Assurant

Revenue is largely recurring and contract-based across mobile protection, extended service contracts, renters and lender-placed homeowners.

Management reinsures catastrophe risk and provides guidance on adjusted metrics excluding cats to reflect normalized performance. 2024 delivered double-digit adjusted EPS ex cats growth and 1H 2025 continued double-digit growth ex cats, underscoring resilience.

Sources of variability remain: catastrophe seasons, smartphone unit cycles, client program renewals, and FX. Still, the cash-generation profile across cycles has proven consistent.