Core Insights - Assurant, Inc. (AIZ) shares have increased by 17.6% over the past year, outperforming the industry growth of 7.5% and the Zacks S&P 500 composite's growth of 11.9%, but lagging behind the Finance sector's return of 18.1% [1][7] - The company has a market capitalization of $10.29 billion and an average trading volume of 0.5 million shares over the last three months [1] - Assurant has consistently surpassed earnings estimates in the last four quarters, with an average beat of 15.99% [1] Valuation and Market Position - Assurant shares are trading at a forward price-to-book value of 1.97X, which is lower than the industry average of 2.48X, the Finance sector's 4.08X, and the Zacks S&P 500 Composite's 7.96X [4] - The Zacks Consensus Estimate for Assurant's 2025 revenues is $12.58 billion, indicating a year-over-year growth of 5.2% [5] Growth Projections - The consensus estimates for 2026 suggest an increase in earnings per share by 18.5% and revenues by 4.3% compared to 2024 estimates [8] - Earnings have grown by 16.6% over the past five years, outperforming the industry average of 10.1% [8] Analyst Sentiment - Four out of five analysts covering Assurant have raised their estimates for 2025 and 2026 in the past 30 days, leading to a 1.1% increase in the 2025 earnings estimate and a 1.5% increase for 2026 [9] Technical Analysis - Assurant shares closed at $202.98, trading above the 50-day simple moving average (SMA) of $197.65, indicating strong upward momentum [10] Financial Efficiency - The return on equity for Assurant in the trailing 12 months was 15.4%, surpassing the industry average of 14.9% [13] - The return on invested capital (ROIC) was 9.9%, significantly higher than the industry average of 2% [14] Strategic Focus - Assurant is concentrating on expanding its capital-light businesses, which account for 52% of segment revenues, and expects this segment to grow in double digits over the long term [15] - The company is enhancing its Connected Living platform, particularly in mobile protection, which is expected to drive growth [16] Segment Performance - Growth in the Global Housing segment is anticipated due to favorable claims experience and increased policies in-force [17] - The Global Lifestyle segment is expected to benefit from growth in mobile device protection and new financial services programs [18] Capital Management - Assurant has a robust capital management policy, with an 11% dividend increase approved in November 2024, marking the 20th consecutive year of dividend hikes [20] - The company repurchased shares worth $62 million in the first quarter of 2025, with a remaining authorization of $287 million [20] Conclusion - The focus on capital-light businesses, growth in Homeowners and Connected Living segments, along with higher returns on capital and favorable growth estimates, positions Assurant for long-term benefits [21]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements (unaudited)](index=2&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)%20of%20Assurant%2C%20Inc.) The unaudited consolidated financial statements present Assurant, Inc.'s financial position as of March 31, 2025, and its results of operations and cash flows for the three months ended March 31, 2025 and 2024. Total assets slightly decreased to **$35.0 billion**. For the first quarter of 2025, the company reported total revenues of **$3.1 billion** and a net income of **$146.6 million**, a decrease from **$236.4 million** in the prior year's quarter, primarily due to higher policyholder benefits. Net cash provided by operating activities significantly increased to **$392.4 million** Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total investments | $9,043.6 | $8,544.5 | | Cash and cash equivalents | $1,669.6 | $1,807.7 | | Total assets | $34,988.4 | $35,020.6 | | Unearned premiums | $20,132.5 | $20,211.4 | | Total liabilities | $29,754.2 | $29,913.9 | | Total equity | $5,234.2 | $5,106.7 | Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $3,074.0 | $2,880.1 | | Policyholder benefits | $779.7 | $623.1 | | Net income | $146.6 | $236.4 | | Diluted EPS | $2.83 | $4.47 | Consolidated Statement of Cash Flows Highlights (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $392.4 | $82.5 | | Net cash used in investing activities | ($421.6) | ($328.2) | | Net cash used in financing activities | ($118.7) | ($96.2) | | Change in cash and cash equivalents | ($138.1) | ($345.5) | [Notes to Consolidated Financial Statements (unaudited)](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(unaudited)) The