Assurant Increases Full Year Outlook, Delivers Record Second Quarter Results

Strong Earnings Growth in Global Lifestyle and Global Housing Driving Performance

2026 Outlook Increased to Deliver Mid-Single-Digit Growth Driven by Low Double Digit Global Lifestyle Adjusted EBITDA Growth

ATLANTA--(BUSINESS WIRE)--
Assurant, Inc. (NYSE: AIZ):

(Unaudited)	Q2'26		Q2'25		Change		6M'26		6M'25		Change
$ in millions, except per share data
GAAP net income	298.6		235.3		27%		572.7		381.9		50%
Adjusted EBITDA1	479.2		386.0		24%		920.7		668.2		38%
Adjusted EBITDA, ex. reportable catastrophes2	491.4		415.8		18%		957.3		855.0		12%
GAAP net income per diluted share	5.95		4.56		30%		11.34		7.38		54%
Adjusted earnings per diluted share3	6.41		5.10		26%		12.34		8.48		46%
Adjusted earnings, ex. reportable catastrophes, per diluted share4	6.60		5.56		19%		12.91		11.33		14%

Note: The metrics included within the company’s outlook and certain other metrics are non-GAAP financial measures. The company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile outlook to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Assurant, Inc. (NYSE: AIZ), a global company that redefines the boundaries of protection – safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world’s leading brands, today announced results for the second quarter ended June 30, 2026.

"Assurant delivered another quarter of record earnings, reinforcing our focus on building businesses that generate sustainable growth, create differentiated market positions, and deliver long-term value for shareholders. Our performance extends the momentum we carried into the year and reflects the strength and durability of our business model, including record earnings within Global Lifestyle. We are very well positioned to achieve our 10th consecutive year of profitable growth as we continue to balance earnings expansion with strategic investments that enhance our capabilities, improve customer and client outcomes, and strengthen our market positions,” said Assurant President and CEO Keith Demmings.

“Driven by our strong first-half, we are once again increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA and Adjusted earnings per share growth of mid single digits or approximately 10% on an underlying basis, both excluding reportable catastrophes. Supported by our strong capital position, we now expect share repurchases toward the upper end of our $300 million to $350 million range, while preserving flexibility to invest in attractive growth opportunities across the business,” Demmings added.

Second Quarter Consolidated Results

Note: Adjusted EBITDA of the Global Lifestyle, Global Housing, and Corporate and Other segments is the segment measure of profitability in our GAAP financial statements and includes reportable catastrophes. Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.

Second Quarter 2026 Consolidated Results

• GAAP net income increased 27 percent to $298.6 million compared to second quarter 2025 of $235.3 million, primarily driven by higher Global Lifestyle and Global Housing earnings, and lower reportable catastrophes, partially offset by the impact of a higher effective tax rate and higher Corporate and Other expenses.

• GAAP net income per diluted share increased 30 percent to $5.95 compared to second quarter 2025 of $4.56. The increase was primarily driven by the factors noted above and the impact of share repurchases.

• Adjusted EBITDA¹ increased 24 percent to $479.2 million compared to the prior year period of $386.0 million, primarily due to strong growth in both Global Lifestyle and Global Housing and the benefit of lower reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA² increased 18 percent, or similar on a constant currency basis⁵, to $491.4 million, due to the factors noted above.

• Adjusted earnings, excluding reportable catastrophes, per diluted share⁴, increased 19 percent to $6.60 compared to the prior year period of $5.56. The increase was driven by the factors noted above and the impact of share repurchases, partially offset by a higher effective tax rate and higher depreciation expense.

• Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $3.32 billion compared to second quarter 2025 of $3.05 billion, up 9 percent, driven by growth in both Global Lifestyle and Global Housing.

Global Lifestyle

• Adjusted EBITDA increased 21 percent compared to second quarter 2025, driven by earnings growth across Connected Living and Global Automotive. Connected Living increased 29 percent, including $10 million of favorable non-run rate benefits in second quarter 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. Global Automotive results increased from growth within global partnerships.

• 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.

