{"schemaVersion":1,"research":true,"symbol":"aiz","name":"Assurant","topic":"moat","path":"/stock/aiz/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:37:28.489Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Assurant has exclusive distribution arrangements, renewed client relationships and substantial operating infrastructure, but the passages do not establish durable switching costs or superior costs relative to competitors. Earnings and subscriber growth demonstrate business progress, not a moat by themselves. Pricing evidence is mixed: historical mobile selling prices increased, while important clients have sometimes terminated, reduced or renewed business on less favorable terms.","advantages":[{"mechanism":"switching_costs","claim":"Exclusive and preferred-provider arrangements provide current distribution access. Integrated service capabilities and repeated renewals suggest potential switching friction, but replacement costs, contractual duration and durable customer dependency are not established.","durability":"Unproven beyond the disclosed relationships and renewal achievements; exclusivity does not establish protection at renewal.","risks":"Revenue concentration gives significant clients bargaining power. Terminations, reductions and unfavorable renewals have occurred. Technology changes and competing service capabilities could weaken integration benefits.","invalidation":"Repeated losses of significant programs, renewals requiring material concessions, or replacement of Assurant without substantial disruption would undermine the switching-friction thesis. Evidence of sustained renewals without concessions and documented replacement costs would strengthen it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk factors: exclusive and preferred-provider arrangements","excerpt":"Many of these arrangements are exclusive and some rely on preferred provider or similar relationships."},{"id":"e2","sourceId":"filing-1","location":"Business: management's claimed differentiated capabilities","excerpt":"We believe that we maintain a differentiated position in this marketplace through our combination of robust administrative capabilities, digital platforms enabling on-boarding, claims management and service delivery, supply chain management, technical support infrastructure, insurance underwriting capabilities, access to a large base of secondary market devices and a suite of adjacent value-added services – such as trade-in and upgrade and asset value recovery."},{"id":"e3","sourceId":"filing-3","location":"Proxy summary: 2025 client renewals and program expansion","excerpt":"Across Global Lifestyle and Global Housing, we renewed and deepened key client relationships, expanded offerings with existing clients and onboarded new client programs."},{"id":"e4","sourceId":"filing-4","location":"Business: 2024 key-client contract renewals","excerpt":"We completed contract renewals with several key clients including our major U.S."},{"id":"e5","sourceId":"filing-4","location":"Business: mobile protection clients and program expansion","excerpt":"mobile device protection clients, expanded offerings with existing clients and onboarded new client programs across Global Lifestyle and Global Housing."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: actual terminations, reductions and unfavorable renewals","excerpt":"If our key clients, distributors or other parties terminate important business arrangements with us, reduce their business with us or renew contracts on terms less favorable to us, which occurs from time to time, we may fail to meet our business objectives and targets, and our cash flows, results of operations and financial condition could be materially adversely affected."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: client revenue concentration","excerpt":"Each of our Global Lifestyle and Global Housing segments receives a substantial portion of its revenues from a few clients."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: bargaining power and renewal concessions","excerpt":"weaken our bargaining power, and we may be unable to renew contracts with them without concessions (including up-front payments) or on favorable terms or at all."