notes detail the basis of presentation and significant accounting policies. Key highlights include segment performance, where Global Lifestyle's Adjusted EBITDA decreased to **$197.8 million** while Global Housing's fell to **$112.4 million** due to catastrophe losses. The company experienced **$61.3 million** in net favorable loss development in Q1 2025. The investment portfolio is primarily composed of high-quality fixed maturity securities. The company also details its restructuring plans, which incurred a net credit of **$1.1 million** in Q1 2025 - The company operates through two main segments: Global Lifestyle (Connected Living and Global Automotive) and Global Housing (Homeowners and Renters)[18](index=18&type=chunk) Segment Adjusted EBITDA (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Global Lifestyle | $197.8 | $207.7 | | Global Housing | $112.4 | $192.5 | | Corporate and Other | ($28.0) | ($29.5) | - The company experienced net favorable prior-year loss development of **$61.3 million** in Q1 2025, compared to **$41.6 million** in Q1 2024. Global Lifestyle contributed **$31.7 million** and Global Housing contributed **$27.6 million** of this favorable development[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - In Q1 2025, the company repurchased **298,946** shares of common stock for **$62.5 million** and paid dividends of **$40.9 million** (**$0.80** per share)[11](index=11&type=chunk)[147](index=147&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion attributes the **38%** decrease in consolidated net income for Q1 2025 to **$146.6 million** primarily to higher reportable catastrophe losses in the Global Housing segment. Global Lifestyle's Adjusted EBITDA saw a **5%** decrease due to lower results in Connected Living. Global Housing's Adjusted EBITDA dropped **42%**, driven by **$143.8 million** in pre-tax reportable catastrophes, mainly from California wildfires. The company maintains strong liquidity, with **$501.2 million** in holding company liquidity, and continues its capital return program through dividends and share repurchases [Executive Summary](index=38&type=section&id=Executive%20Summary) Consolidated net income for Q1 2025 was **$146.6 million**, a **38%** decrease from Q1 2024, mainly due to significant catastrophe losses in Global Housing. Global Lifestyle's Adjusted EBITDA decreased **5%** to **$197.8 million**, while Global Housing's Adjusted EBITDA fell **42%** to **$112.4 million**. Excluding catastrophes, Global Housing's Adjusted EBITDA grew **31%**, driven by top-line growth and favorable non-catastrophe loss experience - Consolidated net income decreased by **$89.8 million** (**38%**) YoY, primarily due to higher reportable catastrophes in Global Housing[112](index=112&type=chunk) - Global Lifestyle Adjusted EBITDA decreased **5%** to **$197.8 million**, driven by lower results in Connected Living[113](index=113&type=chunk) - Global Housing Adjusted EBITDA decreased **42%** to **$112.4 million**, impacted by **$143.8 million** of higher pre-tax reportable catastrophes, including about **$125 million** from California wildfires[115](index=115&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) The detailed operational review shows a consolidated revenue increase to **$3.1 billion**, but a net income decline to **$146.6 million**. Global Lifestyle revenue grew **5%** to **$2.39 billion**, but Adjusted EBITDA fell **5%** due to lower device protection results and a prior-year one-time benefit. Global Housing revenue increased **15%** to **$690.5 million**, but higher catastrophe losses drove a **42%** drop in Adjusted EBITDA. Corporate and Other segment's Adjusted EBITDA loss narrowed slightly due to lower expenses - Global Lifestyle's revenue increase was driven by growth in global mobile device protection and a new financial services program, but Adjusted EBITDA declined due to lower domestic device protection results and unfavorable foreign exchange[125](index=125&type=chunk)[126](index=126&type=chunk) - Global Housing's Adjusted EBITDA decrease was mainly due to **$143.8 million** of higher pre-tax reportable catastrophes. This was partially offset by growth in policies, higher premium rates, and favorable non-catastrophe loss experience[129](index=129&type=chunk) - Global Housing policyholder benefits increased **66%** to **$333.0 million**, primarily due to higher reportable catastrophe losses[131](index=131&type=chunk) [Investments](index=45&type=section&id=Investments) Total investments grew to **$9.04 billion** as of March 31, 2025. The fixed maturity