Record Q1 2026 lifts full-year outlook at Assurant (NYSE: AIZ)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Assurant reported record first quarter 2026 results and raised its full-year outlook. GAAP net income was $274.1 million, up 87% from $146.6 million, with diluted EPS rising to $5.41 from $2.83 (up 91%). Adjusted EBITDA grew 56% to $441.5 million, while adjusted earnings per diluted share increased 76% to $5.95.
Global Lifestyle delivered adjusted EBITDA of $236.7 million, up 20%, helped by mobile protection and automotive programs. Global Housing adjusted EBITDA rose 111% to $236.7 million, mainly from $132.3 million of lower reportable catastrophes, with underlying results roughly stable excluding prior year reserve development.
Holding company liquidity was $836 million as of March 31, 2026. Assurant returned $169 million to shareholders in the quarter, including $125 million of share repurchases (about 556 thousand shares) and $44 million in common dividends. The company now expects 2026 adjusted EBITDA, excluding reportable catastrophes, and adjusted earnings per share (same basis) to increase low single digits, with Global Lifestyle adjusted EBITDA targeted to grow approximately 10%.
Positive
- Record profitability and sharp earnings growth: Q1 2026 GAAP net income rose 87% to $274.1 million, with diluted EPS up 91% to $5.41 and adjusted EPS up 76% to $5.95, indicating materially stronger earnings power versus the prior year.
- Raised 2026 outlook with segment momentum: The company now expects adjusted EBITDA and adjusted EPS, each excluding reportable catastrophes, to increase low single digits in 2026, with Global Lifestyle adjusted EBITDA targeted to grow approximately 10%, signaling confidence in continuing underlying growth.
- Improved capital position and shareholder returns: Holding company liquidity totaled $836 million, or $611 million above the stated minimum, and Assurant returned $169 million to shareholders in Q1 2026 through share repurchases and dividends.
Negative
- None.
Insights
Record Q1 earnings and a higher 2026 outlook mark a clearly strong update.
Assurant posted sharp year-over-year profit growth in Q1 2026. GAAP net income rose to $274.1 million, up 87%, and total revenues reached $3,420.1 million. Adjusted EBITDA increased 56% to $441.5 million, while adjusted EPS climbed 76% to $5.95.
Both major segments contributed. Global Lifestyle adjusted EBITDA grew 20% to $236.7 million on mobile and automotive strength. Global Housing adjusted EBITDA more than doubled to $236.7 million driven by $132.3 million in lower reportable catastrophes, with underlying ex-catastrophe results down only 3% and broadly consistent after excluding prior year reserve development.
Capital deployment remained active: holding company liquidity was $836 million, with $169 million returned via buybacks and dividends. Management now expects 2026 adjusted EBITDA excluding reportable catastrophes and adjusted EPS (same basis) to grow low single digits, led by approximately 10% growth in Global Lifestyle. This combination of record current results and raised full-year guidance would typically be viewed as a positive development.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $3,420.1 million
GAAP net income: $274.1 million
GAAP diluted EPS: $5.41 per share
+5 more
8 metrics
Total revenues
$3,420.1 million
Q1 2026 total revenues vs $3,074.0 million in Q1 2025
GAAP net income
$274.1 million
Q1 2026, up 87% from $146.6 million in Q1 2025
GAAP diluted EPS
$5.41 per share
Q1 2026, up 91% from $2.83 per share in Q1 2025
Adjusted EBITDA
$441.5 million
Q1 2026, 56% growth from $282.2 million in Q1 2025
Adjusted EPS
$5.95 per diluted share
Q1 2026, 76% growth from $3.39 in Q1 2025
Global Lifestyle Adjusted EBITDA
$236.7 million
Q1 2026, up 20% from $197.8 million in Q1 2025
Global Housing Adjusted EBITDA
$236.7 million
Q1 2026, up 111% from $112.4 million in Q1 2025
Holding company liquidity
$836 million
As of March 31, 2026; $611 million above $225 million minimum
Key Terms
Adjusted EBITDA, reportable catastrophes, prior year reserve development, holding company liquidity, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA 1 | 441.5 | | 282.2 | | 56%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
reportable catastrophes financial
"Reportable catastrophes | 24.4 | | 157.0"
Events or incidents that cause major harm, loss, or disruption and that laws, regulators, or company policies require to be disclosed to authorities and often to investors; examples include large accidents, catastrophic product failures, environmental disasters, or severe safety breaches. Investors care because these events can lead to big costs, legal penalties, reputational damage, or sudden changes in a company’s ability to operate — like a major pipe burst that forces a factory to close and triggers expensive cleanup and lawsuits.
