Assurant Inc.
05/05/2026 | Press release | Distributed by Public on 05/05/2026 14:34
First Quarter 2026 Q1 2026 Financial Supplement
Title Page
| Assurant, Inc. (AIZ) |
| Financial Supplement as of March 31, 2026 |
&K026DCE&P-0
Contents
| ASSURANT, INC. | ||||||||
| FINANCIAL SUPPLEMENT | ||||||||
| (UNAUDITED) | ||||||||
| As of March 31, 2026 | ||||||||
| INDEX TO FINANCIAL SUPPLEMENT | ||||||||
| Page: | ||||||||
| SUMMARY FINANCIAL HIGHLIGHTS | 3 | |||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | 4 | |||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME AND ADJUSTED EARNINGS | 5 | |||||||
| EARNINGS PER SHARE | 6 | |||||||
| SEGMENT STATEMENTS OF OPERATIONS AND SELECTED DATA | 7 | |||||||
| SEGMENT CONDENSED BALANCE SHEETS | 12 | |||||||
| INVESTMENTS | 13 | |||||||
| INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS | 15 | |||||||
| RATINGS SUMMARY | 16 | |||||||
| REGULATION G - NON-GAAP FINANCIAL MEASURES | 17 | |||||||
| CONTACT INFORMATION | ||||||||
| Corporate Headquarters Address: | Investor Inquiries: | |||||||
| 260 Interstate North Circle SE | Rebekah Biondo | Sean Moshier | ||||||
| Atlanta, Georgia 30339 | Deputy CFO | Vice President, Investor Relations | ||||||
| 770-763-1000 | [email protected] | [email protected] | ||||||
| Website Address: | ||||||||
| www.assurant.com | ||||||||
| Assurant, Inc. (NYSE: AIZ) redefines the boundaries of protection-safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world's most successful brands. As a Fortune 500 company operating in 21 countries, Assurant leads the way in leveraging insights and technology to transform customer connections that build loyalty and drive value. Learn more at assurant.com. |
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Financial Highlights
| Assurant, Inc. | |||||||||||||
| Summary Financial Highlights | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions, except per share amounts and closing stock price) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| KEY FINANCIAL METRICS | |||||||||||||
| Segment net earned premiums, fees and other income(1) | $ 3,280.1 | $ 3,230.3 | $ 3,109.1 | $ 3,048.5 | $ 2,963.4 | 10.7 % | 1.5 % | ||||||
| Total segment revenues(1) | $ 3,429.7 | $ 3,362.9 | $ 3,236.0 | $ 3,170.6 | $ 3,081.1 | 11.3 % | 2.0 % | ||||||
| Net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | 87.0 % | 21.7 % | ||||||
| Adjusted EBITDA(2) | $ 441.5 | $ 436.5 | $ 431.5 | $ 386.0 | $ 282.2 | 56.4 % | 1.1 % | ||||||
| Adjusted EBITDA, excluding reportable catastrophes(3)(4) | $ 465.9 | $ 445.9 | $ 433.5 | $ 415.8 | $ 439.2 | 6.1 % | 4.5 % | ||||||
| Per share: | |||||||||||||
| Net income, per diluted share | $ 5.41 | $ 4.41 | $ 5.17 | $ 4.56 | $ 2.83 | 91.2 % | 22.7 % | ||||||
| Adjusted earnings, per diluted share(3) | $ 5.95 | $ 5.61 | $ 5.73 | $ 5.10 | $ 3.39 | 75.5 % | 6.1 % | ||||||
| Adjusted earnings, excluding reportable catastrophes, per diluted share(3)(4) | $ 6.33 | $ 5.75 | $ 5.76 | $ 5.56 | $ 5.79 | 9.3 % | 10.1 % | ||||||
| Annualized return on common stockholders' equity | 18.7 % | 15.5 % | 18.9 % | 17.5 % | 11.3 % | 740 bps | 320 bps | ||||||
| Annualized operating return on common stockholders' equity(3) | 18.7 % | 18.0 % | 18.9 % | 17.4 % | 11.8 % | 690 bps | 70 bps | ||||||
| Annualized operating return on tangible common stockholders' equity(3) | 35.6 % | 34.9 % | 37.3 % | 35.2 % | 24.2 % | 1,140 bps | 70 bps | ||||||
| Debt to total capital ratio | 27.3 % | 27.3 % | 27.7 % | 27.5 % | 28.5 % | (120) bps | - bps | ||||||
| Debt to total capital ratio, excluding AOCI(3) | 25.4 % | 25.6 % | 25.9 % | 25.4 % | 25.8 % | (40) bps | (20) bps | ||||||
| Dividends from subsidiaries, net of capital infusions | $ 137.6 | $ 437.8 | $ 189.1 | $ 231.6 | $ 66.6 | 106.6 % | (68.6)% | ||||||
| Share repurchases: | |||||||||||||
| Shares repurchased | 556,137 | 416,415 | 398,238 | 318,703 | 298,946 | 86.0 % | 33.6 % | ||||||
| Average repurchase price per share | $ 224.73 | $ 224.91 | $ 204.14 | $ 196.07 | $ 208.98 | 7.5 % | (0.1)% | ||||||
| Total cost of share repurchase(5) | $ 125.0 | $ 93.6 | $ 81.3 | $ 62.5 | $ 62.5 | 100.0 % | 33.5 % | ||||||
| Common stock dividends: | |||||||||||||
| Dividend per share | $ 0.88 | $ 0.88 | $ 0.80 | $ 0.80 | $ 0.80 | 10.0 % | - % | ||||||
| Total paid | $ 44.0 | $ 44.2 | $ 40.6 | $ 42.7 | $ 40.9 | 7.6 % | (0.5)% | ||||||
| Yield(6) | 1.62 % | 1.46 % | 1.48 % | 1.62 % | 1.53 % | 9 bps | 16 bps | ||||||
| AIZ closing stock price (NYSE) | $ 217.81 | $ 240.85 | $ 216.60 | $ 197.49 | $ 209.75 | 3.8 % | (9.6)% | ||||||
| (1) Includes net earned premiums, fees and other income and total revenues of the Global Lifestyle and Global Housing operating segments. | |||||||||||||
| (2) Refer to page 5 for a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income. | |||||||||||||
| (3) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. | |||||||||||||
| (4) Represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums. | |||||||||||||
| (5) As of March 31, 2026, there was $649.7 million remaining under the total repurchase authorization. | |||||||||||||
| (6) Common stock dividend yield is calculated by annualizing the quarterly common stock dividend per share and dividing by the quarter's closing stock price. |
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Consol Statements of Operations
| Assurant, Inc. | |||||||||||||
| Consolidated Condensed Statements of Operations | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Revenues: | |||||||||||||
| Net earned premiums | $ 2,781.9 | $ 2,705.7 | $ 2,627.2 | $ 2,587.7 | $ 2,562.3 | 8.6 % | 2.8 % | ||||||
| Fees and other income | 499.8 | 524.9 | 484.4 | 463.7 | 402.9 | 24.1 % | (4.8)% | ||||||
| Total net earned premiums, fees and other income | 3,281.7 | 3,230.6 | 3,111.6 | 3,051.4 | 2,965.2 | 10.7 % | 1.6 % | ||||||
| Net investment income | 159.6 | 140.3 | 133.5 | 128.7 | 124.8 | 27.9 % | 13.8 % | ||||||
| Net realized losses on investments and fair value changes to equity securities | (21.2) | (20.5) | (13.6) | (21.7) | (16.0) | (32.5)% | (3.4)% | ||||||
| Total revenues | 3,420.1 | 3,350.4 | 3,231.5 | 3,158.4 | 3,074.0 | 11.3 % | 2.1 % | ||||||
| Benefits, losses and expenses: | |||||||||||||
| Policyholder benefits | 769.1 | 717.0 | 709.6 | 721.5 | 779.7 | (1.4)% | 7.3 % | ||||||
| Selling and underwriting expenses | 1,387.3 | 1,314.6 | 1,286.2 | 1,282.9 | 1,305.4 | 6.3 % | 5.5 % | ||||||
| Cost of sales | 265.0 | 317.3 | 249.0 | 231.4 | 184.8 | 43.4 % | (16.5)% | ||||||
| General expenses | 634.8 | 689.7 | 626.3 | 606.9 | 593.6 | 6.9 % | (8.0)% | ||||||
| Interest expense | 28.3 | 28.3 | 27.9 | 26.7 | 26.8 | 5.6 % | - % | ||||||
| Loss on extinguishment of debt | - | - | 1.3 | - | - | N/A | N/A | ||||||
| Total benefits, losses and expenses | 3,084.5 | 3,066.9 | 2,900.3 | 2,869.4 | 2,890.3 | 6.7 % | 0.6 % | ||||||
| Income before provision for income taxes | 335.6 | 283.5 | 331.2 | 289.0 | 183.7 | 82.7 % | 18.4 % | ||||||
| Provision for income taxes | 61.5 | 58.3 | 65.6 | 53.7 | 37.1 | 65.8 % | 5.5 % | ||||||
| Net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | 87.0 % | 21.7 % | ||||||
| Pre-tax income margin(1) | 10.2 % | 8.8 % | 10.6 % | 9.5 % | 6.2 % | 400 bps | 140 bps | ||||||
| Net income margin(2) | 8.4 % | 7.0 % | 8.5 % | 7.7 % | 4.9 % | 350 bps | 140 bps | ||||||
| Effective tax rate for net income | 18.3 % | 20.6 % | 19.8 % | 18.6 % | 20.2 % | (190) bps | (230) bps | ||||||
| Investment yield(3) | 5.37 % | 4.81 % | 4.74 % | 4.69 % | 4.64 % | 73 bps | 56 bps | ||||||
| Real estate joint venture partnerships income (loss) from sales and depreciation expense, pre-tax | $ 15.0 | $ 2.2 | $ (4.0) | $ (3.6) | $ (3.2) | 568.8 % | 581.8 % | ||||||
