Assurant Reports Strong Fourth Quarter and Full Year 2025 Financial Results

ATLANTA--( BUSINESS WIRE)--Assurant, Inc. (NYSE: AIZ):

(Unaudited)

Q4'25

Q4'24

Change

12M'25

12M'24

Change

$ in millions, except per share data

GAAP net income

225.2

201.3

12%

872.7

760.2

15%

Adjusted EBITDA 1

436.5

381.4

14%

1,536.2

1,322.4

16%

Adjusted EBITDA, ex. reportable catastrophes 2

445.9

431.5

1,734.4

1,569.4

11%

GAAP net income per diluted share

4.41

3.87

14%

16.93

14.46

17%

Adjusted earnings per diluted share 3

5.61

4.79

17%

19.77

16.64

19%

Adjusted earnings, ex. reportable catastrophes, per diluted share 4

5.75

5.54

22.81

20.35

12%

Note: The metrics included within the company’s outlook and certain other metrics are non-GAAP financial measures. The company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile outlook to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Assurant, Inc. (NYSE: AIZ), a premier global protection company that safeguards and services connected devices, homes and automobiles in partnership with the world’s leading brands, today announced results for the fourth quarter and the full year ended December 31, 2025.

"Our 2025 performance underscores the position of strength from which Assurant continues to operate, delivering our ninth consecutive year of profitable growth. The strength and resilience of our results reflect the power of our diversified business model and our relentless focus on serving clients and creating value for shareholders. Sustained investments in innovation have transformed our operations and product offerings, supporting our partners, driving efficiencies, and elevating the customer experience. The results are clear: new and expanded partnerships with leading global brands; differentiated, technology‑enabled solutions; and continued growth in attractive, expanding markets – including the recent launch of Assurant Home Warranty – all underpinned by strong financial outperformance,” said Assurant President and CEO Keith Demmings.

“As we look to 2026, Assurant is well positioned to build on this momentum. Supported by a strong foundation, we remain intensely focused on further differentiating Assurant as a trusted partner and an attractive long-term investment,” Demmings added.

Fourth Quarter and Full Year 2025 Consolidated Results

(Unaudited)

Q4'25

Q4'24

Change

12M'25

12M'24

Change

$ in millions

GAAP net income

225.2

201.3

12%

872.7

760.2

15%

Adjusted EBITDA

Global Lifestyle

195.3

191.7

801.3

773.4

Global Housing

275.6

225.4

22%

858.7

671.2

28%

Corporate and Other

(34.4)

(35.7)

(123.8)

(122.2)

(1)%

Adjusted EBITDA 1

436.5

381.4

14%

1,536.2

1,322.4

16%

Reportable catastrophes

9.4

50.1

198.2

247.0

Adjusted EBITDA, ex. reportable catastrophes

Global Lifestyle 2

195.3

191.8

800.7

775.2

Global Housing 2

285.0

275.4

1,057.5

916.4

15%

Corporate and Other

(34.4)

(35.7)

(123.8)

(122.2)

(1)%

Adjusted EBITDA, ex. reportable catastrophes 2

445.9

431.5

1,734.4

1,569.4

11%

Note: Adjusted EBITDA of the Global Lifestyle, Global Housing, and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable catastrophes. Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.

Fourth Quarter 2025 Consolidated Results

Full Year 2025 Consolidated Results

Global Lifestyle

$ in millions

Q4'25

Q4'24

Change

12M'25

12M'24

Change

Adjusted EBITDA

195.3

191.7

801.3

773.4

Net earned premiums, fees and other income

2,518.9

2,346.5

9,582.5

8,967.3

Global Housing

$ in millions

Q4'25

Q4'24

Change

12M'25

12M'24

Change

Adjusted EBITDA

275.6

225.4

22%

858.7

671.2

28%

Reportable catastrophes

9.4

50.0

198.8

245.2

Adjusted EBITDA, ex. reportable catastrophes 2

285.0

275.4

1,057.5

916.4

15%

Net earned premiums, fees and other income

711.4

647.4

10%

2,768.8

2,457.0

13%

(a) Fourth quarter 2025 had $29.4 million of favorable non-catastrophe prior period reserve development, of which $22.1 million was related to prior years, compared to $38.3 million of favorable non-catastrophe prior period reserve development in fourth quarter 2024. Full year 2025 prior year reserve development was $113.1 million and full year 2024 prior year reserve development was $106.7 million.

Corporate and Other

$ in millions

Q4'25

Q4'24

Change

12M'25

12M'24

Change

Adjusted EBITDA

(34.4)

(35.7)

(123.8)

(122.2)

(1)%

Holding Company Liquidity Position

Dividends paid by the operating segments to the holding company in fourth quarter 2025 totaled $438 million. For full year 2025, dividends paid by the operating segments totaled $925 million.

For full year 2025, share repurchases and common stock dividends totaled $468 million. Assurant repurchased 1.4 million shares of common stock for $300 million and paid $168 million in common stock dividends.

From January 1 through February 6, 2026, the company repurchased approximately 126 thousand shares for $30 million. $745 million remains under the current repurchase authorizations.

