Ratings Summary

(Unaudited)

	As of December 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	BBB+
Reliable Lloyds	A	N/A	N/A
Standard Guaranty Insurance Company	A	N/A	N/A
Time Insurance Company	A-	A2	BBB+
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-2
Senior Debt	bbb	Baa1	BBB

22

Exhibit I

Assurant, Inc. and Subsidiaries

Top 30 Corporate Issuer Exposures

(unaudited)

	As of December 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	$	129,609	$	130,474	$	(865	)	$	6,581	$	7,916	$	(1,335	)
Bank of America Corp		93,688		98,025		(4,337	)		35,910		43,404		(7,494	)
Wells Fargo & Company		97,455		96,565		890			19,531		16,222		3,309
HSBC Holdings PLC		69,147		68,821		326			30,289		29,868		421
Verizon Communications		97,995		93,268		4,727			—		—		—
AT&T Inc		89,692		83,371		6,321			—		—		—
JPMorgan Chase & Co		61,371		62,764		(1,393	)		21,052		20,303		749
MidAmerican Energy Holdings		70,542		66,928		3,614			772		1,017		(245	)
US Bancorp		18,696		17,538		1,158			50,286		53,951		(3,665	)
Pfizer Inc		67,265		64,122		3,143			—		—		—
Comcast Corp		64,504		62,420		2,084			—		—		—
IBM Corp		63,263		60,013		3,250			—		—		—
Goldman Sachs Group Inc		52,222		53,255		(1,033	)		9,220		9,638		(418	)
PNC Financial Services		33,833		33,080		753			26,085		22,498		3,587
Canadian Imperial Bank		51,736		49,185		2,551			6,422		4,955		1,467
ConocoPhillips		56,124		50,752		5,372			—		—		—
FMR LLC		53,513		54,779		(1,266	)		—		—		—
Morgan Stanley		50,579		51,543		(964	)		1,758		842		916
Citigroup Inc		52,243		57,665		(5,422	)		—		—		—
Prudential Financial Inc		51,694		50,049		1,645			—		—		—
Manulife Financial Corp		35,224		36,274		(1,050	)		15,461		14,451		1,010
Time Warner Cable Inc		50,255		46,913		3,342			—		—		—
Burlington Northern Santa Fe		50,077		47,516		2,561			—		—		—
Bank of New York Mellon Corp		36,349		35,823		526			12,710		14,159		(1,449	)
Deere & Co		48,735		44,187		4,548			—		—		—
Duke Energy Corp		48,483		46,347		2,136			—		—		—
Hydro One Inc		47,364		45,271		2,093			—		—		—
MetLife Inc		29,853		29,127		726			17,193		17,349		(156	)
Transcanada Corp		46,207		40,258		5,949			—		—		—
Target Corp		46,206		44,076		2,130			—		—		—
		1,763,924		1,720,409		43,515			253,270		256,573		(3,303	)

23

Exhibit II

Assurant, Inc.

Commercial Mortgage Loans Summary(1)

(unaudited)

($ in thousands)	As of December 31, 2009
	Book Value			% of Total
Summary of Commercial Mortgage Loans
Geographic Region
Pacific	$	485,215		34	%
Middle Atlantic		257,898		18	%
New England		176,283		12	%
South Atlantic		168,739		12	%
Mountain		161,412		11	%
West South Central		82,770		6	%
West North Central		43,775		3	%
East South Central		26,396		2	%
Canada		25,103		1	%
East North Central		16,565		1	%
Allowance for loan losses		(16,129	)	—
Total	$	1,428,027		100	%
Property Type
Retail	$	475,228		33	%
Office		471,650		33	%
Industrial		371,037		26	%
Other		70,416		5	%
Apartments		55,825		3	%
Allowance for loan losses		(16,129	)	—
Total	$	1,428,027		100	%
Loan Size
Under $3 million	$	571,170		40	%
$3 million but less than $6 million		464,285		32	%
$6 million but less than $9 million		230,058		16	%
$9 million but less than $12 million		58,472		4	%
$12 million and over		120,171		8	%
Allowance for loan losses		(16,129	)	—
Total	$	1,428,027		100	%

Commercial Mortgage Loan Information by Vintage

As of December 31, 2009

	Book value			Delinquent loan balance	Number of loans (whole number)	Number of delinquent loans	Average balance per loan		Book value weighted average loan-to-value(2)
Loan year
2004 and prior	$	566,335		—	276	—	$	2,052	47.45	%
2005		245,702		—	72	—		3,413	66.86	%
2006		172,529		—	62	—		2,783	62.98	%
2007		287,384		—	90	—		3,193	78.74	%
2008		153,978		—	42	—		3,666	73.24	%
2009		18,228		—	3	—		6,076	72.54	%
Allowance for loan losses		(16,129	)	—	N/A	—		N/A	N/A
Total	$	1,428,027		—	545	—	$	2,620	61.90	%

(1) We originate fixed rate mortgage loans on commercial real estate. We are the sole lender and generally hold these loans to maturity. We do not typically securitize or otherwise sell these loans.

(2) Based on property appraisals as of September 30, 2009.

24