| (1) Equals income before provision for income taxes divided by total net earned premiums, fees and other income. | |||||||||||||
| (2) Equals net income divided by total net earned premiums, fees and other income. | |||||||||||||
| (3) Equals annualized net investment income divided by average investments and cash and cash equivalents. |
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NI to EBITDA Reconciliation
| Assurant, Inc. | |||||||||||||
| Reconciliation of Adjusted EBITDA to Net Income and Adjusted Earnings | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| GAAP net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | 87.0 % | 21.7 % | ||||||
| Less: | |||||||||||||
| Interest expense | 28.3 | 28.3 | 27.9 | 26.7 | 26.8 | 5.6 % | - % | ||||||
| Provision for income taxes | 61.5 | 58.3 | 65.6 | 53.7 | 37.1 | 65.8 % | 5.5 % | ||||||
| Depreciation expense | 43.3 | 47.6 | 37.8 | 35.9 | 35.1 | 23.4 % | (9.0)% | ||||||
| Amortization of purchased intangible assets | 17.7 | 17.4 | 16.5 | 15.1 | 18.4 | (3.8)% | 1.7 % | ||||||
| Adjustments, pre-tax: | |||||||||||||
| Net realized losses on investments and fair value changes to equity securities | 21.2 | 20.5 | 13.6 | 21.7 | 16.0 | 32.5 % | 3.4 % | ||||||
| Other adjustments(1) | (4.6) | 39.2 | 4.5 | (2.4) | 2.2 | (309.1)% | (111.7)% | ||||||
| Adjusted EBITDA | $ 441.5 | $ 436.5 | $ 431.5 | $ 386.0 | $ 282.2 | 56.4 % | 1.1 % | ||||||
| Segment Adjusted EBITDA | |||||||||||||
| Global Lifestyle | $ 236.7 | $ 195.3 | $ 206.8 | $ 201.4 | $ 197.8 | 19.7 % | 21.2 % | ||||||
| Global Housing | 236.7 | 275.6 | 256.3 | 214.4 | 112.4 | 110.6 % | (14.1)% | ||||||
| Corporate and Other | (31.9) | (34.4) | (31.6) | (29.8) | (28.0) | (13.9)% | 7.3 % | ||||||
| Total | $ 441.5 | $ 436.5 | $ 431.5 | $ 386.0 | $ 282.2 | 56.4 % | 1.1 % | ||||||
| Adjusted EBITDA(2) | $ 441.5 | $ 436.5 | $ 431.5 | $ 386.0 | $ 282.2 | 56.4 % | 1.1 % | ||||||
| Interest expense | (28.3) | (28.3) | (27.9) | (26.7) | (26.8) | (5.6)% | - % | ||||||
| Provision for income taxes | (68.8) | (74.1) | (71.9) | (60.4) | (44.8) | (53.6)% | 7.2 % | ||||||
| Depreciation expense | (43.3) | (47.6) | (37.8) | (35.9) | (35.1) | (23.4)% | 9.0 % | ||||||
| Adjusted earnings(2) | 301.1 | 286.5 | 293.9 | 263.0 | 175.5 | 71.6 % | 5.1 % | ||||||
| Reportable catastrophes, pre-tax | 24.4 | 9.4 | 2.0 | 29.8 | 157.0 | (84.5)% | 159.6 % | ||||||
| Tax impact of reportable catastrophes | (5.2) | (2.0) | (0.4) | (6.3) | (33.0) | 84.2 % | (160.0)% | ||||||
| Adjusted earnings, excluding reportable catastrophes(2) | $ 320.3 | $ 293.9 | $ 295.5 | $ 286.5 | $ 299.5 | 6.9 % | 9.0 % | ||||||
| (1) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for detail of what is included in Other adjustments. | |||||||||||||
| (2) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. |
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Earnings Per Share
| Assurant, Inc. | |||||||||||||
| Earnings Per Share | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions, except share amounts) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Per share reconciliations: | |||||||||||||
| Numerator | |||||||||||||
| Net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | 87.0 % | 21.7 % | ||||||
| Less: Earnings allocated to participating securities | (2.3) | (1.9) | (2.3) | (2.1) | (1.4) | (64.3)% | (21.1)% | ||||||
| Net income used in basic and diluted per common share calculations | $ 271.8 | $ 223.3 | $ 263.3 | $ 233.2 | $ 145.2 | 87.2 % | 21.7 % | ||||||
| Adjusted earnings(1) | $ 301.1 | $ 286.5 | $ 293.9 | $ 263.0 | $ 175.5 | 71.6 % | 5.1 % | ||||||
| Less: Adjusted earnings allocated to participating securities | (2.5) | (2.5) | (2.5) | (2.3) | (1.7) | (47.1)% | - % | ||||||
| Adjusted earnings used in Adjusted EPS calculation | $ 298.6 | $ 284.0 | $ 291.4 | $ 260.7 | $ 173.8 | 71.8 % | 5.1 % | ||||||
| Adjusted earnings, excluding reportable catastrophes(1)(2) | $ 320.3 | $ 293.9 | $ 295.5 | $ 286.5 | $ 299.5 | 6.9 % | 9.0 % | ||||||
| Less: Adjusted earnings allocated to participating securities | (2.6) | (2.5) | (2.5) | (2.6) | (2.8) | 7.1 % | (4.0)% | ||||||
| Adjusted earnings, excluding reportable catastrophes, used in Adjusted EPS calculation | $ 317.7 | $ 291.4 | $ 293.0 | $ 283.9 | $ 296.7 | 7.1 % | 9.0 % | ||||||
| Denominator | |||||||||||||
| Weighted average basic common shares outstanding(3) | 49,702,511 | 50,017,641 | 50,395,469 | 50,675,804 | 50,799,019 | (2.2)% | (0.6)% | ||||||
| Incremental common shares from: | |||||||||||||
| Performance share units and employee stock purchase plan | 495,036 | 648,589 | 488,827 | 436,547 | 449,697 | 10.1 % | (23.7)% | ||||||
| Weighted average diluted common shares outstanding(3) | 50,197,547 | 50,666,230 | 50,884,296 | 51,112,351 | 51,248,716 | (2.1)% | (0.9)% | ||||||
| Per share amounts: | |||||||||||||
| Net income, per diluted share | $ 5.41 | $ 4.41 | $ 5.17 | $ 4.56 | $ 2.83 | 91.2 % | 22.7 % | ||||||
| Adjusted earnings, per diluted share(1) | $ 5.95 | $ 5.61 | $ 5.73 | $ 5.10 | $ 3.39 | 75.5 % | 6.1 % | ||||||
| Adjusted earnings, excluding reportable catastrophes, per diluted share(1)(2) | $ 6.33 | $ 5.75 | $ 5.76 | $ 5.56 | $ 5.79 | 9.3 % | 10.1 % | ||||||
| (1) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. | |||||||||||||
| (2) Represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums. | |||||||||||||
| (3) Weighted average basic and diluted common shares outstanding have been revised for all prior periods to exclude participating securities. This is only a presentation change which has no impact on any of the per share amounts. |
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Global Lifestyle
| Global Lifestyle | |||||||||||||
| Condensed Statements of Operations and Selected Data | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Revenues: | |||||||||||||
| Net earned premiums | $ 2,094.3 | $ 2,038.0 | $ 1,973.3 | $ 1,935.9 | $ 1,945.6 | 7.6 % | 2.8 % | ||||||
| Fees and other income | 456.7 | 480.9 | 432.9 | 414.9 | 361.0 | 26.5 % | (5.0)% | ||||||
| Total net earned premiums, fees and other income | 2,551.0 | 2,518.9 | 2,406.2 | 2,350.8 | 2,306.6 | 10.6 % | 1.3 % | ||||||
| Net investment income | 108.9 | 94.9 | 90.9 | 87.7 | 84.0 | 29.6 % | 14.8 % | ||||||
| Total revenues | 2,659.9 | 2,613.8 | 2,497.1 | 2,438.5 | 2,390.6 | 11.3 % | 1.8 % | ||||||
| Benefits, losses and expenses: | |||||||||||||
| Policyholder benefits | 503.7 | 511.8 | 486.0 | 461.5 | 442.4 | 13.9 % | (1.6)% | ||||||
| Selling and underwriting expenses | 1,327.2 | 1,259.6 | 1,231.2 | 1,230.2 | 1,265.8 | 4.9 % | 5.4 % | ||||||
| Cost of sales | 265.0 | 317.3 | 249.0 | 231.4 | 184.8 | 43.4 % | (16.5)% | ||||||
| General expenses | 327.3 | 329.8 | 324.1 | 314.0 | 299.8 | 9.2 % | (0.8)% | ||||||
| Total benefits, losses and expenses | 2,423.2 | 2,418.5 | 2,290.3 | 2,237.1 | 2,192.8 | 10.5 % | 0.2 % | ||||||
| Global Lifestyle Adjusted EBITDA | $ 236.7 | $ 195.3 | $ 206.8 | $ 201.4 | $ 197.8 | 19.7 % | 21.2 % | ||||||
| Adjusted EBITDA margin(1) | 9.3 % | 7.8 % | 8.6 % | 8.6 % | 8.6 % | 70 bps | 150 bps | ||||||
| Supplemental financial information: | |||||||||||||
| Income tax expense | $ 39.9 | $ 30.8 | $ 31.5 | $ 27.3 | $ 32.6 | 22.4 % | 29.5 % | ||||||
| Effective tax rate | 21.0 % | 20.8 % | 19.2 % | 17.1 % | 20.8 % | 20 bps | 20 bps | ||||||
| Depreciation expense | $ 30.8 | $ 30.5 | $ 26.4 | $ 25.5 | $ 24.6 | 25.2 % | 1.0 % | ||||||
| Global Lifestyle Adjusted earnings(2) | $ 162.7 | $ 130.4 | $ 145.6 | $ 145.1 | $ 137.2 | 18.6 % | 24.8 % | ||||||
| Amortization of purchased intangible assets | $ 15.9 | $ 17.0 | $ 16.1 | $ 16.4 | $ 16.3 | (2.5)% | (6.5)% | ||||||