2026 Company Outlook 6

Note: Some of the metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Based on current macroeconomic conditions, the company expects the following:

$ in millions, except per share data

2025

2026 Outlook 6

2026 Outlook 6 ex. 2025 PYD (b)

Adjusted EBITDA, ex. reportable catastrophes 2

$1,734

Consistent with 2025 Levels

Mid-to-high

single digits

Adjusted earnings, ex. reportable catastrophes, per diluted share 4

$22.81

Consistent with 2025 Levels

Mid-to-high

single digits

(b) 2026 outlook is shown relative to 2025 results excluding $113.1 million of favorable prior year development (PYD).

Earnings Conference Call

The fourth quarter 2025 earnings conference call and webcast will be held on Wednesday, February 11, 2026 at 8:00 a.m. E.T. The slide presentation used by management during the webcast includes supplemental information and will be available on Assurant’s Investor Relations website prior to the conference call. The live and archived webcast, along with supplemental information, will also be available on Assurant’s Investor Relations website:

https://ir.assurant.com/overview/default.aspx

About Assurant

Assurant, Inc. (NYSE: AIZ) is a premier global protection company that partners with the world’s leading brands to safeguard and service connected devices, homes, and automobiles. As a Fortune 500 company operating in 21 countries, Assurant leverages data-driven technology solutions to provide exceptional customer experiences.

Learn more at assurant.com

Safe Harbor Statement

Some of the statements in this news release, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability and resiliency of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.

You can identify forward-looking statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:

For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission, including the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. 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.

(UNAUDITED)

12 Months

($ in millions)

2025

2024

2025

2024

GAAP net income

225.2

201.3

872.7

760.2

Less:

Interest expense

28.3

26.8

109.7

107.0

Provision for income taxes

58.3

48.7

214.7

167.1

Depreciation expense

47.6

39.9

156.4

139.4

Amortization of purchased intangible assets

17.4

17.2

67.4

69.1

Adjustments, pre-tax:

Net realized losses on investments and fair value changes to equity securities

20.5

29.1

71.8

75.8

Restructuring costs

28.7

5.2

27.3

5.4

Loss on subsidiary held for sale

10.7

—

10.7

—

Other adjustments (1)

(0.2

)

13.2

5.5

(1.6

)

Adjusted EBITDA

436.5

381.4

1,536.2

1,322.4

Reportable catastrophes

9.4

50.1

198.2

247.0

Adjusted EBITDA, excluding reportable catastrophes

445.9

431.5

1,734.4

1,569.4

(1) Additional details about the components of Other adjustments and other key financial metrics throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx

(UNAUDITED)

4Q 2025

4Q 2024

Global

Lifestyle

Global

Housing

Global

Lifestyle

Global

Housing

($ in millions)

Adjusted EBITDA

195.3

275.6

191.7

225.4

Reportable catastrophes

—

9.4

0.1

50.0

Adjusted EBITDA, excluding reportable catastrophes

195.3

285.0

191.8

275.4

(UNAUDITED)

12 Months 2025

12 Months 2024

Global

Lifestyle

Global

Housing

Global

Lifestyle

Global

Housing

($ in millions)

Adjusted EBITDA

801.3

858.7

773.4

671.2

Reportable catastrophes

(0.6

)

198.8

1.8

245.2

Adjusted EBITDA, excluding reportable catastrophes

800.7

1,057.5

775.2

916.4

(3) Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important measure of the company’s stockholder value. Assurant defines Adjusted earnings per diluted share as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, amortization of purchased intangible assets, as well as other highly variable or unusual items (including the items mentioned above), divided by the weighted average diluted shares outstanding. The company believes this metric provides investors with an important measure of stockholder value because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management’s and investors’ ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted earnings, revenue generated from such intangible assets is included within the revenue in determining Adjusted earnings. The comparable GAAP measure is net income per diluted share, defined as net income, divided by the weighted average diluted shares outstanding. See Note 4 below for a full reconciliation.

(4) Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses Adjusted earnings, excluding reportable catastrophes, per diluted share (each as defined above) as another important measure of the company's stockholder value. The company believes this metric provides investors with an important measure of stockholder value for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share (defined above).

(UNAUDITED)

12 Months

($ in millions)

2025

2024

2025

2024

GAAP net income

225.2

201.3

872.7

760.2

Adjustments, pre-tax:

Net realized losses on investments and fair value changes to equity securities

20.5

29.1

71.8

75.8

Amortization of purchased intangible assets

17.4

17.2

67.4

69.1

Restructuring costs

28.7

5.2

27.3

5.4

Loss on subsidiary held for sale

10.7

—

10.7

—

Other adjustments

(0.2

)

13.2

5.5

(1.6

)

Benefit for income taxes

(15.8

)

(16.9

)

(36.5

)

(34.2

)

Adjusted earnings

286.5

249.1

1,018.9

874.7

Reportable catastrophes, pre-tax

9.4

50.1

198.2

247.0

Tax impact of reportable catastrophes

(2.0

)

(10.5

)