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: historical competitive effects","excerpt":"As a result, competition may adversely affect the persistency of our policies, our ability to sell products and provide services, maintain client relationships (including significant clients), and our revenues and results of operations, which has occurred from time to time."},{"id":"e10","sourceId":"filing-5","location":"2023 operating results: mobile trade-in selling prices","excerpt":"Fees and other income increased $89.2 million, or 8%, mainly driven by higher average selling prices on mobile trade-in programs, as well as contributions from new programs, partially offset by a mobile program contract change related to our in-store mobile service and repair business."},{"id":"e11","sourceId":"filing-1","location":"Regulation: authority over premium rates and underwriting","excerpt":"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."},{"id":"e12","sourceId":"filing-1","location":"Consolidated results: 2025 earnings and catastrophe comparison","excerpt":"49 Results of Operations Assurant Consolidated The table below presents information regarding our consolidated results of operations: For the Years Ended December 31, 2025 2024 Revenues: Net earned premiums $ 10,482.9 $ 9,795.8 Fees and other income 1,875.9 1,638.6 Net investment income 527.3 518.9 Net realized losses on investments and fair value changes to equity securities (71.8) (75.8) Total revenues 12,814.3 11,877.5 Benefits, losses and expenses: Policyholder benefits 2,927.8 2,766.5 Underwriting, selling, general and administrative expenses 8,688.1 8,076.7 Interest expense 109.7 107.0 Loss on extinguishment of debt 1.3 — Total benefits, losses and expenses 11,726.9 10,950.2 Income before provision for income taxes 1,087.4 927.3 Provision for income taxes 214.7 167.1 Net income $ 872.7 $ 760.2 Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Net Income Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily driven by higher earnings in Global Housing, a $38.7 million decrease in after-tax reportable catastrophes, higher earnings in Global Lifestyle and a $7.1 million after-tax decline in losses related to our non-core operations."},{"id":"e13","sourceId":"filing-2","location":"Consolidated results: second-quarter and first-half 2026","excerpt":"33 Results of Operations Assurant Consolidated The table below presents information regarding our consolidated results of operations for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Net earned premiums $ 2,767.4 $ 2,587.7 $ 5,549.3 $ 5,150.0 Fees and other income 554.6 463.7 1,054.4 866.6 Net investment income 142.4 128.7 302.0 253.5 Net realized losses on investments and fair value changes to equity securities (10.2) (21.7) (31.4) (37.7) Total revenues 3,454.2 3,158.4 6,874.3 6,232.4 Benefits, losses and expenses: Policyholder benefits 748.3 721.5 1,517.4 1,501.2 Underwriting, selling, general and administrative expenses 2,300.6 2,121.2 4,587.7 4,205.0 Interest expense 28.4 26.7 56.7 53.5 Total benefits, losses and expenses 3,077.3 2,869.4 6,161.8 5,759.7 Income before provision for income taxes 376.9 289.0 712.5 472.7 Provision for income taxes 78.3 53.7 139.8 90.8 Net income $ 298.6 $ 235.3 $ 572.7 $ 381.9 For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Net income increased $63.3 million, or 27%, to $298.6 million for Second Quarter 2026 from $235.3 million for Second Quarter 2025, primarily due to higher earnings in Global Lifestyle and Global Housing, $13.8 million of lower after-tax reportable catastrophes and lower net realized losses on investments."},{"id":"e14","sourceId":"filing-2","location":"Global Lifestyle results: growth drivers and non-run-rate items","excerpt":"Adjusted EBITDA increased $43.0 million, or 21%, to $244.4 million for Second Quarter 2026 from $201.4 million for Second Quarter 2025, primarily driven by Connected Living growth from higher contributions from global supply chain programs and financial services, $10.2 million of non-run rate items in Second Quarter 2026, as well as subscriber growth in device protection programs."