Financial Data and Key Metrics Changes - In 2025, the company achieved 11% growth in adjusted EBITDA and 12% growth in adjusted earnings per share, both excluding catastrophes. Including catastrophes, adjusted EBITDA and adjusted EPS grew 16% and 19% respectively [4][6] - Adjusted EPS, excluding catastrophes, reached $22.81 per share, reflecting a high teens compound annual growth rate since 2020 [6] - The company generated a total shareholder return of 93% over the past five years [6] Business Line Data and Key Metrics Changes - Global Lifestyle saw mid-single-digit adjusted EBITDA growth, driven by Connected Living and Global Automotive [7] - In Connected Living, adjusted EBITDA grew mid-single digits, with nearly 2 million new protected devices added over the past year, totaling over 66 million devices globally [7][8] - Global Housing's adjusted EBITDA grew double digits, surpassing $1 billion, with a strong underlying combined ratio of 80% [10][11] Market Data and Key Metrics Changes - The company reported a 5% increase in enforced policies year-over-year in the lender-placed homeowners market, driven by a hardening voluntary homeowners market [10] - In renters, policies increased by 15%, supported by new portfolio onboarding [11] Company Strategy and Development Direction - The company is focused on investing in innovation across its lifestyle and housing businesses to drive long-term value creation [4] - The entry into the home warranty market is seen as a path to market leadership, leveraging existing capabilities and partnerships [13][14] - The company aims to expand its market position in 2026, with expectations of high single-digit earnings growth in Global Lifestyle and solid underlying growth in Global Housing [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory heading into 2026, with expectations for continued strong performance in both Global Lifestyle and Global Housing [17][22] - The company anticipates mid to high single-digit growth in adjusted EBITDA and earnings per share for 2026, excluding prior-year reserve development [22] Other Important Information - The company returned $138 million to shareholders in 2025, including $94 million in share repurchases and $44 million in dividends [20] - The company completed four small acquisitions in 2025 to enhance its products and capabilities [21] Q&A Session Summary Question: Can you help us unpack the Connected Living growth in the context of the guidance? - Management noted that while premium growth accelerated, investments and new client programs are offsetting some of that growth [27][30] Question: How do you feel about the reserve confidence in housing? - Management expressed confidence in the reserve position and noted strong underlying growth in housing [31][33] Question: What are the main competitors in the home warranty channel? - Management indicated that the market is fragmented with many players, presenting significant growth opportunities [100] Question: What is the expected investment for the home warranty business in 2026? - Management indicated an expected investment of $15 million-$20 million for the home warranty business in 2026 [42] Question: How is AI being incorporated into the business? - Management highlighted the use of AI to improve customer experience, operational efficiency, and product personalization [58][59] Question: What is the outlook for share repurchases? - Management indicated a strong capital position and plans for share repurchases in the range of $250 million-$350 million for 2026 [116]

Financial Data and Key Metrics Changes - In 2025, the company achieved 11% growth in adjusted EBITDA and 12% growth in adjusted earnings per share, both excluding catastrophes. Including catastrophes, adjusted EBITDA and adjusted EPS grew 16% and 19% respectively [4][6] - Adjusted EPS, excluding catastrophes, reached $22.81 per share, reflecting a high teens compound annual growth rate [6] - The company generated a total shareholder return of 93% over the past five years [6] Business Line Data and Key Metrics Changes - Global Lifestyle saw mid-single-digit adjusted EBITDA growth, driven by Connected Living and Global Automotive [7] - In Connected Living, adjusted EBITDA grew mid-single digits, with nearly 2 million new protected devices added over the past year, totaling over 66 million devices globally [7][8] - Global Automotive also delivered mid-single-digit earnings growth, protecting 57 million vehicles, an increase of nearly 2 million from the previous year [9][10] - Global Housing's adjusted EBITDA grew double digits, surpassing $1 billion, with a strong underlying combined ratio of 80% [10][11] Market Data and Key Metrics Changes - The company reported a 5% increase in enforced policies year-over-year in the lender-placed homeowners market, driven by a hardening voluntary homeowners market [10][11] - In renters, policies increased by 15%, supported