AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 31/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Value-chain participation and completed renewals support useful capabilities and established relationships. The passages do not demonstrate exclusive access, superior relative costs or material replacement burdens. This is weak evidence of structural protection, rather than evidence that Assurant's offerings are interchangeable.
durability · 1/4 · Completed renewals demonstrate continuity, but the catalog supplies no contract lengths, exclusivity periods or sustained competitive comparisons. Client disintermediation is a disclosed risk. Evidence for durable protection remains fragile even though actual commercial relationships have continued.
customer dependency · 1/4 · Managing multiple value-chain activities could make Assurant operationally useful to clients, and expanded offerings demonstrate repeat engagement. However, no passage establishes mission-critical dependence, costly migration or inability to substitute providers. Customer dependency is therefore only weakly supported.
erosion resilience · 2/4 · Device-protection and supply-chain program growth demonstrate continuing demand despite disclosed competitive and device-market exposures. That supports mixed resilience over the observed period. Volume growth does not establish protected contract economics or prove that Assurant can withstand client insourcing and prolonged price pressure.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Current growth disclosures identify supply-chain volumes and program contributions without isolating prices. Used-device selling prices are described as a source of volatility, not an observed pricing outcome. The historical pricing outcomes cited previously are absent, so realized pricing cannot be graded.
retention · 2/4 · Completed key-client renewals and expanded existing-client offerings demonstrate repeat business. Current program growth provides additional indirect operating support. Coverage is incomplete: no renewal denominator or subsequent client-specific retention record is supplied, and the historical achievements do not establish current contractual lock-in.
margin resilience · 2/4 · GAAP earnings improved in 2025 and first-half 2026, while Connected Living grew after removing an identified favorable benefit. Lower catastrophes and favorable reserve development also supported results. These outcomes demonstrate mixed earnings protection, without isolating pricing strength or a durable cost advantage.
contractual freedom · 1/4 · Regulators have broad authority over premium rates, product forms and underwriting, establishing a substantive constraint on insurance pricing discretion. The catalog does not disclose comparable freedom or restrictions for individual service contracts. This weak assessment applies to demonstrated insurance constraints, with incomplete coverage of other businesses.
Predictability99
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.53
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 3.53
- observedAnnualPeriods
- 5.00
Financial strength69
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · American Bankers Insurance Company of Florida reports 2025 total adjusted capital of $633,857,286 against Authorized Control Level RBC of $107,345,699, approximately 590.5%. The 2025-12-31 closing and reviewed 2026-01-30 sworn attestation satisfy freshness requirements. This supports strong capitalization for that subsidiary only, not consolidated group solvency.
liquidity funding · 3/4 · June 30, 2026 parent liquidity of $911.5 million and first-half net subsidiary remittances of $372.9 million demonstrate funding capacity. The disclosed portfolio also emphasizes liquid fixed maturities. Regulatory upstream restrictions remain relevant, and the $225.0 million liquidity minimum is internal rather than a supervisory requirement.
asset liability risk · 2/4 · Asset-liability studies, generally limited policyholder optionality and liquid fixed maturities support risk management. June 2026 reinsurance recoverables of $6,350.1 million create meaningful counterparty exposure, while favorable reserve development demonstrates estimation sensitivity. Stressed matching and actual collectibility are not established, supporting a mixed assessment.
earnings resilience · 3/4 · GAAP net income rose from $760.2 million in 2024 to $872.7 million in 2025, followed by $572.7 million in first-half 2026 versus $381.9 million. Underlying Connected Living growth adds support. Lower catastrophes, favorable reserve development and non-run-rate benefits limit extrapolation through a severe claims cycle.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · 3/4 · First-half 2026 net income of $572.7 million divided by average beginning and ending consolidated GAAP equity of $5,984.75 million yields approximately 9.6% for six months, without annualization. This supports strong accounting returns, qualified by favorable claims experience. It does not measure returns on statutory required capital.
distributions and buffers · 2/4 · Reported first-half distributions were below earnings and subsidiary remittances, with substantial parent liquidity remaining. Equity-statement dividends plus stock acquisitions instead total $342.4 million, also covered but unreconciled. Strong capital is evidenced for one subsidiary; incomplete group solvency coverage and upstream restrictions keep the assessment mixed.
