AIZAssurant

Limited availability of credit, disruptive geopolitical events (including regional and global conflicts and trade relations), supply chain disruptions, deteriorations of the global economies, including mortgage and real estate markets, declines in consumer confidence and consumer spending, including in Europe, increases in prices or in the rate of inflation, periods of high unemployment or labor shortages, persistently low or rapidly increasing interest rates, disruptive geopolitical events, including the Israel-Hamas war, China-Taiwan relations and supply chain disruptions, and other events outside of our control, such control (such as a major epidemic or a pandemic, political or civil unrest, the recent U.S. government shutdown or the possibility of a U.S. government shutdown or default on its U.S. debt obligations, obligations), could contribute, and in some cases have contributed, to increased volatility and diminished expectations for the economy and the financial markets, including the market for our stock.

Examples of important business arrangements include, include: in Global Lifestyle, exclusive and non-exclusive relationships with the mobile service providers eco-system (including carriers, retailers, OEMs and cable operators), MSOs), dealerships and agents, consumer electronics retailers, appliance retailers (including e-commerce retailers), commercial equipment manufacturers and dealers, and financial, insurance and other institutions through which we distribute our products and services. services; and in Global Housing, exclusive and non-exclusive relationships with mortgage lenders and servicers, manufactured housing lenders, property managers, and financial, insurance and other institutions.

For additional information on the significant international regulations that apply to us and the risks relating thereto, see “Item 1 – Business – Regulation – International Regulation” in this Report, “ – Business, Strategic and Operational Risks – 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,” “ – Macroeconomic, Political and Global Market Risks – General economic, financial market and political conditions and conditions in the markets in which we operate may materially adversely affect our results of operations and financial condition,” “ – Legal and Regulatory Risks – We are subject to extensive laws and regulations, which increase our costs and could restrict the conduct of our business, and violations or alleged violations of such laws and regulations could have a material adverse effect on our reputation, business and results of operations,” “ – Legal and Regulatory Risks – Our business is subject to risks related to litigation and regulatory actions” and “ – Legal and Regulatory Risks – The costs of complying with, or our failure to comply with, U.S. and foreign laws related to privacy, data security and data protection could adversely affect our financial condition, operating results and reputation..” reputation.”

Our technology systems and safety control systems and those of our vendors and other third parties with whom we share sensitive information are vulnerable to, and in some cases have been subject to, damage or interruption from a variety of external threats, including cybersecurity incidents, computer viruses, malware such as advanced ransomware, credential compromises, vulnerability exploitation including zero-day exploits, distributed denial of service attacks, hardware misconfigurations, phishing and ransomware, as well as targeted attacks against our employees, advanced social engineering, which have been increasing in frequency. frequency and complexity.

In addition, our Our sales of mobile devices to third parties parties, particularly those domiciled outside of the U.S. U.S., subject us to compliance costs and increased risk, including risks relating to corruption, sanctions and export control laws and regulations, which may adversely impact our ability to find buyers. result in fines or other sanctions, and increase the cost of operating the business.

Our declaration Any determination to declare and payment pay dividends is at the sole discretion of dividends on our common stock in the future will be determined by the Board in its sole discretion and will depend depends on various factors, including: our subsidiaries’ payment of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factor the Board deems relevant.

We have One of our insurance subsidiaries, which was classified as held for sale as of December 31, 2025, holds a reinsurance recoverable balance with John Hancock Life Insurance Company (“John Hancock”) of $471.5 $472.0 million as of December 31, 2024, the same date, related to the sale of our Long-Term Care long-term care division through reinsurance.

To the extent we engage Our engagements with international vendors or third parties expose us to provide services or carry out business functions, we are exposed to the risks that accompany operations in a foreign jurisdiction, including international economic and political conditions, foreign laws and regulations, fluctuations in currency values and increased risk of heightened data breaches. security risks.

For example, regulators may submit queries to assess and ensure fair practices in the insurance sector that potentially disadvantage people of color or historically underrepresented groups in certain insurance lines of business, or whether customers have received and fair value from our products and services.

The global capital and credit markets have experienced periods of uncertainty, volatility and disruption, including from geopolitical and macroeconomic tensions, a U.S. government shutdown, the possibility of a U.S. government shutdown or default on its U.S. debt obligations, changes to U.S. and foreign tax and trade policies, the imposition of new tariffs or increased tariffs, other trade restrictions, other government actions, actions and foreign currency fluctuations and other factors. fluctuations.

If we are unable to maintain technology systems, infrastructure, procedures (including technology continuity planning and recovery testing) and controls that function effectively without interruption and securely (including through a failure to replace or update redundant or obsolete hardware, applications or software systems), securely, or to update or integrate our hardware, applications or systems, we may not be able to service our clients and their customers, successfully offer our products, grow our business and account for transactions in an appropriate and timely manner, and our relationships with clients could be adversely affected.

