ASSURANT, INC. (AIZ)
SIC breadcrumb: Finance, Insurance, And Real Estate > Insurance Carriers > SIC 6399 Insurance Carriers, NEC
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1267238. Latest filing source: 0001267238-26-000010.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 12,814,300,000 USD verified
- Net income
- 872,700,000 USD verified
- Assets
- 36,289,600,000 USD verified
- Free cash flow
- 1,598,400,000 USD computed
- Net margin
- 6.81% computed
- Revenue YoY
- +7.89% computed
- ROE
- 14.86% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 63 Insurance Carriers, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 12,814,300,000 | USD | 2025 | 2026-02-19 |
| Net income | 872,700,000 | USD | 2025 | 2026-02-19 |
| Assets | 36,289,600,000 | USD | 2025 | 2026-02-19 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001267238.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,531,800,000 | 6,415,000,000 | 8,057,600,000 | 9,569,100,000 | 9,597,600,000 | 10,187,600,000 | 10,193,000,000 | 11,131,600,000 | 11,877,500,000 | 12,814,300,000 |
| Net income | 565,400,000 | 519,600,000 | 251,000,000 | 382,600,000 | 440,800,000 | 1,361,800,000 | 276,600,000 | 642,500,000 | 760,200,000 | 872,700,000 |
| Diluted EPS | 9.13 | 9.39 | 3.98 | 5.84 | 6.98 | 22.66 | 5.05 | 11.95 | 14.46 | 16.93 |
| Operating cash flow | 108,600,000 | 530,400,000 | 656,700,000 | 1,413,400,000 | 1,342,000,000 | 781,700,000 | 596,900,000 | 1,138,100,000 | 1,332,700,000 | 1,833,900,000 |
| Capital expenditures | 85,200,000 | 62,100,000 | 82,800,000 | 110,300,000 | 121,200,000 | 187,400,000 | 186,300,000 | 202,500,000 | 221,300,000 | 235,500,000 |
| Dividends paid | 125,300,000 | 119,000,000 | 133,800,000 | 151,400,000 | 154,600,000 | 157,600,000 | 150,200,000 | 152,300,000 | 155,900,000 | 168,400,000 |
| Share buybacks | 863,100,000 | 388,900,000 | 139,300,000 | 271,800,000 | 297,000,000 | 839,300,000 | 572,800,000 | 193,100,000 | 307,400,000 | 303,700,000 |
| Assets | 29,709,100,000 | 31,843,000,000 | 41,089,300,000 | 44,291,200,000 | 44,649,900,000 | 33,920,600,000 | 33,117,300,000 | 33,635,200,000 | 35,020,600,000 | 36,289,600,000 |
| Liabilities | 25,611,000,000 | 27,561,500,000 | 35,955,400,000 | 38,609,100,000 | 38,695,100,000 | 28,456,500,000 | 28,888,600,000 | 28,825,700,000 | 29,913,900,000 | 30,418,000,000 |
| Stockholders' equity | 4,098,100,000 | 4,270,600,000 | 5,112,000,000 | 5,652,800,000 | 5,951,400,000 | 5,464,100,000 | 4,228,700,000 | 4,809,500,000 | 5,106,700,000 | 5,871,600,000 |
| Cash and cash equivalents | 1,032,000,000 | 996,800,000 | 1,254,000,000 | 1,867,100,000 | 2,207,600,000 | 2,040,800,000 | 1,536,700,000 | 1,627,400,000 | 1,807,700,000 | 1,834,100,000 |
| Free cash flow | 23,400,000 | 468,300,000 | 573,900,000 | 1,303,100,000 | 1,220,800,000 | 594,300,000 | 410,600,000 | 935,600,000 | 1,111,400,000 | 1,598,400,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 7.51% | 8.10% | 3.12% | 4.00% | 4.59% | 13.37% | 2.71% | 5.77% | 6.40% | 6.81% |
| Return on equity | 13.80% | 12.17% | 4.91% | 6.77% | 7.41% | 24.92% | 6.54% | 13.36% | 14.89% | 14.86% |
| Return on assets | 1.90% | 1.63% | 0.61% | 0.86% | 0.99% | 4.01% | 0.84% | 1.91% | 2.17% | 2.40% |
| Liabilities / equity | 6.25 | 6.45 | 7.03 | 6.83 | 6.50 | 5.21 | 6.83 | 5.99 | 5.86 | 5.18 |
Financial Bridges
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001267238-26-000010; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001267238-26-000010; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001267238-26-000010; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: Revenues. Source concepts: us-gaap:Revenues.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: PaymentsOfDividendsCommonStock. Source concepts: us-gaap:PaymentsOfDividendsCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001267238-26-000010; filed 2026-02-19. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001267238.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q3 | 2022-09-30 | 0.14 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 2.12 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 2.90 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 2,774,100,000 | 190,100,000 | 3.54 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,983,100,000 | 182,500,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 2,880,100,000 | 236,400,000 | 4.47 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,924,900,000 | 188,700,000 | 3.58 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,967,700,000 | 133,800,000 | 2.55 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 3,104,800,000 | 201,300,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 3,074,000,000 | 146,600,000 | 2.83 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,158,400,000 | 235,300,000 | 4.56 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,231,500,000 | 265,600,000 | 5.17 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,350,400,000 | 225,200,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 3,420,100,000 | 274,100,000 | 5.41 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 3,454,200,000 | 298,600,000 | 5.95 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001267238-26-000041; filed 2026-08-06. Concept: Revenues. Source concepts: us-gaap:Revenues.