Assurant Increases Full-Year Outlook, Delivers Double-Digit
Note: The metrics included within the company’s outlook and certain other metrics are non-GAAP financial measures. The company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile outlook to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
Assurant, Inc. (NYSE: AIZ), a global company that redefines the boundaries of protection – safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world’s leading brands, today announced results for the third quarter ended September 30, 2026.
“Our exceptional third quarter results reflect strong momentum across Assurant, positioning us for a record year and our 10th consecutive year of profitable growth. We delivered double-digit earnings growth, excluding reportable catastrophes, powered by our specialized, partner-centric model, where deep client relationships, technology and operational discipline translate into durable performance. In Global Lifestyle, recurring fee-based revenue streams and expanding partner relationships continue to drive earnings growth in Connected Living and support underlying Global Automotive growth. In Global Housing, our scale, proprietary technology and efficiency underpin attractive returns and a differentiated earnings profile,” said Assurant President and CEO Keith Demmings.
“Given our strong performance and broad-based earnings growth across Assurant, we are increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA growth of approximately 10% and Adjusted earnings per share growth of low double digits, both excluding reportable catastrophes. Supported by our strong capital position, we now expect share repurchases of $350 million, while preserving flexibility to invest in attractive growth opportunities across the business,” Demmings added.
Note: Adjusted EBITDA of the Global Lifestyle, Global Housing, and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable catastrophes. Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.
increased 4 percent to $275.2 million compared to third quarter 2025 of $265.6 million, primarily driven by higher Global Lifestyle and Global Housing earnings, partially offset by higher reportable catastrophes, higher net realized losses on investments and fair value changes to equity securities, and higher Corporate and Other expenses.
increased 6 percent to $5.49 compared to third quarter 2025 of $5.17. The increase was primarily driven by the factors noted above and the impact of share repurchases.
increased 8 percent to $464.4 million compared to the prior year period of $431.5 million, due to strong growth in both Global Lifestyle and Global Housing, partially offset by higher reportable catastrophes and a higher Corporate and Other loss. Excluding reportable catastrophes, Adjusted EBITDA 2 increased 12 percent, or similar on a constant currency basis 5 , to $484.1 million, due to strong growth across our businesses.
• Adjusted earnings, excluding reportable catastrophes, per diluted share 4 , increased 12 percent to $6.46 compared to the prior year period of $5.76. The increase was driven by growth in Global Lifestyle and Global Housing and the impact of share repurchases, partially offset by a higher Corporate and Other loss. -2- •
from the Global Lifestyle and Global Housing segments totaled $3.41 billion compared to third quarter 2025 of $3.11 billion, up 10 percent, driven by growth in both Global Lifestyle and Global Housing.
increased 15 percent compared to third quarter 2025, driven by 23 percent earnings growth within Connected Living, reflecting mobile growth across global supply chain and device protection programs, as well as higher contributions from financial services. Global Automotive results were slightly above the prior year period, which included a previously disclosed non-run rate benefit of $6.1 million. Excluding this benefit, Global Automotive increased 9 percent, driven by improved loss experience and continued growth from global partnerships.
increased 11 percent compared to third quarter 2025, driven primarily by Connected Living growth from mobile supply chain volumes and global device protection programs, as well as higher contributions from extended service contracts and financial services. Global Automotive increased from growth from global partnerships.
increased 5 percent compared to third quarter 2025. Results were partially offset by $16.8 million of higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA 2 increased 11 percent, mainly driven by favorable non-catastrophe loss experience, primarily from lower claims frequency, and lower catastrophe reinsurance costs. Growth was partially offset by the impact of $7.9 million of lower favorable prior period reserve development (PPD) (a) .
(a) Third quarter 2026 had $20.6 million of favorable non-catastrophe PPD, of which $18.8 million was related to prior years, compared to $28.5 million of favorable non-catastrophe PPD in third quarter 2025. Year-to-date 2026 prior year reserve development was $60.7 million and year-to-date 2025 prior year reserve development was $91.0 million.
increased 6 percent compared to third quarter 2025, primarily driven by Homeowners due to growth in specialty products, lower catastrophe reinsurance costs, and higher average insured values within lender-placed.
increased in third quarter 2026 compared to the prior year period, mainly driven by higher employee-related expenses and investments to support -3- our Home Warranty business. This increase was partially offset by higher investment income from higher assets.
totaled $954 million as of September 30, 2026, or $729 million above the company’s minimum level of $225 million.
Dividends paid by the operating segments to the holding company in third quarter 2026 totaled $226 million.
totaled $119 million in third quarter 2026. During third quarter 2026, Assurant repurchased approximately 268 thousand shares of common stock for $75 million and paid $44 million in common stock dividends.