prior year reserve development financial
"including $8 million of lower favorable prior year reserve development (PYD)(a)"
The change in an insurer’s estimated payouts for claims from earlier reporting years after more information comes in. Like checking a shopping list against the actual receipt, these upward or downward adjustments show whether past estimates were too low or too high and flow through earnings and capital, so investors use them to judge an insurer’s reserving accuracy, future profitability, and balance-sheet risk.
holding company liquidity financial
"Holding company liquidity totaled $836 million as of March 31, 2026"
constant currency financial
"(UNAUDITED) | Constant Currency -------------------------------"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
non-GAAP financial measures financial
"Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
GAAP net income: $274.1 million · Guidance included
Q1 2026
GAAP net income
$274.1 million
87% increase vs Q1 2025
GAAP diluted EPS
$5.41
91% increase vs Q1 2025
Adjusted EBITDA
$441.5 million
56% increase vs Q1 2025
Adjusted EBITDA excl. reportable catastrophes
$465.9 million
6% increase vs Q1 2025
Adjusted EPS
$5.95
76% increase vs Q1 2025
Adjusted EPS excl. reportable catastrophes
$6.33
9% increase vs Q1 2025
Guidance
For 2026, Assurant expects adjusted EBITDA excluding reportable catastrophes and adjusted earnings per diluted share on the same basis to increase low single digits, with Global Lifestyle adjusted EBITDA projected to grow approximately 10%.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(770 ) 763-1000
(Address, including zip code, and telephone number, including area code, of Registrant's Principal Executive Offices)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 5, 2026 , Assurant, Inc. (the “Company”) issued a news release announcing its financial results for the quarter ended March 31, 2026.
The text of the news release, attached hereto as Exhibit 99.1, is incorporated by reference into this Item 2.02. The news release being furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section 18, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit | ||||
99.1 | News Release, dated May 5, 2026. | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASSURANT, INC. | |||||||||||
Date: | By: | /s/ Mariana Wisk | |||||||||
| Name: Mariana Wisk | |||||||||||
| Title: Senior Vice President and Corporate Secretary | |||||||||||
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Exhibit 99.1
Assurant Increases Full Year Outlook on Record First Quarter Results
Strong Start to 2026 Led by Record Earnings in Global Lifestyle
2026 to Deliver Strong Underlying Growth Driven
by Global Lifestyle Adjusted EBITDA Growth of Approximately 10%
| (Unaudited) | Q1'26 | Q1'25 | Change | ||||||||||||||
| $ in millions, except per share data | |||||||||||||||||
| GAAP net income | 274.1 | 146.6 | 87% | ||||||||||||||
Adjusted EBITDA1 | 441.5 | 282.2 | 56% | ||||||||||||||
Adjusted EBITDA, ex. reportable catastrophes2 | 465.9 | 439.2 | 6% | ||||||||||||||
| GAAP net income per diluted share | 5.41 | 2.83 | 91% | ||||||||||||||
Adjusted earnings per diluted share3 | 5.95 | 3.39 | 76% | ||||||||||||||
Adjusted earnings, ex. reportable catastrophes, per diluted share4 | 6.33 | 5.79 | 9% | ||||||||||||||
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.
ATLANTA, May 5, 2026 — 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 most successful brands, today announced results for the first quarter ended March 31, 2026.
