AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Linked proprietary tracking systems and exclusive arrangements establish embedded operations, but their economic protection against alternatives is unquantified.
durability · — · Renewals and a multi-year agreement demonstrate continuity, but contract duration coverage and the persistence of favorable economics are insufficient to establish moat durability.
customer dependency · — · Mortgage systems are integrated, but client replacement difficulty is undisclosed. Assurant’s dependence on concentrated clients must not be mistaken for clients’ dependence on Assurant.
erosion resilience · — · Renewals coexist with realized unfavorable terms and competitive effects. The passages do not establish whether structural protection withstands those pressures.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Historical mobile trade-in average selling-price gains and disclosed housing pricing adjustments provide positive evidence, while realized unfavorable renewals provide contrary evidence. Used-device prices may reflect market conditions or mix; broad sustained pricing power is unproven.
retention · 2/4 · Actual automotive and housing renewals and device-protection subscriber growth support repeat demand indirectly. Disclosed terminations, reductions and unfavorable renewals make the record mixed; no retention rate is inferred.
margin resilience · 2/4 · Reported earnings and catastrophe-excluded enterprise earnings improved. Lower catastrophe losses, favorable reserve development, tax benefits and non-run-rate items limit attribution to recurring pricing and cost protection.
contractual freedom · 1/4 · The quarterly inflation guard offers adjustment capacity, but premium-rate regulation and concentrated-client negotiations constrain discretion. Actual unfavorable renewals demonstrate fragile negotiating freedom.
Predictability99
Financial-sector stability over five 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
Financial strength—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital adequacy · — · The filing says subsidiaries expect to exceed minimum NAIC RBC requirements, but supplies no actual RBC ratio, exact denominator or required buffer. That expectation and consolidated GAAP equity cannot establish current regulatory capital sufficiency.
liquidity funding · 3/4 · June 2026 parent liquidity of $911.5 million, first-half operating cash generation of $694.7 million and net subsidiary remittances of $372.9 million demonstrate funding capacity. The $225.0 million minimum is internal, and regulated upstream payments remain a constraint.
asset liability risk · 2/4 · Asset-liability studies, limited policyholder optionality, liquid fixed maturities and $1.59 billion first-event catastrophe coverage above a $160.0 million retention support risk management. Favorable reserve development provides positive claims evidence. However, $6.35 billion of reinsurance recoverables and 17.9% of commercial mortgage balances with debt-service coverage below 1.0 leave meaningful exposures; matching effectiveness and reinsurer recoverability remain incompletely quantified.
earnings resilience · 3/4 · Net income increased from $760.2 million in 2024 to $872.7 million in 2025 and reached $572.7 million in first-half 2026 versus $381.9 million. Catastrophe-excluded enterprise earnings also grew. Lower catastrophe losses, favorable reserve development, tax benefits and non-run-rate items limit extrapolation through a severe claims cycle.
Capital allocation63
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 efficiency · 3/4 · First-half net income of $572.7 million divided by average beginning and ending consolidated GAAP equity of $5,984.75 million produces approximately 9.6% for the six-month period, without annualization. This supports strong realized accounting returns, not returns on statutory required capital. Catastrophe relief, reserve development and tax benefits qualify sustainability.
distributions and buffers · 3/4 · First-half reported distributions of $292.0 million were below earnings and $372.9 million of net subsidiary remittances, while parent liquidity remained above its internal minimum. Equity-statement distribution entries total $342.4 million and also remain below those amounts, although the difference is unreconciled. This demonstrates parent-level restraint; insurer regulatory headroom remains unknown.
dilution and cost · 2/4 · Outstanding shares declined from 49.79 million to 49.38 million during first-half 2026 despite equity awards. Stock compensation increased from $37.5 million to $43.4 million and interest expense from $53.5 million to $56.7 million. Repurchases controlled net dilution at a cash cost; the approved 480,000-share reserve increase adds potential issuance capacity.
investment discipline · 2/4 · Actual reinvestment accompanies program expansion, a logistics agreement and earnings growth, and the 2025 goodwill assessment found no impairment. Home-warranty investment contributed to higher corporate losses. Outcomes are mixed and indirect; project-level returns and acquisition-specific value creation remain unestablished.
