Schedule of Financial Information by Segment |
The following table presents segment Adjusted EBITDA with a reconciliation to net income attributable to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2021 | | 2022 | | 2021 | Adjusted EBITDA by segment: | | | | | | | | Global Lifestyle | $ | 165.9 | | | $ | 176.3 | | | $ | 587.3 | | | $ | 546.0 | | Global Housing | (25.0) | | | 15.2 | | | 166.7 | | | 235.2 | | Corporate and Other | (24.9) | | | (23.0) | | | (72.0) | | | (67.8) | | Reconciling items to consolidated net income from continuing operations: | | | | | | | | Interest expense | (26.3) | | | (27.5) | | | (80.4) | | | (84.7) | | Depreciation expense | (22.6) | | | (18.1) | | | (64.7) | | | (52.4) | | Amortization of purchased intangible assets | (17.3) | | | (15.7) | | | (51.9) | | | (50.0) | | Net realized (losses) gains on investments and fair value changes to equity securities | (27.4) | | | 112.1 | | | (166.2) | | | 123.2 | | COVID-19 direct and incremental expenses | (1.1) | | | (2.0) | | | (3.6) | | | (7.2) | | Loss on extinguishment of debt | — | | | (20.7) | | | (0.9) | | | (20.7) | | Non-core operations | (2.9) | | | (8.2) | | | (45.1) | | | (2.6) | | Other adjustments | (9.9) | | | (0.2) | | | (15.6) | | | (6.3) | | | | | | | | | | Total reconciling items | (107.5) | | | 19.7 | | | (428.4) | | | (100.7) | | Income from continuing operations before income tax expense | 8.5 | | | 188.2 | | | 253.6 | | | 612.7 | | Income tax expense | 1.2 | | | 37.2 | | | 45.1 | | | 133.8 | | Net income from continuing operations | $ | 7.3 | | | $ | 151.0 | | | $ | 208.5 | | | $ | 478.9 | |
The Company’s net earned premiums, fees and other income by segment and product are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2021 | | 2022 | | 2021 | Global Lifestyle: | | | | | | | | Connected Living (1) | $ | 1,046.8 | | | $ | 1,094.1 | | | $ | 3,182.0 | | | $ | 3,221.9 | | Global Automotive | 943.5 | | | 867.1 | | | 2,751.5 | | | 2,535.1 | | Total | $ | 1,990.3 | | | $ | 1,961.2 | | | $ | 5,933.5 | | | $ | 5,757.0 | | | | | | | | | | Global Housing: | | | | | | | | Lender-placed Insurance | $ | 262.2 | | | $ | 256.2 | | | $ | 801.9 | | | $ | 790.9 | | Multifamily Housing | 119.9 | | | 121.7 | | | 362.0 | | | 361.2 | | Specialty and Other | 102.0 | | | 93.2 | | | 301.9 | | | 295.5 | | Total | $ | 484.1 | | | $ | 471.1 | | | $ | 1,465.8 | | | $ | 1,447.6 | |
(1)Effective January 1, 2022, the Connected Living line of business includes the previous Global Financial Services and Other line of business. Prior period amounts have been revised to reflect this change. The following table presents total assets by segment: | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | Global Lifestyle (1) | $ | 26,617.9 | | | $ | 26,120.9 | | Global Housing (1) | 5,367.8 | | | 4,007.3 | | Corporate and Other (2) | 1,260.0 | | | 3,792.4 | | Segment assets | $ | 33,245.7 | | | $ | 33,920.6 | |
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other. (2)Includes the assets for non-core operations of $385.0 million and $326.3 million as of September 30, 2022 and December 31, 2021, respectively.
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