"Our first quarter performance represented Assurant’s best quarter in history driven by record earnings in Global Lifestyle. Our position as a market leader continues to generate attractive cash flows and reinforces our solid, flexible capital position — enabling us to accelerate share repurchases in the first quarter. We continue to scale capabilities, deepen client partnerships, and execute against a robust pipeline of new client opportunities, supported by the durability of our earnings. We are proud of the long-term outperformance we’ve driven and more excited than ever about the future, including expansion into attractive new markets where we see a clear path to market leadership,” said Assurant President and CEO Keith Demmings.
“Driven by our strong start to the year, we are increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA and Adjusted earnings per share, both excluding reportable catastrophes, to grow low single digits, or high single digits on an underlying basis. We also now expect to return $300 to $350 million in share repurchases, at the upper end of our 2026 guidance,” Demmings added.
First Quarter Consolidated Results
| (Unaudited) | Q1'26 | Q1'25 | Change | ||||||||||||||
| $ in millions | |||||||||||||||||
| GAAP net income | 274.1 | 146.6 | 87% | ||||||||||||||
| Adjusted EBITDA | |||||||||||||||||
| Global Lifestyle | 236.7 | 197.8 | 20% | ||||||||||||||
| Global Housing | 236.7 | 112.4 | 111% | ||||||||||||||
| Corporate and Other | (31.9) | (28.0) | (14)% | ||||||||||||||
Adjusted EBITDA1 | 441.5 | 282.2 | 56% | ||||||||||||||
| Reportable catastrophes | 24.4 | 157.0 | |||||||||||||||
| Adjusted EBITDA, ex. reportable catastrophes | |||||||||||||||||
Global Lifestyle2 | 236.7 | 198.1 | 19% | ||||||||||||||
Global Housing2 | 261.1 | 269.1 | (3)% | ||||||||||||||
| Corporate and Other | (31.9) | (28.0) | (14)% | ||||||||||||||
Adjusted EBITDA, ex. reportable catastrophes2 | 465.9 | 439.2 | 6% | ||||||||||||||
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.
First Quarter 2026 Consolidated Results
•GAAP net income increased 87 percent to $274.1 million compared to first quarter 2025 of $146.6 million, driven by lower reportable catastrophes and higher Global Lifestyle earnings.
•GAAP net income per diluted share increased 91 percent to $5.41 compared to first quarter 2025 of $2.83. The increase was primarily driven by the factors noted above.
•Adjusted EBITDA1 increased 56 percent to $441.5 million compared to the prior year period of $282.2 million, primarily due to lower reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 increased 6 percent, or 5 percent on a constant currency basis5, to $465.9 million, due to growth within Global Lifestyle.
•Adjusted earnings, excluding reportable catastrophes, per diluted share4, increased 9 percent to $6.33 compared to the prior year period of $5.79. The increase was driven by the factors noted above and the impact of a lower effective tax rate and share repurchases, partially offset by higher depreciation expense.
•Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $3.28 billion compared to first quarter 2025 of $2.96 billion, up 11 percent, driven by growth in both Global Lifestyle and Global Housing.
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Global Lifestyle
| $ in millions | Q1'26 | Q1'25 | Change | ||||||||||||||
| Adjusted EBITDA | 236.7 | 197.8 | 20% | ||||||||||||||
| Net earned premiums, fees and other income | 2,551.0 | 2,306.6 | 11% | ||||||||||||||
•Adjusted EBITDA increased 20 percent compared to first quarter 2025, driven by double-digit earnings growth across both Connected Living and Global Automotive. Results included $13 million from a real estate joint venture gain, of which $10 million was in Global Automotive. Connected Living results benefitted from subscriber growth in mobile protection programs and trade-in performance. Global Automotive results increased from higher investment income, including the gain noted above, and improved loss experience.
•Net earned premiums, fees and other income increased 11 percent compared to first quarter 2025, driven primarily by Connected Living growth from higher trade-in volumes and global mobile protection programs, as well as higher contributions from extended service contract programs, including a recently launched U.S. program.
