2003 ANNUAL REPORT Assurant Preneed provides insurance products that help individuals arrange and pre-fund their funeral plans. The diverse nature of our specialty businesses and their separate risk profiles give us the potential to generate consistent, attractive returns under varying economic conditions. We have a long track record of successfully executing our strategy, and we are positioned as leaders in our niche insurance markets. Our leadership positions are built on three key capabilities: highly disciplined risk management, complex administration and systems skills, and strategic partnerships with market leaders. We are always working to leverage these unique capabilities across our businesses to further enhance our returns. We expect over time to perform in the top-quartile of the insurance industry, as measured by key metrics such as return on equity. Where do we go from here? We intend to grow; however, we will continue to take a conservative approach — we’d rather grow profits than revenues. We like growing through deepening relationships with existing, long-standing partners; through adding new partners in existing businesses (including some household-name industry giants); through new products and services that we know our clients want; and through the efficiencies and pricing advantages that top technology can provide. Being independent will also help us to grow. We can be more flexible in our operations and more nimble in responding to market opportunities. And being independent will allow us to grow with our largest clients into carefully selected geographic areas beyond North America. We’re not interested in growth that requires us to take on major risks. We like the reduced exposure to economic fluctuations that our diverse business mix provides. We prefer businesses that don’t lock us into prices we can’t change 24,115 24,559 23,728 ASSETS 99 00 01 02 03 (Dollars in Millions) 22,217 22,279 4

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