From October 1 through October 31, 2026, the company repurchased approximately 108 thousand shares for $30 million. As of October 31, 2026, $469 million remained under the current repurchase authorization.
Note: Some of the metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile outlook to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
$ in millions, 2026 Outlook ex. except per share 2025 2026 Outlook6, (b) PYD(b)(c) data Adjusted EBITDA, ex. reportable $1,734 Approximately 10% Low-to-Mid Teens catastrophes2 Adjusted earnings, ex. reportable $22.81 Low Double Digits Mid Teens catastrophes, per diluted share4
(b) 2026 outlook does not contemplate prior year reserve development (PYD) in fourth quarter 2026.
(c) Excludes the impact of $52 million of lower favorable PYD in Global Housing. This reflects $113 million of favorable PYD in 2025 and $61 million of favorable PYD in the first nine months of 2026.
now expected to increase mid-to-high teens with contributions from Connected Living and Global Automotive.
now expected to approximate $150 million, from higher employee-related expenses.
now expected to increase low double digits. The company continues to expect depreciation expense of approximately $180 million, an effective tax rate of approximately 19 to 21 percent, interest expense of approximately $113 million and amortization of purchased intangible assets of approximately $70 million. -4- • Capital deployment priorities to focus on maintaining a strong, flexible financial position, supporting business growth by funding organic investments and M&A, and returning capital to shareholders through common stock dividends and share repurchases, subject to Board approval.
The third quarter 2026 earnings conference call and webcast will be held on Wednesday, November 4, 2026 at 8:00 a.m. E.T. The slide presentation used by management during the webcast includes supplemental information and will be available on Assurant’s Investor Relations website prior to the conference call. The live and archived webcast, along with supplemental information, will also be available on Assurant’s Investor Relations website:
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 leading 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.
Some of the statements in this news release, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, predictability, resiliency, stability and durability of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. -5- You can identify forward-looking statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward- looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward- looking statements. We undertake no obligation to update or review any forward- looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:
i. the impact of general economic, financial market and political conditions and conditions in the markets in which we operate, including inflation, geopolitical conflict in the Middle East, tariff policies in the United States and abroad, global supply chain impacts and recessionary pressures;
ii. the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or if they disintermediate us, or if those parties face financial, reputational or regulatory issues;
iii. significant competitive pressures, changes in customer preferences and disruption, including the impact of artificial intelligence;
iv. the failure to execute our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce;
v. the failure to find suitable acquisitions at attractive prices, integrate acquired businesses or divest of non-strategic businesses effectively;
vii. the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
ix. declines in the value and availability of mobile devices, and regulatory compliance or other risks in our mobile business;
x. our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
xi. risks associated with joint ventures, franchises and investments in which we share ownership and management with third parties;
xii. the impact of catastrophe and non-catastrophe losses, including as a result of climate change and the current inflationary environment;
xiii. negative publicity relating to our business, practices, industry or clients;
xiv. the adequacy of reserves established for claims and our inability to accurately predict and price for claims and other costs;
xv. a decline in financial strength ratings of our insurance subsidiaries or in our corporate senior debt ratings;
xviii. the failure to maintain effective internal control over financial reporting;
xx. a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, and changes in interest rates;
xxii. the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance; -6- xxiii. the credit risk of some of our agents, third-party administrators and clients;
xxiv. the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;
xxv. limitations in the analytical models we use to assist in our decision- making;
xxvi. the failure to effectively maintain and modernize our technology systems and infrastructure, or the failure to integrate those of acquired businesses;
xxvii. breaches of our technology systems or those of third parties with whom we do business, or the failure to protect the security of data in such systems, including due to cyberattacks and as a result of working remotely;
xxviii. the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security, data protection and tax;
For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission, including the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non- GAAP financial measures to those of other companies.
(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. 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. For consolidated Assurant, the comparable GAAP measure is net income. For each segment measure that excludes reportable catastrophes, the comparable GAAP measure is each segment's Adjusted EBITDA, including reportable catastrophes. 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 -7- 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 above, and because it excludes reportable catastrophes, which can be volatile. For consolidated Assurant, the comparable GAAP measure is net income. For each segment measure that excludes reportable catastrophes, the comparable GAAP measure is such segment’s Adjusted EBITDA, including reportable catastrophes.
(1) Additional details about the components of Other adjustments and other key financial metrics throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx
-8- (3) 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 4 below for a full reconciliation.