Global Housing
| $ in millions | Q1'26 | Q1'25 | Change | ||||||||||||||
| Adjusted EBITDA | 236.7 | 112.4 | 111% | ||||||||||||||
| Reportable catastrophes | 24.4 | 156.7 | |||||||||||||||
Adjusted EBITDA, ex. reportable catastrophes2 | 261.1 | 269.1 | (3)% | ||||||||||||||
| Net earned premiums, fees and other income | 729.1 | 656.8 | 11% | ||||||||||||||
•Adjusted EBITDA increased 111 percent compared to first quarter 2025, mainly from $132.3 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA2 decreased 3 percent, including $8 million of lower favorable prior year reserve development (PYD)(a). Underlying results, excluding PYD, were consistent with the prior period. The quarter reflected more normalized non-catastrophe loss experience compared to a lower than typical first quarter 2025. This was offset by growth within Homeowners from higher lender-placed policies in-force and increased contributions from specialty products. Higher investment income also supported results.
(a) First quarter 2026 had $18.8 million of favorable non-catastrophe PYD, compared to $26.4 million of favorable non-catastrophe PYD in first quarter 2025.
•Net earned premiums, fees and other income increased 11 percent compared to first quarter 2025, driven by higher policies in-force and average premiums within lender-placed, and increases across various specialty products and Renters and Other.
Corporate and Other
| $ in millions | Q1'26 | Q1'25 | Change | ||||||||||||||
| Adjusted EBITDA | (31.9) | (28.0) | (14)% | ||||||||||||||
•Adjusted EBITDA loss increased in first quarter 2026 compared to the prior year period, driven by organic investments to support our Home Warranty business, partially offset by higher investment income from higher assets.
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Holding Company Liquidity Position
•Holding company liquidity totaled $836 million as of March 31, 2026, or $611 million above the company’s minimum level of $225 million.
Dividends paid by the operating segments to the holding company in first quarter 2026 totaled $138 million.
•Share repurchases and common stock dividends totaled $169 million in first quarter 2026. During first quarter 2026, Assurant repurchased approximately 556 thousand shares of common stock for $125 million and paid $44 million in common stock dividends.
From April 1 through May 1, 2026, the company repurchased approximately 133 thousand shares for $30 million. $620 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:
| $ in millions, except per share data | 2025 | 2026 Outlook6 | 2026 Outlook ex. PYD(b) | ||||||||
Adjusted EBITDA, ex. reportable catastrophes2 | $1,734 | Low single digits | High single digits | ||||||||
Adjusted earnings, ex. reportable catastrophes, per diluted share4 | $22.81 | Low single digits | High single digits | ||||||||
(b)Excludes the impact of $94 million of lower favorable prior year reserve development (PYD) in Global Housing. This reflects $113 million of favorable PYD in 2025 and $19 million of favorable PYD in first quarter 2026.
•Adjusted EBITDA, excluding reportable catastrophes6, now expected to increase low single digits.
◦Global Lifestyle Adjusted EBITDA now expected to increase by approximately 10 percent with contributions from Connected Living and Global Automotive.
◦Global Housing Adjusted EBITDA, excluding reportable catastrophes6, now expected to decline only modestly.
◦Corporate and Other Adjusted EBITDA loss to approximate $140 million, reflecting organic investments in our Home Warranty business.
•Adjusted earnings, excluding reportable catastrophes, per diluted share6, now expected to increase low single digits. The company now expects depreciation expense of approximately $180 million and an effective tax rate of approximately 19 to 21 percent, and continues to expect 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.