dilution and cost · 2/4 · First-half basic weighted-average shares declined to 49,611,108 from 50,737,072, alongside $200.1 million of repurchases. Compensation expense increased to $43.4 million from $37.5 million, and interest expense rose. The approved 480,000-share incentive reserve adds potential issuance, not realized dilution. Outcomes support a mixed cost assessment.
investment discipline · — · Program expansion and operating growth demonstrate commercial progress, while goodwill remains material. The current passages do not establish acquisition consideration, reinvestment spending or project-level outcomes sufficiently to judge investment discipline. Neither a stated growth priority nor the goodwill balance establishes successful capital deployment.
Management75
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · First-half subsidiary remittances of $372.9 million exceeded reported shareholder distributions of $292.0 million, and parent liquidity remained $911.5 million. Those actual outcomes support discipline. The internal liquidity floor is not regulatory capital, and the equity-statement distribution difference limits precision about total capital returned.
incentive alignment · 3/4 · The existing long-term opportunity predominantly uses performance stock units, supported by an adopted restatement clawback and disclosed ownership-guideline compliance. Compliance includes a five-year transition period. These actual arrangements support alignment, but do not demonstrate exceptional incentive effectiveness or prove that every executive already meets the ultimate ownership threshold.
execution · 3/4 · Completed renewals, expanded offerings and new programs establish commercial achievements. Current supply-chain and protection-program growth, plus Connected Living earnings growth excluding the identified benefit, provide indirect operating confirmation. Consolidated earnings improvement also reflects catastrophe experience, so execution alone cannot explain the full increase.
governance · 3/4 · Independent board leadership and committees, annual elections, majority voting and proxy access provide substantive safeguards. The written-consent proposal was rejected at the 2026 meeting. These are demonstrated governance arrangements and voting outcomes, but the passages do not establish exceptional oversight effectiveness.
Evidence
We own or manage multiple pieces of the value chain, which enables us to create products and service offerings based on client and consumer needs and provide a seamless customer experience.
2024 Form 10-K, filed 2025-02-20; competitive strengths, ownership or management of value-chain activities · Filed 20/02/2025
We completed contract renewals with several key clients including our major U.S.
2024 Form 10-K; completed client renewals, sentence continues in q454 · Filed 20/02/2025
mobile device protection clients, expanded offerings with existing clients and onboarded new client programs across Global Lifestyle and Global Housing.
2024 Form 10-K; continuation identifying mobile protection clients, existing-client expansion and new programs · Filed 20/02/2025
•Net earned premiums, fees and other income increased 9 percent compared to 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.
Second-quarter 2026 results, filed 2026-08-04; observed revenue growth and volume/program drivers · Filed 04/08/2026
(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;
June 2026 Form 10-Q, filed 2026-08-06; potential client loss, unfavorable renewals and disintermediation · Filed 06/08/2026
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.
June 2026 Form 10-Q; mobile trade-in volume, margin and used-device selling-price sensitivity · Filed 06/08/2026
To that end, these laws grant regulators broad authority over licensing, capital and surplus, underwriting, product forms, premium rates, investment limits, solvency testing and market conduct examinations.
2025 Form 10-K, filed 2026-02-19; regulatory authority over premium rates, underwriting and product forms · Filed 19/02/2026
Net realized losses on investments (including $2.4, $0.0, $(3.2) and $(3.0) of impairment-related gains (losses) for the three and six months ended June 30, 2026 and 2025, respectively) 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 income tax expense
376.9
289.0
712.5
472.7
Income tax expense
78.3
53.7
139.8
90.8
Net income
$
298.6
$
235.3
$
572.7
$
381.9
Earnings Per Common Share
Basic
$
5.98
$
4.60
$
11.45
$
7.46
Diluted
$
5.95
$
4.56
$
11.34
$
7.38
Share Data
Weighted average common shares outstanding used in basic per common share calculations
49,520,710
50,675,804
49,611,108
50,737,072
Plus: Dilutive securities
310,706
436,547
471,659
511,121
Weighted average common shares outstanding used in diluted per common share calculations
49,831,416
51,112,351
50,082,767
51,248,193
See the accompanying Notes to Consolidated Financial Statements (unaudited)
3
Assurant, Inc.