(4) 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 above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share. -9-
(1) Information on the share counts used in the per share calculations throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx
(5) 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. -10-
(UNAUDITED) Constant Currency 3Q 2026 Percentage change in GAAP net income, 3.6 % including FX impact Percentage change in Adjusted EBITDA, 7.6 % including FX impact Percentage change in Adjusted EBITDA, excluding reportable catastrophes:
(6) The company outlook for each of Adjusted earnings, excluding reportable catastrophes, per diluted share and, for Assurant and Global Housing, Adjusted EBITDA, excluding reportable catastrophes, each including and excluding 2025 prior year reserve development and the first nine months of 2026 development, constitute forward-looking non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-looking non-GAAP financial measures to the most comparable GAAP measure, the probable significance of which cannot be determined. The company is able to quantify a full-year estimate of depreciation expense, interest expense and amortization of purchased intangible assets, each on a pre-tax basis, and the estimated effective tax rate, which are expected to be approximately $180 million, $113 million, $70 million and 19 to 21 percent, respectively. Other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation. -11-
September 30, 2026 December 31, Assets ($ in millions) 2025 ────────────────────────────────────────────────────────────────────────────── Investments and cash and cash $ 12,264.4 $ 11,896.1 equivalents Reinsurance 6,327.9 6,471.3 recoverables Deferred acquisition 10,579.6 10,187.6 costs Goodwill 2,657.4 2,646.3 Other assets 4,664.2 4,575.9 Assets held for sale — 512.4 Total assets $ 36,493.5 $ 36,289.6 Liabilities Policyholder benefits $ 2,139.6 $ 2,156.9 and claims payable Unearned premiums 21,528.2 20,881.4 Debt 2,208.7 2,206.9 Accounts payable and 4,625.1 4,673.3 other liabilities Liabilities held for — 499.5 sale Total liabilities 30,501.6 30,418.0 Stockholders’ equity Stockholders’ equity, excluding 6,894.0 6,415.8 accumulated other comprehensive loss Accumulated other -902.1 -544.2 comprehensive loss Total stockholders’ 5,991.9 5,871.6 equity Total liabilities and stockholders’ $ 36,493.5 $ 36,289.6 equity
Full text with the tables
Exhibit 99.1
Assurant Increases Full-Year Outlook, Delivers Double-Digit
Earnings and EPS Growth Year-to-Date
2026 Outlook Increased to Deliver Low Double-Digit Adjusted EPS Growth,
Led by Mid-to-High Teens Global Lifestyle Adjusted EBITDA Growth
(Unaudited) Q3'26 Q3'25 Change 9M'26 9M'25 Change
$ in millions,
except per share
data
GAAP net income 275.2 265.6 4% 847.9 647.5 31%
Adjusted EBITDA1 464.4 431.5 8% 1,385.1 1,099.7 26%
Adjusted EBITDA,
ex. reportable 484.1 433.5 12% 1,441.4 1,288.5 12%
catastrophes2
GAAP net income
per diluted 5.49 5.17 6% 16.82 12.55 34%
share
Adjusted
earnings per 6.15 5.73 7% 18.47 14.19 30%
diluted share3
Adjusted
earnings, ex.
reportable 6.46 5.76 12% 19.36 17.08 13%
catastrophes,
per diluted
share4
Note: The metrics included within the company’s outlook and certain other
metrics are non-GAAP financial measures. The company believes that it cannot,
without unreasonable efforts, forecast certain information needed to reconcile
outlook to the GAAP measures, the probable significance of which cannot be
determined. More information can be found in the Non-GAAP Financial Measures
section.
ATLANTA, November 3, 2026 —
Assurant, Inc. (NYSE: AIZ), a global company that redefines the boundaries of
protection – safeguarding and servicing connected devices, homes, automobiles,
and commercial equipment in partnership with the world’s leading brands, today
announced results for the third quarter ended September 30, 2026.
“Our exceptional third quarter results reflect strong momentum across Assurant,
positioning us for a record year and our 10th consecutive year of profitable
growth. We delivered double-digit earnings growth, excluding reportable
catastrophes, powered by our specialized, partner-centric model, where deep
client relationships, technology and operational discipline translate into
durable performance. In Global Lifestyle, recurring fee-based revenue streams
and expanding partner relationships continue to drive earnings growth in
Connected Living and support underlying Global Automotive growth. In Global
Housing, our scale, proprietary technology and efficiency underpin attractive
returns and a differentiated earnings profile,” said Assurant President and CEO
Keith Demmings.
“Given our strong performance and broad-based earnings growth across Assurant,
we are increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA
growth of approximately 10% and Adjusted earnings per share growth of low double
digits, both excluding reportable catastrophes. Supported by our strong capital
position, we now expect share repurchases of $350 million, while preserving
flexibility to invest in attractive growth opportunities across the business,”
Demmings added.