For example, various states have adopted the National Association of Insurance Commissioners (NAIC)’s NAIC’s model bulletin, The Use of Artificial Intelligence Systems by Insurers. Insurers; and internationally, the European Union Artificial Intelligence Act entered into force in August 2024 with phased obligations.

From time to time, we adjust our reserves, reserves and may adjust our reserving methodology, as these factors, our claims experience and estimates of future trends in claims frequency and severity change.

To the extent that a vendor or third party suffers a cybersecurity incident that compromises their operations, our data and our customers’ data could be compromised or we may experience significant service interruption.

We define Adjusted EBITDA, our segment measure of profitability, as net income income, excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (which consists of certain businesses which we have fully exited or expect to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and our operations in mainland China (not Hong Kong)), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), Assurant Health runoff operations, interest expense, provision (benefit) benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items. items (including restructuring costs, the loss on the pending subsidiary sale and non-core operations, each as described below).

Consolidated net income increased $117.7 $112.5 million, or 18%, 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024 from $642.5 million for Twelve Months 2023, 2024, primarily driven by higher earnings in Global Housing, a $31.0 $38.7 million favorable change decrease in after-tax foreign exchange related gains (losses), reportable catastrophes, higher earnings in Global Lifestyle and a $32.2 $7.1 million after-tax decline in losses related to our non-core operations and a $22.9 million reduction in after-tax restructuring costs related to our previously announced restructuring plan. operations.

Net earned premiums increased $266.5 $303.4 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force, in-force and average insured values, higher premium rates and premiums, as well as growth across various specialty products, partially offset by growth in Renters and Other, primarily from a block of newly acquired renters policies, as previously disclosed, and the non-run rate adjustment described above and exits from certain international markets. above, partially offset by higher catastrophe reinsurance premiums.

See For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors 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.”

The increase was primarily driven by higher asset balances and yields and assets in fixed maturity securities and short term investments, securities, partially offset by reduced income due to lower yields and balances in cash and cash equivalents and reduced income in Other investments primarily driven by lower partnership income. real estate joint ventures and other partnerships.

Insurance liabilities (1) $ 2,809.1 2,012.3 $ 2,138.9 1,502.6 $ 534.2 369.6 $ 80.3 87.3 $ 55.7 52.8 Debt and related interest 3,592.0 107.3 369.2 467.6 2,647.9 3,703.2 107.2 507.0 529.3 2,559.7 Operating leases 71.7 17.7 28.8 18.1 7.1 87.1 20.3 30.0 20.5 16.3 Pension obligations and postretirement benefits (2) 459.6 49.7 98.1 96.2 215.6 455.3 50.7 97.6 96.7 210.3 Commitments:

Global Lifestyle net earned premiums, fees and other income increased $405.9 $615.2 million, or 5%, 7%, to $8.97 $9.58 billion for the Twelve Months 2024 2025 from $8.56 $8.97 billion for Twelve Months 2023, 2024, primarily due to contributions from newly launched trade-in global mobile programs and device protection programs. from a new program in financial services within Connected Living and modest growth in Global Automotive.

Net unrealized losses on our fixed maturity securities portfolio decreased $30.6 $294.0 million during Twelve Months 2024, 2025, from a $380.3 million unrealized loss at December 31, 2023 to a $349.7 million unrealized loss at December 31, 2024, 2024 to a $55.7 million unrealized loss at December 31, 2025, primarily due to higher yields offset by spreads tightening. a reduction in U.S.

Global Housing Adjusted EBITDA increased $97.0 $187.5 million, or 17%, 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024 from $574.2 million for Twelve Months 2023, primarily driven by growth in Homeowners, partially offset by $134.2 2024, including $46.4 million of higher lower pre-tax reportable catastrophes.

Policyholder benefits increased $148.2 $8.2 million, or 17%, 1%, primarily due to higher non-catastrophe losses from exposure growth and severity, partially offset by favorable frequency, as well as lower reportable catastrophe losses and non-catastrophe losses from exposure growth, partially offset by the $6.4 million of favorable year-over-year non-catastrophe prior year reserve development.

Global Housing net earned premiums, fees and other income increased $314.1 $311.8 million, or 15%, 13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024 from $2.14 billion for Twelve Months 2023, 2024, primarily due to Homeowners top-line growth, including growth in policies in-force and higher average premiums within lender-placed, lender-placed insurance, as well as growth across in various specialty Homeowners products.

Net earned premiums increased $143.4 $386.8 million, or 2%, 5%, primarily driven by growth in Connected Living from global mobile device protection programs subscriber growth and newly launched program within higher contributions from financial services in Connected Living, from a new program, partially offset by a decline in domestic extended service contracts in Connected Living and the unfavorable impact of foreign exchange.