| Real estate joint venture partnerships income (loss) from sales and depreciation expense, pre-tax | $ 10.9 | $ 1.4 | $ (2.9) | $ (2.6) | $ (2.3) | 573.9 % | 678.6 % | ||||||
| Key Metrics: | |||||||||||||
| Global mobile devices protected (in millions)(3) | 68.6 | 66.3 | 65.5 | 65.0 | 64.3 | 6.7 % | 3.5 % | ||||||
| Global mobile devices serviced (in millions)(4) | 7.4 | 6.7 | 4.8 | 5.6 | 5.6 | 32.1 % | 10.4 % | ||||||
| Global protected vehicles (in millions)(5) | 57.2 | 57.0 | 56.5 | 55.9 | 55.3 | 3.4 % | 0.4 % | ||||||
| Investment yield(6) | 5.51 % | 5.10 % | 5.23 % | 5.11 % | 5.04 % | 47 bps | 41 bps | ||||||
| (1) Equals Adjusted EBITDA divided by total net earned premiums, fees and other income. | |||||||||||||
| (2) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. | |||||||||||||
| (3) Global mobile devices protected includes insurance and upgrade contracts inforce for mobile phones, tablets, e-readers and accessories. | |||||||||||||
| (4) Global mobile devices serviced includes number of devices for which we provide value to our consumers and partners, through trade-ins and upgrades, technology, claims fulfillment, repair capabilities, logistics, and asset disposition. | |||||||||||||
| (5) Global protected vehicles includes insurance and service contracts inforce for vehicles, RVs, powersports and ancillary products. | |||||||||||||
| (6) Equals annualized net investment income divided by average investments and cash and cash equivalents. |
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Global Lifestyle (continued)
| Global Lifestyle (continued) | |||||||||||||
| Condensed Statements of Operations and Selected Data | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Net written premiums: | |||||||||||||
| Connected Living | $ 1,153.6 | $ 1,405.2 | $ 997.6 | $ 915.7 | $ 846.8 | 36.2 % | (17.9)% | ||||||
| Global Automotive | 941.8 | 973.7 | 1,009.8 | 1,246.0 | 1,078.8 | (12.7)% | (3.3)% | ||||||
| Total | $ 2,095.4 | $ 2,378.9 | $ 2,007.4 | $ 2,161.7 | $ 1,925.6 | 8.8 % | (11.9)% | ||||||
| Net earned premiums, fees and other income: | |||||||||||||
| Connected Living | $ 1,480.2 | $ 1,461.7 | $ 1,357.2 | $ 1,326.4 | $ 1,233.4 | 20.0 % | 1.3 % | ||||||
| Global Automotive | 1,070.8 | 1,057.2 | 1,049.0 | 1,024.4 | 1,073.2 | (0.2)% | 1.3 % | ||||||
| Total | $ 2,551.0 | $ 2,518.9 | $ 2,406.2 | $ 2,350.8 | $ 2,306.6 | 10.6 % | 1.3 % | ||||||
| Adjusted EBITDA: | |||||||||||||
| Connected Living | $ 146.9 | $ 121.1 | $ 127.8 | $ 131.8 | $ 124.9 | 17.6 % | 21.3 % | ||||||
| Global Automotive | 89.8 | 74.2 | 79.0 | 69.6 | 72.9 | 23.2 % | 21.0 % | ||||||
| Total | $ 236.7 | $ 195.3 | $ 206.8 | $ 201.4 | $ 197.8 | 19.7 % | 21.2 % | ||||||
| Line of business supplemental financial information: | |||||||||||||
| Connected Living: | |||||||||||||
| Income tax expense | $ 24.8 | $ 19.1 | $ 19.6 | $ 18.5 | $ 20.8 | 19.2 % | 29.8 % | ||||||
| Depreciation expense | $ 21.9 | $ 22.5 | $ 19.1 | $ 17.9 | $ 17.8 | 23.0 % | (2.7)% | ||||||
| Amortization of purchased intangible assets | $ 6.8 | $ 7.2 | $ 6.4 | $ 6.9 | $ 6.7 | 1.5 % | (5.6)% | ||||||
| Global Automotive: | |||||||||||||
| Income tax expense | $ 15.1 | $ 11.7 | $ 11.9 | $ 8.8 | $ 11.8 | 28.0 % | 29.1 % | ||||||
| Depreciation expense | $ 8.9 | $ 8.0 | $ 7.3 | $ 7.6 | $ 6.8 | 30.9 % | 11.3 % | ||||||
| Amortization of purchased intangible assets | $ 9.1 | $ 9.8 | $ 9.7 | $ 9.5 | $ 9.6 | (5.2)% | (7.1)% | ||||||
| Constant Currency(1): | |||||||||||||
| Percentage change in net earned premiums, fees and other income: | |||||||||||||
| Including foreign currency translation ("FX") impact | 10.6 % | 7.3 % | 7.0 % | 7.7 % | 5.4 % | 520 bps | 330 bps | ||||||
| FX impact | 1.2 % | 0.2 % | 0.1 % | (0.2)% | (1.4)% | 260 bps | 100 bps | ||||||
| Excluding FX impact | 9.4 % | 7.1 % | 6.9 % | 7.9 % | 6.8 % | 260 bps | 230 bps | ||||||
| Percentage change in Global Lifestyle Adjusted EBITDA: | |||||||||||||
| Including FX impact | 19.7 % | 1.9 % | 12.2 % | 6.2 % | (4.8)% | 2,450 bps | 1,780 bps | ||||||
| FX impact | 1.9 % | 1.0 % | (0.3)% | (1.1)% | (2.8)% | 470 bps | 90 bps | ||||||
| Excluding FX impact | 17.8 % | 0.9 % | 12.5 % | 7.3 % | (2.0)% | 1,980 bps | 1,690 bps | ||||||
| Percentage change in Connected Living net earned premiums, fees and other income: | |||||||||||||
| Including FX impact | 20.0 % | 12.8 % | 10.9 % | 15.5 % | 8.2 % | 1,180 bps | 720 bps | ||||||
| FX impact | 1.7 % | 0.3 % | - % | (0.5)% | (2.3)% | 400 bps | 140 bps | ||||||
| Excluding FX impact | 18.3 % | 12.5 % | 10.9 % | 16.0 % | 10.5 % | 780 bps | 580 bps | ||||||
| Percentage change in Connected Living Adjusted EBITDA: | |||||||||||||
| Including FX impact | 17.6 % | 1.4 % | 10.6 % | 9.5 % | (6.0)% | 2,360 bps | 1,620 bps | ||||||
| FX impact | 2.1 % | 0.9 % | (0.6)% | (1.0)% | (3.3)% | 540 bps | 120 bps | ||||||
| Excluding FX impact | 15.5 % | 0.5 % | 11.2 % | 10.5 % | (2.7)% | 1,820 bps | 1,500 bps | ||||||
| Net earned premiums, fees and other income: | |||||||||||||
| Domestic | $ 1,936.4 | $ 1,908.7 | $ 1,834.2 | $ 1,796.2 | $ 1,795.2 | 7.9 % | 1.5 % | ||||||
| International | 614.6 | 610.2 | 572.0 | 554.6 | 511.4 | 20.2 % | 0.7 % | ||||||
| Total | $ 2,551.0 | $ 2,518.9 | $ 2,406.2 | $ 2,350.8 | $ 2,306.6 | 10.6 % | 1.3 % | ||||||
| (1) Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to-period comparisons. |
&K026DCE&P-0
Global Housing
| Global Housing | |||||||||||||
| Condensed Statements of Operations and Selected Data | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Revenues: | |||||||||||||
| Net earned premiums | $ 686.0 | $ 667.5 | $ 651.4 | $ 650.2 | $ 615.3 | 11.5 % | 2.8 % | ||||||
| Fees and other income | 43.1 | 43.9 | 51.5 | 47.5 | 41.5 | 3.9 % | (1.8)% | ||||||
| Total net earned premiums, fees and other income | 729.1 | 711.4 | 702.9 | 697.7 | 656.8 | 11.0 % | 2.5 % | ||||||
| Net investment income | 40.7 | 37.7 | 36.0 | 34.4 | 33.7 | 20.8 % | 8.0 % | ||||||
| Total revenues | 769.8 | 749.1 | 738.9 | 732.1 | 690.5 | 11.5 % | 2.8 % | ||||||
| Benefits, losses and expenses: | |||||||||||||
| Policyholder benefits | 263.9 | 204.8 | 221.9 | 258.7 | 333.0 | (20.8)% | 28.9 % | ||||||
| Selling and underwriting expenses | 59.9 | 54.8 | 54.9 | 52.4 | 39.5 | 51.6 % | 9.3 % | ||||||
| General expenses | 209.3 | 213.9 | 205.8 | 206.6 | 205.6 | 1.8 % | (2.2)% | ||||||
| Total benefits, losses and expenses | 533.1 | 473.5 | 482.6 | 517.7 | 578.1 | (7.8)% | 12.6 % | ||||||
| Global Housing Adjusted EBITDA | 236.7 | 275.6 | 256.3 | 214.4 | 112.4 | 110.6 % | (14.1)% | ||||||
| Reportable catastrophes | 24.4 | 9.4 | 2.9 | 29.8 | 156.7 | (84.4)% | 159.6 % | ||||||
| Global Housing Adjusted EBITDA, excluding reportable catastrophes(1) | $ 261.1 | $ 285.0 | $ 259.2 | $ 244.2 | $ 269.1 | (3.0)% | (8.4)% | ||||||
| Adjusted EBITDA margin(2) | 32.5 % | 38.7 % | 36.5 % | 30.7 % | 17.1 % | 1,540 bps | (620) bps | ||||||
| Supplemental financial information: | |||||||||||||
| Income tax expense | $ 45.0 | $ 52.1 | $ 47.9 | $ 40.2 | $ 20.5 | 119.5 % | (13.6)% | ||||||
| Effective tax rate | 20.1 % | 20.1 % | 19.5 % | 19.5 % | 20.4 % | (30) bps | - bps | ||||||
| Depreciation expense | $ 11.4 | $ 15.9 | $ 10.5 | $ 9.5 | $ 9.7 | 17.5 % | (28.3)% | ||||||
| Amortization of purchased intangible assets | $ 1.8 | $ 0.4 | $ 0.4 | $ (1.3) | $ 2.1 | (14.3)% | 350.0 % | ||||||
| Real estate joint venture partnerships income (loss) from sales and depreciation expense, pre-tax | $ 4.0 | $ 0.8 | $ (1.1) | $ (1.0) | $ (0.9) | 544.4 % | 400.0 % | ||||||
| Global Housing Adjusted earnings(3) | $ 179.9 | $ 207.6 | $ 197.8 | $ 164.9 | $ 81.8 | 119.9 % | (13.3)% | ||||||
| Reportable catastrophes (after-tax) | $ 19.2 | $ 7.4 | $ 2.3 | $ 23.5 | $ 123.8 | (84.5)% | 159.5 % | ||||||