Third Quarter Consolidated Results
(Unaudited) Q3'26 Q3'25 Change 9M'26 9M'25 Change
$ in millions
GAAP net income 275.2 265.6 4% 847.9 647.5 31%
Adjusted EBITDA
Global Lifestyle 236.9 206.8 15% 718.0 606.0 18%
Global Housing 268.3 256.3 5% 779.8 583.1 34%
Corporate and -40.8 -31.6 (29)% -112.7 -89.4 (26)%
Other
Adjusted EBITDA1 464.4 431.5 8% 1,385.1 1,099.7 26%
Reportable 19.7 2.0 56.3 188.8
catastrophes
Adjusted EBITDA,
ex. reportable
catastrophes
Global 236.9 205.9 15% 718.0 605.4 19%
Lifestyle2
Global Housing2 288.0 259.2 11% 836.1 772.5 8%
Corporate and -40.8 -31.6 (29)% -112.7 -89.4 (26)%
Other
Adjusted EBITDA,
ex. reportable 484.1 433.5 12% 1,441.4 1,288.5 12%
catastrophes2
Note: Adjusted EBITDA of the Global Lifestyle, Global Housing, and Corporate and
Other segments is the segment measure of profitability in our GAAP financial
statements and includes reportable catastrophes. Some of the metrics throughout
this press release are non-GAAP measures of performance. A full reconciliation
of each non-GAAP measure to the most comparable GAAP measure can be found in the
Non-GAAP Financial Measures section.
Third Quarter 2026 Consolidated Results
•
GAAP net income
increased 4 percent to $275.2 million compared to third quarter 2025 of $265.6
million, primarily driven by higher Global Lifestyle and Global Housing
earnings, partially offset by higher reportable catastrophes, higher net
realized losses on investments and fair value changes to equity securities, and
higher Corporate and Other expenses.
•
GAAP net income
per diluted share
increased 6 percent to $5.49 compared to third quarter 2025 of $5.17. The
increase was primarily driven by the factors noted above and the impact of share
repurchases.
•
Adjusted EBITDA
1
increased 8 percent to $464.4 million compared to the prior year period of
$431.5 million, due to strong growth in both Global Lifestyle and Global
Housing, partially offset by higher reportable catastrophes and a higher
Corporate and Other loss. Excluding reportable catastrophes, Adjusted EBITDA 2
increased 12 percent, or similar on a constant currency basis 5 , to $484.1
million, due to strong growth across our businesses.
• Adjusted earnings, excluding reportable catastrophes, per diluted share 4 ,
increased 12 percent to $6.46 compared to the prior year period of $5.76. The
increase was driven by growth in Global Lifestyle and Global Housing and the
impact of share repurchases, partially offset by a higher Corporate and Other
loss.
-2-
•
Net earned premiums, fees and other income
from the Global Lifestyle and Global Housing segments totaled $3.41 billion
compared to third quarter 2025 of $3.11 billion, up 10 percent, driven by growth
in both Global Lifestyle and Global Housing.
Global Lifestyle
$ in Q3'26 Q3'25 Change 9M'26 9M'25 Change
millions
Adjusted 236.9 206.8 15% 718.0 606.0 18%
EBITDA
Net earned
premiums,
fees and 2,661.1 2,406.2 11% 7,785.0 7,063.6 10%
other
income
•
Adjusted EBITDA
increased 15 percent compared to third quarter 2025, driven by 23 percent
earnings growth within Connected Living, reflecting mobile growth across global
supply chain and device protection programs, as well as higher contributions
from financial services. Global Automotive results were slightly above the prior
year period, which included a previously disclosed non-run rate benefit of $6.1
million. Excluding this benefit, Global Automotive increased 9 percent, driven
by improved loss experience and continued growth from global partnerships.
•
Net earned premiums, fees and other income
increased 11 percent compared to third quarter 2025, driven primarily by
Connected Living growth from mobile supply chain volumes and global device
protection programs, as well as higher contributions from extended service
contracts and financial services. Global Automotive increased from growth from
global partnerships.
Global Housing
$ in millions Q3'26 Q3'25 Change 9M'26 9M'25 Change
Adjusted EBITDA 268.3 256.3 5% 779.8 583.1 34%
Reportable 19.7 2.9 56.3 189.4
catastrophes
Adjusted EBITDA,
ex. reportable 288.0 259.2 11% 836.1 772.5 8%
catastrophes2
Net earned
premiums, fees 744.9 702.9 6% 2,221.8 2,057.4 8%
and other
income
•
Adjusted EBITDA
increased 5 percent compared to third quarter 2025. Results were partially
offset by $16.8 million of higher pre-tax reportable catastrophes. Excluding
reportable catastrophes, Adjusted EBITDA 2 increased 11 percent, mainly driven
by favorable non-catastrophe loss experience, primarily from lower claims
frequency, and lower catastrophe reinsurance costs. Growth was partially offset
by the impact of $7.9 million of lower favorable prior period reserve
development (PPD) (a) .