},{"id":"e15","sourceId":"filing-3","location":"Proxy: existing 2025 incentive design and compensation safeguards","excerpt":"Executive Compensation Program in 2025 The Company retained its existing executive compensation plan design, with no changes to incentive plan metrics or payout structures The Compensation and Talent Committee incorporated compensation peer group benchmarking data for purposes of setting compensation levels in 2025, reflecting its commitment to adopting industry best practices and ensuring that executive pay levels are competitive and market-informed Continuing Pay for Performance Commitment A significant portion of short- and long-term executive compensation is directly tied to the Company’s overall performance and profitable growth; in 2025, 90% of the Chief Executive Officer’s and 80% of the NEOs’ average target compensation was variable 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 Maximum payout under the Company’s incentive compensation plans is capped at 200% of each executive officer’s target opportunity There is no payout under the Company’s incentive compensation plans if performance does not meet a minimum performance level Strong Executive Compensation Governance A clawback policy and recoupment provisions apply to current and former executive officers in the event of financial statement restatement or specified personal misconduct We have robust stock ownership guidelines for executive officers and directors vii Notice of 2026 Annual Meeting of Stockholders and Proxy Statement Summary Information Employees and directors are subject to a robust insider trading policy, including prohibition on hedging, pledging and speculative transactions in Company securities No dividend equivalents are paid on unvested performance stock units Executive officer change in control agreements contain a “double trigger” and no excise tax gross-ups Equity Plan Features No single trigger change in control vesting No tax gross-ups Awards are subject to minimum vesting requirements Awards are subject to the Company’s clawback policy Support for Executive Compensation Strong support for our executive compensation programs with approximately 96% of votes approving our advisory say-on-pay resolution in 2025 Regular stockholder engagement includes discussion regarding executive compensation viii Notice of 2026 Annual Meeting of Stockholders and Proxy Statement Table of Contents Table of Contents PROPOSALS REQUIRING YOUR VOTE 11 PROPOSAL ONE 11 ELECTION OF DIRECTORS 11 PROPOSAL TWO 24 RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2026 24 PROPOSAL THREE 25 ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION FOR FISCAL YEAR 2025 25 PROPOSAL FOUR 26 APPROVAL OF AN AMENDMENT TO THE ASSURANT, INC."},{"id":"e16","sourceId":"filing-1","location":"Stock compensation: actual PSU vesting values","excerpt":"(2)The total fair value of PSUs vested was $43.3 million, $39.8 million and $25.8 million for the years ended December 31, 2025, 2024 and 2023, respectively."},{"id":"e17","sourceId":"filing-3","location":"Proxy: board independence and stockholder rights","excerpt":"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 Annual Board and committee self-evaluations, including periodic individual director evaluations Limits on public company board and audit committee service Regular executive sessions of independent directors, generally at each Board and committee meeting Board skills and experiences have continued to evolve with strategy, with appropriate mix of skills, backgrounds and tenure Ongoing Board refreshment with four new independent directors added in the last five years Data for Director Nominees (as of the date of this proxy statement) Stockholder Rights and Stockholder Engagement No supermajority voting provisions Proxy access rights for stockholders Special meeting right for stockholders No stockholder rights plan Regular stockholder engagement vi Notice of 2026 Annual Meeting of Stockholders and Proxy Statement Summary Information Commitment to Sustainability Committed to integrating sustainability into our long-term strategy with a focus on three areas: Connected Communities, Respected Resources and Protected Planet Ongoing Board and committee oversight of sustainability strategy, initiatives and policies Assurant’s management-led Sustainability Oversight & Action Committee, comprised of select Management Committee members and senior management across key functional areas, provides oversight of our business-aligned sustainability strategies for long-term value creation Demonstrated