Assurant(US:AIZ)2025-11-06 21:21Revenue and Income - Total revenues for the three months ended September 30, 2025, increased to $3,231.5 million, up from $2,967.7 million in the same period of 2024, representing a growth of 8.9%[10] - Net earned premiums for the nine months ended September 30, 2025, reached $7,777.2 million, compared to $7,238.3 million in 2024, reflecting an increase of 7.4%[10] - Net income for the three months ended September 30, 2025, was $265.6 million, significantly higher than $133.8 million in the same period of 2024, marking a year-over-year increase of 98.5%[12] - Basic earnings per share for the three months ended September 30, 2025, were $5.22, compared to $2.56 in the same period of 2024, showing a substantial increase of 104.7%[10] - The company’s total comprehensive income for the nine months ended September 30, 2025, was $936.6 million, compared to $696.7 million in 2024, reflecting an increase of 34.4%[12] - Net income for the nine months ended September 30, 2025, was $647.5 million, compared to $558.9 million for the same period in 2024, reflecting an increase of 15.8%[95] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to $35,782.1 million, an increase from $35,020.6 million at the end of 2024, indicating a growth of 2.2%[8] - Total liabilities increased to $30,023.6 million as of September 30, 2025, compared to $29,913.9 million at December 31, 2024, reflecting a rise of 0.4%[8] - The company reported a total equity of $5,758.5 million as of September 30, 2025, up from $5,106.7 million at the end of 2024, representing an increase of 12.8%[8] - Cash and cash equivalents at the end of the period were $1,712.5 million, a decrease from $1,813.4 million at the end of September 2024[16] - The Company had receivables of $189.0 million and unearned revenue of $140.8 million as of September 30, 2025, compared to $171.3 million and $153.8 million, respectively, as of December 31, 2024[46] Investment and Securities - The company reported a total of $892.2 million in sales of fixed maturity securities available for sale during the nine months ended September 30, 2025[15] - The total fixed maturity securities fair value as of September 30, 2025, was $8.29 billion, down from $7.18 billion as of December 31, 2024, reflecting a decrease of 14.8%[49] - The total fair value of fixed maturity securities was $2,074.4 billion as of September 30, 2025, with unrealized losses of $242.4 million[54] - The company does not intend to sell investments prior to an anticipated recovery in value, indicating a long-term investment strategy[54] - The carrying value of equity investments as of September 30, 2025, was $114.4 million, up from $108.3 million as of December 31, 2024[53] Expenses and Benefits - Policyholder benefits for the three months ended September 30, 2025, were $709.6 million, down from $776.8 million in the same period of 2024, a decrease of 8.6%[10] - Total benefits, losses, and expenses for the nine months ended September 30, 2025, amounted to $8,660.0 million, an increase from $8,095.4 million in the same period of 2024[10] - The expected future benefit payments for long-term care insurance contracts were $772.1 million as of September 30, 2025, down from $804.4 million at the end of 2024[87] - The company reported a net future policy benefits and expenses of $446.9 million as of September 30, 2025, compared to $470.0 million at the end of 2024[86] Segment Performance - The Global Lifestyle segment generated Adjusted EBITDA of $206.8 million for the three months ended September 30, 2025, up from $184.3 million in the same period of 2024, reflecting a growth of 12.1%[38] - The Global Housing segment's Adjusted EBITDA increased significantly to $256.3 million for the three months ended September 30, 2025, compared to $92.4 million in the same period of 2024, marking a growth of 177.0%[38] - Revenues from service contracts for Global Lifestyle reached $419.6 million in Q3 2025, up from $382.6 million in Q3 2024, representing a growth of 9.8%[42] - For the nine months ended September 30, 2025, Global Lifestyle service contract revenues totaled $1.17 billion, compared to $1.04 billion in the same period of 2024, an increase of 12.6%[42] Legal and Regulatory Matters - The Company has established an accrued liability for certain legal and regulatory proceedings, but does not believe these will have a material adverse effect on its financial condition[101] - Management does not believe that pending legal matters are likely to have a material adverse effect on the Company's financial condition[101] Pension and Benefits - The Assurant Pension Plan's funded status was $92.7 million at September 30, 2025, equating to a 119% funded status, compared to $84.1 million and 117% at December 31, 2024[98] - The net periodic benefit cost for Qualified Pension Benefits for the three months ended September 30, 2025, was $(3.4) million, unchanged from the same period in 2024[98] - No cash contributions were made to the Assurant Pension Plan during the nine months ended September 30, 2025, and no additional cash contributions are expected for the remainder of 2025[98]