(a) Third quarter 2026 had $20.6 million of favorable non-catastrophe PPD, of
which $18.8 million was related to prior years, compared to $28.5 million of
favorable non-catastrophe PPD in third quarter 2025. Year-to-date 2026 prior
year reserve development was $60.7 million and year-to-date 2025 prior year
reserve development was $91.0 million.
•
Net earned premiums, fees and other income
increased 6 percent compared to third quarter 2025, primarily driven by
Homeowners due to growth in specialty products, lower catastrophe reinsurance
costs, and higher average insured values within lender-placed.
Corporate and Other
$ in millions Q3'26 Q3'25 Change 9M'26 9M'25 Change
Adjusted EBITDA -40.8 -31.6 (29)% -112.7 -89.4 (26)%
•
Adjusted EBITDA loss
increased in third quarter 2026 compared to the prior year period, mainly driven
by higher employee-related expenses and investments to support
-3-
our Home Warranty business. This increase was partially offset by higher
investment income from higher assets.
Holding Company Liquidity Position
•
Holding company liquidity
totaled $954 million as of September 30, 2026, or $729 million above the
company’s minimum level of $225 million.
Dividends paid by the operating segments to the holding company in third quarter
2026 totaled $226 million.
•
Share repurchases and common stock dividends
totaled $119 million in third quarter 2026. During third quarter 2026, Assurant
repurchased approximately 268 thousand shares of common stock for $75 million
and paid $44 million in common stock dividends.
From October 1 through October 31, 2026, the company repurchased approximately
108 thousand shares for $30 million. As of October 31, 2026, $469 million
remained under the current repurchase authorization.
2026 Company Outlook
6
Note: Some of the metrics included within the company’s outlook are non-GAAP
financial measures and the company believes that it cannot, without unreasonable
efforts, forecast certain information needed to reconcile outlook to the GAAP
measures, the probable significance of which cannot be determined. More
information can be found in the Non-GAAP Financial Measures section.
The company now expects the following:
$ in millions, 2026 Outlook ex.
except per share 2025 2026 Outlook6, (b) PYD(b)(c)
data
Adjusted EBITDA,
ex. reportable $1,734 Approximately 10% Low-to-Mid Teens
catastrophes2
Adjusted earnings,
ex. reportable $22.81 Low Double Digits Mid Teens
catastrophes, per
diluted share4
(b) 2026 outlook does not contemplate prior year reserve development (PYD) in
fourth quarter 2026.
(c) Excludes the impact of $52 million of lower favorable PYD in Global Housing.
This reflects $113 million of favorable PYD in 2025 and $61 million of favorable
PYD in the first nine months of 2026.
•
Adjusted EBITDA, excluding reportable catastrophes
6
, now expected to increase approximately 10 percent.
◦
Global Lifestyle Adjusted EBITDA
now expected to increase mid-to-high teens with contributions from Connected
Living and Global Automotive.
◦ Global Housing Adjusted EBITDA, excluding reportable catastrophes
6
, now expected to increase mid single digits.
◦
Corporate and Other Adjusted EBITDA loss
now expected to approximate $150 million, from higher employee-related expenses.
• Adjusted earnings, excluding reportable catastrophes, per diluted share
6
,
now expected to increase low double digits. The company continues to expect
depreciation expense of approximately $180 million, an effective tax rate of
approximately 19 to 21 percent, interest expense of approximately $113 million
and amortization of purchased intangible assets of approximately $70 million.
-4-
• Capital deployment priorities to focus on maintaining a strong, flexible
financial position, supporting business growth by funding organic investments
and M&A, and returning capital to shareholders through common stock dividends
and share repurchases, subject to Board approval.
Earnings Conference Call
The third quarter 2026 earnings conference call and webcast will be held on
Wednesday, November 4, 2026 at 8:00 a.m. E.T. The slide presentation used by
management during the webcast includes supplemental information and will be
available on Assurant’s Investor Relations website prior to the conference call.
The live and archived webcast, along with supplemental information, will also be
available on Assurant’s Investor Relations website:
https://ir.assurant.com/overview/default.aspx
About Assurant
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 leading 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
Media Contact:
Julie Strider
Vice President, Global Communications
julie.strider@assurant.com
Investor Relations Contacts:
Rebekah Biondo
Deputy CFO
rebekah.biondo@assurant.com
Sean Moshier
Vice President, Investor Relations
sean.moshier@assurant.com
Lyndsay Baker
Assistant Vice President, Investor Relations
lyndsay.baker@assurant.com
Safe Harbor Statement
Some of the statements in this news release, including our business and
financial plans and any statements regarding our anticipated future financial
performance, business prospects, growth, operating strategies, valuation and
similar matters, such as performance outlook, financial objectives, business
drivers, our ability to gain market share, and the strength, predictability,
resiliency, stability and durability of enterprise and segment earnings, cash
flows and other results, may constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
-5-
You can identify forward-looking statements by the use of words such as
“outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,”
“estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,”
“potential,” “approximately,” and the negative version of those words and other
words and terms with a similar meaning. Any forward-looking statements contained
in this news release or its exhibits are based upon our historical performance
and on current plans, estimates and expectations. The inclusion of this forward-
looking information should not be regarded as a representation by us or any
other person that our future plans, estimates or expectations will be achieved.
