Assurant(US:AIZ)2025-08-07 20:20Financial Performance - Total revenues for Q2 2025 reached $3,158.4 million, a 8.0% increase from $2,924.9 million in Q2 2024[10] - Net earned premiums for the first half of 2025 were $5,150.0 million, up 6.8% from $4,821.1 million in the same period of 2024[10] - Net income for Q2 2025 was $235.3 million, representing a 24.7% increase compared to $188.7 million in Q2 2024[11] - Basic earnings per share for Q2 2025 increased to $4.60, up from $3.59 in Q2 2024, reflecting a 28.1% growth[10] - Total revenues for the six months ended June 30, 2025, reached $6,232.4 million, compared to $5,805.0 million for the same period in 2024, indicating an increase of 7.3%[10] - The company reported total comprehensive income of $349.2 million for Q2 2025, significantly higher than $147.2 million in Q2 2024[11] - The company reported net income of $381.9 million for the six months ended June 30, 2025, a decrease of 10.2% compared to $425.1 million in 2024[38] Assets and Liabilities - Total assets as of June 30, 2025, were $35,525.9 million, compared to $35,020.6 million at the end of 2024, indicating a 1.4% increase[9] - Total liabilities increased to $30,027.4 million as of June 30, 2025, from $29,913.9 million at December 31, 2024, a rise of 0.4%[9] - The company’s cash and cash equivalents decreased to $1,486.7 million as of June 30, 2025, down from $1,807.7 million at December 31, 2024[9] - The balance of retained earnings as of June 30, 2025, was $4,570.9 million, an increase from $4,431.1 million at the end of the previous quarter, representing a growth of 3.2%[12] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $657.9 million, down from $793.4 million in the same period of 2024, a decrease of 17.1%[14] - The net cash used in investing activities for the six months ended June 30, 2025, was $784.5 million, compared to $521.6 million in 2024, indicating an increase in cash outflow of 50.4%[14] - The net cash used in financing activities for the six months ended June 30, 2025, was $(223.0) million, compared to $(177.0) million in 2024, indicating an increase in cash outflow of 26%[15] Segment Performance - As of June 30, 2025, the Company reported total revenues of $4,829.1 million for the Global Lifestyle segment, an increase from $4,547.2 million in the same period of 2024, representing a growth of 6.2%[36] - The Global Housing segment generated total revenues of $1,422.6 million for the six months ended June 30, 2025, compared to $1,264.2 million in 2024, reflecting a year-over-year increase of 12.5%[36] - The Global Lifestyle segment reported net earned premiums, fees, and other income of $2,559.8 million for the six months ended June 30, 2025, compared to $2,288.8 million in 2024, reflecting an increase of 11.8%[36] - The Global Housing segment's total revenues rose to $1,422.6 million for the six months ended June 30, 2025, compared to $1,264.2 million in 2024, marking a growth of 12.5%[36] Investment and Realized Losses - The company reported net realized losses on investments of $37.7 million for the six months ended June 30, 2025, compared to $28.4 million in 2024, indicating an increase in losses of 32.5%[14] - The company reported net realized losses on investments for Q2 2025 amounted to $21.7 million, compared to losses of $15.8 million in Q2 2024[51] - The fair value of total fixed maturity securities as of June 30, 2025, was $8,071.8 million, down from $7,175.1 million as of December 31, 2024[48] Policyholder Benefits - Policyholder benefits for the first half of 2025 were $1,501.2 million, an increase from $1,319.2 million in the same period of 2024[10] - The company reported policyholder benefits of $721.5 million for Q2 2025, compared to $696.1 million in Q2 2024, marking an increase of 3.7%[10] - The company reported incurred losses and loss adjustment expenses of $1,501.2 million for the six months ended June 30, 2025[76] Future Projections and Changes - The company is currently assessing the impact of the One Big Beautiful Bill Act enacted on July 4, 2025, but does not expect it to have a material impact on its consolidated financial statements[26] - The company expects no additional cash contributions to the Assurant Pension Plan for the remainder of 2025 due to its current funded status[94] Earnings Per Share - Basic earnings per share (EPS) for the three months ended June 30, 2025, was $0.83, up from $0.76 in 2024, reflecting a 9.2% increase[91] - Diluted EPS for the same period was $4.56, compared to $3.58 in 2024, indicating a 27.5% increase[91] Comprehensive Income - The company’s accumulated other comprehensive income balance at June 30, 2025, was $(634.6) million, reflecting a change of $113.9 million from the previous period[87] - The total other comprehensive income for the three months ended June 30, 2025, was $113.9 million, compared to a loss of $41.5 million in 2024, showing a turnaround of $155.4 million[12]