| Global Housing Adjusted earnings, excluding reportable catastrophes(3) | $ 199.1 | $ 215.0 | $ 200.1 | $ 188.4 | $ 205.6 | (3.2)% | (7.4)% | ||||||
| Net earned premiums, fees and other income: | |||||||||||||
| Homeowners | $ 580.1 | $ 562.8 | $ 553.9 | $ 552.8 | $ 522.9 | 10.9 % | 3.1 % | ||||||
| Renters and Other | 149.0 | 148.6 | 149.0 | 144.9 | 133.9 | 11.3 % | 0.3 % | ||||||
| Total | $ 729.1 | $ 711.4 | $ 702.9 | $ 697.7 | $ 656.8 | 11.0 % | 2.5 % | ||||||
| Gross earned premiums | $ 983.0 | $ 966.2 | $ 943.5 | $ 944.8 | $ 894.2 | 9.9 % | 1.7 % | ||||||
| Gross written premiums | $ 929.7 | $ 952.6 | $ 1,035.3 | $ 1,054.1 | $ 837.7 | 11.0 % | (2.4)% | ||||||
| Reconciliation of gross earned premiums to net earned premiums: | |||||||||||||
| Gross earned premiums | $ 983.0 | $ 966.2 | $ 943.5 | $ 944.8 | $ 894.2 | 9.9 % | 1.7 % | ||||||
| Ceded catastrophe reinsurance(4) | (50.8) | (51.3) | (51.7) | (53.0) | (45.6) | (11.4)% | 1.0 % | ||||||
| Ceded to U.S. Government | (116.2) | (115.7) | (114.1) | (113.1) | (112.3) | (3.5)% | (0.4)% | ||||||
| Ceded to clients | (130.0) | (131.7) | (126.3) | (128.5) | (121.0) | (7.4)% | 1.3 % | ||||||
| Net earned premiums | $ 686.0 | $ 667.5 | $ 651.4 | $ 650.2 | $ 615.3 | 11.5 % | 2.8 % | ||||||
| (1) Represents a non-GAAP financial measure because it excludes reportable catastrophes. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Footnote 2 in Regulation G - Non-GAAP Measures. | |||||||||||||
| (2) Equals Adjusted EBITDA divided by total net earned premiums, fees and other income. | |||||||||||||
| (3) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. | |||||||||||||
| (4) All periods reflect catastrophe reinsurance premiums. |
&K026DCE&P-0
Global Housing (continued)
| Global Housing (continued) | |||||||||||||
| Condensed Statements of Operations and Selected Data | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | |||||||
| Key Metrics: | |||||||||||||
| Global Housing loss ratio(1) | 38.5 % | 30.7 % | 34.1 % | 39.8 % | 54.1 % | (1,560) bps | 780 bps | ||||||
| Global Housing non-catastrophe loss ratio(2) | 34.9 % | 29.3 % | 33.6 % | 35.0 % | 29.8 % | 510 bps | 560 bps | ||||||
| Global Housing expense ratio(3) | 38.7 % | 40.1 % | 38.6 % | 38.3 % | 39.1 % | (40) bps | (140) bps | ||||||
| Global Housing combined ratio(4) | 74.9 % | 68.9 % | 70.2 % | 75.4 % | 89.8 % | (1,490) bps | 600 bps | ||||||
| Global Housing annualized ROE(5) | 42.6 % | 48.0 % | 45.3 % | 39.8 % | 19.8 % | 2,280 bps | (540) bps | ||||||
| Investment yield(6) | 5.58 % | 4.92 % | 4.63 % | 4.55 % | 4.48 % | 110 bps | 66 bps | ||||||
| Lender-Placed Insurance: Loans tracked (in millions)(7) | 31.8 | 31.8 | 31.6 | 31.4 | 31.8 | - % | - % | ||||||
| Lender-Placed Insurance: Placement rates(8) | 2.10 % | 2.09 % | 2.08 % | 2.03 % | 2.01 % | 9 bps | 1 bps | ||||||
| Lender-Placed Insurance: Average insured value ("AIV") (in thousands)(7) | $ 304 | $ 300 | $ 296 | $ 294 | $ 291 | 4.5 % | 1.3 % | ||||||
| Renters policies (in millions) | 3.142 | 3.154 | 3.147 | 3.042 | 3.010 | 4.4 % | (0.4)% | ||||||
| % Spread of exposure(9) | |||||||||||||
| Region Name | |||||||||||||
| Middle U.S. states | 14.1 % | 14.1 % | 13.7 % | 13.4 % | 13.3 % | 80 bps | - bps | ||||||
| Northeastern coastal exposure | 16.2 % | 16.1 % | 16.1 % | 15.9 % | 16.1 % | 10 bps | 10 bps | ||||||
| Northern inland exposure | 13.3 % | 13.1 % | 12.9 % | 12.6 % | 12.4 % | 90 bps | 20 bps | ||||||
| Southern inland exposure | 11.1 % | 11.0 % | 11.1 % | 11.2 % | 11.1 % | - bps | 10 bps | ||||||
| Southern and HI coastal exposure | 12.5 % | 12.7 % | 13.3 % | 13.9 % | 14.4 % | (190) bps | (20) bps | ||||||
| Western U.S. states | 32.8 % | 33.0 % | 32.9 % | 33.0 % | 32.7 % | 10 bps | (20) bps | ||||||
| Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||||
| Middle U.S. States | |||||||||||||
| Northeastern Coastal Exposure | |||||||||||||
| Northern Inland Exposure | |||||||||||||
| Southern Inland Exposure | |||||||||||||
| Southern and HI Coastal Exposure | |||||||||||||
| Western U.S. States | |||||||||||||
| (1) Equals policyholder benefits divided by net earned premiums. | |||||||||||||
| (2) Represents a non-GAAP financial measure. Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. | |||||||||||||
| (3) Equals (i) underwriting, selling, general and administrative expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income. | |||||||||||||
| (4) Equals (i) total benefits, losses and expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income. Income from processing National Flood Insurance Program claims is reported as a reduction in expenses and is included in the combined ratio. | |||||||||||||
| (5) Calculated using (i) Global Housing Adjusted EBITDA (including reportable catastrophes) plus income tax expense, depreciation expense and amortization of purchased intangible assets, all annualized, divided by (ii) average stockholders' equity. | |||||||||||||
| (6) Equals annualized net investment income divided by average investments and cash and cash equivalents. | |||||||||||||
| (7) Includes tracked hazard loans and other loans serviced. | |||||||||||||
| (8) Equals hazard policies in force divided by tracked hazard loans. | |||||||||||||
| (9) Geographical spread of exposure is based on the company's assessment of total insured value for all of Global Housing. |
&K026DCE&P-0
Corporate - Operations
| Total Corporate and Other | |||||||||||||
| Condensed Statements of Operations and Selected Data | |||||||||||||
| (Unaudited) | |||||||||||||
| 2026 | 2025 | 1Q26-1Q25 | 1Q26-4Q25 | ||||||||||
| ($ in millions) | 1Q | 4Q | 3Q | 2Q | 1Q | % Change | % Change | ||||||
| Revenues: | |||||||||||||
| Net earned premiums | $ - | $ - | $ - | $ - | $ - | N/A | N/A | ||||||
| Fees and other income | - | - | - | 1.3 | 0.4 | (100.0)% | N/A | ||||||
| Net investment income | 9.3 | 6.8 | 5.7 | 5.6 | 5.8 | 60.3 % | 36.8 % | ||||||
| Total revenues | 9.3 | 6.8 | 5.7 | 6.9 | 6.2 | 50.0 % | 36.8 % | ||||||
| Benefits, losses and expenses: | |||||||||||||
| Policyholder benefits | - | - | - | - | - | N/A | N/A | ||||||
| General expenses | 41.2 | 41.2 | 37.3 | 36.7 | 34.2 | 20.5 % | - % | ||||||
| Total benefits, losses and expenses | 41.2 | 41.2 | 37.3 | 36.7 | 34.2 | 20.5 % | - % | ||||||
| Corporate and Other Adjusted EBITDA | $ (31.9) | $ (34.4) | $ (31.6) | $ (29.8) | $ (28.0) | (13.9)% | 7.3 % | ||||||
| Supplemental financial information: | |||||||||||||
| Interest expense | $ 28.3 | $ 28.3 | $ 27.9 | $ 26.7 | $ 26.8 | 5.6 % | - % | ||||||
| Income tax benefit | $ (23.4) | $ (24.6) | $ (13.8) | $ (13.8) | $ (16.0) | (46.3)% | 4.9 % | ||||||
| Depreciation expense | $ 1.1 | $ 1.2 | $ 0.9 | $ 0.9 | $ 0.8 | 37.5 % | (8.3)% | ||||||
| Corporate and Other Adjusted earnings(1) | $ (41.5) | $ (51.5) | $ (49.5) | $ (47.0) | $ (43.5) | 4.6 % | 19.4 % | ||||||
| (1) Refer to the Footnotes in Regulation G - Non GAAP Financial Measures for reconciliations of non-GAAP measures to the most comparable GAAP measure. |
&K026DCE&P-0
Segment Balance Sheets
| Assurant, Inc. | |||||||||||||||
| Segment Condensed Balance Sheets | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of March 31, 2026 | As of December 31, 2025 | ||||||||||||||
| Global Lifestyle | Global Housing | Corporate and Other(1) | Consolidated | Global Lifestyle | Global Housing | Corporate and Other(1) | Consolidated | ||||||||
| ($ in millions) | |||||||||||||||
| Assets | |||||||||||||||
| Investments and cash and cash equivalents | $ 7,471.1 | $ 3,167.5 | $ 1,175.0 | $ 11,813.6 | $ 7,429.6 | $ 3,017.2 | $ 1,449.3 | $ 11,896.1 | |||||||
| Reinsurance recoverables(2) | 5,567.5 | 894.8 | 79.7 | 6,542.0 | 5,426.8 | 942.4 | 102.1 | 6,471.3 | |||||||