Our actual results might differ materially from those projected in the forward-
looking statements. We undertake no obligation to update or review any forward-
looking statement, whether as a result of new information, future events or
other developments. The following factors could cause our actual results to
differ materially from those currently estimated by management, including those
projected in the company outlook:
i. the impact of general economic, financial market and political conditions and
conditions in the markets in which we operate, including inflation, geopolitical
conflict in the Middle East, tariff policies in the United States and abroad,
global supply chain impacts and recessionary pressures;
ii. the loss of significant clients, distributors or other parties with whom we
do business, or if we are unable to renew contracts with them on favorable
terms, or if they disintermediate us, or if those parties face financial,
reputational or regulatory issues;
iii. significant competitive pressures, changes in customer preferences and
disruption, including the impact of artificial intelligence;
iv. the failure to execute our strategy, including through organic growth and
the continuing service of key executives, senior leaders, highly-skilled
personnel and a high-performing workforce;
v. the failure to find suitable acquisitions at attractive prices, integrate
acquired businesses or divest of non-strategic businesses effectively;
vi. our inability to recover should we experience a business continuity event;
vii. the failure to manage vendors and other third parties on whom we rely to
conduct business and provide services to our clients;
viii. risks related to our international operations;
ix. declines in the value and availability of mobile devices, and regulatory
compliance or other risks in our mobile business;
x. our inability to develop and maintain distribution sources or attract and
retain sales representatives and executives with key client relationships;
xi. risks associated with joint ventures, franchises and investments in which we
share ownership and management with third parties;
xii. the impact of catastrophe and non-catastrophe losses, including as a result
of climate change and the current inflationary environment;
xiii. negative publicity relating to our business, practices, industry or
clients;
xiv. the adequacy of reserves established for claims and our inability to
accurately predict and price for claims and other costs;
xv. a decline in financial strength ratings of our insurance subsidiaries or in
our corporate senior debt ratings;
xvi. fluctuations in exchange rates, including in the current environment;
xvii. an impairment of goodwill or other intangible assets;
xviii. the failure to maintain effective internal control over financial
reporting;
xix. unfavorable conditions in the capital and credit markets;
xx. a decrease in the value of our investment portfolio, including due to
market, credit and liquidity risks, and changes in interest rates;
xxi. an impairment in the value of our deferred tax assets;
xxii. the unavailability or inadequacy of reinsurance coverage and the credit
risk of reinsurers, including those to whom we have sold business through
reinsurance;
-6-
xxiii. the credit risk of some of our agents, third-party administrators and
clients;
xxiv. the inability of our subsidiaries to pay sufficient dividends to the
holding company and limitations on our ability to declare and pay dividends or
repurchase shares;
xxv. limitations in the analytical models we use to assist in our decision-
making;
xxvi. the failure to effectively maintain and modernize our technology systems
and infrastructure, or the failure to integrate those of acquired businesses;
xxvii. breaches of our technology systems or those of third parties with whom we
do business, or the failure to protect the security of data in such systems,
including due to cyberattacks and as a result of working remotely;
xxviii. the costs of complying with, or the failure to comply with, extensive
laws and regulations to which we are subject, including those related to
privacy, data security, data protection and tax;
xxix. the impact of litigation and regulatory actions;
xxx. reductions or deferrals in the insurance premiums we charge;
xxxi. changes in insurance, tax and other regulations;
xxxii. volatility in our common stock price and trading volume; and
xxxiii. employee misconduct.
For additional information on factors that could affect our actual results,
please refer to the factors identified in the reports we file with the U.S.
Securities and Exchange Commission, including the risk factors identified in our
most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Non-GAAP Financial Measures
Assurant uses the following non-GAAP financial measures to analyze the company’s
operating performance. Assurant’s non-GAAP financial measures should not be
considered in isolation or as a substitute for GAAP financial measures. Because
Assurant’s calculation of these measures may differ from similar measures used
by other companies, investors should be careful when comparing Assurant’s non-
GAAP financial measures to those of other companies.
(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. 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. For
consolidated Assurant, the comparable GAAP measure is net income. For each
segment measure that excludes reportable catastrophes, the comparable GAAP
measure is each segment's Adjusted EBITDA, including reportable catastrophes.