securities portfolio, which comprises the bulk of investments, remains high quality with **93%** rated 'Baa' or better. Net investment income for Q1 2025 decreased slightly by **1%** to **$124.8 million**, due to lower partnership income and yields on cash, despite higher income from fixed maturity securities. Net realized losses on investments increased to **$16.0 million** Net Investment Income by Source (in millions) | Source | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Fixed maturity securities | $100.9 | $90.8 | | Cash and cash equivalents | $16.0 | $19.8 | | Other investments | ($1.0) | $6.3 | | **Total Net Investment Income** | **$124.8** | **$126.7** | - Net realized losses on investments and fair value changes to equity securities increased by **$7.2 million** to **$16.0 million** in Q1 2025, driven by sales of fixed maturity securities at a loss[137](index=137&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, with holding company liquidity at **$501.2 million** as of March 31, 2025, well above its **$225.0 million** minimum target. In Q1 2025, subsidiaries paid **$66.6 million** in dividends to the holding company. The company returned **$103.4 million** to shareholders through **$62.5 million** in share repurchases and **$40.9 million** in dividends. The company has a **$500.0 million** revolving credit facility which was undrawn during the quarter - As of March 31, 2025, holding company liquidity was **$501.2 million**, which is **$276.2 million** above the targeted minimum level of **$225.0 million**[144](index=144&type=chunk) - In Q1 2025, the company repurchased **298,946** shares for **$62.5 million**. As of March 31, 2025, **$312.1 million** remained under the share repurchase authorization[147](index=147&type=chunk) - The 2025 catastrophe reinsurance program premiums are estimated to be **$222.7 million** pre-tax, an increase from **$188.9 million** in 2024, reflecting exposure changes and market conditions[138](index=138&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the company's 2024 Annual Report on Form 10-K and the 'Investments' section within the current report for disclosures regarding market risk - The company directs readers to its 2024 Annual Report and the MD&A section of this report for quantitative and qualitative disclosures about market risk[166](index=166&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025. There were no material changes to the company's internal control over financial reporting during the quarter - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[167](index=167&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[168](index=168&type=chunk) [PART II - OTHER INFORMATION](index=50&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory proceedings in the normal course of business. Management does not believe these pending matters are likely to have a material adverse effect on the company's financial condition, though an individual reporting period's results could be materially affected - For details on material pending legal proceedings, the report refers to Note **14** of the Consolidated Financial Statements[170](index=170&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the 'Risk Factors' section of the company's 2024 Annual Report on Form 10-K for a discussion of potential risks and uncertainties - The report refers readers to Item **1A**—Risk Factors in the 2024 Annual Report for a full discussion of potential risks[171](index=171&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, the company repurchased a total of **298,946** shares of its common stock at an average price of **$208.98** per share. These repurchases were made under the November 2023 authorization, which had **$312.1 million** remaining as of March 31, 2025 Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January 2025 | 91,518 | $210.08 | | February 2025 | 58,295 | $209.26 | | March 2025 | 149,133 | $208.19 | | **Total** | **298,946** | **$208.98** | - As of March 31, 2025, **$312.1 million** remained available for future repurchases under the current authorization[172](index=172&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) On March 10, 2025, Keith W. Demmings, the President and CEO, adopted a Rule **10b5-1** trading plan for the sale of up to **18,000** shares of the company's common stock. The plan is set to terminate by February 27, 2026, or earlier if all shares are sold or the plan is otherwise terminated - President and CEO Keith W. Demmings adopted a Rule **10b5-1** trading plan on March 10, 2025, for the sale of up to **18,000** shares of common stock[173](index=173&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications (Rule **13a-14(a)**/**15d-14(a)** and Section **906**) and financial data formatted in XBRL - Exhibits filed include CEO/CFO certifications and financial statements in XBRL format[175](index=175&type=chunk)