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001267238-26-000041; filed 2026-08-06. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001267238-26-000041; filed 2026-08-06. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read AIZ's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read AIZ's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001267238-26-000041.
Executive Summary
Summary of Financial Results
Consolidated net income increased $63.3 million, or 27%, to $298.6 million for Second Quarter 2026 from $235.3 million for Second Quarter 2025, primarily driven by higher Global Lifestyle and Global Housing earnings, and lower reportable catastrophes, partially offset by the impact of a higher effective tax rate and higher Corporate and Other expenses.
Global Lifestyle Adjusted EBITDA increased $43.0 million, or 21%, to $244.4 million for Second Quarter 2026 from $201.4 million for Second Quarter 2025, driven by earnings growth across Connected Living and Global Automotive. Connected Living increased 29%, including $10.2 million of favorable non-run rate benefits in Second Quarter 2026. Excluding this, earnings grew 22%, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from financial services. Global Automotive results increased from growth within global partnerships.
Global Lifestyle net earned premiums, fees and other income increased $222.1 million, or 9%, to $2.57 billion for Second Quarter 2026 from $2.35 billion for Second Quarter 2025, driven primarily by Connected Living growth from global supply chain volumes and device protection programs, as well as higher contributions from extended service contracts and financial services programs.
Global Housing Adjusted EBITDA increased $60.4 million, or 28%, to $274.8 million for Second Quarter 2026 from $214.4 million for Second Quarter 2025. Results included $17.6 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $42.8 million, or 18%, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency. In Homeowners, results also benefitted from lower catastrophe reinsurance costs and growth in specialty products and lender-placed insurance. Global Housing growth was partially offset by $11.6 million of lower favorable prior period reserve development.
Global Housing net earned premiums, fees and other income increased $50.1 million, or 7%, to $747.8 million for Second Quarter 2026 from $697.7 million for Second Quarter 2025, primarily driven by Homeowners due to growth in specialty products and lender-placed insurance, and lower catastrophe reinsurance costs.
Corporate and Other Adjusted EBITDA decreased $10.2 million, or 34%, to $(40.0) million for Second Quarter 2026 from $(29.8) million for Second Quarter 2025, mainly driven by higher employee-related expenses and organic investments to support our home warranty business. This increase was partially offset by higher investment income from higher asset balances.
Critical Factors Affecting Results
Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to enhance operational efficiencies and manage our expenses. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive, and Renters and Other businesses, and the performance of our Homeowners business, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives. Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors” below and in our 2025 Annual Report, and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Factors Affecting Results” in our 2025 Annual Report.
Our results may also be impacted by our ability to capitalize on opportunities for further growth, including within adjacent markets such as home warranty. Our mobile business is subject to volatility in device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences and client forecasts and demands. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors—Business, Strategic and Operational Risks—Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations”, “—Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “—The success of our business depends on the execution of our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce” in our 2025 Annual Report.