Management75
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Operating cash generation, net subsidiary remittances and retained parent liquidity supported shareholder distributions. Refinancing extended maturity at a lower coupon but increased principal. These are demonstrated financing and spending outcomes, without establishing statutory capital sufficiency.
incentive alignment · 3/4 · The existing 2025 program predominantly used performance equity with payout caps, thresholds and clawbacks; actual PSU vesting is reported. Catastrophe exclusions and absent ownership-compliance data temper the assessment. The approved reserve increase establishes additional capacity, not vesting.
execution · 3/4 · Client renewals, a multi-year logistics agreement, subscriber growth and higher earnings demonstrate execution through operating outcomes rather than quantified target attainment. Catastrophe relief and non-run-rate benefits qualify management attribution.
governance · 3/4 · Independent board leadership and committees, annual elections, majority voting and shareholder meeting rights provide substantive safeguards. Written-consent restrictions and board-controlled vacancies remain counterweights; the written-consent proposal was rejected.
Evidence
In the majority of cases, we use proprietary insurance-tracking administration systems linked with the administrative systems of our clients to monitor clients’ mortgage portfolios to verify the existence of insurance on each mortgaged property and identify those that are uninsured.
Business / Global Housing / proprietary insurance-tracking systems · Filed 19/02/2026
Many of these arrangements are exclusive and some rely on preferred provider or similar relationships.
Risk Factors / exclusive and preferred-provider arrangements · Filed 19/02/2026
mobile carrier. We expanded our reverse logistics business in mobile through a multi-year reverse logistics agreement and a dedicated logistics facility.
2025 Highlights / multi-year reverse logistics agreement · Filed 19/02/2026
In Global Automotive, we continue to expand and protect our position through new and renewed partnerships across distribution channels, including large dealer groups.
2025 Highlights / automotive partnerships and renewals · Filed 19/02/2026
In Global Housing, we continued to outperform through policy growth in lender-placed, supported by a hardened voluntary homeowners’ insurance market and our success renewing key clients and winning new partnerships.
2025 Highlights / housing policy growth and client renewals · Filed 19/02/2026
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.
Risk Factors / realized terminations, reductions and unfavorable renewals · Filed 19/02/2026
Each of our Global Lifestyle and Global Housing segments receives a substantial portion of its revenues from a few clients.
Risk Factors / client concentration · Filed 19/02/2026
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.
Risk Factors / bargaining power and renewal concessions · Filed 19/02/2026
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.
Risk Factors / realized competitive effects · Filed 19/02/2026
Our competitive position may be impacted if we are unable to develop, use or integrate, in an effective, compliant and competitive manner, technology such as AI and machine learning, or if our competitors collect and use data that we do not have the ability to access or use.
Risk Factors / technology and data competition · Filed 19/02/2026
We monitor pricing adequacy based on a variety of factors and adjust pricing as required, subject to regulatory constraints, including through a built-in quarterly inflation guard feature.
Business / Global Housing / pricing adjustments and quarterly inflation guard · Filed 19/02/2026
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.
2023 MD&A / mobile trade-in average selling prices · Filed 15/02/2024
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.
Business / Regulation / authority over premium rates and products · Filed 19/02/2026
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.
MD&A / 2025 consolidated results and earnings drivers · Filed 19/02/2026
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.
MD&A / second-quarter and first-half 2026 consolidated results · Filed 06/08/2026
reportable catastrophes2
491.4
415.8
18%
957.3
855.0
12%
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.
Second-quarter results / catastrophe-excluded enterprise Adjusted EBITDA · Filed 04/08/2026
This reflects $113 million of favorable PYD in 2025 and $42 million of favorable PYD in first half 2026.
2026 outlook explanation / realized favorable prior-year reserve development · Filed 04/08/2026
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.