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Earnings Conference Call
The first quarter 2026 earnings conference call and webcast will be held on Wednesday, May 6, 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 most successful 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
Media Contact:
Julie Strider
Vice President, Global Communications
julie.strider@assurant.com
Investor Relations Contacts:
Rebekah Biondo
Deputy CFO
rebekah.biondo@assurant.com
Sean Moshier
Vice President, Investor Relations
sean.moshier@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
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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:
i.the impact of general economic, financial market and political conditions and conditions in the markets in which we operate, including inflation, geopolitical conflict in the Middle East, tariff policies in the United States and abroad, global supply chain impacts and recessionary pressures;
ii.the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or if they disintermediate us, or if those parties face financial, reputational or regulatory issues;
iii.significant competitive pressures, changes in customer preferences and disruption, including the impact of artificial intelligence;
iv.the failure to execute our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce;
v.the failure to find suitable acquisitions at attractive prices, integrate acquired businesses or divest of non-strategic businesses effectively;
vi.our inability to recover should we experience a business continuity event;
vii.the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
viii.risks related to our international operations;
ix.declines in the value and availability of mobile devices, and regulatory compliance or other risks in our mobile business;
x.our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
xi.risks associated with joint ventures, franchises and investments in which we share ownership and management with third parties;
xii.the impact of catastrophe and non-catastrophe losses, including as a result of climate change and the current inflationary environment;
xiii.negative publicity relating to our business, practices, industry or clients;
xiv.the adequacy of reserves established for claims and our inability to accurately predict and price for claims and other costs;
xv.a decline in financial strength ratings of our insurance subsidiaries or in our corporate senior debt ratings;
xvi.fluctuations in exchange rates, including in the current environment;
xvii.an impairment of goodwill or other intangible assets;
xviii.the failure to maintain effective internal control over financial reporting;
xix.unfavorable conditions in the capital and credit markets;
xx.a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, and changes in interest rates;
xxi.an impairment in the value of our deferred tax assets;
xxii.the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
xxiii.the credit risk of some of our agents, third-party administrators and clients;
xxiv.the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;
xxv.limitations in the analytical models we use to assist in our decision-making;
xxvi.the failure to effectively maintain and modernize our technology systems and infrastructure, or the failure to integrate those of acquired businesses;
xxvii.breaches of our technology systems or those of third parties with whom we do business, or the failure to protect the security of data in such systems, including due to cyberattacks and as a result of working remotely;
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xxviii.the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security, data protection and tax;
xxix.the impact of litigation and regulatory actions;
xxx.reductions or deferrals in the insurance premiums we charge;
xxxi.changes in insurance, tax and other regulations;
xxxii.volatility in our common stock price and trading volume; and
xxxiii.employee misconduct.
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.
(1)Adjusted EBITDA: Assurant uses Adjusted EBITDA as an important measure of the company’s operating performance. Assurant defines Adjusted EBITDA as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items. The company believes this metric provides investors with an important measure of the company’s operating performance because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management’s and investors’ ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted EBITDA, revenue generated from such intangible assets is included within the revenue in determining Adjusted EBITDA. The comparable GAAP measure is net income. See Note 2 below for a full reconciliation.
(2)Adjusted EBITDA, Excluding Reportable Catastrophes: Assurant uses Adjusted EBITDA (defined above), excluding reportable catastrophes (which represents individual catastrophic events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as another important measure of the company’s operating performance. The company believes this metric provides investors with an important measure of the company’s operating performance for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income.
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| (UNAUDITED) | 1Q | 1Q | 12 Months | ||||||||||||||
| ($ in millions) | 2026 | 2025 | 2025 | ||||||||||||||
| GAAP net income | $ | 274.1 | $ | 146.6 | $ | 872.7 | |||||||||||
| Less: | |||||||||||||||||
| Interest expense | 28.3 | 26.8 | 109.7 | ||||||||||||||
| Provision for income taxes | 61.5 | 37.1 | 214.7 | ||||||||||||||
| Depreciation expense | 43.3 | 35.1 | 156.4 | ||||||||||||||