by onboarding a new portfolio [11] Company Strategy and Development Direction - The company is focused on investing in innovation across lifestyle and housing businesses to drive long-term value creation [4][6] - The entry into the home warranty market is seen as a path to market leadership, leveraging existing capabilities and partnerships [13][14] - The company aims to expand its market position through technology-enabled services and strategic partnerships [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, expecting high single-digit earnings growth in Global Lifestyle and solid underlying growth in Global Housing [15][22] - The company anticipates mid to high single-digit growth in both adjusted EBITDA and earnings per share, excluding catastrophes, for 2026 [22][24] - Management highlighted the importance of maintaining a strong capital position to support growth and shareholder returns [24][116] Other Important Information - The company returned $138 million to shareholders in 2025, including $94 million in share repurchases and $44 million in dividends [20] - The company completed four small acquisitions in 2025 to enhance its products and capabilities [21] Q&A Session Summary Question: Clarification on Connected Living growth and guidance - Management acknowledged the growth in written premiums but noted that earnings growth may be impacted by investments and the scaling of new client programs [27][30] Question: Reserve confidence in housing - Management expressed confidence in the reserve position and noted strong underlying growth in housing, independent of prior-year reserve development [31][33] Question: Home warranty business investments - Management indicated an expected investment of $15 million-$20 million in home warranty for 2026, with excitement about the growth potential [42] Question: Competitors in home warranty - Management noted the market is fragmented with several players, presenting opportunities for growth and market share expansion [100] Question: Impact of restructuring costs - Management explained that restructuring costs were related to optimizing real estate and operational efficiencies, setting the stage for future investments [104][105]

Financial Data and Key Metrics Changes - In 2025, Assurant achieved 11% growth in adjusted EBITDA and 12% growth in adjusted earnings per share, both excluding catastrophes. Including catastrophes, adjusted EBITDA and adjusted EPS grew 16% and 19% respectively [4][5] - Adjusted EPS, excluding catastrophes, reached $22.81 per share, reflecting a high teens compound annual growth rate since 2020 [5] - The company generated a total shareholder return of 93% over the past five years [5] Business Line Data and Key Metrics Changes - Global Lifestyle saw mid-single-digit adjusted EBITDA growth, driven by Connected Living and Global Automotive [6] - In Connected Living, adjusted EBITDA grew mid-single digits, with nearly 2 million new protected devices added over the past year, totaling over 66 million devices globally [6][7] - Global Automotive also delivered mid-single-digit earnings growth, now protecting 57 million vehicles, an increase of nearly 2 million from the previous year [9][10] - Global Housing's adjusted EBITDA grew double digits, surpassing $1 billion, with a strong underlying combined ratio of 80% [10][11] Market Data and Key Metrics Changes - The lender-placed business in homeowners insurance saw a 5% increase in enforced policies year-over-year, driven by a hardening voluntary homeowners market [10][11] - In renters insurance, policies increased by 15%, supported by new portfolio onboarding [11] Company Strategy and Development Direction - Assurant is focused on expanding its market position through innovation and strategic partnerships, particularly in the home warranty market [12][15] - The company aims to leverage technology, including AI, to enhance customer experience and operational efficiency across all business lines [58][59] - Assurant plans to continue investing in core markets and expanding offerings with existing partners to drive long-term value creation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory heading into 2026, expecting high single-digit earnings growth in Global Lifestyle and solid underlying growth in Global Housing [15][23] - The company anticipates mid to high single-digit growth in adjusted EBITDA and earnings per share for 2026, excluding prior-year reserve development [22][23] Other Important Information - Assurant returned $138 million to shareholders in Q4 2025, including $94 million in share repurchases and $44 million in dividends, with total repurchases for 2025 reaching $300 million [21][22] - The company completed four small acquisitions in 2025 to enhance its product capabilities, including a reverse logistics division acquisition [22] Q&A Session Summary Question: Clarification on Connected Living growth