commitment to ongoing transparency, including through our annual sustainability report, inclusive of our Task Force on Climate-Related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB)-aligned disclosure, our voluntary CDP (formerly known as the Carbon Disclosure Project) disclosure, incorporating third party independent verification of greenhouse gas emissions and other environmental metrics, and our EEO-1 report Regular stockholder and client engagement includes discussion regarding sustainability strategy and initiatives For additional information about our commitment to sustainability, please see “Sustainability” beginning on page 53."},{"id":"e18","sourceId":"filing-1","location":"Risk factors: charter and bylaw restrictions","excerpt":"Our certificate of incorporation or by-laws contain provisions that permit the Board to issue one or more series of preferred stock, prohibit stockholders from filling vacancies on the Board, prohibit stockholders from taking action by written consent, and impose advance notice requirements for stockholder proposals and nominations of directors to be considered at stockholder meetings."},{"id":"e19","sourceId":"filing-2","location":"June 2026 consolidated balance sheet","excerpt":"Consolidated Balance Sheets (unaudited) June 30, 2026 December 31, 2025 (in millions, except number of shares and per share amounts) Assets Investments: Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $— and $1.9 at June 30, 2026 and December 31, 2025, respectively; amortized cost - $9,133.1 and $8,635.3 at June 30, 2026 and December 31, 2025, respectively) $ 8,989.5 $ 8,577.7 Equity securities at fair value 195.7 207.1 Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.3 and $6.7 at June 30, 2026 and December 31, 2025, respectively) 305.4 324.7 Short-term investments 335.2 379.5 Other investments 631.7 573.0 Total investments 10,457.5 10,062.0 Cash and cash equivalents 1,698.7 1,834.1 Premiums and accounts receivable (net of allowances for credit losses of $16.8 and $10.4 at June 30, 2026 and December 31, 2025, respectively) 2,008.4 1,989.4 Reinsurance recoverables (net of allowances for credit losses of $5.2 at June 30, 2026 and December 31, 2025) 6,350.1 6,471.3 Accrued investment income 133.1 135.4 Deferred acquisition costs 10,380.0 10,187.6 Property and equipment, net 849.6 841.7 Goodwill 2,656.3 2,646.3 Other intangible assets, net 487.7 522.0 Other assets (net of allowances for credit losses of $0.9 at June 30, 2026 and December 31, 2025) 1,060.0 1,087.4 Assets held for sale (Note 4) — 512.4 Total assets $ 36,081.4 $ 36,289.6 Liabilities Future policy benefits and expenses $ 53.8 $ 55.7 Unearned premiums 21,105.5 20,881.4 Claims and benefits payable 2,109.6 2,101.2 Commissions payable 623.3 640.6 Funds held under reinsurance 282.0 266.4 Accounts payable and other liabilities (including allowances for credit losses of $0.6 and $0.9 at June 30, 2026 and December 31, 2025, respectively, for the unsecured portion of the high deductible recoverables) 3,601.2 3,766.3 Debt 2,208.1 2,206.9 Liabilities held for sale (Note 4) — 499.5 Total liabilities 29,983.5 30,418.0 Commitments and contingencies (Note 14) Stockholders’ equity Common stock, par value $0.01 per share, 800,000,000 shares authorized, 51,678,269 and 52,089,008 shares issued and 49,382,180 and 49,792,919 shares outstanding at June 30, 2026 and December 31, 2025, respectively 0.5 0.5 Additional paid-in capital 1,685.9 1,711.8 Retained earnings 5,134.3 4,826.3 Accumulated other comprehensive loss (600.0) (544.2) Treasury stock, at cost; 2,296,089 shares at June 30, 2026 and December 31, 2025 (122.8) (122.8) Total stockholders’ equity 6,097.9 5,871.6 Total liabilities and stockholders’ equity $ 36,081.4 $ 36,289.6 See the accompanying Notes to Consolidated Financial Statements (unaudited) 2 Assurant, Inc."},{"id":"e20","sourceId":"filing-2","location":"2026 changes in equity: earnings, compensation and distributions","excerpt":"Consolidated Statements of Changes in Stockholders’ Equity (unaudited) 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 — 8.4 — — — 8.4 Stock plan compensation expense — 43.4 — — — 43.4 Common stock dividends ($1.76 per share) — — (91.9) — — (91.9) Acquisition of common stock — (77.7) (172.8) — — (250.5) Net income — — 572.7 — — 572.7 Other comprehensive income — — — (55.8) — (55.8) Balance at June 30, 2026 $ 0.5 $ 1,685.9 $ 5,134.3 $ (600.0) $ (122.8) $ 6,097.9 5 Assurant, Inc."