| Deferred acquisition costs | 10,044.6 | 154.4 | 2.4 | 10,201.4 | 10,025.3 | 159.8 | 2.5 | 10,187.6 | |||||||
| Goodwill | 2,337.8 | 316.7 | - | 2,654.5 | 2,329.6 | 316.7 | - | 2,646.3 | |||||||
| Other assets | 3,662.4 | 624.6 | 270.0 | 4,557.0 | 3,635.4 | 723.1 | 217.4 | 4,575.9 | |||||||
| Assets held for sale | - | - | - | - | - | - | 512.4 | 512.4 | |||||||
| Total assets | $ 29,083.4 | $ 5,158.0 | $ 1,527.1 | $ 35,768.5 | $ 28,846.7 | $ 5,159.2 | $ 2,283.7 | $ 36,289.6 | |||||||
| Liabilities | |||||||||||||||
| Policyholder benefits and claims payable(2) | $ 902.6 | $ 1,190.0 | $ 130.7 | $ 2,223.3 | $ 881.0 | $ 1,138.9 | $ 137.0 | $ 2,156.9 | |||||||
| Unearned premiums | 19,003.5 | 1,891.4 | 7.8 | 20,902.7 | 18,929.1 | 1,944.7 | 7.6 | 20,881.4 | |||||||
| Debt | - | - | 2,207.5 | 2,207.5 | - | - | 2,206.9 | 2,206.9 | |||||||
| Accounts payable and other liabilities | 3,916.3 | 380.0 | 269.3 | 4,565.6 | 3,873.4 | 416.3 | 383.6 | 4,673.3 | |||||||
| Liabilities held for sale | - | - | - | - | - | - | 499.5 | 499.5 | |||||||
| Total liabilities | 23,822.4 | 3,461.4 | 2,615.3 | 29,899.1 | 23,683.5 | 3,499.9 | 3,234.6 | 30,418.0 | |||||||
| Stockholders' equity | |||||||||||||||
| Equity, excluding accumulated other comprehensive loss | 5,261.0 | 1,696.6 | (459.2) | 6,498.4 | 5,163.2 | 1,659.3 | (406.7) | 6,415.8 | |||||||
| Accumulated other comprehensive loss | - | - | (629.0) | (629.0) | - | - | (544.2) | (544.2) | |||||||
| Total equity | 5,261.0 | 1,696.6 | (1,088.2) | 5,869.4 | 5,163.2 | 1,659.3 | (950.9) | 5,871.6 | |||||||
| Total liabilities and equity | $ 29,083.4 | $ 5,158.0 | $ 1,527.1 | $ 35,768.5 | $ 28,846.7 | $ 5,159.2 | $ 2,283.7 | $ 36,289.6 | |||||||
| (1) Corporate and Other includes all accumulated other comprehensive loss, reinsurance recoverables and separate accounts related to the sale of businesses by reinsurance. Additionally, the Corporate and Other segment includes amounts related to our non-core operations. | |||||||||||||||
| (2) Global Housing's reinsurance recoverables and policyholder benefits and claims payable as of March 31, 2026 and December 31, 2025 included $183 million and $202 million respectively, of balances ceded to the U.S. government. Assurant acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program. |
&K026DCE&P-0
Invested Assets
| Assurant, Inc. | |||||||
| Investments | |||||||
| (Unaudited) | |||||||
| As of March 31, | As of December 31, | ||||||
| ($ in millions) | 2026 | 2025 | |||||
| Investments by type | |||||||
| Fixed maturity securities available for sale, at fair value | $ 8,783.8 | 74.4 % | $ 8,577.7 | 72.1 % | |||
| Equity securities, at fair value | |||||||
| Preferred stock | 157.2 | 1.3 % | 167.8 | 1.4 % | |||
| Common stock | 2.2 | - % | 2.0 | - % | |||
| Mutual funds | 37.9 | 0.3 % | 37.3 | 0.3 % | |||
| Commercial mortgage whole loans on real estate, at amortized cost | 309.5 | 2.6 % | 324.7 | 2.8 % | |||
| Short-term investments | 329.8 | 2.8 % | 379.5 | 3.2 % | |||
| Other investments | 601.5 | 5.1 % | 573.0 | 4.8 % | |||
| Total investments | 10,221.9 | 86.5 % | 10,062.0 | 84.6 % | |||
| Cash and cash equivalents | 1,591.7 | 13.5 % | 1,834.1 | 15.4 % | |||
| Total investments and cash and cash equivalents | $ 11,813.6 | 100.0 % | $ 11,896.1 | 100.0 % | |||
| Fixed Maturity Securities by Credit Quality (Fair Value) | |||||||
| Aaa / Aa / A | $ 4,885.2 | 55.6 % | $ 4,710.9 | 54.9 % | |||
| Baa | 3,266.0 | 37.2 % | 3,257.9 | 38.0 % | |||
| Ba | 543.4 | 6.2 % | 527.6 | 6.2 % | |||
| B and lower | 89.2 | 1.0 % | 81.3 | 0.9 % | |||
| Total | $ 8,783.8 | 100.0 % | $ 8,577.7 | 100.0 % |
&K026DCE&P-0
Invested Assets (continued)
| Assurant, Inc. | |||||||||||||
| Investments (continued) | |||||||||||||
| (Unaudited) | |||||||||||||
| As of March 31, 2026 | As of December 31, 2025 | ||||||||||||
| Allowance | Net | Net | |||||||||||
| Book | for credit | Fair | % of Fair | Unrealized | Book | Allowance for | Fair | % of Fair | Unrealized | ||||
| ($ in millions) | Value | losses | Value | Value | Gain (Loss) | Value | credit losses | Value | Value | Gain (Loss) | |||
| Fixed Maturity Securities by Issuer Type: | |||||||||||||
| Government: | |||||||||||||
| U.S. Government and government agencies and authorities | $ 63.7 | $ - | $ 63.1 | 0.7 % | $ (0.6) | $ 62.7 | $ - | $ 62.9 | 0.7 % | $ 0.2 | |||
| States, municipalities and political subdivisions | 99.2 | - | 94.8 | 1.1 % | (4.4) | 100.0 | - | 96.1 | 1.1 % | (3.9) | |||
| Foreign governments | 625.2 | - | 615.0 | 7.0 % | (10.2) | 596.1 | - | 593.9 | 6.9 % | (2.2) | |||
| Corporate(1): | |||||||||||||
| Canadian municipals | 18.6 | - | 19.0 | 0.2 % | 0.4 | 18.9 | - | 19.4 | 0.2 % | 0.5 | |||
| Consumer cyclical | 519.6 | - | 514.9 | 5.9 % | (4.7) | 496.3 | - | 501.4 | 5.9 % | 5.1 | |||
| Consumer non-cyclical | 265.6 | - | 259.4 | 2.9 % | (6.2) | 269.2 | - | 267.5 | 3.1 % | (1.7) | |||
| Energy | 391.0 | - | 392.4 | 4.5 % | 1.4 | 381.7 | - | 387.1 | 4.5 % | 5.4 | |||
| Financials | 1,864.4 | - | 1,844.4 | 21.0 % | (20.0) | 1,749.6 | - | 1,760.9 | 20.5 % | 11.3 | |||
| Health care | 486.9 | - | 466.4 | 5.3 % | (20.5) | 467.7 | - | 455.6 | 5.3 % | (12.1) | |||
| Industrials | 848.4 | (2.8) | 833.3 | 9.5 % | (12.3) | 844.7 | (1.9) | 842.7 | 9.8 % | (0.1) | |||
| Materials | 165.4 | - | 157.5 | 1.8 % | (7.9) | 175.2 | - | 169.4 | 2.0 % | (5.8) | |||
| Technology | 620.2 | - | 602.0 | 6.8 % | (18.2) | 577.9 | - | 572.8 | 6.7 % | (5.1) | |||
| Telecommunications | 191.4 | - | 188.3 | 2.1 % | (3.1) | 178.5 | - | 178.1 | 2.1 % | (0.4) | |||
| Utilities | 474.2 | - | 462.7 | 5.3 % | (11.5) | 456.6 | - | 452.1 | 5.3 % | (4.5) | |||
| Asset-backed securities | 856.3 | - | 850.1 | 9.7 % | (6.2) | 850.2 | - | 845.7 | 9.9 % | (4.5) | |||
| Commercial mortgage-backed securities | 434.4 | - | 419.0 | 4.8 % | (15.4) | 431.4 | - | 417.4 | 4.9 % | (14.0) | |||
| Residential mortgage-backed securities | 1,032.2 | - | 1,001.5 | 11.4 % | (30.7) | 978.6 | - | 954.7 | 11.1 % | (23.9) | |||
| Total fixed maturity securities | $ 8,956.7 | $ (2.8) | $ 8,783.8 | 100.0 % | $ (170.1) | $ 8,635.3 | $ (1.9) | $ 8,577.7 | 100.0 % | $ (55.7) | |||
| (1) Industry classifications are based on a combination of published index classifications and Assurant's view of underlying issuer risk. These resulting classifications are then mapped to the Global Industry Classification Standard (GICS®). |
&K026DCE&P-0
Investment Results by Category
| Assurant, Inc. | |||||||||||
| Investment Results by Asset Category and Annualized Yields | |||||||||||
| (Unaudited) | |||||||||||
| Quarter Ended March 31, | Quarter Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Investment | Net realized | Investment | Net realized | ||||||||
| ($ in millions) | Yield | Income | gain (loss) | Yield | Income | gain (loss) | |||||
| Fixed maturity securities, available for sale | 5.43 % | $ 119.4 | $ (15.5) | 5.24 % | $ 100.9 | $ (17.0) | |||||
| Equity securities | 5.11 % | 2.8 | (2.8) | 4.91 % | 2.9 | 0.3 | |||||
| Commercial mortgage loans on real estate | 5.56 % | 4.5 | 0.3 | 5.71 % | 5.0 | 1.4 | |||||
| Cash and short-term investments | 3.68 % | 19.0 | - | 4.14 % | 21.0 | 0.1 | |||||
| Other investments(1) | 15.50 % | 18.3 | (3.2) | (0.90)% | (1.0) | (0.8) | |||||
| Total | 164.0 | $ (21.2) | 128.8 | $ (16.0) | |||||||
| Investment expenses | (4.4) | (4.0) | |||||||||
| Net investment income | $ 159.6 | $ 124.8 | |||||||||
| Gross realized gains on sales and other | $ 2.7 | $ 3.5 | |||||||||
| Gross realized losses on sales and other | (15.1) | (19.8) | |||||||||
| Fair value changes to equity securities | (3.2) | 3.3 | |||||||||
| Net realized losses related to impairments | (5.6) | (3.0) | |||||||||