and guidance - Management acknowledged the acceleration in written premium growth in Connected Living but noted that investments and new client programs are impacting earnings growth [29][30] Question: Reserve confidence in housing - Management expressed confidence in the reserve position for housing, indicating strong underlying growth despite fluctuations [33][34] Question: Home warranty business investments - Management indicated plans for $15 million-$20 million in incremental investments for the home warranty business in 2026, with excitement about the growth potential [43][44] Question: Competitors in home warranty - Management noted that the home warranty market is fragmented, with opportunities to grow the category beyond just taking market share [100] Question: Impact of state regulations on housing - Management stated that regular rate filings and regulatory scrutiny position the company well against potential profit caps [74][76] Question: AI integration in business - Management highlighted the use of AI across various departments to enhance customer experience and operational efficiency [58][59]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved 13% adjusted EBITDA growth and 15% adjusted EPS growth, both excluding reportable catastrophes [4][5] - The full-year adjusted EPS growth is now expected to be in the low double digits, with adjusted EBITDA growth approaching 10%, a significant increase from initial expectations [5][24] Business Line Data and Key Metrics Changes - Global Lifestyle earnings increased 4% year-to-date, with double-digit growth in Q3 [6] - In Connected Living, earnings increased 11%, driven by strength in financial services and mobile subscriber growth of 2.1 million net additions year-over-year [19][20] - Global Auto adjusted EBITDA increased 15% year-over-year, with normalized growth of 6% when excluding non-run rate benefits [20] - Global Housing adjusted EBITDA was $256 million, with a 13% increase when excluding catastrophes, driven by favorable loss experience and policy growth [21][22] Market Data and Key Metrics Changes - The company reported strong performance in the lender-placed market, with policy counts up 8% year-over-year [71] - The average return on equity (ROE) from 2019 to 2024 outperformed the S&P 1500 P&C Index median with less than half the volatility [15] Company Strategy and Development Direction - The company is focused on expanding offerings and increasing attachment rates with existing partners while prioritizing investments in core markets [16] - Strategic investments in technology and operational efficiencies are expected to drive improved margins and customer experiences [14] - The company plans to launch a new program in an adjacent business early next year, which is anticipated to create long-term growth opportunities [83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue creating value for stakeholders, driven by strong momentum across Global Lifestyle and Global Housing [17][27] - The company remains well-positioned for future growth, with expectations of continued growth across all business lines despite potential economic downturns [16][35] Other Important Information - The company returned $122 million to shareholders in Q3, including $81 million in share repurchases and $41 million in dividends [22] - The company completed the issuance of $300 million in senior notes and redeemed $175 million of senior notes due in 2026, reflecting strong demand for its investment-grade bonds [22][23] Q&A Session Summary Question: Can you expand on the strong pipeline in housing? - Management noted strong momentum across housing, with significant investments in technology and operational capabilities leading to growth opportunities [30][31] Question: Is the improved loss performance in Global Auto sustainable? - Management expressed satisfaction with the stable loss performance and improvements in vehicle service contracts, indicating a positive outlook [32][33] Question: How might a softening housing market affect top-line prospects? - Management acknowledged potential impacts but noted that the business is countercyclical, which could lead to increased placement rates during economic downturns [34][35] Question: Can you quantify the impact of new partnerships in Connected Living? - Management indicated that the reverse logistics and Geek Squad deals are expected to contribute positively starting in 2026, with ongoing investments [51][52] Question: What are the expectations for capital deployment in 2026? - Management highlighted a strong capital position and a balanced approach to investments, including M&A opportunities and share buybacks [55][56] Question: What is the expected contribution of the new program in an adjacent business? - Management signaled that the new program is expected to create long-term growth vectors and will be discussed in more detail in February [83][95]