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Critical Accounting Policies and Estimates
Our 2025 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2025 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for Second Quarter 2026.
Recent Accounting Pronouncements
For a discussion of recent accounting pronouncements, see Note 3 to the Consolidated Financial Statements included elsewhere in this Report.
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Results of Operations
Assurant Consolidated
The table below presents information regarding our consolidated results of operations for the periods indicated:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenues: | ||||||||||||||
| Net earned premiums | $ | 2,767.4 | $ | 2,587.7 | $ | 5,549.3 | $ | 5,150.0 | ||||||
| Fees and other income | 554.6 | 463.7 | 1,054.4 | 866.6 | ||||||||||
| Net investment income | 142.4 | 128.7 | 302.0 | 253.5 | ||||||||||
| Net realized losses on investments and fair value changes to equity securities | (10.2) | (21.7) | (31.4) | (37.7) | ||||||||||
| Total revenues | 3,454.2 | 3,158.4 | 6,874.3 | 6,232.4 | ||||||||||
| Benefits, losses and expenses: | ||||||||||||||
| Policyholder benefits | 748.3 | 721.5 | 1,517.4 | 1,501.2 | ||||||||||
| Underwriting, selling, general and administrative expenses | 2,300.6 | 2,121.2 | 4,587.7 | 4,205.0 | ||||||||||
| Interest expense | 28.4 | 26.7 | 56.7 | 53.5 | ||||||||||
| Total benefits, losses and expenses | 3,077.3 | 2,869.4 | 6,161.8 | 5,759.7 | ||||||||||
| Income before provision for income taxes | 376.9 | 289.0 | 712.5 | 472.7 | ||||||||||
| Provision for income taxes | 78.3 | 53.7 | 139.8 | 90.8 | ||||||||||
| Net income | $ | 298.6 | $ | 235.3 | $ | 572.7 | $ | 381.9 |
For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
Net income increased $63.3 million, or 27%, to $298.6 million for Second Quarter 2026 from $235.3 million for Second Quarter 2025, primarily due to higher earnings in Global Lifestyle and Global Housing, $13.8 million of lower after-tax reportable catastrophes and lower net realized losses on investments. The increase in net income was partially offset by a higher annualized effective tax rate, mainly driven by higher transferrable tax credits reported in the prior year, higher Corporate and Other expenses and $7.0 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service.
For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Net income increased $190.8 million, or 50%, to $572.7 million for Six Months 2026 from $381.9 million for Six Months 2025, primarily driven by $118.6 million of lower after-tax reportable catastrophes and higher earnings in Global Lifestyle and Global Housing. The increase in net income was partially offset by $13.4 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and higher Corporate and Other expenses.
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Global Lifestyle
The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenues | ||||||||||||||
| Net earned premiums | $ | 2,065.6 | $ | 1,935.9 | $ | 4,159.9 | $ | 3,881.5 | ||||||
| Fees and other income | 507.3 | 414.9 | 964.0 | 775.9 | ||||||||||
| Net investment income | 97.3 | 87.7 | 206.2 | 171.7 | ||||||||||
| Total revenues | 2,670.2 | 2,438.5 | 5,330.1 | 4,829.1 | ||||||||||
| Benefits, losses and expenses | ||||||||||||||
| Policyholder benefits | 512.5 | 461.5 | 1,016.2 | 903.9 | ||||||||||
| Selling and underwriting expenses | 1,267.7 | 1,230.2 | 2,594.9 | 2,496.0 | ||||||||||
| Cost of sales | 302.6 | 231.4 | 567.6 | 416.2 | ||||||||||
| General expenses | 343.0 | 314.0 | 670.3 | 613.8 | ||||||||||
| Total benefits, losses and expenses | 2,425.8 | 2,237.1 | 4,849.0 | 4,429.9 | ||||||||||
| Global Lifestyle Adjusted EBITDA | $ | 244.4 | $ | 201.4 | $ | 481.1 | $ | 399.2 | ||||||
| Net earned premiums, fees and other income: | ||||||||||||||
| Connected Living | $ | 1,554.5 | $ | 1,326.4 | $ | 3,034.7 | $ | 2,559.8 | ||||||
| Global Automotive | 1,018.4 | 1,024.4 | 2,089.2 | 2,097.6 | ||||||||||
| Total | $ | 2,572.9 | $ | 2,350.8 | $ | 5,123.9 | $ | 4,657.4 | ||||||
| Net earned premiums, fees and other income: | ||||||||||||||
| Domestic | $ | 1,904.6 | $ | 1,796.2 | $ | 3,841.0 | $ | 3,591.4 | ||||||
| International | 668.3 | 554.6 | 1,282.9 | 1,066.0 | ||||||||||
| Total | $ | 2,572.9 | $ | 2,350.8 | $ | 5,123.9 | $ | 4,657.4 |
For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
Adjusted EBITDA increased $43.0 million, or 21%, to $244.4 million for Second Quarter 2026 from $201.4 million for Second Quarter 2025, primarily driven by Connected Living growth from higher contributions from global supply chain programs and financial services, $10.2 million of non-run rate items in Second Quarter 2026, as well as subscriber growth in device protection programs. In addition, Global Automotive results also drove the increase due to higher global partnership contributions.