},{"id":"e21","sourceId":"filing-2","location":"2026 consolidated cash flows: operating cash and investment spending","excerpt":"Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2026 2025 (in millions) Operating activities Net income $ 572.7 $ 381.9 Adjustments to reconcile net income to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in net income from operations: Deferred tax expense 90.7 26.6 Depreciation and amortization 134.1 115.7 Net realized losses on investments, including impairment losses 31.4 37.7 Loss on sale of business 0.5 — Stock based compensation expense 43.4 37.5 Restructuring costs — (1.4) Changes in operating assets and liabilities: Insurance policy reserves and expenses 183.9 (394.3) Premiums and accounts receivable (2.9) 163.8 Commissions payable (20.9) 26.4 Reinsurance recoverable 121.1 236.1 Funds withheld under reinsurance 16.7 (11.3) Deferred acquisition costs and value of business acquired (172.3) (94.2) Taxes receivable (83.5) (110.1) Other assets and other liabilities (199.1) 224.4 Other (21.1) 19.1 Net cash provided by operating activities 694.7 657.9 Investing activities Sales of: Fixed maturity securities available for sale 966.6 650.2 Equity securities 30.3 24.9 Other invested assets 40.8 21.1 Subsidiary, net of cash transferred 1.4 — Maturities, calls, prepayments, and scheduled redemption of: Fixed maturity securities available for sale 401.6 424.2 Commercial mortgage loans on real estate 41.1 39.1 Purchases of: Fixed maturity securities available for sale (1,814.5) (1,702.9) Equity securities (19.5) (16.4) Commercial mortgage loans on real estate (21.6) (26.6) Other invested assets (71.3) (52.8) Property and equipment and other (92.9) (113.3) Subsidiaries, net of cash transferred (15.3) — Change in short-term investments 46.7 (32.2) Other 0.2 0.2 Net cash used in investing activities (506.4) (784.5) 7 Assurant, Inc."},{"id":"e22","sourceId":"filing-2","location":"Liquidity: holding-company liquid assets and internal buffer","excerpt":"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."},{"id":"e23","sourceId":"filing-2","location":"Liquidity: definition and calibration of internal minimum","excerpt":"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."},{"id":"e24","sourceId":"filing-2","location":"Liquidity: actual subsidiary dividends net of infusions","excerpt":"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."},{"id":"e25","sourceId":"filing-2","location":"Capital resources: shareholder dividends and repurchases","excerpt":"Dividends and Repurchases During Six Months 2026, we made common stock repurchases and paid dividends to our common stockholders of $292.0 million."},{"id":"e26","sourceId":"filing-2","location":"Asset-liability management: duration and cash-flow studies","excerpt":"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."},{"id":"e27","sourceId":"filing-2","location":"Investment credit quality: mortgage LTV and debt-service coverage","excerpt":"June 30, 2026 Origination Year 2026 2025 2024 2023 2022 Prior Total % of Total Loan-to-value ratios (1): 70% and less $ 17.8 $ 50.6 $ 45.2 $ 21.5 $ 28.3 $ 62.3 $ 225.7 72.4 % 71% to 80% — — 7.0 11.1 5.7 15.1 38.9 12.5 % 81% to 95% — 2.3 1.0 — 7.2 11.3 21.8 7.0 % Greater than 95% 3.0 — — 3.8 10.0 8.6 25.4 8.1 % Total $ 20.8 $ 52.9 $ 53.2 $ 36.4 $ 51.2 $ 97.3 $ 311.8 100.0 % June 30, 2026 Origination Year 2026 2025 2024 2023 2022 Prior Total % of Total Debt-service coverage ratios (2): Greater than 2.0 $ 7.3 $ 6.8 $ 4.5 $ 0.5 $ 12.8 $ 32.0 $ 63.9 20.5 % 1.5 to 2.0 6.0 13.3 18.0 8.7 9.1 23.6 78.7 25.2 % 1.0 to 1.5 7.5 32.8 28.0 12.2 10.9 22.0 113.4 36.4 % Less than 1.0 — — 2.7 15.0 18.4 19.7 55.8 17.9 % Total $ 20.8 $ 52.9 $ 53.2 $ 36.4 $ 51.2 $ 97.3 $ 311.8 100.0 % December 31, 2025 Origination Year 2025 2024 2023 2022 2021 Prior Total % of Total Loan-to-value ratios (1): 70% and less $ 50.4 $ 48.5 $ 27.4 $ 25.7 $ 32.2 $ 44.4 $ 228.6 69.0 % 71% to 80% — 5.0 11.0 7.5 16.0 5.7 45.2 13.6 % 81% to 95% 2.3 1.0 2.4 10.5 12.0 — 28.2 8.5 % Greater than 95% — — 3.8 14.9 10.7 — 29.4 8.9 % Total $ 52.7 $ 54.5 $ 44.6 $ 58.6 $ 70.9 $ 50.1 $ 331.4 100.0 % 18 Assurant, Inc."