Assurant Q1 Earnings Top Estimates, Revenues & Premiums Rise Y/Y

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]