Total revenues increased $231.7 million, or 10%, to $2.67 billion for Second Quarter 2026 from $2.44 billion for Second Quarter 2025. Net earned premiums increased $129.7 million, or 7%, primarily driven by Connected Living growth from device protection programs, extended service contracts, including a recently launched U.S. program, and financial services, including a card benefits program. Fees and other income increased $92.4 million, or 22%, primarily driven by higher volumes in domestic supply chain programs within Connected Living. Net investment income increased $9.6 million, or 11%, primarily driven by fixed maturity securities due to higher asset balances
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001267238-26-000010. The complete FY 2025 MD&A is published at /company/AIZ/mda/fy2025/.
Executive Summary
Summary of Financial Results
Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily due to higher segment earnings in Global Housing, lower reportable catastrophes and growth in Global Lifestyle, partially offset by a higher effective tax rate and restructuring costs.
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Global Lifestyle Adjusted EBITDA increased $27.9 million, or 4%, to $801.3 million for Twelve Months 2025 from $773.4 million for Twelve Months 2024, primarily driven by Connected Living growth from global mobile programs and higher contributions from financial services. In Global Automotive, improved loss experience led to increased profitability.
Global Lifestyle net earned premiums, fees and other income increased $615.2 million, or 7%, to $9.58 billion for the Twelve Months 2025 from $8.97 billion for Twelve Months 2024, primarily due to global mobile programs and from a new program in financial services within Connected Living and modest growth in Global Automotive.
Global Housing Adjusted EBITDA increased $187.5 million, or 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024, including $46.4 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 15% mainly due to top-line growth in lender-placed insurance and favorable non-catastrophe loss experience.
Global Housing net earned premiums, fees and other income increased $311.8 million, or 13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024, primarily due to growth in policies in-force and higher average premiums within lender-placed insurance, as well as growth in various specialty products. Renters and Other also increased, led by contributions from a new book of business previously disclosed.
Corporate and Other Adjusted EBITDA was $(123.8) million for Twelve Months 2025 compared to $(122.2) million for Twelve Months 2024, primarily driven by lower investment income.
Critical Factors Affecting Results
Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to enhance operational efficiencies and manage our expenses. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive and Renters businesses, and the performance of our Homeowners business, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives. Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition.
Our results may also be impacted by our ability to capitalize on opportunities for further growth, including within adjacent markets such as home warranty. Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences and client forecasts and demands. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. Variability in insurance claims, including changes in frequency and severity, and the impact of inflation, also contribute to fluctuations in our business performance. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent. For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors,” including “ – Business, Strategic and Operational Risks – Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations,” “ – Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “ – The success of our business depends on the execution of our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.”
For Twelve Months 2025, net cash provided by operating activities was $1.83 billion; net cash used in investing activities was $1.46 billion; and net cash used in financing activities was $364.2 million. We had $1.83 billion in cash and cash equivalents as of December 31, 2025. See “ – Liquidity and Capital Resources” below for further details.
Revenues
We generate revenues primarily from the sale of our insurance policies, service contracts and related products and services, and from income earned on our investments. Sales of insurance policies are recognized in revenue as earned premiums while sales of administrative services are recognized as fee income.