MD&A / first-quarter earnings drivers, catastrophes and tax benefits · Filed 07/05/2026
3,881.5
507.3
414.9
964.0
775.9
Selling and underwriting expenses
2,425.8
2,237.1
4,849.0
4,429.9
Global Lifestyle Adjusted EBITDA
2,572.9
2,350.8
5,123.9
4,657.4
Domestic
1,904.6
1,796.2
3,841.0
3,591.4
International
668.3
1,282.9
1,066.0
2,572.9
2,350.8
5,123.9
4,657.4
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.
MD&A / Lifestyle growth, non-run-rate items and device-protection subscribers · 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.
Liquidity and Capital Resources / holding-company liquidity · 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.
Liquidity and Capital Resources / definition of internal liquidity minimum · Filed 06/08/2026
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.
Liquidity and Capital Resources / net subsidiary remittances · 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.
Dividends and Repurchases / first-half shareholder distributions · Filed 06/08/2026
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.
Consolidated cash flows / operating cash, compensation and investment spending · Filed 06/08/2026
In August 2025, we issued $300.0 million of 5.55% senior notes due 2036 and used the net proceeds to redeem all of the $175.0 million outstanding aggregate principal amount of our 6.10% senior notes due 2026.
2025 Highlights / debt issuance and redemption · Filed 19/02/2026
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.
Compensation Highlights / existing 2025 incentives and safeguards · Filed 06/04/2026
•Adjusted earnings per diluted common share, excluding reportable catastrophes (“performance condition”) is a Company-specific profitability metric and is defined as the Company’s adjusted earnings, excluding reportable catastrophes, divided by the fully diluted weighted average common shares outstanding.
Stock Based Compensation / catastrophe-excluded PSU performance metric · Filed 19/02/2026
A summary of the Company’s outstanding PSUs is presented below: Performance Share Units Weighted-Average Grant-Date Fair Value Performance share units outstanding at December 31, 2024 585,506 $ 170.44 Grants (1) 174,473 237.14 Vests (2) (205,515) 223.65 Performance adjustment (3) 55,695 240.65 Forfeitures and adjustments (27,739) 209.49 Performance share units outstanding at December 31, 2025 582,420 $ 176.53 (1)The weighted average grant date fair value for PSUs granted in 2024 and 2023 was $207.00 and $114.91, respectively.
Stock Based Compensation / actual PSU grants, vesting and adjustments · Filed 19/02/2026
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 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.
Corporate Governance Highlights / independence, elections and shareholder rights · Filed 06/04/2026
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.
Risk Factors / board powers and shareholder restrictions · Filed 19/02/2026
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 / approved equity-plan reserve increase · Filed 22/05/2026
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”.
Voting results / rejection of written-consent proposal · Filed 22/05/2026
The Company’s insurance subsidiaries expect to exceed minimum RBC requirements as of December 31, 2025.
Statutory Information / expected minimum RBC compliance · Filed 19/02/2026
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.
Consolidated Balance Sheets / investments, reinsurance recoverables, equity and shares · Filed 06/08/2026
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.
Investment disclosures / commercial mortgage credit indicators · Filed 06/08/2026
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.
Reinsurance / first-event catastrophe coverage and retention · Filed 06/08/2026
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.
Liquidity and Capital Resources / insurance asset-liability studies · 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.
Liquidity and Capital Resources / limited policyholder optionality · 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.
Liquidity and Capital Resources / public fixed-maturity portfolio liquidity · Filed 06/08/2026
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.
Regulatory Requirements / solvency and upstream-dividend restrictions · Filed 06/08/2026
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.
Changes in Stockholders’ Equity / compensation, dividends and repurchases · Filed 06/08/2026
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.
MD&A / corporate losses and home-warranty investment · Filed 06/08/2026
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.
Goodwill / October 2025 impairment assessment · Filed 19/02/2026
Across Global Lifestyle and Global Housing, we compete for business, clients, customers, agents and other distribution relationships with many insurance companies, warranty and protection companies, financial services companies, mobile device repair and logistics companies, technology and software companies and specialized competitors that focus on one market, product or service.
Business / generic competitor categories · Filed 19/02/2026