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 $5.0 million,
pre-tax, net of reinsurance and client profit sharing adjustments and including
-7-
reinstatement and other premiums), as another important measure of the company’s
operating performance. The company believes this metric provides investors with
an important measure of the company’s operating performance for the reasons
noted above, and because it excludes reportable catastrophes, which can be
volatile. For consolidated Assurant, the comparable GAAP measure is net income.
For each segment measure that excludes reportable catastrophes, the comparable
GAAP measure is such segment’s Adjusted EBITDA, including reportable
catastrophes.
($
in 9 9 12
(U… mil… 3Q 2026 3Q 2025 Mont… 2026 Mont… 2025 Mont… 2025
──────────────────────────────────────────────────────────────────────────────
GA…
net $ 275… $ 265… $ 847… $ 647… $ 872…
in…
Le…
In… 28.3 27.9 85.0 81.4 109…
ex…
Pr…
for 75.2 65.6 215… 156… 214…
in…
ta…
De… 44.3 37.8 132… 108… 156…
ex…
Am…
of
pu… 17.9 16.5 53.6 50.0 67.4
in…
as…
Ad…
pr…
Net
re…
lo…
on
in…
and 25.3 13.6 56.7 51.3 71.8
fa…
va…
ch…
to
eq…
se…
Ot… -1.8 4.5 -5.4 4.3 43.5
ad…
Ad… 464… 431… 1,3… 1,0… 1,5…
EB…
Re… 19.7 2.0 56.3 188… 198…
ca…
Ad…
EB…
ex… $ 484… $ 433… $ 1,4… $ 1,2… $ 1,7…
re…
ca…
(1) Additional details about the components of Other adjustments and other key
financial metrics throughout this press release are included in the Financial
Supplement located on Assurant’s Investor Relations website:
https://ir.assurant.com/overview/default.aspx
(UN… 3Q
($ 2026
in Glob… Glob… 3Q Glob… Glob…
mil… Life… Hous… 2025 Life… Hous…
──────────────────────────────────────────────────────────────────────────────
Adj… $ 236.9 $ 268.3 $ 206.8 $ 256…
EBI…
Rep… — 19.7 -0.9 2.9
cat…
Adj…
EBI…
exc… $ 236.9 $ 288.0 $ 205.9 $ 259…
rep…
cat…
9 9
(UN… Mont… Mont…
2026 2025
Glob… Glob… Glob… Glob…
Life… Hous… Life… Hous…
($
in
mil…
Adj… $ 718.0 $ 779.8 $ 606.0 $ 583…
EBI…
Rep… — 56.3 -0.6 189…
cat…
Adj…
EBI…
exc… $ 718.0 $ 836.1 $ 605.4 $ 772…
rep…
cat…
-8-
(3) 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 4 below for a
full reconciliation.
(4) 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 above, and because
it excludes reportable catastrophes, which can be volatile. The comparable GAAP
measure is net income per diluted share.
-9-
($
in 9 9 12
(U… mil… 3Q 2026 3Q 2025 Mon… 2026 Mon… 2025 Mon… 20…
──────────────────────────────────────────────────────────────────────────────
GA…
net $ 275… $ 265… $ 847… $ 647… $ 87…
in…
Ad…
pr…
Net
re…
lo…
on
in…
and 25.3 13.6 56.7 51.3 71…
fa…
va…
ch…
to
eq…
se…
Am…
of
pu… 17.9 16.5 53.6 50.0 67…
in…
as…
Ot… -1.8 4.5 -5.4 4.3 43…
ad…
Be…
for -8.6 -6.3 -21… -20… -3…
in…
ta…
Ad… 308… 293… 931… 732… 1,…
ea…
Re…
ca… 19.7 2.0 56.3 188… 19…
pr…
Tax
im…
of -4.1 -0.4 -11… -39… -4…
re…
ca…
Ad…
ea…
ex… $ 323… $ 295… $ 975… $ 881… $ 1,…
re…
ca…
(U… 3Q 3Q 9 9 12
Mon… Mon… Mon…
2026 2025 2026 2025 2025
GA…
net
in… $ 5.49 $ 5.17 $ 16.… $ 12.… $ 16…
per
di…
sh…
Ad…
pr…
Net
re…
lo…
on
in…
and 0.50 0.26 1.13 0.99 1.…
fa…
va…
ch…
to
eq…
se…
Am…
of
pu… 0.36 0.32 1.06 0.97 1.…
in…
as…
Ot… -0.… 0.10 -0.… 0.08 0.…
ad…
Be…
for -0.… -0.… -0.… -0.… -0…
in…
ta…
Ad…
ea…
per 6.15 5.73 18.… 14.… 19…
di…
sh…
Re…
ca… 0.39 0.04 1.12 3.66 3.…
pr…
Tax
im…
of -0.… -0.… -0.… -0.… -0…
re…
ca…
Ad…
ea…
ex…
re… $ 6.46 $ 5.76 $ 19.… $ 17.… $ 22…
ca…
per
di…
sh…
(1) Information on the share counts used in the per share calculations
throughout this press release are included in the Financial Supplement located
on Assurant’s Investor Relations website:
https://ir.assurant.com/overview/default.aspx
(5) 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.