| Net realized losses on investments and fair value changes to equity securities | $ (21.2) | $ (16.0) | |||||||||
| (1) Consists primarily of investments in joint venture partnerships, invested assets associated with deferred compensation and policy loans. |
&K026DCE&P-0
Ratings Summary
| Assurant, Inc. | |||
| Ratings Summary(1) | |||
| (Unaudited) | |||
| As of March 31, 2026 | |||
| Standard & | |||
| A.M. Best | Moody's | Poor's | |
| Company | |||
| American Bankers Insurance Company of Florida | A+ | A2 | A |
| American Bankers Life Assurance Company of Florida | A | A2 | A |
| American Security Insurance Company | A+ | A2 | A |
| Caribbean American Life Assurance Company | A | N/A | N/A |
| Caribbean American Property Insurance Company | A+ | N/A | N/A |
| Reliable Lloyds Insurance Company | A+ | N/A | N/A |
| Standard Guaranty Insurance Company | A+ | N/A | N/A |
| Virginia Surety Insurance Company | A+ | N/A | N/A |
| Voyager Indemnity Insurance Company | A+ | N/A | N/A |
| Commercial Paper | AMB-1+ | P-2 | A-2 |
| Senior Debt | a- | Baa2 | BBB |
| Subordinated Debt | bbb+ | Baa3 | BB+ |
| (1) Additional information on Assurant's ratings is available in the Investor Relations section on Assurant's website www.assurant.com. |
&K026DCE&P-0
Reg G Page 1
| Regulation G - Non GAAP Financial Measures | |||||||||
| (1) Adjusted EBITDA: Assurant uses Adjusted EBITDA as an important measure of the company's operating performance. Assurant defines Adjusted EBITDA as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items including non-core operations and restructuring costs related to strategic exit activities. The company believes this metric provides investors with an important measure of the company's operating performance because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management's and investors' ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted EBITDA, revenue generated from such intangible assets is included within the revenue in determining Adjusted EBITDA. The comparable GAAP measure is net income. See Note 2 below for a full reconciliation. | |||||||||
| (2) Adjusted EBITDA, Excluding Reportable Catastrophes: Assurant uses Adjusted EBITDA (defined above), excluding reportable catastrophes (which represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company's operating performance. The company believes this metric provides investors with an important measure of the company's operating performance for the reasons noted in Note 1 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income. | |||||||||
| (3) Constant Currency: Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to-period comparisons. | |||||||||
| ($ in millions) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| GAAP net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | ||||
| Less: | |||||||||
| Interest expense | 28.3 | 28.3 | 27.9 | 26.7 | 26.8 | ||||
| Provision for income taxes | 61.5 | 58.3 | 65.6 | 53.7 | 37.1 | ||||
| Depreciation expense | 43.3 | 47.6 | 37.8 | 35.9 | 35.1 | ||||
| Amortization of purchased intangible assets | 17.7 | 17.4 | 16.5 | 15.1 | 18.4 | ||||
| Adjustments, pre-tax: | |||||||||
| Net realized losses on investments and fair value changes to equity securities(1) | 21.2 | 20.5 | 13.6 | 21.7 | 16.0 | ||||
| Other Adjustments: | |||||||||
| Restructuring costs(2) | - | 28.7 | - | (0.3) | (1.1) | ||||
| Loss on subsidiary held for sale | 0.5 | 10.7 | - | - | - | ||||
| Non-core operations | (0.2) | 1.0 | (0.9) | (0.6) | 1.3 | ||||
| Loss on extinguishment of debt | - | - | 1.3 | - | - | ||||
| Loss on sale of building | - | - | 1.8 | - | - | ||||
| Foreign exchange related losses (gains)(3) | (2.3) | 1.9 | 4.8 | 0.5 | 0.8 | ||||
| (Gain) loss related to benefit plan activity | (2.6) | (2.8) | (2.4) | (2.4) | 1.2 | ||||
| Merger and acquisition transaction and other related expenses | - | (0.3) | (0.1) | 0.4 | - | ||||
| Total other adjustments | (4.6) | 39.2 | 4.5 | (2.4) | 2.2 | ||||
| Adjusted EBITDA | 441.5 | 436.5 | 431.5 | 386.0 | 282.2 | ||||
| Reportable catastrophes | 24.4 | 9.4 | 2.0 | 29.8 | 157.0 | ||||
| Adjusted EBITDA, excluding reportable catastrophes | $ 465.9 | $ 445.9 | $ 433.5 | $ 415.8 | $ 439.2 | ||||
| Constant Currency: | |||||||||
| Percentage change in Global Lifestyle and Global Housing net earned premiums, fees and other income: | |||||||||
| Including FX impact | 10.7 % | 7.9 % | 9.0 % | 8.2 % | 7.4 % | ||||
| FX impact | 0.9 % | 0.2 % | 0.1 % | (0.2)% | (1.1)% | ||||
| Excluding FX impact | 9.8 % | 7.7 % | 8.9 % | 8.4 % | 8.5 % | ||||
| Percentage change in GAAP net income | 87.0 % | 11.9 % | 98.5 % | 24.7 % | (38.0)% | ||||
| Percentage change in Adjusted EBITDA | 56.4 % | 14.4 % | 74.8 % | 19.4 % | (23.9)% | ||||
| Percentage change in Adjusted EBITDA, excluding reportable catastrophes: | |||||||||
| Including FX impact | 6.1 % | 3.3 % | 12.6 % | 12.7 % | 14.5 % | ||||
| FX impact | 0.9 % | 0.4 % | (0.1)% | (0.5)% | (1.4)% | ||||
| Excluding FX impact | 5.2 % | 2.9 % | 12.7 % | 13.2 % | 15.9 % | ||||
| (1) 1Q 2026 and 4Q 2025 included net unrealized losses of $2.7 million pre-tax ($2.1 million after-tax) and $0.7 million pre-tax ($0.6 million after-tax), respectively, from changes in fair value of our equity securities. 3Q 2025, 2Q 2025 and 1Q 2025 included net unrealized gains of $4.8 million pre-tax ($3.8 million after-tax), $12.4 million pre-tax ($9.8 million after-tax) and $3.3 million pre-tax ($2.6 million after-tax), respectively, from changes in fair value of our equity securities. | |||||||||
| (2) Includes severance and real estate costs under a restructuring plan to optimize operational efficiencies, including the company's global footprint. | |||||||||
| (3) Includes foreign exchange (gains) losses, net of any gains (losses) from foreign exchange related derivatives. 1Q 2026, 4Q 2025, 3Q 2025, 2Q 2025 and 1Q 2025 included $(0.4) million, $(0.2) million, $4.7 million, $2.0 million and $0.8 million of net (gains) losses, respectively, from foreign exchange related to the remeasurement of net monetary assets in Argentina as a result of the classification of Argentina's economy as highly inflationary beginning July 1, 2018. |
&K026DCE&P-0
Reg G Page 2
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| (4) Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important measure of the company's stockholder value. Assurant defines Adjusted earnings per diluted share as (i) net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, amortization of purchased intangible assets, as well as other highly variable or unusual items, less earnings allocated to participating securities, divided by (ii) the weighted average diluted shares outstanding. The company believes this metric provides investors with an important measure of stockholder value because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management's and investors' ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted earnings, revenue generated from such intangible assets is included within the revenue in determining Adjusted earnings. The comparable GAAP measure is net income per diluted share. See Note 5 below for a full reconciliation. | |||||||||
| (5) Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses Adjusted earnings, excluding reportable catastrophes, per diluted share (each as defined above) as another important measure of the company's stockholder value. The company believes this metric provides investors with an important measure of stockholder value for the reasons noted in Note 4 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share. | |||||||||
| ($ in millions) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| GAAP net income | $ 274.1 | $ 225.2 | $ 265.6 | $ 235.3 | $ 146.6 | ||||