Core Viewpoint - Assurant, Inc. reported a mixed performance in Q1 2025, with net operating income per share beating estimates but showing a significant year-over-year decline Financial Performance - Net operating income was $3.39 per share, exceeding the Zacks Consensus Estimate by 19.4%, but down 29% year over year [1] - Total revenues increased by 7% year over year to $3.1 billion, driven by higher net earned premiums and fees, beating the Zacks Consensus Estimate by 1.2% [2] - Net investment income decreased by 1.5% year over year to $124.8 million, falling short of the estimate of $133.8 million [3] - Total benefits, losses, and expenses rose by 11.7% to $2.8 billion, matching the estimate [3] Segment Performance - Global Housing revenues increased by 14.9% year over year to $690.5 million, surpassing the estimate of $655.2 million [4] - Global Lifestyle revenues rose by 4.9% year over year to $2.4 billion, exceeding the estimate of $2.3 billion [6] - Adjusted EBITDA for Global Lifestyle decreased by 5% year over year to $197.8 million, primarily due to lower results in Connected Living [6] - Global Automotive results remained stable, with adjusted EBITDA higher than the estimate of $195.7 million [7] Financial Position - Liquidity stood at $501 million as of March 31, 2025, which is $276 million above the targeted minimum level [8] - Total assets decreased by 0.09% to $35 billion, while total shareholders' equity increased by 2.5% year over year to $5.2 billion [8] Shareholder Returns - Assurant repurchased shares worth $62 million in Q1 and an additional $25 million from April 1 to May 2, 2025, with $287 million remaining under the current repurchase authorization [9] - Total dividends paid in the reported quarter amounted to $41 million [9] Guidance - Assurant expects adjusted EBITDA, excluding reportable catastrophes, to increase modestly in 2025 [10] - The company anticipates growth in adjusted earnings per diluted share, with depreciation expense projected at approximately $160 million [11]

Financial Data and Key Metrics Changes - The company reported a 14% growth in adjusted EBITDA and a 16% growth in adjusted earnings per share for Q1 2025, both excluding reportable catastrophes [5][19] - The holding company liquidity position remained solid at over $500 million at quarter end, with over $100 million returned to shareholders, including $62 million in share repurchases [20] Business Line Data and Key Metrics Changes - In Global Lifestyle, adjusted EBITDA was down 5% compared to last year, impacted by unfavorable foreign exchange and a prior year one-time client contract benefit [21] - Global Automotive saw stable adjusted EBITDA, with improved loss experience offsetting lower investment income [23] - Global Housing achieved a 31% increase in adjusted EBITDA to $269 million, excluding catastrophes, driven by significant policy growth and favorable non-catastrophe loss experience [24] Market Data and Key Metrics Changes - The homeowners business experienced a 17% top-line growth, primarily due to the addition of 70,000 lender-placed policies [12] - The renters business added over 250,000 policies through a new renter's book, contributing to double-digit written premium growth in the property management company channel [13][68] Company Strategy and Development Direction - The company is focused on executing and optimizing partnerships across lifestyle and housing, with significant investments in new programs and clients [6][16] - The strategy emphasizes a differentiated B2B2C distribution model, aiming to leverage competitive advantages and financial performance [15] - The company plans to continue expanding offerings with existing clients and entering adjacent sectors through new product launches [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the ninth consecutive year of earnings growth in 2025, despite macroeconomic uncertainties [16][29] - The company is closely monitoring the impact of tariffs and macroeconomic conditions on claims costs and consumer demand, with a belief that the business model can navigate these challenges [17][29] Other Important Information - The company was recognized by the American Red Cross as a 2025 disaster relief hero for its support during 2024 storms [12] - The 2025 catastrophe reinsurance program was successfully placed, increasing coverage at more attractive terms [26] Q&A Session Summary Question: Update on Global Lifestyle loss ratio and improvement expectations - Management acknowledged the high loss ratio and indicated ongoing efforts in Global Auto to drive improvements, with encouraging trends in loss experience [33][37] Question: Size and cadence of investments in Connected Living - Management confirmed continued investments similar to previous years, with a focus on new client launches and capabilities [39][40] Question: Impact of tariffs on guidance - Management indicated that tariffs are expected to have manageable impacts, particularly in auto and housing, and that the business is well-positioned to navigate these challenges [45][46] Question: Expense ratio impact from catastrophe losses - Management noted that the expense ratio was impacted by higher reinsurance costs and claims management expenses, but underlying expenses remained flat year over year [52][53] Question: Financial impact of Total Wireless by Verizon - Management clarified that the program is a new launch, starting from customer one, and will ramp up over three to four years [60][61] Question: Trends in lender-placed business and voluntary insurance market - Management confirmed continued growth in lender-placed policies, particularly in California and the Midwest, indicating ongoing demand [63][65] Question: Trade-in dynamics and customer behavior - Management noted that customers are keeping devices longer, but promotional activity also influences demand, with competitive intensity expected to drive growth [66][67] Question: Growth in renters business and new customer acquisition - Management highlighted the strategic acquisition of 250,000 policies and ongoing double-digit growth in the property management channel [68][70]

Financial Performance - Adjusted EBITDA, excluding catastrophes, grew by 14% to $439 million in Q1 2025 compared to $384 million in Q1 2024[11, 46] - Adjusted EPS, excluding catastrophes, increased by 16% to $579 per share in Q1 2025 from $497 per share in Q1 2024[11, 48] - The company reaffirmed its 2025 enterprise outlook, projecting modest growth in both Adjusted EBITDA and Adjusted EPS, excluding catastrophes[13] Segment Performance - Global Housing Adjusted EBITDA, excluding catastrophes, increased by 31% to $269 million in Q1 2025 from $205 million in Q1 2024[24, 60] - Global Housing combined ratio, including catastrophes, was 94% in Q1 2025[26] - Global Lifestyle Adjusted EBITDA decreased by 5% to $198 million in Q1 2025 from $208 million in Q1 2024[20] Capital Management - The company generated $67 million in cash during the quarter[11] - $103 million was returned to shareholders through share repurchases and common stock dividends[11] - Share repurchases totaled $62 million in Q1 2025, with an additional $25 million repurchased between April 1 and May 2[49] Catastrophe Reinsurance - The U S program provides approximately $18 billion of coverage in excess of a $160 million retention[66] - The total program coverage protects against a projected probable maximum loss of approximately a 1-in-265-year storm[66]

Company Performance - Assurant reported quarterly earnings of $3.39 per share, exceeding the Zacks Consensus Estimate of $2.84 per share, but down from $4.78 per share a year ago, representing an earnings surprise of 19.37% [1] - The company posted revenues of $3.09 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.21% and up from $2.89 billion year-over-year [2] - Over the last four quarters, Assurant has consistently surpassed consensus EPS and revenue estimates [2] Stock Outlook - Assurant shares have declined approximately 7.9% since the beginning of the year, compared to a 3.9% decline in the S&P 500 [3] - The company's current Zacks Rank is 3 (Hold), indicating expected performance in line with the market in the near future [6] - The consensus EPS estimate for the upcoming quarter is $4.62 on revenues of $3.09 billion, and for the current fiscal year, it is $16.01 on revenues of $12.5 billion [7] Industry Context - The Insurance - Multi line industry, to which Assurant belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Assurant's stock performance [5]