| Amortization of purchased intangible assets | 17.7 | 18.4 | 67.4 | ||||||||||||||
| Adjustments, pre-tax: | |||||||||||||||||
| Net realized losses on investments and fair value changes to equity securities | 21.2 | 16.0 | 71.8 | ||||||||||||||
Other adjustments(1) | (4.6) | 2.2 | 43.5 | ||||||||||||||
| Adjusted EBITDA | 441.5 | 282.2 | 1,536.2 | ||||||||||||||
| Reportable catastrophes | 24.4 | 157.0 | 198.2 | ||||||||||||||
| Adjusted EBITDA, excluding reportable catastrophes | $ | 465.9 | $ | 439.2 | $ | 1,734.4 | |||||||||||
(1)Additional details about the components of Other adjustments and other key financial metrics throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx
| (UNAUDITED) | 1Q 2026 | 1Q 2025 | |||||||||||||||||||||
| Global Lifestyle | Global Housing | Global Lifestyle | Global Housing | ||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 236.7 | $ | 236.7 | $ | 197.8 | $ | 112.4 | |||||||||||||||
| Reportable catastrophes | — | 24.4 | 0.3 | 156.7 | |||||||||||||||||||
| Adjusted EBITDA, excluding reportable catastrophes | $ | 236.7 | $ | 261.1 | $ | 198.1 | $ | 269.1 | |||||||||||||||
(3)Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important measure of the company’s stockholder value. Assurant defines Adjusted earnings per diluted share as (i) net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, amortization of purchased intangible assets, as well as other highly variable or unusual items, less earnings allocated to participating securities, divided by (ii) the weighted average diluted shares outstanding. The company believes this metric provides investors with an important measure of stockholder value because it excludes items that do not represent the ongoing operations of the company, and therefore (i) enhances management’s and investors’ ability to analyze the ongoing operations of its businesses and (ii) facilitates comparisons of its operating performance over multiple periods, including because the amortization expense associated with purchased intangible assets may fluctuate from period to period based on the timing, size, nature and number of acquisitions. Although the company excludes amortization of purchased intangible assets from Adjusted earnings, revenue generated from such intangible assets is included within the revenue in determining Adjusted earnings. The comparable GAAP measure is net income per diluted share. See Note 4 below for a full reconciliation.
(4)Adjusted Earnings, Excluding Reportable Catastrophes, per Diluted Share: Assurant uses Adjusted earnings, excluding reportable catastrophes, per diluted share (each as defined above) as another important measure of the company's stockholder
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value. The company believes this metric provides investors with an important measure of stockholder value for the reasons noted above, and because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share.
| (UNAUDITED) | 1Q | 1Q | 12 Months | ||||||||||||||
| ($ in millions) | 2026 | 2025 | 2025 | ||||||||||||||
| GAAP net income | $ | 274.1 | $ | 146.6 | $ | 872.7 | |||||||||||
| Adjustments, pre-tax: | |||||||||||||||||
| Net realized losses on investments and fair value changes to equity securities | 21.2 | 16.0 | 71.8 | ||||||||||||||
| Amortization of purchased intangible assets | 17.7 | 18.4 | 67.4 | ||||||||||||||
| Other adjustments | (4.6) | 2.2 | 43.5 | ||||||||||||||
| Benefit for income taxes | (7.3) | (7.7) | (36.5) | ||||||||||||||
| Adjusted earnings | 301.1 | 175.5 | 1,018.9 | ||||||||||||||
| Reportable catastrophes, pre-tax | 24.4 | 157.0 | 198.2 | ||||||||||||||
| Tax impact of reportable catastrophes | (5.2) | (33.0) | (41.7) | ||||||||||||||
| Adjusted earnings, excluding reportable catastrophes | $ | 320.3 | $ | 299.5 | $ | 1,175.4 | |||||||||||
| (UNAUDITED) | 1Q | 1Q | 12 Months | ||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
GAAP net income per diluted share(1) | $ | 5.41 | $ | 2.83 | $ | 16.93 | |||||||||||
| Adjustments, pre-tax: | |||||||||||||||||
| Net realized losses on investments and fair value changes to equity securities | 0.42 | 0.31 | 1.39 | ||||||||||||||
| Amortization of purchased intangible assets | 0.35 | 0.36 | 1.31 | ||||||||||||||
| Other adjustments | (0.09) | 0.04 | 0.85 | ||||||||||||||
| Benefit for income taxes | (0.14) | (0.15) | (0.71) | ||||||||||||||
| Adjusted earnings, per diluted share | 5.95 | 3.39 | 19.77 | ||||||||||||||
| Reportable catastrophes, pre-tax | 0.48 | 3.03 | 3.85 | ||||||||||||||
| Tax impact of reportable catastrophes | (0.10) | (0.63) | (0.81) | ||||||||||||||
| Adjusted earnings, excluding reportable catastrophes, per diluted share | $ | 6.33 | $ | 5.79 | $ | 22.81 | |||||||||||
(1)Information on the share counts used in the per share calculations throughout this press release are included in the Financial Supplement located on Assurant’s Investor Relations website: https://ir.assurant.com/overview/default.aspx
(5)Constant Currency: Represents a non-GAAP financial measure. Excludes the impact of changes in foreign currency exchange rates used in the translation of the income statement because they can be volatile. These amounts are calculated by translating the comparable prior period results at the weighted average foreign currency exchange rates used in the current period, and it excludes the impact of foreign exchange transaction gains (losses) associated with the remeasurement of non-functional currencies. The company believes this information allows investors to identify the significance of changes in foreign currency exchange rates in period-to-period comparisons.