June 2026 Form 10-Q; consolidated operating results and weighted-average shares, three and six months ended June 30, 2026 and 2025; monetary amounts in millions · Filed 06/08/2026
•GAAP net income increased 15 percent to $872.7 million, compared to full year 2024 net income of $760.2 million, 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.
Full-year 2025 results, filed 2026-02-10; GAAP income comparison and identified earnings drivers · Filed 10/02/2026
Connected Living increased 29 percent, including $10 million of favorable non-run rate benefits in second quarter 2026.
Second-quarter 2026 results; Connected Living growth including favorable non-run-rate benefits · Filed 04/08/2026
Excluding this, earnings grew 22 percent, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from financial services.
Second-quarter 2026 results; Connected Living growth excluding the benefit identified in q894 · Filed 04/08/2026
This reflects $113 million of favorable PYD in 2025 and $42 million of favorable PYD in first half 2026.
Second-quarter 2026 results; favorable prior-year reserve development in 2025 and first-half 2026 · Filed 04/08/2026
Dividends or returns of capital paid by our subsidiaries, net of infusions of liquid assets and excluding amounts used for or as a result of acquisitions or received from dispositions, were $372.9 million and $925.1 million for Six Months 2026 and Twelve Months 2025, respectively.
June 2026 Form 10-Q; net subsidiary remittances for six months 2026 and twelve months 2025, excluding acquisition/disposition amounts · Filed 06/08/2026
Dividends and Repurchases
During Six Months 2026, we made common stock repurchases and paid dividends to our common stockholders of $292.0 million.
June 2026 Form 10-Q; actual first-half 2026 common-stock repurchases and dividends · Filed 06/08/2026
Holding Company
As of June 30, 2026, we had approximately $911.5 million in holding company liquidity, $686.5 million above our minimum level of $225.0 million.
June 2026 Form 10-Q; holding-company liquidity at June 30, 2026 · Filed 06/08/2026
The minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is an internal minimum level we seek to maintain, calibrated based on approximately one year of pre-tax corporate operating losses and interest expenses.
June 2026 Form 10-Q; internal minimum liquidity definition and calibration · Filed 06/08/2026
If insurance regulators determine that payment of an ordinary dividend or any other payments by the Company’s insurance subsidiaries to the Company (such as payments under a tax sharing agreement or payments for employee or other services) would be adverse to policyholders or creditors, the regulators may block such payments that would otherwise be permitted without prior approval.
2025 Form 10-K; regulators' authority to block otherwise permitted subsidiary payments · Filed 19/02/2026
The performance stock unit component of the Company’s long-term incentive award represented 75% of the overall incentive compensation opportunity for NEOs and the restricted stock unit component represented 25% of this opportunity
2026 proxy, filed 2026-04-06; existing long-term incentive opportunity split between performance and restricted stock units · Filed 06/04/2026
In the event that the Company is required to prepare an accounting restatement, the policy subjects our current and former executive officers to the clawback of incentive compensation that would not have been granted, earned or vested under the restated financial statements.
2026 proxy; adopted compensation clawback policy, accounting-restatement provisions · Filed 06/04/2026
As of December 31, 2025, all of our non-employee directors and NEOs were in compliance with the Company’s Stock Ownership Guidelines, taking into account the five-year transition period noted above.
2026 proxy; ownership-guideline compliance at December 31, 2025, including five-year transition period · Filed 06/04/2026
Highlights of the Company’s Board of Directors and corporate governance practices include:
Board of Directors
Independent Board Chair and independent Board except for Chief Executive Officer, with 100% independent Board committees
Annual election of directors
Majority vote and director resignation policy for directors
2026 proxy; board independence, independent committees, annual elections and majority voting · Filed 06/04/2026
Stockholder Rights and Stockholder Engagement
No supermajority voting provisions
Proxy access rights for stockholders
2026 proxy; absence of supermajority voting provisions and stockholder proxy access · Filed 06/04/2026
Votes For
Votes Against
Abstentions
Broker Non-Votes
43,536,600
663,805
41,021
2,506,613
-2-
Proposal 5: Did not approve a stockholder proposal entitled “Stockholder right to act by written consent”.