},{"id":"e28","sourceId":"filing-2","location":"Catastrophe reinsurance: first-event coverage and retention","excerpt":"The U.S. per-occurrence catastrophe coverage includes a main reinsurance program providing $1.59 billion of coverage in excess of a $160.0 million retention for a first event."},{"id":"e29","sourceId":"filing-2","location":"Regulatory requirements: subsidiary solvency and dividend restrictions","excerpt":"These dividend regulations vary by jurisdiction and by type of insurance provided by the applicable subsidiary, but generally require our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends they can pay to the holding company."},{"id":"e30","sourceId":"filing-2","location":"Corporate results: employee costs and home warranty investment","excerpt":"Corporate and Other Adjusted EBITDA decreased $10.2 million, or 34%, to $(40.0) million for Second Quarter 2026 from $(29.8) million for Second Quarter 2025, mainly driven by higher employee-related expenses and organic investments to support our home warranty business."},{"id":"e31","sourceId":"filing-1","location":"Goodwill assessment: 2025 reporting-unit impairment conclusion","excerpt":"Based on this quantitative assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their 48 carrying amounts and that there was no impairment for the Global Lifestyle and Global Housing reporting units as of October 1, 2025."},{"id":"e32","sourceId":"filing-1","location":"Regulation: RBC calculation framework","excerpt":"RBC, which regulators use to assess the sufficiency of an insurer’s statutory capital, is calculated by applying factors to various asset, premium, expense, liability and reserve items."},{"id":"e33","sourceId":"filing-6","location":"First-quarter 2026 results: catastrophe and tax effects","excerpt":"Net income increased $127.5 million, or 87%, to $274.1 million for First Quarter 2026 from $146.6 million for First Quarter 2025, primarily due to $104.8 million of lower after-tax reportable catastrophes, higher Global Lifestyle earnings, and a lower annualized effective tax rate, mainly driven by transferrable tax credits recorded in First Quarter 2026 and higher tax benefits on stock-based compensation."}],"changes":["The uncertain verdict is unchanged; exclusivity and repeated renewals support a possible switching-cost mechanism without establishing durable protection.","Pricing is now assessed as mixed rather than wholly unproven because the supplied 2023 passage reports higher mobile trade-in selling prices; this does not demonstrate current company-wide pricing power.","Added assessments of disclosed compensation, governance, insurance liquidity, investment exposures and capital allocation."],"limitations":["All evidence is issuer-filed. Differentiation and client-renewal descriptions are issuer reports; comparative costs, switching costs and renewal economics are not supplied.","No operating competitors are named in the relevant competition passages. Compensation peers, lenders and advisers are not established operating competitors.","No current price-volume-mix bridge, quantified customer retention rate, contract duration or renewal-concession amounts are supplied.","No insurer RBC ratios, applicable capital thresholds or statutory capital buffers are supplied. GAAP equity and holding-company liquidity cannot establish regulatory capital adequacy.","Reinsurance counterparty quality, reserve-development outcomes and quantified duration mismatch are incomplete. Acquisition returns and actual executive ownership compliance are also absent.","Source dates are treated as filed dates. Financial grades use filings dated February through August 2026, within 550 days of October 18, 2026; older passages support historical comparisons only."