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| (UNAUDITED) | Constant Currency | ||||
| 1Q 2026 | |||||
| Percentage change in GAAP net income, including FX impact | 87.0 | % | |||
| Percentage change in Adjusted EBITDA, including FX impact | 56.4 | % | |||
| Percentage change in Adjusted EBITDA, excluding reportable catastrophes: | |||||
| Including FX impact | 6.1 | % | |||
| FX impact | 0.9 | % | |||
| Excluding FX impact | 5.2 | % | |||
(6)The company outlook for each of Adjusted earnings, excluding reportable catastrophes, per diluted share and, for Assurant and Global Housing, Adjusted EBITDA, excluding reportable catastrophes, each including and excluding 2025 prior year reserve development and first quarter 2026 development, constitute forward-looking non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile such forward-looking non-GAAP financial measures to the most comparable GAAP measure, the probable significance of which cannot be determined. The company is able to quantify a full-year estimate of depreciation expense, interest expense and amortization of purchased intangible assets, each on a pre-tax basis, and the estimated effective tax rate, which are expected to be approximately $180 million, $113 million, $70 million and 19 to 21 percent, respectively. Other GAAP components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation.
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Assurant, Inc.
Consolidated Statement of Operations (unaudited)
Three Months Ended March 31, 2026 and 2025
| 1Q | |||||||||||
| 2026 | 2025 | ||||||||||
| ($ in millions except number of shares and per share amounts) | |||||||||||
| Revenues | |||||||||||
| Net earned premiums | $ | 2,781.9 | $ | 2,562.3 | |||||||
| Fees and other income | 499.8 | 402.9 | |||||||||
| Net investment income | 159.6 | 124.8 | |||||||||
| Net realized losses on investments and fair value changes to equity securities | (21.2) | (16.0) | |||||||||
| Total revenues | 3,420.1 | 3,074.0 | |||||||||
| Benefits, losses and expenses | |||||||||||
| Policyholder benefits | 769.1 | 779.7 | |||||||||
| Underwriting, selling, general and administrative expenses | 2,287.1 | 2,083.8 | |||||||||
| Interest expense | 28.3 | 26.8 | |||||||||
| Total benefits, losses and expenses | 3,084.5 | 2,890.3 | |||||||||
| Income before provision for income taxes | 335.6 | 183.7 | |||||||||
| Provision for income taxes | 61.5 | 37.1 | |||||||||
| Net income | $ | 274.1 | $ | 146.6 | |||||||
| Net income per share: | |||||||||||
| Basic | $ | 5.47 | $ | 2.86 | |||||||
| Diluted | $ | 5.41 | $ | 2.83 | |||||||
| Common stock dividends per share | $ | 0.88 | $ | 0.80 | |||||||
| Share data: | |||||||||||
| Basic weighted average shares outstanding | 49,702,511 | 50,799,019 | |||||||||
| Diluted weighted average shares outstanding | 50,197,547 | 51,248,716 | |||||||||
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Assurant, Inc.