Annual-meeting results, filed 2026-05-22; written-consent stockholder proposal not approved · Filed 22/05/2026
ANNUAL STATEMENT FOR THE YEAR 2025 OF THE AMERICAN BANKERS INSURANCE COMPANY OF FLORIDA
FIVE-YEAR HISTORICAL DATA
Show amounts in whole dollars only, no cents; show percentages to one decimal place, i.e.
American Bankers Insurance Company of Florida 2025 statutory statement, five-year historical data; whole-dollar units and subsidiary scope. Source dateKind is created, 2026-02-18; reviewed sworn-capital-1 attestation is 2026-01-30 for closing 2025-12-31 · Created 18/02/2026
17.6.
1
2025
2
2024
3
2023
4
2022
5
2021
Gross Premiums Written (Page 8, Part 1B Cols.
Same statutory statement; historical table columns ordered 2025, 2024, 2023, 2022, 2021 · Created 18/02/2026
Total adjusted capital ................................................
Same statutory statement; risk-based capital analysis, total-adjusted-capital row label · Created 18/02/2026
................ 633,857,286 ...............
Same statutory statement; first-column 2025 total adjusted capital, $633,857,286 in whole USD · Created 18/02/2026
29. Authorized control level risk-based capital ................................
Same statutory statement; Authorized Control Level risk-based-capital denominator label · Created 18/02/2026
107,345,699 ................ 108,235,496 ................
Same statutory statement; 2025 Authorized Control Level RBC of $107,345,699 followed by 2024 comparative · Created 18/02/2026
We conduct periodic asset liability studies to measure the duration of our insurance liabilities, to develop optimal asset portfolio maturity structures for our significant lines of business and ultimately to assess that cash flows are sufficient to meet the timing of cash needs.
June 2026 Form 10-Q; asset-liability studies and cash-flow timing assessment · Filed 06/08/2026
Our liabilities generally do not include policyholder optionality, which means that the timing of payments is generally insensitive to the interest rate environment.
June 2026 Form 10-Q; generally limited policyholder optionality and interest-rate sensitivity of payment timing · Filed 06/08/2026
In addition, our investment portfolio is largely comprised of highly liquid public fixed maturity securities with a sufficient component of such securities invested that are near maturity which may be sold with minimal risk of loss to meet cash needs.
June 2026 Form 10-Q; investment portfolio liquidity and near-maturity fixed-income securities · Filed 06/08/2026
At June 30, 2026 and December 31, 2025
June 30,
December 31,
2026
2025
($ in millions)
Assets
Investments and cash and cash equivalents
$
12,156.2
$
11,896.1
Reinsurance recoverables
6,350.1
6,471.3
Deferred acquisition costs
10,380.0
10,187.6
Goodwill
2,656.3
2,646.3
Other assets
4,538.8
4,575.9
Assets held for sale
—
512.4
Total assets
$
36,081.4
$
36,289.6
Liabilities
Policyholder benefits and claims payable
$
2,163.4
$
2,156.9
Unearned premiums
21,105.5
20,881.4
Debt
2,208.1
2,206.9
Accounts payable and other liabilities
4,506.5
4,673.3
Liabilities held for sale
—
499.5
Total liabilities
29,983.5
30,418.0
Stockholders’ equity
Stockholders’ equity, excluding accumulated other comprehensive loss
6,697.9
6,415.8
Accumulated other comprehensive loss
(600.0)
(544.2)
Total stockholders’ equity
6,097.9
5,871.6
Total liabilities and stockholders’ equity
$
36,081.4
$
36,289.6
-13-
Second-quarter 2026 results; consolidated balance sheets at June 30, 2026 and December 31, 2025, in millions · Filed 04/08/2026
xxii.the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
Second-quarter 2026 results; potential reinsurance availability, adequacy and counterparty credit risks · Filed 04/08/2026
During Six Months 2026, we repurchased 866,226 shares of our outstanding common stock at a cost of $200.1 million, exclusive of commissions.