-10-
(UNAUDITED) Constant Currency
3Q 2026
Percentage change in GAAP net income, 3.6 %
including FX impact
Percentage change in Adjusted EBITDA, 7.6 %
including FX impact
Percentage change in Adjusted EBITDA,
excluding reportable catastrophes:
Including FX impact 11.7 %
FX impact — %
Excluding FX impact 11.7 %
(6) The company outlook for each of Adjusted earnings, excluding reportable
catastrophes, per diluted share and, for Assurant and Global Housing, Adjusted
EBITDA, excluding reportable catastrophes, each including and excluding 2025
prior year reserve development and the first nine months of 2026 development,
constitute forward-looking non-GAAP financial measures and the company believes
that it cannot, without unreasonable efforts, forecast certain information
needed to reconcile such forward-looking non-GAAP financial measures to the most
comparable GAAP measure, the probable significance of which cannot be
determined. The company is able to quantify a full-year estimate of depreciation
expense, interest expense and amortization of purchased intangible assets, each
on a pre-tax basis, and the estimated effective tax rate, which are expected to
be approximately $180 million, $113 million, $70 million and 19 to 21 percent,
respectively. Other GAAP components cannot be reliably quantified due to the
combination of variability and volatility of such components and may, depending
on the size of the components, have a significant impact on the reconciliation.
-11-
Assurant, Inc.
Consolidated Statement of Operations (unaudited)
Three and Nine Months Ended September 30, 2026 and 2025
($ in
milli…
except
number
of
shares
and
per
share 9
amoun… 3Q Months
Reven… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
earned $ 2,827.9 $ 2,627.2 $ 8,377… $ 7,777.2
premi…
Fees
and 579.7 484.4 1,634… 1,351.0
other
income
Net
inves… 147.2 133.5 449.2 387.0
income
Net
reali…
losses
on
inves…
and -25.3 -13.6 -56.7 -51.3
fair
value
chang…
to
equity
secur…
Total 3,529.5 3,231.5 10,40… 9,463.9
reven…
Benef…
losses
and
expen…
Polic… 782.4 709.6 2,299… 2,210.8
benef…
Under…
selli…
gener… 2,368.4 2,161.5 6,956… 6,366.5
and
admin…
expen…
Inter… 28.3 27.9 85.0 81.4
expen…
Loss
on
extin… — 1.3 — 1.3
of
debt
Total
benef…
losses 3,179.1 2,900.3 9,340… 8,660.0
and
expen…
Income
before
provi… 350.4 331.2 1,062… 803.9
for
income
taxes
Provi…
for 75.2 65.6 215.0 156.4
income
taxes
Net $ 275.2 $ 265.6 $ 847.9 $ 647.5
income
Net
income
per
share:
Basic $ 5.54 $ 5.22 $ 16.99 $ 12.67
Dilut… $ 5.49 $ 5.17 $ 16.82 $ 12.55
Common
stock
divid… $ 0.88 $ 0.80 $ 2.64 $ 2.40
per
share
Share
data:
Basic
weigh…
avera… 49,283… 50,395… 49,50… 50,621…
shares
outst…
Dilut…
weigh…
avera… 49,716… 50,884… 49,99… 51,147…
shares
outst…
-12-
Assurant, Inc.
Consolidated Condensed Balance Sheets (unaudited)
At September 30, 2026 and December 31, 2025
September 30,
2026 December 31,
Assets ($ in millions) 2025
──────────────────────────────────────────────────────────────────────────────
Investments and cash
and cash $ 12,264.4 $ 11,896.1
equivalents
Reinsurance 6,327.9 6,471.3
recoverables
Deferred acquisition 10,579.6 10,187.6
costs
Goodwill 2,657.4 2,646.3
Other assets 4,664.2 4,575.9
Assets held for sale — 512.4
Total assets $ 36,493.5 $ 36,289.6
Liabilities
Policyholder benefits $ 2,139.6 $ 2,156.9
and claims payable
Unearned premiums 21,528.2 20,881.4
Debt 2,208.7 2,206.9
Accounts payable and 4,625.1 4,673.3
other liabilities
Liabilities held for — 499.5
sale
Total liabilities 30,501.6 30,418.0
Stockholders’ equity
Stockholders’ equity,
excluding 6,894.0 6,415.8
accumulated other
comprehensive loss
Accumulated other -902.1 -544.2
comprehensive loss
Total stockholders’ 5,991.9 5,871.6
equity
Total liabilities and
stockholders’ $ 36,493.5 $ 36,289.6
equity
-13-