Consolidated Condensed Balance Sheets (unaudited)
At March 31, 2026 and December 31, 2025
| March 31, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| ($ in millions) | |||||||||||
| Assets | |||||||||||
| Investments and cash and cash equivalents | $ | 11,813.6 | $ | 11,896.1 | |||||||
| Reinsurance recoverables | 6,542.0 | 6,471.3 | |||||||||
| Deferred acquisition costs | 10,201.4 | 10,187.6 | |||||||||
| Goodwill | 2,654.5 | 2,646.3 | |||||||||
| Other assets | 4,557.0 | 4,575.9 | |||||||||
| Assets held for sale | — | 512.4 | |||||||||
| Total assets | $ | 35,768.5 | $ | 36,289.6 | |||||||
| Liabilities | |||||||||||
| Policyholder benefits and claims payable | $ | 2,223.3 | $ | 2,156.9 | |||||||
| Unearned premiums | 20,902.7 | 20,881.4 | |||||||||
| Debt | 2,207.5 | 2,206.9 | |||||||||
| Accounts payable and other liabilities | 4,565.6 | 4,673.3 | |||||||||
| Liabilities held for sale | — | 499.5 | |||||||||
| Total liabilities | 29,899.1 | 30,418.0 | |||||||||
| Stockholders’ equity | |||||||||||
| Stockholders’ equity, excluding accumulated other comprehensive loss | 6,498.4 | 6,415.8 | |||||||||
| Accumulated other comprehensive loss | (629.0) | (544.2) | |||||||||
| Total stockholders’ equity | 5,869.4 | 5,871.6 | |||||||||
| Total liabilities and stockholders’ equity | $ | 35,768.5 | $ | 36,289.6 | |||||||
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FAQ
How did Assurant (AIZ) perform financially in Q1 2026?
Assurant delivered much stronger results in Q1 2026. GAAP net income rose 87% to $274.1 million, with diluted EPS up 91% to $5.41. Adjusted EBITDA increased 56% to $441.5 million, and adjusted EPS rose 76% to $5.95 versus Q1 2025.
What were Assurant’s Q1 2026 results by business segment?
Global Lifestyle generated adjusted EBITDA of $236.7 million, up 20%, supported by mobile protection and automotive programs. Global Housing reported adjusted EBITDA of $236.7 million, up 111%, mainly from $132.3 million in lower reportable catastrophes, with underlying ex-catastrophe results slightly below the prior year.
How strong was Assurant’s liquidity and capital return in Q1 2026?
Holding company liquidity was $836 million as of March 31, 2026, or $611 million above the company’s $225 million minimum. Assurant returned $169 million to shareholders, including $125 million of share repurchases for about 556 thousand shares and $44 million of common dividends.
Did Assurant (AIZ) change its 2026 financial outlook?
Yes. Assurant now expects 2026 adjusted EBITDA, excluding reportable catastrophes, to increase low single digits, with Global Lifestyle adjusted EBITDA targeted to grow about 10%. Adjusted earnings per diluted share on the same basis are also expected to rise low single digits for 2026.
What drove Global Housing’s big earnings increase for Assurant in Q1 2026?
Global Housing adjusted EBITDA jumped 111% to $236.7 million, primarily due to $132.3 million of lower pre-tax reportable catastrophes. Excluding catastrophes, adjusted EBITDA decreased 3%, reflecting less favorable prior year reserve development but underlying results broadly consistent with the prior-year period.
How did Assurant’s revenue change in Q1 2026 compared to Q1 2025?
Total revenues reached $3,420.1 million in Q1 2026 versus $3,074.0 million a year earlier. Net earned premiums were $2,781.9 million and fees and other income $499.8 million, both higher than in Q1 2025, while net investment income rose to $159.6 million.
What non-GAAP measures does Assurant emphasize in this 8-K filing?
Assurant highlights Adjusted EBITDA, Adjusted EBITDA excluding reportable catastrophes, adjusted earnings, and adjusted earnings per diluted share, each excluding certain items like realized investment gains and amortization. These non-GAAP measures are used to evaluate ongoing operations and are reconciled to GAAP net income and EPS in the disclosure.