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Exclusive distribution and integrated capabilities suggest an advantage, but do not establish defensible switching costs or comparative cost superiority.","evidenceIds":["e1","e2","e6"]},{"criterion":"durability","grade":null,"rationale":"Renewals demonstrate relationship continuity, but contract duration, renewal economics and protection against replacement remain unknown.","evidenceIds":["e3","e4","e5","e8"]},{"criterion":"customer_dependency","grade":null,"rationale":"Integrated services may matter to clients, but the evidence establishes Assurant's dependence on concentrated clients more clearly than clients' dependence on Assurant.","evidenceIds":["e2","e7","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Positive operating results coexist with historical competitive effects and unfavorable renewals; their significance for structural protection cannot be determined.","evidenceIds":["e6","e9","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher mobile trade-in average selling prices supported 2023 income growth, but may reflect device-market prices or mix. Actual unfavorable renewals temper this historical positive evidence; current broad pricing power is unestablished.","evidenceIds":["e10","e6"]},{"criterion":"retention","grade":2,"rationale":"Reported renewals in 2024 and 2025 and 2026 subscriber growth support repeat demand indirectly. Actual client reductions and terminations make the record mixed; no retention rate is inferred.","evidenceIds":["e3","e4","e5","e14","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"Earnings grew in 2025 and first-half 2026, supporting operating resilience. Lower catastrophes, tax effects and non-run-rate items explain part of the improvement, limiting attribution to pricing or durable margins.","evidenceIds":["e12","e13","e14","e33"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual unfavorable renewals indicate limited negotiating freedom with important clients. Concentration, possible renewal concessions and regulatory premium-rate authority further constrain terms.","evidenceIds":["e6","e7","e8","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Positive cash generation and subsidiary remittances accompanied shareholder distributions while holding-company liquidity remained substantially above its internal minimum. This demonstrates discipline, without establishing insurer statutory capital sufficiency or acquisition returns.","evidenceIds":["e21","e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The existing 2025 program used predominantly performance-based long-term equity, payout caps, minimum performance thresholds and clawbacks; actual PSU vesting is disclosed. Catastrophe-excluded metrics and absent ownership-compliance figures limit the assessment. Proposed amendments are not treated as vested awards.","evidenceIds":["e15","e16"]},{"criterion":"execution","grade":3,"rationale":"Reported client renewals, program expansion, subscriber growth and higher consolidated earnings demonstrate execution. This uses operating outcomes rather than a quantified management target comparison; catastrophe relief and non-run-rate contributions temper attribution.","evidenceIds":["e3","e12","e13","e14"]},{"criterion":"governance","grade":3,"rationale":"An independent chair, independent committees, annual director elections, majority voting and stockholder meeting rights provide substantive safeguards. Written-consent restrictions and other charter protections remain counterweights; exceptional governance outcomes are not established.","evidenceIds":["e17","e18","e15"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"The NAIC RBC framework and subsidiary solvency restrictions are described, but actual statutory capital, RBC ratios and applicable thresholds are absent. Neither GAAP equity nor the internal liquidity buffer substitutes for these denominators.","evidenceIds":["e32","e29","e19","e23"]},{"criterion":"liquidity_funding","grade":3,"rationale":"June 2026 holding-company liquidity was $911.5 million against a $225.0 million internal minimum. 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This demonstrates resilience over the supplied period, although catastrophe relief and tax benefits materially aided comparisons.","evidenceIds":["e12","e13","e33"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"First-half 2026 GAAP net income of $572.7 million represents approximately 9.6% of average beginning and ending consolidated GAAP equity, without annualization. This supports strong realized accounting returns for the period, but is not a statutory-capital return and benefits from favorable catastrophe and tax comparisons.","evidenceIds":["e19","e20","e33"]},{"criterion":"distributions_and_buffers","grade":3,"rationale":"Disclosed first-half shareholder repurchases and dividends of $292.0 million were below