[First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Assurant reported strong Q1 2025 results, driven by Global Housing and improved Global Automotive, reaffirming its 2025 earnings outlook - The company is pleased with Q1 results, supported by strong performance in Global Housing and improved loss experience in Global Automotive, and is making progress against its strategic priorities[2](index=2&type=chunk) - Assurant reaffirmed its 2025 outlook for earnings growth, citing its strong financial and capital position, and its focus on long-term growth and shareholder value[3](index=3&type=chunk) Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | GAAP net income | $146.6 million | $236.4 million | (38)% | | Adjusted EBITDA | $282.2 million | $370.7 million | (24)% | | Adjusted EBITDA, ex. reportable catastrophes | $439.2 million | $383.7 million | 14% | | GAAP net income per diluted share | $2.83 | $4.47 | (37)% | | Adjusted earnings per diluted share | $3.39 | $4.78 | (29)% | | Adjusted earnings, ex. reportable catastrophes, per diluted share | $5.79 | $4.97 | 16% | [Consolidated Financial Results](index=2&type=section&id=First%20Quarter%202025%20Consolidated%20Results) Consolidated GAAP net income decreased 38% to **$146.6 million** due to increased catastrophes, but Adjusted EBITDA (ex-catastrophes) rose 14% to **$439.2 million** - GAAP net income decreased by **38%** to **$146.6 million**, mainly due to higher reportable catastrophes in Global Housing[7](index=7&type=chunk) - Excluding reportable catastrophes, Adjusted EBITDA increased **14%** (**16%** on a constant currency basis) to **$439.2 million**, driven by higher earnings in Global Housing[7](index=7&type=chunk) - Adjusted earnings, excluding reportable catastrophes, per diluted share increased **16%** to **$5.79**, benefiting from higher Global Housing earnings and share repurchases[7](index=7&type=chunk) - Total net earned premiums, fees, and other income from the operating segments grew **7%** to **$2.96 billion** (**9%** on a constant currency basis)[8](index=8&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Segment performance was mixed: Global Housing's Adjusted EBITDA (ex-catastrophes) rose 31%, Global Lifestyle's Adjusted EBITDA fell 5%, and Corporate and Other's loss improved [Global Lifestyle](index=3&type=section&id=Global%20Lifestyle) Global Lifestyle's Adjusted EBITDA decreased 5% to **$197.8 million**, while net earned premiums and fees increased 5% due to mobile protection growth Global Lifestyle Q1 Financials ($ in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $197.8 million | $207.7 million | (5)% | | Net earned premiums, fees and other income | $2,306.6 million | $2,187.8 million | 5% | - Adjusted EBITDA decreased **5%** (**2%** on a constant currency basis); excluding a **$6.9 million** one-time client contract benefit in Q1 2024, Adjusted EBITDA grew modestly on a constant currency basis[11](index=11&type=chunk) - Net earned premiums and fees increased **5%** (**7%** constant currency), primarily driven by Connected Living from growth in global mobile device protection and a new financial services program[11](index=11&type=chunk) [Global Housing](index=3&type=section&id=Global%20Housing) Global Housing's Adjusted EBITDA fell 42% to **$112.4 million** due to catastrophes, but excluding them, it surged 31% to **$269.1 million** from top-line growth Global Housing Q1 Financials ($ in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $112.4 million | $192.5 million | (42)% | | Reportable catastrophes | $156.7 million | $12.9 million | N/A | | Adjusted EBITDA, ex. reportable catastrophes | $269.1 million | $205.4 million | 31% | | Net earned premiums, fees and other income | $656.8 million | $572.2 million | 15% | - The decrease in Adjusted EBITDA was primarily due to **$143.8 million** of higher pre-tax reportable catastrophes, with about **$125 million** from California wildfires[12](index=12&type=chunk) - Excluding reportable catastrophes, Adjusted EBITDA increased **31%**, driven by top-line growth in Homeowners and favorable non-catastrophe loss experience[12](index=12&type=chunk) [Corporate and Other](index=4&type=section&id=Corporate%20and%20Other) Corporate and Other's Adjusted EBITDA loss improved by **5%** to **$(28.0) million** in Q1 2025, primarily due to lower third-party expenses Corporate and Other Q1 Financials ($ in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $(28.0) million | $(29.5) million | 5% | - The improved Adjusted EBITDA loss was primarily driven by lower third-party expenses[13](index=13&type=chunk) [Capital Management and Liquidity](index=4&type=section&id=Holding%20Company%20Liquidity%20Position) The holding company maintained strong liquidity of **$501 million** as of March 31, 2025, returning **$103 million** to shareholders in Q1 2025 - Holding company