Our premium and fee income is supplemented by income earned from our investment portfolio. We recognize revenue from interest payments, dividends, change in market value of equity securities and sales of investments. Currently, our investment portfolio is primarily invested in fixed maturity securities. Both investment income and changes in market value on these investments can be significantly affected by changes in interest rates.
Interest rate volatility can increase or reduce unrealized gains or losses in our investment portfolios. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political
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conditions, inflation and other factors beyond our control. Fluctuations in interest rates affect our returns on, and the market value of, fixed maturity and short-term investments.
The fair market value of the fixed maturity securities in our investment portfolio and the investment income from these securities fluctuate depending on general economic and market conditions. The fair market value generally increases or decreases in an inverse relationship with fluctuations in interest rates, while net investment income realized by us from future investments in fixed maturity securities generally increases or decreases with fluctuations in interest rates. We also have investments that are subject to pre-payment risk, such as mortgage-backed and asset-backed securities. Interest rate fluctuations may cause actual net investment income and/or timing of cash flows from such investments to differ from estimates made at the time of investment. In periods of declining interest rates, mortgage prepayments generally increase and mortgage-backed securities, commercial mortgage obligations and bonds are more likely to be prepaid or redeemed as borrowers seek to borrow at lower interest rates. Therefore, in these circumstances we may be required to reinvest those funds in lower interest-earning investments.
Please see “Item 7A – Quantitative and Qualitative Disclosures About Market Risk” below for further details.
Expenses
Our expenses are primarily policyholder benefits, underwriting, selling, general and administrative expenses and interest expense.
Policyholder benefits are affected by our claims management programs, reinsurance coverage, contractual terms and conditions, regulatory requirements, economic conditions including inflation, and numerous other factors. Benefits paid or reserves required for future benefits could substantially exceed our expectations, causing a material adverse effect on our business, results of operations and financial condition.
Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, amortization of deferred costs, general operating expenses and income taxes.We continue to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which impact our expenses.
We also incur interest expense related to our debt.
Critical Accounting Policies and Estimates
Certain items in our Consolidated Financial Statements are based on estimates and judgment. Differences between actual results and these estimates and judgments could in some cases have material impacts on our Consolidated Financial Statements. The following critical accounting policies require significant estimates and judgment:
•Reserves, Net of Reinsurance
•Valuation of Investments
•Valuation and Recoverability of Goodwill
Reserves, Net of Reinsurance
Reserves are established using generally accepted actuarial methods and reflect significant judgment and estimates about expected future claim payments. Factors used in their calculation include experience derived from historical claim payments and actuarial assumptions. Calculations incorporate assumptions about the incidence of incurred claims, the extent to which all claims have been reported, reporting lags, expenses, inflation rates, future investment earnings, internal claims processing costs and other relevant factors. While the methods of making such estimates and establishing the related liabilities are periodically reviewed and updated, the estimation of reserves includes an element of uncertainty given that management is using historical information and methods to project future events and reserve outcomes.
The recorded reserves represent our best estimate at a point in time of the ultimate costs of settlement and administration of a claim or group of claims, based upon actuarial assumptions and projections using facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including: changes in the economic cycle, inflation, changes in repair costs, natural or human-made catastrophes, judicial trends, legislative changes and claims handling procedures.
Many of these items are not directly quantifiable and not all future events can be anticipated when reserves are established. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated.
Because establishment of reserves is an inherently complex process involving significant judgment and estimates, there can be no certainty that future settlement amounts for claims incurred through the financial reporting date will not vary from
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reported claims reserves. Future loss development could require reserves to be increased or decreased, which could have a material effect on our earnings in the periods in which such increases or decreases are made. However, based on information currently available, we believe our reserve estimates are adequate. See “Item 1A – Risk Factors – Financial Risks – Our actual claims losses may exceed our reserves for claims, requiring us to establish additional reserves or to incur additional expense for settling unreserved liabilities, which could have a material adverse effect on our results of operations, profitability and capital” and “ – Financial Risks – Actual results may differ materially from the analytical models we use to assist in our decision-making in key areas such as pricing, catastrophe risks, res
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MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.