(41.7

)

(51.8

)

Adjusted earnings, excluding reportable catastrophes

293.9

288.7

1,175.4

1,069.9

(UNAUDITED)

12 Months

2025

2024

2025

2024

GAAP net income per diluted share (1)

4.41

3.87

16.93

14.46

Adjustments, pre-tax:

Net realized losses on investments and fair value changes to equity securities

0.40

0.56

1.39

1.44

Amortization of purchased intangible assets

0.34

0.33

1.31

Restructuring costs

0.56

0.10

0.53

0.10

Loss on subsidiary held for sale

0.21

—

0.21

—

Other adjustments

—

0.25

0.11

(0.02

)

Benefit for income taxes

(0.31

)

(0.32

)

(0.71

)

(0.65

)

Adjusted earnings, per diluted share

5.61

4.79

19.77

16.64

Reportable catastrophes, pre-tax

0.18

0.96

3.85

4.70

Tax impact of reportable catastrophes

(0.04

)

(0.21

)

(0.81

)

(0.99

)

Adjusted earnings, excluding reportable catastrophes, per diluted share

5.75

5.54

22.81

20.35

(1) Information on the share counts used in the per share calculations throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx

(5) Constant Currency: Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to-period comparisons.

(UNAUDITED)

Constant Currency

4Q 2025

12 Months 2025

Percentage change in GAAP net income, including FX impact

11.9 %

14.8 %

Percentage change in Adjusted EBITDA, including FX impact

14.4 %

16.2 %

Percentage change in Adjusted EBITDA, excluding reportable catastrophes:

Including FX impact

3.3 %

10.5 %

FX impact

0.4 %

(0.4) %

Excluding FX impact

2.9 %

10.9 %

(6) The company outlook for each of Adjusted earnings, excluding reportable catastrophes, per diluted share and, for Assurant and Global Housing, Adjusted EBITDA, excluding reportable catastrophes, each including and excluding 2025 prior year development, constitute forward-looking non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-looking non-GAAP financial measures to the most comparable GAAP measure, the probable significance of which cannot be determined. The company is able to quantify a full-year estimate of depreciation expense, interest expense and amortization of purchased intangible assets, each on a pre-tax basis, and the estimated effective tax rate, which are expected to be approximately $175 million, $113 million, $70 million and 20 to 22 percent, respectively. Other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation.

Assurant, Inc.

Consolidated Statement of Operations (unaudited)

Three and Twelve Months Ended December 31, 2025 and 2024

12 Months

2025

2024

2025

2024

($ in millions except number of shares and per share amounts)

Revenues

Net earned premiums

2,705.7

2,557.5

10,482.9

9,795.8

Fees and other income

524.9

438.6

1,875.9

1,638.6

Net investment income

140.3

137.8

527.3

518.9

Net realized losses on investments and fair value changes to equity securities

(20.5

)

(29.1

)

(71.8

)

(75.8

)

Total revenues

3,350.4

3,104.8

12,814.3

11,877.5

Benefits, losses and expenses

Policyholder benefits

717.0

670.5

2,927.8

2,766.5

Underwriting, selling, general and administrative expenses

2,321.6

2,157.5

8,688.1

8,076.7

Interest expense

28.3

26.8

109.7

107.0

Loss on extinguishment of debt

—

1.3

—

Total benefits, losses and expenses

3,066.9

2,854.8

11,726.9

10,950.2

Income before provision for income taxes

283.5

250.0

1,087.4

927.3

Provision for income taxes

58.3

48.7

214.7

167.1

Net income

225.2

201.3

872.7

760.2

Net income per share:

Basic

4.46

3.89

17.14

14.55

Diluted

4.41

3.87

16.93

14.46

Common stock dividends per share

0.88

0.80

3.28

2.96

Share data:

Basic weighted average shares outstanding

50,017,641

51,191,614

50,469,633

51,703,588

Diluted weighted average shares outstanding

50,666,230

51,571,207

51,086,649

52,052,961

Assurant, Inc.

Consolidated Condensed Balance Sheets (unaudited)

At December 31, 2025 and 2024

December 31,

2025

2024

($ in millions)

Assets

Investments and cash and cash equivalents

11,896.1

10,352.2

Reinsurance recoverables

6,471.3

7,579.5

Deferred acquisition costs

10,187.6

9,992.8

Goodwill

2,646.3

2,616.0

Other assets

4,575.9

4,480.1

Assets held for sale

512.4

—

Total assets

36,289.6

35,020.6

Liabilities

Policyholder benefits and claims payable

2,156.9

3,450.9

Unearned premiums

20,881.4

20,211.4

Debt

2,206.9

2,083.1

Accounts payable and other liabilities

4,673.3

4,168.5

Liabilities held for sale

499.5

—

Total liabilities

30,418.0

29,913.9

Stockholders’ equity

Equity, excluding accumulated other comprehensive loss

6,415.8

5,942.8

Accumulated other comprehensive loss

(544.2

)

(836.1

)

Total equity

5,871.6

5,106.7

Total liabilities and equity

36,289.6

35,020.6