Financial Data and Key Metrics Changes - Revenues increased to $17.3 billion in Q3 2025, with year-to-date revenues up 5.8% to $50.3 billion compared to the prior year [4][10] - Net income for Q3 was $3.7 billion, with adjusted net income at $3 billion or $11.17 per share, reflecting strong property liability results and higher investment income [4][10] - Return on equity for the last 12 months was 34.7% [11][22] Business Line Data and Key Metrics Changes - Property liability premiums increased by 6.1% in Q3 and 7.4% year-to-date, driven by higher average premiums and policy-in-force growth [10] - Protection services saw a 12.7% increase in premiums compared to Q3 2024, driven by protection plans [10][14] - Total policies in force grew to 209.5 million, a 3.8% increase year-over-year [10] Market Data and Key Metrics Changes - Auto insurance new business is evenly split among Allstate agents, independent agents, and direct channels, with all channels showing growth [7] - The homeowners business has a competitive advantage with a low-90s combined ratio target, achieving a recorded combined ratio of 92.3 over the last 10 years [12] Company Strategy and Development Direction - The company aims to increase personal and profit liability market share while expanding customer protection offerings [4] - The transformative growth initiative, now in phase four, focuses on increasing property liability market share through enhanced distribution and technology [5][15] - The introduction of a new technology ecosystem, including generative AI and agentic AI, is expected to improve operational efficiency and customer experience [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capital position and flexibility in deploying capital for growth, share repurchases, or acquisitions [25][26] - The competitive landscape remains challenging, but the company has successfully maintained profitability and market share [56] - Inflation is being monitored closely, with management indicating that while inflation is not completely under control, the uncertainty has decreased [84] Other Important Information - The company has returned $1.6 billion to shareholders through dividends and share repurchases in 2025 [22] - The protection services business generated $3.3 billion in revenue with 171 million policies in force [13] Q&A Session Summary Question: Capital management and liquidity at the holding company - Management discussed the flexibility of holding capital at the holding company for various uses, including share repurchases and investments in growth [24][25] Question: Pricing trends excluding New York and New Jersey - Management indicated that overall pricing is adequate, with minimal rate increases needed, and they will respond to loss trends as necessary [28][30] Question: Technology and AI initiatives - Management highlighted the potential of AI to enhance customer interactions and operational efficiency, with ongoing development of the ALLI system [33][36] Question: Auto retention trends - Management noted that retention is being improved through targeted customer engagement and product offerings [65][68] Question: Inflation outlook - Management acknowledged the impact of inflation on various business aspects and indicated a more stable outlook moving forward [81][84]

Financial Data and Key Metrics Changes - Revenues increased to $17.3 billion in Q3 2025, with year-to-date revenues up 5.8% to $50.3 billion compared to the prior year [3][9] - Net income for Q3 2025 was $3.7 billion, with adjusted net income at $3 billion or $11.17 per share, reflecting strong property liability results and higher investment income [3][10] - Return on equity for the last 12 months was 34.7% [3][21] Business Line Data and Key Metrics Changes - Property liability premiums increased by 6.1% in Q3 2025 and 7.4% year-to-date, driven by higher average premiums and policy-in-force growth [9] - Protection services saw a 12.7% increase in premiums compared to Q3 2024, with total policies in force growing to 209.5 million, a 3.8% increase year-over-year [9][12] - The protection services business generated $3.3 billion in revenue, with a 15% increase over the prior year quarter [12] Market Data and Key Metrics Changes - Auto insurance new business is evenly split between Allstate agents, independent agents, and direct sales, with significant growth across all channels [5] - The company is experiencing increased shopping activity in the auto insurance market, with a 9.3% increase compared to the same period in 2023 [16] Company Strategy and Development Direction - The company is focused on transformative growth to increase market share in property liability and expand customer protection offerings [3][4] - A new technology ecosystem utilizing applied artificial intelligence is being developed to enhance operational efficiency and customer experience [6][8] - The company aims to improve customer retention through personalized experiences and the SAVE program, which has helped over 5 million customers reduce premiums [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capital position and flexibility in deploying capital for growth, share repurchases, or acquisitions [24][66] - The competitive landscape remains challenging, but the company has successfully maintained profitability and market share [54][56] - Inflationary pressures are being monitored, with management indicating a more controlled environment compared to previous periods [78][80] Other Important Information - The company has returned $1.6 billion to shareholders through dividends and share repurchases in 2025 [20][21] - The combined ratio for auto insurance has averaged 94.9 over the last decade, indicating consistent profitability [10][11] Q&A Session Summary Question: Capital management and liquidity at the holding company - Management discussed the flexibility of holding capital at the holding company level for various uses, including share repurchases and acquisitions [23][24] Question: Pricing trends excluding New York and New Jersey - Management indicated that overall pricing is adequate, with minimal rate increases needed, and will respond to loss trends as necessary [26][29] Question: Progress on artificial intelligence initiatives - Management highlighted the potential of AI to enhance customer service and operational efficiency, with ongoing development of the ALLI system [31][34] Question: Auto retention trends and strategies - Management noted that retention is being improved through personalized offerings and transitioning customers to new products [61][64] Question: Market dynamics and competition - Management acknowledged the competitive environment but expressed confidence in the company's ability to maintain profitability and market share [52][54] Question: Inflation outlook and its impact - Management discussed the current inflation environment, indicating it is more controlled, and emphasized the importance of monitoring its effects on various business aspects [75][78]

Core Insights - Assurant, Inc. has entered a strategic collaboration with Plug to enhance the customer experience in the certified pre-owned device market [1][8] - The partnership aims to provide customers with a 12-month limited warranty, a 30-day satisfaction guarantee, and free shipping, while ensuring rigorous quality checks [2][3] - Assurant's investment is expected to accelerate Plug's growth and support sustainability efforts by promoting a circular economy [3][4] Company Strategy - The collaboration allows Assurant to integrate its protection plans and warranties into Plug's direct-to-consumer platform, creating new revenue streams [4][8] - This partnership enhances Assurant's brand presence in the consumer space and improves asset efficiency, positioning the company for long-term profitability [4] Market Performance - Assurant's shares have experienced a year-to-date decline of 10.8%, influenced by increased policyholder benefits and macroeconomic factors [5]