June 2026 Form 10-Q; first-half repurchased shares and actual cost, exclusive of commissions · Filed 06/08/2026
2017 Long Term Equity Incentive Plan (the “ALTEIP”; and as amended and restated, the “Amended ALTEIP”), previously approved by the Compensation Committee of the Company’s Board of Directors subject to stockholder approval, to increase the available share reserve under the ALTEIP by 480,000 shares of the Company’s common stock, par value $0.01 per share.
Annual-meeting results, filed 2026-05-22; approved incentive-plan amendment increasing available share reserve by 480,000 shares · Filed 22/05/2026
Three Months Ended June 30, 2026
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total
(in millions)
Balance at March 31, 2026
$
0.5
$
1,671.4
$
4,949.3
$
(629.0)
$
(122.8)
$
5,869.4
Stock plan compensation expense
—
25.8
—
—
—
25.8
Common stock dividends ($0.88 per share)
—
—
(47.9)
—
—
(47.9)
Acquisition of common stock
—
(11.3)
(65.7)
—
—
(77.0)
Net income
—
—
298.6
—
—
298.6
Other comprehensive loss
—
—
—
29.0
—
29.0
Balance at June 30, 2026
$
0.5
$
1,685.9
$
5,134.3
$
(600.0)
$
(122.8)
$
6,097.9
Three Months Ended June 30, 2025
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total
(in millions)
Balance at March 31, 2025
$
0.5
$
1,673.9
$
4,431.1
$
(748.5)
$
(122.8)
$
5,234.2
Stock plan compensation expense
—
22.4
—
—
—
22.4
Common stock dividends ($0.80 per share)
—
—
(42.7)
—
—
(42.7)
Acquisition of common stock
—
(11.8)
(52.8)
—
—
(64.6)
Net income
—
—
235.3
—
—
235.3
Other comprehensive income
—
—
—
113.9
—
113.9
Balance at June 30, 2025
$
0.5
$
1,684.5
$
4,570.9
$
(634.6)
$
(122.8)
$
5,498.5
Six Months Ended June 30, 2026
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total
(in millions)
Balance at December 31, 2025
$
0.5
$
1,711.8
$
4,826.3
$
(544.2)
$
(122.8)
$
5,871.6
Stock plan exercises
June 2026 Form 10-Q; second-quarter equity changes, compensation expense, dividends and stock acquisitions, in millions · Filed 06/08/2026
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total
(in millions)
Balance at December 31, 2025
$
0.5
$
1,711.8
$
4,826.3
$
(544.2)
$
(122.8)
$
5,871.6
Stock plan exercises
—
8.4
—
—
—
8.4
Stock plan compensation expense
—
17.6
—
—
—
17.6
Common stock dividends ($0.88 per share)
—
—
(44.0)
—
—
(44.0)
Acquisition of common stock
—
(66.4)
(107.1)
—
—
(173.5)
Net income
—
—
274.1
—
—
274.1
Other comprehensive loss
—
—
—
(84.8)
—
(84.8)
Balance at March 31, 2026
$
0.5
$
1,671.4
$
4,949.3
$
(629.0)
$
(122.8)
$
5,869.4
Three Months Ended March 31, 2025
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Total
(in millions)
Balance at December 31, 2024
$
0.5
$
1,686.8
$
4,378.3
$
(836.1)
$
(122.8)
$
5,106.7
Stock plan exercises
—
7.6
—
—
—
7.6
Stock plan compensation expense
—
15.1
—
—
—
15.1
Common stock dividends ($0.80 per share)
—
—
(40.9)
—
—
(40.9)
Acquisition of common stock
—
(35.6)
(52.9)
—
—
(88.5)
Net income
—
—
146.6
—
—
146.6
Other comprehensive income
—
—
—
87.6
—
87.6
Balance at March 31, 2025
$
0.5
$
1,673.9
$
4,431.1
$
(748.5)
$
(122.8)
$
5,234.2
See the accompanying Notes to Consolidated Financial Statements (unaudited)
5
Assurant, Inc.
March 2026 Form 10-Q, filed 2026-05-07; first-quarter equity changes, compensation expense, dividends and stock acquisitions, in millions · Filed 07/05/2026
