Assurant, Inc. 10-K (2022-02-22)

For the fiscal year ended December 31, 2021

 

 

Business

 

Assurant, Inc. was incorporated as a Delaware corporation in 2004.

 

incorporated : formed into a business company with legal status

 

 

 

We are a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. We partner with leading brands to develop innovative products and services and to deliver an enhanced customer experience.

 

enhanced : (of the quality, value or status of somebody/something) increased or improved

 

 

 

We operate in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing.

 

 

 

Through our Global Lifestyle segment, we provide mobile device solutions and extended service products and related services for mobile devices, consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit protection and other insurance products (referred to as “Global Financial Services and Other”).

 

 

 

Through our Global Housing segment, we provide lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”).

 

voluntary : done willingly, not because you are forced / (of work) done by people who choose to do it without being paid

 

 

 

Our Competitive Strengths

 

Our financial strength and capabilities across our businesses create competitive advantages that we believe allow us to support our clients, deliver superior experience for their customers and drive sustainable profitable growth over the long term.

 

capabilities : the ability or qualities necessary to do something / the power or weapons that a country has for war or for military action 

 

 

 

Our financial strength. We believe we have a strong balance sheet and operating cash flows. As of December 31, 2021, we had $33.91 billion in total assets and our debt to total capital was 28.6%.

 

balance sheet : a written statement showing the amount of money and property that a company has and listing what has been received and paid out 

 

 

 

In addition, our Global Lifestyle and Global Housing segments generate significant operating cash flows, which provides us with the flexibility to make investments to strengthen our strategic capabilities and enter into and grow partnerships with our clients.

 

flexibility : the ability to change to suit new conditions or situations / the ability to bend easily without breaking

 

 

 

Insights and evolving capabilities enable innovation to meet consumer needs. We have a deep understanding of our clients and the consumer markets they serve.

 

 

 

We seek to leverage consumer insights, together with extensive market knowledge and capabilities, to anticipate and identify the specific needs of our clients and the consumers they serve.

 

leverage : the ability to influence what people do / the act of using a lever to open or lift something; the force used to do this 

 

 

 

We intend to leverage those insights with investments in emerging technologies and operations, including digitization, to introduce innovative products and services and adapt those offerings to the changing needs of the connected consumer.

 

digitization : the process of changing data into a digital form that can be easily read and processed by a computer

 

 

 

Value chain integration and customer experience. We own or manage multiple pieces of the value chain, which enables us to create products and service offerings based on client needs and provide a seamless experience for consumers.

 

integration : the act or process of combining two or more things so that they work together / the act or process of mixing people who have previously been separated, usually because of colour, race, religion, etc. 

 

seamless : without a seam / with no spaces or breaks between one part and the next

 

 

 

Offering end-to-end solutions allows us to provide additional value for consumers and adapt more quickly and efficiently to their needs. Visibility across the value chain helps us leverage insights to further improve the customer experience and our offerings.

 

Visibility : how far or well you can see, especially as affected by the light or the weather / the fact of attracting attention or being easy to see 

 

 

 

Our ability to introduce value-added services and capabilities across the value chain and provide a superior customer experience allows us to strengthen our partnerships and our competitive position.

 

 

 

Our Strategy for Profitable Growth

 

Our vision is to be the premier provider of lifestyle and housing solutions globally to empower leading brands to connect, protect and support the connected lifestyle of consumers. To achieve this vision, we positioned ourselves for continued long-term profitable growth by:

 

 

 

Growing our portfolio of market-leading businesses. Our businesses represent a cohesive group of leading, service-oriented businesses supporting the connected lifestyle of consumers.

 

cohesive : forming a united whole / causing people or things to become united

 

 

 

We intend to focus on compelling growth opportunities within our businesses, including capitalizing on the convergence of the connected consumer in the global markets and geographies in which we operate.

 

compelling : that makes you pay attention to it because it is so interesting and exciting / so strong that you cannot resist it 

 

convergence : the process of moving together from different directions and meeting; the point where this happens / the process of becoming very similar or the same

 

 

 

We intend to grow our businesses by strengthening our partnerships with major clients and prospects globally, while continuing to invest in talent, capabilities and technology, including digital, to enable us to deliver superior customer experience, as well as further expanding our offerings and diversifying our distribution channels.

 

 

 

As our service offerings expand, we expect to generate a more diversified mix of business and earnings, with decreasing exposure to catastrophe risk.

 

 

 

Providing integrated offerings through a superior, digital-first customer experience. As we expand our product and service capabilities and respond to client and consumer needs, we expect to continue to drive additional value to consumers by accelerating the pace of innovation to provide fully integrated offerings through a superior, digital-first customer experience.

 

 

 

Deploying our capital and talent strategically. We deploy capital to invest in and grow our businesses, repurchase shares and pay dividends. Our approach to mergers, acquisitions and other growth opportunities reflects our strategic and disciplined  

 

deploy : to move soldiers or weapons into a position where they are ready for military action /  to use something effectively

 

repurchase : an occasion when a company buys back shares, bonds , etc. (= financial products) that it previously sold / to buy back something that you previously sold

 

 

 

approach to capital management. We target new businesses and capabilities, organically and through acquisitions, that complement or support our strategy. We are also focused on strategically attracting, developing and deploying our talent, as we prioritize programs and initiatives aimed at investing in our talent, with a focus on diversity, equity and inclusion.

 

organically : without using artificial chemicals / in a way that is produced or caused by or from living things / in a way that is connected with the organs of the body

 

prioritize : to put tasks, problems, etc. in order of importance, so that you can deal with the most important first / to treat something as being more important than other things

 

inclusion : the fact of including somebody/something; the fact of being included / a person or thing that is included

 

 

 

(the rest omitted)