ASSURANT INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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VOBA and Other Intangible Assets
- VOBA and Other Intangible Assets
VOBA
Information about VOBA is as follows for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Beginning balance | $262.8 | $583.4 | $1,152.2 |
| Additions | — | 1.9 | — |
| Amortization, net of interest accrued | (179.2) | (322.8) | (567.9) |
| Foreign currency translation and other | 0.3 | 0.3 | (0.9) |
| Ending balance | $83.9 | $262.8 | $583.4 |
As of December 31, 2023, the outstanding VOBA balance is primarily related to the 2018 acquisition of TWG within the Global Lifestyle segment.
As of December 31, 2023, the estimated amortization of VOBA for the next five years and thereafter is as follows:
| Year | Amount |
|---|---|
| 2024 | $76.1 |
| 2025 | 3.6 |
| 2026 | 1.7 |
| 2027 | 1.4 |
| 2028 | 0.7 |
| Thereafter | 0.4 |
| Total | $83.9 |
Other Intangible Assets
Information about other intangible assets is as follows as of the dates indicated:
| As of December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| CarryingValue | AccumulatedAmortization | Net OtherIntangibleAssets | CarryingValue | AccumulatedAmortization | Net OtherIntangibleAssets | |
| Purchased intangible assets | $931.2 | $(474.9) | $456.3 | $956.5 | $(420.2) | $536.3 |
| Operating intangible assets | 180.4 | (79.9) | 100.5 | 154.1 | (62.1) | 92.0 |
| Total finite-lived intangible assets | 1,111.6 | (554.8) | 556.8 | 1,110.6 | (482.3) | 628.3 |
| Total indefinite-lived intangible assets | 10.3 | — | 10.3 | 10.6 | — | 10.6 |
| Total other intangible assets | $1,121.9 | $(554.8) | $567.1 | $1,121.2 | $(482.3) | $638.9 |
Purchased intangible assets primarily consist of contract based and customer related intangibles related to acquisitions over the past few years. Operating intangible assets primarily consist of customer related intangibles. These intangible assets are amortized over their useful lives.
Amortization of other intangible assets is as follows as of the dates indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Purchased intangible assets | $77.9 | $69.7 | $65.8 |
| Operating intangible assets | 20.2 | 24.8 | 23.1 |
| Total | $98.1 | $94.5 | $88.9 |
The estimated amortization of other intangible assets with finite lives for the next five years and thereafter is as follows:
| Year | Purchased Intangible Assets | Operating Intangible Assets | Total |
|---|---|---|---|
| 2024 | $69.6 | $23.4 | $93.0 |
| 2025 | 66.0 | 24.0 | 90.0 |
| 2026 | 61.1 | 21.5 | 82.6 |
| 2027 | 50.2 | 17.9 | 68.1 |
| 2028 | 44.4 | 11.7 | 56.1 |
| Thereafter | 165.0 | 2.0 | 167.0 |
| Total other intangible assets with finite lives | $456.3 | $100.5 | $556.8 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.