Global Housing

• Adjusted EBITDA increased 28 percent compared to second quarter 2025. Results included $17.6 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA² increased 18 percent, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency. In Homeowners, results also benefitted from lower catastrophe reinsurance costs and growth in specialty products and lender-placed. Global Housing growth was partially offset by $12 million of lower favorable prior period reserve development (PPD)^(a).
  
  ^(a) Second quarter 2026 had $22.3 million of favorable non-catastrophe PPD, of which $23.1 million was related to prior years, compared to $33.9 million of favorable non-catastrophe PPD in second quarter 2025. Year-to-date 2026 prior year reserve development was $41.9 million and year-to-date 2025 prior year reserve development was $63.4 million.
  

• Net earned premiums, fees and other income increased 7 percent compared to second quarter 2025, primarily driven by Homeowners due to growth in specialty products and lender-placed and lower catastrophe reinsurance costs.

Corporate and Other

• Adjusted EBITDA loss increased in second quarter 2026 compared to the prior year period, mainly driven by higher employee-related expenses and organic investments to support our Home Warranty business. This increase was partially offset by higher investment income from higher assets.

Holding Company Liquidity Position

• Holding company liquidity totaled $911 million as of June 30, 2026, or $686 million above the company’s minimum level of $225 million.

  Dividends paid by the operating segments to the holding company in second quarter 2026 totaled $235 million.
  

• Share repurchases and common stock dividends totaled $123 million in second quarter 2026. During second quarter 2026, Assurant repurchased approximately 310 thousand shares of common stock for $75 million and paid $48 million in common stock dividends.

  From July 1 through July 31, 2026, the company repurchased approximately 108 thousand shares for $30 million. $544 million remains under the current repurchase authorization.

2026 Company Outlook⁶

Note: Some of the metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.

Based on current macroeconomic conditions, the company now expects the following:

• Adjusted EBITDA, excluding reportable catastrophes⁶, now expected to increase mid single digits.
  • Global Lifestyle Adjusted EBITDA now expected to increase low double digits with contributions from Connected Living and Global Automotive.

  • Global Housing Adjusted EBITDA, excluding reportable catastrophes⁶, now expected to grow modestly.

  • Corporate and Other Adjusted EBITDA loss now expected to approximate $145 million, from higher employee-related expenses.

• Adjusted earnings, excluding reportable catastrophes, per diluted share⁶, now expected to increase mid single digits. The company continues to expect depreciation expense of approximately $180 million, an effective tax rate of approximately 19 to 21 percent, interest expense of approximately $113 million and amortization of purchased intangible assets of approximately $70 million.

• Capital deployment priorities to focus on maintaining a strong, flexible financial position, supporting business growth by funding organic investments and M&A, and returning capital to shareholders through common stock dividends and share repurchases, subject to Board approval.

Earnings Conference Call

The second quarter 2026 earnings conference call and webcast will be held on Wednesday, August 5, 2026 at 8:00 a.m. E.T. The slide presentation used by management during the webcast includes supplemental information and will be available on Assurant’s Investor Relations website prior to the conference call. The live and archived webcast, along with supplemental information, will also be available on Assurant’s Investor Relations website:

https://ir.assurant.com/overview/default.aspx

About Assurant

Assurant, Inc. (NYSE: AIZ) redefines the boundaries of protection – safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world’s leading brands. As a Fortune 500 company operating in 21 countries, Assurant leads the way in leveraging insights and technology to transform customer connections that build loyalty and drive value.

Learn more at assurant.com

Safe Harbor Statement

Some of the statements in this news release, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability, resiliency and durability of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.

You can identify forward-looking statements by the use of words such as “outlook,” “objective,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:

For additional information on factors that could affect our actual results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission, including the risk factors identified in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Non-GAAP Financial Measures

Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non-GAAP financial measures to those of other companies.

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Media Contact:
Julie Strider
Vice President, Global Communications

[email protected]

Investor Relations Contacts:
Rebekah Biondo
Deputy CFO

[email protected]

Sean Moshier
Vice President, Investor Relations

[email protected]

Lyndsay Baker
Assistant Vice President, Investor Relations

[email protected]

Source: Assurant, Inc.