| Adjustments, pre-tax: | |||||||||
| Net realized losses on investments and fair value changes to equity securities | 21.2 | 20.5 | 13.6 | 21.7 | 16.0 | ||||
| Amortization of purchased intangible assets | 17.7 | 17.4 | 16.5 | 15.1 | 18.4 | ||||
| Other Adjustments: | |||||||||
| Restructuring costs | - | 28.7 | - | (0.3) | (1.1) | ||||
| Loss on subsidiary held for sale | 0.5 | 10.7 | - | - | - | ||||
| Non-core operations | (0.2) | 1.0 | (0.9) | (0.6) | 1.3 | ||||
| Loss on extinguishment of debt | - | - | 1.3 | - | - | ||||
| Loss on sale of building | - | - | 1.8 | - | - | ||||
| Foreign exchange related losses (gains) | (2.3) | 1.9 | 4.8 | 0.5 | 0.8 | ||||
| (Gain) loss related to benefit plan activity | (2.6) | (2.8) | (2.4) | (2.4) | 1.2 | ||||
| Merger and acquisition transaction and other related expenses | - | (0.3) | (0.1) | 0.4 | - | ||||
| Benefit for income taxes(1) | (7.3) | (15.8) | (6.3) | (6.7) | (7.7) | ||||
| Total adjustments, after-tax | 27.0 | 61.3 | 28.3 | 27.7 | 28.9 | ||||
| Adjusted earnings | 301.1 | 286.5 | 293.9 | 263.0 | 175.5 | ||||
| Reportable catastrophes, pre-tax | 24.4 | 9.4 | 2.0 | 29.8 | 157.0 | ||||
| Tax impact of reportable catastrophes | (5.2) | (2.0) | (0.4) | (6.3) | (33.0) | ||||
| Adjusted earnings, excluding reportable catastrophes | $ 320.3 | $ 293.9 | $ 295.5 | $ 286.5 | $ 299.5 | ||||
| (1) Components of the benefit for income taxes relate to: | |||||||||
| Net realized losses on investments and fair value changes to equity securities | $ (4.5) | $ (4.3) | $ (2.9) | $ (4.5) | $ (3.4) | ||||
| Restructuring costs | - | (6.0) | - | - | 0.3 | ||||
| Loss on subsidiary held for sale | (0.1) | (1.8) | - | - | - | ||||
| Amortization of purchased intangible assets | (3.7) | (3.7) | (3.5) | (3.1) | (3.9) | ||||
| Non-core operations | - | (0.3) | 0.2 | 0.2 | (0.4) | ||||
| Loss on extinguishment of debt | - | - | (0.3) | - | - | ||||
| Loss on sale of building | 0.1 | - | (0.4) | - | - | ||||
| Foreign exchange related (gains) losses | 0.4 | (0.4) | 0.1 | 0.3 | (0.1) | ||||
| (Gain) loss related to benefit plan activity | 0.5 | 0.6 | 0.5 | 0.5 | (0.2) | ||||
| Merger and acquisition transaction and other related expenses | - | 0.1 | - | (0.1) | - | ||||
| Benefit for income taxes | $ (7.3) | $ (15.8) | $ (6.3) | $ (6.7) | $ (7.7) |
&K026DCE&P-0
Reg G Page 3
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| ($ per share) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| GAAP net income per diluted share | $ 5.41 | $ 4.41 | $ 5.17 | $ 4.56 | $ 2.83 | ||||
| Adjustments per diluted share, pre-tax: | |||||||||
| Net realized losses on investments and fair value changes to equity securities | 0.42 | 0.40 | 0.26 | 0.42 | 0.31 | ||||
| Amortization of purchased intangible assets | 0.35 | 0.34 | 0.32 | 0.29 | 0.36 | ||||
| Other Adjustments: | |||||||||
| Restructuring costs | - | 0.56 | - | (0.01) | (0.02) | ||||
| Loss on subsidiary held for sale | 0.01 | 0.21 | - | - | - | ||||
| Non-core operations | - | 0.02 | (0.02) | (0.01) | 0.02 | ||||
| Loss on extinguishment of debt | - | - | 0.03 | - | - | ||||
| Loss on sale of building | - | - | 0.04 | - | - | ||||
| Foreign exchange related losses (gains) | (0.05) | 0.04 | 0.10 | 0.01 | 0.02 | ||||
| (Gain) loss related to benefit plan activity | (0.05) | (0.05) | (0.05) | (0.05) | 0.02 | ||||
| Merger and acquisition transaction and other related expenses | - | (0.01) | - | 0.01 | - | ||||
| Benefit for income taxes(1) | (0.14) | (0.31) | (0.12) | (0.12) | (0.15) | ||||
| Adjusted earnings, per diluted share | 5.95 | 5.61 | 5.73 | 5.10 | 3.39 | ||||
| Reportable catastrophes, pre-tax | 0.48 | 0.18 | 0.04 | 0.58 | 3.03 | ||||
| Tax impact of reportable catastrophes | (0.10) | (0.04) | (0.01) | (0.12) | (0.63) | ||||
| Adjusted earnings, excluding reportable catastrophes, per diluted share | $ 6.33 | $ 5.75 | $ 5.76 | $ 5.56 | $ 5.79 | ||||
| (1) Components of the benefit for income taxes relate to: | |||||||||
| Net realized losses on investments and fair value changes to equity securities | $ (0.09) | $ (0.08) | $ (0.05) | $ (0.09) | $ (0.07) | ||||
| Restructuring costs | - | (0.12) | - | 0.01 | - | ||||
| Loss on subsidiary held for sale | - | (0.04) | - | - | - | ||||
| Amortization of purchased intangible assets | (0.07) | (0.07) | (0.07) | (0.06) | (0.08) | ||||
| Non-core operations | - | - | 0.01 | - | - | ||||
| Loss on extinguishment of debt | - | - | (0.01) | - | - | ||||
| Loss on sale of building | - | - | (0.01) | - | - | ||||
| Foreign exchange related losses (gains) | 0.01 | (0.01) | - | 0.01 | - | ||||
| (Gain) loss related to benefit plan activity | 0.01 | 0.01 | 0.01 | 0.01 | - | ||||
| Merger and acquisition transaction and other related expenses | - | - | - | - | - | ||||
| Benefit for income taxes | $ (0.14) | $ (0.31) | $ (0.12) | $ (0.12) | $ (0.15) |
&K026DCE&P-0
Reg G Page 4
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| (6) Assurant uses segment Adjusted earnings as an important supplemental measure of segment performance. Assurant defines Adjusted earnings for the Global Lifestyle and Global Housing segments as Adjusted EBITDA for such segment, including depreciation expense and provision for income taxes, and Adjusted earnings for the Corporate and Other segment as Adjusted EBITDA for such segment, including depreciation expense, interest expense and provision for income taxes. For Global Housing, the company also excludes reportable catastrophes (defined above), which can be volatile. The company believes this metric provides investors with an important supplemental measure of segment performance because it includes items attributable to the segment that facilitates comparisons of performance to other companies in the applicable industry. The comparable GAAP measure is segment Adjusted EBITDA. | |||||||||
| ($ in millions) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| Global Lifestyle Adjusted EBITDA | $ 236.7 | $ 195.3 | $ 206.8 | $ 201.4 | $ 197.8 | ||||
| Depreciation expense | (30.8) | (30.5) | (26.4) | (25.5) | (24.6) | ||||
| Provision for income taxes | (43.2) | (34.4) | (34.8) | (30.8) | (36.0) | ||||
| Global Lifestyle Adjusted Earnings | $ 162.7 | $ 130.4 | $ 145.6 | $ 145.1 | $ 137.2 | ||||
| Global Housing Adjusted EBITDA | $ 236.7 | $ 275.6 | $ 256.3 | $ 214.4 | $ 112.4 | ||||
| Depreciation expense | (11.4) | (15.9) | (10.5) | (9.5) | (9.7) | ||||
| Provision for income taxes | (45.4) | (52.1) | (48.0) | (40.0) | (20.9) | ||||
| Global Housing Adjusted Earnings | 179.9 | 207.6 | 197.8 | 164.9 | 81.8 | ||||
| Reportable catastrophes, pre-tax | 24.4 | 9.4 | 2.9 | 29.8 | 156.7 | ||||
| Tax impact of reportable catastrophes | (5.2) | (2.0) | (0.6) | (6.3) | (32.9) | ||||
| Global Housing Adjusted Earnings, excluding reportable catastrophes | $ 199.1 | $ 215.0 | $ 200.1 | $ 188.4 | $ 205.6 | ||||
| Corporate and Other Adjusted EBITDA | $ (31.9) | $ (34.4) | $ (31.6) | $ (29.8) | $ (28.0) | ||||
| Depreciation expense | (1.1) | (1.2) | (0.9) | (0.9) | (0.8) | ||||
| Interest expense | (28.3) | (28.3) | (27.9) | (26.7) | (26.8) | ||||
| Benefit for income taxes | 19.8 | 12.4 | 10.9 | 10.4 | 12.1 | ||||
| Corporate and Other Adjusted Earnings | $ (41.5) | $ (51.5) | $ (49.5) | $ (47.0) | $ (43.5) |
&K026DCE&P-0
Reg G Page 5
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| (7) ROE: Assurant uses annualized operating return on common stockholders' equity, excluding AOCI ("ROE"), as an important measure of the company's operating performance. Assurant defines ROE as Adjusted earnings (defined in Note 4) divided by average common stockholders' equity excluding AOCI. The company believes this metric provides investors with an important measure of the company's operating performance because it excludes items that do not represent the ongoing operations of the company. The comparable GAAP measure is GAAP return on common stockholders' equity, defined as net income divided by average common stockholders' equity. | |||||||||
