ASSURANT INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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12. Retirement and Other Employee Benefits
- Retirement and Other Employee Benefits
The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. The Pension Benefits were frozen on March 1, 2016.
In addition, the Company provides certain health care benefits (“Retirement Health Benefits”) and life benefits (together, “Plan Benefits”) for retired employees and their dependents. Retirement Health Benefits were terminated effective December 31, 2024 (the “Termination Date”). Benefits were paid through the Termination Date.
The following tables present the components of net periodic benefit cost for the Pension Benefits and Plan Benefits for the three months ended March 31, 2025 and 2024:
| Qualified Pension Benefits · Unfunded Non-qualified Pension Benefits · PlanBenefits | ||||||
|---|---|---|---|---|---|---|
| For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Interest cost | $6.3 | $6.7 | $0.6 | $0.6 | $— | $— |
| Expected return on plan assets | (9.7) | (10.0) | — | — | — | (0.3) |
| Amortization of prior service credit | — | — | — | — | — | (3.3) |
| Amortization of net loss | — | — | 0.3 | 0.3 | — | — |
| Settlement loss | — | — | — | — | 2.5 | — |
| Net periodic benefit cost | $(3.4) | $(3.3) | $0.9 | $0.9 | $2.5 | $(3.6) |
The Assurant Pension Plan funded status was $85.6 million at March 31, 2025 and $84.1 million at December 31, 2024 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 117% funded status at March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2025.
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