liquidity totaled **$501 million** as of March 31, 2025, which is **$276 million** above the company's minimum target of **$225 million**[14](index=14&type=chunk) - In Q1 2025, the company returned a total of **$103 million** to shareholders, consisting of **$62 million** in share repurchases (**299 thousand shares**) and **$41 million** in common stock dividends[14](index=14&type=chunk) - **$287 million** remains under the current share repurchase authorization as of May 2, 2025[14](index=14&type=chunk) [2025 Full-Year Outlook](index=4&type=section&id=2025%20Company%20Outlook) Assurant reaffirmed its 2025 outlook, expecting modest growth in Adjusted EBITDA and earnings per diluted share (ex-catastrophes) across its key segments 2025 Outlook vs. 2024 Actuals | Metric | 2024 Actual | 2025 Outlook | | :--- | :--- | :--- | | Adjusted EBITDA, ex. reportable catastrophes | $1,569 million | Modest growth | | Adjusted earnings, ex. reportable catastrophes, per diluted share | $20.35 | Modest growth | - Global Lifestyle Adjusted EBITDA is expected to increase from growth in Connected Living and Global Automotive[16](index=16&type=chunk) - Global Housing Adjusted EBITDA, excluding reportable catastrophes, is now expected to increase[16](index=16&type=chunk) - Corporate and Other Adjusted EBITDA loss is expected to be approximately **$115 million**[16](index=16&type=chunk) [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section provides context for financial results, including earnings call details, company overview, forward-looking statements, non-GAAP definitions, and consolidated financial statements [Non-GAAP Financial Measures Reconciliation](index=7&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP measures like Adjusted EBITDA and Adjusted Earnings per Diluted Share, offering a clearer view of operational performance - Adjusted EBITDA is defined as net income excluding items like net realized investment gains/losses, interest, taxes, depreciation, and amortization of purchased intangible assets to better show ongoing operational performance[24](index=24&type=chunk) - Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share is used as an important measure of stockholder value, excluding volatile items to facilitate period-over-period comparisons[28](index=28&type=chunk) Reconciliation of GAAP Net Income to Adjusted EBITDA ($ in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net income | $146.6 million | $236.4 million | | Adjustments (Interest, Taxes, D&A, etc.) | $135.6 million | $89.3 million | | Adjusted EBITDA | $282.2 million | $370.7 million | | Reportable catastrophes | $157.0 million | $13.0 million | | **Adjusted EBITDA, ex. reportable catastrophes** | **$439.2 million** | **$383.7 million** | [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a decrease in Q1 2025 net income to **$146.6 million** and a stable balance sheet with **$34,988.4 million** in total assets Consolidated Statement of Operations Highlights ($ in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $3,074.0 million | $2,880.1 million | | Total benefits, losses and expenses | $2,890.3 million | $2,587.2 million | | Net income | $146.6 million | $236.4 million | | Diluted net income per share | $2.83 | $4.47 | Consolidated Balance Sheet Highlights ($ in millions) | Metric | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total assets | $34,988.4 million | $35,020.6 million | | Total liabilities | $29,754.2 million | $29,913.9 million | | Total equity | $5,234.2 million | $5,106.7 million |

Assurant, Inc. (AIZ) is expected to register an improvement in its top line but a decline in its bottom line when it reports first-quarter 2025 results on May 6, after the closing bell.The Zacks Consensus Estimate for AIZ’s first-quarter revenues is pegged at $3.05 billion, indicating 5.6% growth from the year-ago reported figure.The consensus estimate for earnings is pegged at $3.00 per share. The Zacks Consensus Estimate for AIZ’s first-quarter earnings has moved up 2.5% in the past 30 days. The estimate ...

Assurant (AIZ) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On the ot ...

Assurant (AIZ) shares soared 7.5% in the last trading session to close at $193.24. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.9% loss over the past four weeks.AIZ's shares surged in response to the broader market rally after President Trump announced a 90-day pause of reciprocal tariffs for most countries.This insurer is expected to post quarterly earnings of $3 per share in its upcoming report, which represents a year-ov ...