| ($ in millions) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| Total common stockholders' equity, beginning of period | $ 5,871.6 | $ 5,758.5 | $ 5,498.5 | $ 5,234.2 | $ 5,106.7 | ||||
| Less: AOCI | (544.2) | (547.0) | (634.6) | (748.5) | (836.1) | ||||
| Total common stockholders' equity, beginning of period, as adjusted | $ 6,415.8 | $ 6,305.5 | $ 6,133.1 | $ 5,982.7 | $ 5,942.8 | ||||
| Total common stockholders' equity, end of period | $ 5,869.4 | $ 5,871.6 | $ 5,758.5 | $ 5,498.5 | $ 5,234.2 | ||||
| Less: AOCI | (629.0) | (544.2) | (547.0) | (634.6) | (748.5) | ||||
| Total common stockholders' equity, end of period, as adjusted | $ 6,498.4 | $ 6,415.8 | $ 6,305.5 | $ 6,133.1 | $ 5,982.7 | ||||
| Average common stockholders' equity | $ 5,870.5 | $ 5,815.1 | $ 5,628.5 | $ 5,366.4 | $ 5,170.5 | ||||
| Less: Average AOCI | (586.6) | (545.6) | (590.8) | (691.6) | (792.3) | ||||
| Average common stockholders' equity, as adjusted | $ 6,457.1 | $ 6,360.7 | $ 6,219.3 | $ 6,058.0 | $ 5,962.8 | ||||
| Annualized GAAP return on common stockholders' equity | 18.7 % | 15.5 % | 18.9 % | 17.5 % | 11.3 % | ||||
| Annualized operating return on common stockholders' equity | 18.7 % | 18.0 % | 18.9 % | 17.4 % | 11.8 % |
&K026DCE&P-0
Reg G Page 6
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| (8) ROTE: Assurant uses annualized operating return on tangible common stockholders' equity, excluding AOCI ("ROTE"), as an important measure of the company's operating performance. Assurant defines ROTE as Adjusted earnings (defined in Note 4) divided by average common stockholders' equity excluding AOCI, goodwill and other intangible assets, net of tax. The company believes this metric provides investors with an important measure of the company's operating performance because it excludes items that do not represent the ongoing operations of the company and because it excludes the impact of goodwill and other intangible assets. The comparable GAAP measure is GAAP return on common stockholders' equity, defined as net income divided by average common stockholders' equity. | |||||||||
| ($ in millions) | 2026 | 2025 | |||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| Total common stockholders' equity, beginning of period | $ 5,871.6 | $ 5,758.5 | $ 5,498.5 | $ 5,234.2 | $ 5,106.7 | ||||
| Less: AOCI | (544.2) | (547.0) | (634.6) | (748.5) | (836.1) | ||||
| Less: Goodwill and other intangible assets, net of tax | 3,074.3 | 3,079.8 | 3,063.7 | 3,073.4 | 3,057.3 | ||||
| Total common stockholders' equity, beginning of period, as adjusted | $ 3,341.5 | $ 3,225.7 | $ 3,069.4 | $ 2,909.3 | $ 2,885.5 | ||||
| Total common stockholders' equity, end of period | $ 5,869.4 | $ 5,871.6 | $ 5,758.5 | $ 5,498.5 | $ 5,234.2 | ||||
| Less: AOCI | (629.0) | (544.2) | (547.0) | (634.6) | (748.5) | ||||
| Less: Goodwill and other intangible assets, net of tax | 3,075.2 | 3,074.3 | 3,079.8 | 3,063.7 | 3,073.4 | ||||
| Total common stockholders' equity, end of period, as adjusted | $ 3,423.2 | $ 3,341.5 | $ 3,225.7 | $ 3,069.4 | $ 2,909.3 | ||||
| Average common stockholders' equity | $ 5,870.5 | $ 5,815.1 | $ 5,628.5 | $ 5,366.4 | $ 5,170.5 | ||||
| Less: Average AOCI | (586.6) | (545.6) | (590.8) | (691.6) | (792.3) | ||||
| Less: Average Goodwill and other intangible assets, net of tax | 3,074.8 | 3,077.1 | 3,071.8 | 3,068.6 | 3,065.4 | ||||
| Average common stockholders' equity, as adjusted | $ 3,382.3 | $ 3,283.6 | $ 3,147.5 | $ 2,989.4 | $ 2,897.4 | ||||
| Annualized GAAP return on common stockholders' equity | 18.7 % | 15.5 % | 18.9 % | 17.5 % | 11.3 % | ||||
| Annualized operating return on tangible common stockholders' equity | 35.6 % | 34.9 % | 37.3 % | 35.2 % | 24.2 % |
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Reg G Page 7
| Regulation G - Non GAAP Financial Measures (continued) | |||||||||
| (9) Debt to Total Capital Ratio, Excluding Accumulated Other Comprehensive Income ("AOCI"): Assurant uses a ratio of debt to total capital, excluding AOCI, as an important measure of the Company's financial leverage. Assurant defines debt to total capital ratio, excluding AOCI, as debt divided by the sum of debt and total stockholders' equity, excluding AOCI. The Company believes that the debt to total capital ratio, excluding AOCI, provides investors with an important measure of financial leverage, because it excludes the effect of unrealized gains (losses) on investments and other AOCI items, which do not represent the ongoing operations of the Company and tend to be highly variable from period to period. The comparable GAAP measure is the ratio of debt to total capital. | |||||||||
| 2026 | 2025 | ||||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| Debt | $ 2,207.5 | $ 2,206.9 | $ 2,206.4 | $ 2,084.4 | $ 2,083.7 | ||||
| Total stockholders' equity | $ 5,869.4 | $ 5,871.6 | $ 5,758.5 | $ 5,498.5 | $ 5,234.2 | ||||
| AOCI | (629.0) | (544.2) | (547.0) | (634.6) | (748.5) | ||||
| Total stockholders' equity, excluding AOCI | $ 6,498.4 | $ 6,415.8 | $ 6,305.5 | $ 6,133.1 | $ 5,982.7 | ||||
| Sum of debt and total stockholders' equity | $ 8,076.9 | $ 8,078.5 | $ 7,964.9 | $ 7,582.9 | $ 7,317.9 | ||||
| Sum of debt and total stockholders' equity, excluding AOCI | $ 8,705.9 | $ 8,622.7 | $ 8,511.9 | $ 8,217.5 | $ 8,066.4 | ||||
| Debt to total capital ratio | 27.3 % | 27.3 % | 27.7 % | 27.5 % | 28.5 % | ||||
| Change due to effect of including AOCI | (1.9)% | (1.7)% | (1.8)% | (2.1)% | (2.7)% | ||||
| Debt to total capital ratio, excluding AOCI | 25.4 % | 25.6 % | 25.9 % | 25.4 % | 25.8 % | ||||
| (10) Global Housing Non-Catastrophe Loss Ratio: Assurant uses the Global Housing non-catastrophe loss ratio as an important measure of the segment's operating performance. Assurant defines the Global Housing non-catastrophe loss ratio as segment policyholder benefits less reportable catastrophe losses, divided by segment net earned premiums less reinstatement premiums. The Company believes that the Global Housing non-catastrophe loss ratio provides investors with an important measure of the segment's operating performance, because it excludes the impact of reportable catastrophe losses and related reinstatement premiums, which can be volatile. The comparable GAAP measure is the Global Housing loss ratio, defined as segment policyholder benefits divided by segment net earned premiums. | |||||||||
| 2026 | 2025 | ||||||||
| 1Q | 4Q | 3Q | 2Q | 1Q | |||||
| Net earned premiums | $ 686.0 | $ 667.5 | $ 651.4 | $ 650.2 | $ 615.3 | ||||
| Reinstatement premiums | - | (0.3) | - | - | (0.2) | ||||
| Net earned premiums, excluding reinstatement premiums | $ 686.0 | $ 667.8 | $ 651.4 | $ 650.2 | $ 615.5 | ||||
| Policyholder benefits | 263.9 | 204.8 | 221.9 | 258.7 | 333.0 | ||||
| Reportable catastrophe losses | 24.4 | 9.1 | 2.9 | 30.9 | 149.4 | ||||
| Total policyholder benefits, excluding reportable catastrophe losses | $ 239.5 | $ 195.7 | $ 219.0 | $ 227.8 | $ 183.6 | ||||
| Global Housing loss ratio | 38.5 % | 30.7 % | 34.1 % | 39.8 % | 54.1 % | ||||
| Change due to effect of excluding reinstatement premiums | - % | - % | - % | - % | - % | ||||
| Change due to effect of excluding reportable catastrophe losses | (3.6)% | (1.4)% | (0.5)% | (4.8)% | (24.3)% | ||||
| Global Housing non-catastrophe loss ratio | 34.9 % | 29.3 % | 33.6 % | 35.0 % | 29.8 % |
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