earnings and net subsidiary remittances, while holding-company liquidity exceeded its internal minimum. Regulatory capital headroom remains unquantified, limiting conclusions about insurer buffers.","evidenceIds":["e25","e13","e24","e22","e23","e29"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Outstanding shares declined from 49.79 million to 49.38 million during first-half 2026 despite stock plans. Compensation expense increased to $43.4 million from $37.5 million, and interest expense also increased. Repurchases controlled net dilution but incurred cash costs.","evidenceIds":["e19","e20","e21","e13"]},{"criterion":"investment_discipline","grade":2,"rationale":"Actual reinvestment accompanies program growth and higher earnings, and the 2025 goodwill assessment found no impairment. Home warranty spending increased corporate losses. These are mixed indirect outcomes; project returns and acquisition-specific value creation are not established.","evidenceIds":["e21","e14","e30","e31"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"4103835291b3d28c25e6d66bbcbe98bf27093190fca191084cdef22c6f2f97d5","updatedAt":"2026-10-18T14:37:28.489Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000010/aiz-20251231.htm","publishedAt":"2026-02-19","sha256":"3db56656d47623f53b9050186ec7b5416eedf2a91c2db903aba7747f1e9e1543","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000041/aiz-20260630.htm","publishedAt":"2026-08-06","sha256":"16f2f4d77793fc25bee370470abaa5cd57713aa0d89773132521732c4de88d1d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000018/aiz-20260406.htm","publishedAt":"2026-04-06","sha256":"b7bb48bc81a626a1541b24ec795acce75368057f3f7917270354a6f326254ff7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723825000008/aiz-20241231.htm","publishedAt":"2025-02-20","sha256":"7d598ac18de7370a873494740470fed1e012bde0ae4a26b8920e20aaaab367f4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723824000008/aiz-20231231.htm","publishedAt":"2024-02-15","sha256":"ad64af3e67ea261684e9e105b0a41e2c76d00daf0cea8ebd02b0179fdfc4c126","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000027/aiz-20260331.htm","publishedAt":"2026-05-07","sha256":"df1470a704184b25ba2b626efd85b861cfd5994edb345a5e87275339d1d599a2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c0eba1d927edd6b0309348e05df7aefa8555c6a8b0fc9e88b5abdb19608ce831","usage":{"input_tokens":87865,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3923,"reasoning_output_tokens":200},"basisSupplement":{"previousHash":"2c712544cc9b3a374c2ee0531c8c8bd0ebd9af28b0ab1b434e3f069916fb1106","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":5.833562369939928,"sbc_revenue":0.6547174997055243},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":4.028254684587462,"sbc_revenue":0.6141469636024722},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":8.404901361888676,"sbc_revenue":0.6746559344568615},"issues":{"ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":9.357187960429384,"sbc_revenue":0.6828036202904652},"issues":{"ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":12.473564689448507,"sbc_revenue":0.6687840927713571},"issues":{"ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000010/aiz-20251231.htm","publishedAt":"2026-02-19","sha256":"3db56656d47623f53b9050186ec7b5416eedf2a91c2db903aba7747f1e9e1543","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000041/aiz-20260630.htm","publishedAt":"2026-08-06","sha256":"16f2f4d77793fc25bee370470abaa5cd57713aa0d89773132521732c4de88d1d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000018/aiz-20260406.htm","publishedAt":"2026-04-06","sha256":"b7bb48bc81a626a1541b24ec795acce75368057f3f7917270354a6f326254ff7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723825000008/aiz-20241231.htm","publishedAt":"2025-02-20","sha256":"7d598ac18de7370a873494740470fed1e012bde0ae4a26b8920e20aaaab367f4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723824000008/aiz-20231231.htm","publishedAt":"2024-02-15","sha256":"ad64af3e67ea261684e9e105b0a41e2c76d00daf0cea8ebd02b0179fdfc4c126","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1267238/000126723826000027/aiz-20260331.htm","publishedAt":"2026-05-07","sha256":"df1470a704184b25ba2b626efd85b861cfd5994edb345a5e87275339d1d599a2","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}