ASSURANT, INC.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

AIZ$322.16+1.6%Stored close · as of Nov 10, 2026

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Item 1. Consolidated Balance Sheets (unaudited)

	June 30, 2025	December 31, 2024
(in millions, except number of shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $8,235.0 and $7,524.8 at June 30, 2025 and December 31, 2024, respectively)	$8,071.8	$7,175.1
Equity securities at fair value	207.9	208.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $4.8 and $6.5 at June 30, 2025 and December 31, 2024, respectively)	329.8	342.5
Short-term investments	316.3	281.6
Other investments	592.1	536.8
Total investments	9,517.9	8,544.5
Cash and cash equivalents	1,486.7	1,807.7
Premiums and accounts receivable (net of allowances for credit losses of $9.3 and $7.2 at June 30, 2025 and December 31, 2024, respectively)	1,931.3	2,054.0
Reinsurance recoverables (net of allowances for credit losses of $5.0 at June 30, 2025 and December 31, 2024)	7,328.6	7,579.5
Accrued investment income	123.8	130.5
Deferred acquisition costs	10,138.5	9,992.8
Property and equipment, net	811.5	768.3
Goodwill	2,630.8	2,616.0
Value of business acquired	6.0	8.0
Other intangible assets, net	529.9	535.6
Other assets (net of allowances for credit losses of $0.6 at June 30, 2025 and December 31, 2024)	1,020.9	983.7
Total assets	$35,525.9	$35,020.6
Liabilities
Future policy benefits and expenses	$511.7	$536.7
Unearned premiums	20,497.2	20,211.4
Claims and benefits payable	2,350.9	2,914.2
Commissions payable	597.3	559.6
Funds held under reinsurance	268.1	277.7
Accounts payable and other liabilities (including allowances for credit losses of $0.8 and $1.4 at June 30, 2025 and December 31, 2024, respectively, for the unsecured portion of the high deductible recoverables)	3,717.8	3,331.2
Debt	2,084.4	2,083.1
Total liabilities	30,027.4	29,913.9
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 52,827,305 and 53,129,838 shares issued and 50,531,216 and 50,833,749 shares outstanding at June 30, 2025 and December 31, 2024, respectively	0.5	0.5
Additional paid-in capital	1,684.5	1,686.8
Retained earnings	4,570.9	4,378.3
Accumulated other comprehensive loss	(634.6)	(836.1)
Treasury stock, at cost; 2,296,089 shares at June 30, 2025 and December 31, 2024	(122.8)	(122.8)
Total equity	5,498.5	5,106.7
Total liabilities and equity	$35,525.9	$35,020.6

Consolidated Statements of Operations (unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$2,587.7	$2,444.6	$5,150.0	$4,821.1
Fees and other income	463.7	375.2	866.6	760.9
Net investment income	128.7	124.7	253.5	251.4
Net realized losses on investments (including $0.0, $3.8, $3.0 and $11.8 of impairment-related losses for the three and six months ended June 30, 2025 and 2024, respectively) and fair value changes to equity securities	(21.7)	(19.6)	(37.7)	(28.4)
Total revenues	3,158.4	2,924.9	6,232.4	5,805.0
Benefits, losses and expenses
Policyholder benefits	721.5	696.1	1,501.2	1,319.2
Underwriting, selling, general and administrative expenses	2,121.2	1,969.2	4,205.0	3,906.5
Interest expense	26.7	26.7	53.5	53.5
Total benefits, losses and expenses	2,869.4	2,692.0	5,759.7	5,279.2
Income before income tax expense	289.0	232.9	472.7	525.8
Income tax expense	53.7	44.2	90.8	100.7
Net income	$235.3	$188.7	$381.9	$425.1
Earnings Per Common Share
Basic	$4.60	$3.59	$7.46	$8.09
Diluted	$4.56	$3.58	$7.38	$8.05
Share Data
Weighted average common shares outstanding used in basic per common share calculations	51,135,518	52,500,727	51,208,066	52,516,296
Plus: Dilutive securities	436,547	217,009	511,121	298,660
Weighted average common shares outstanding used in diluted per common share calculations	51,572,065	52,717,736	51,719,187	52,814,956

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(in millions)
Net income	$235.3	$188.7	$381.9	$425.1
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(22.1), $9.6, $(40.3) and $13.8 for the three and six months ended June 30, 2025 and 2024, respectively	69.2	(23.0)	144.4	(55.2)
Change in unrealized gains on derivative transactions, net of taxes of $(0.1), $0.2, $(0.5) and $1.1 for the three and six months ended June 30, 2025 and 2024, respectively	0.6	(0.9)	2.0	(4.1)
Change in foreign currency translation, net of taxes of $(0.5), $1.9, $(2.9) and $1.8 for the three and six months ended June 30, 2025 and 2024, respectively	43.9	(15.1)	52.7	(23.6)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $—, $0.6, $(0.6) and $1.3 for the three and six months ended June 30, 2025 and 2024, respectively	0.2	(2.5)	2.4	(4.8)
Total other comprehensive income (loss)	113.9	(41.5)	201.5	(87.7)
Total comprehensive income	$349.2	$147.2	$583.4	$337.4

Consolidated Statements of Changes in Equity (unaudited)

	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

	Three Months Ended June 30, 2024
	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
(in millions)
Balance at March 31, 2024	$0.6	$1,659.2	$4,194.2	$(811.2)	$(122.8)	$4,920.0
Stock plan compensation expense	—	20.1	—	—	—	20.1
Common stock dividends ($0.72 per share)	—	—	(39.9)	—	—	(39.9)
Acquisition of common stock	(0.1)	(9.7)	(33.3)	—	—	(43.1)
Net income	—	—	188.7	—	—	188.7
Other comprehensive loss	—	—	—	(41.5)	—	(41.5)
Balance at June 30, 2024	$0.5	$1,669.6	$4,309.7	$(852.7)	$(122.8)	$5,004.3

	Six Months Ended June 30, 2025
	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
(in millions)
Balance at December 31, 2024	$0.5	$1,686.8	$4,378.3	$(836.1)	$(122.8)	$5,106.7
Stock plan exercises	—	7.6	—	—	—	7.6
Stock plan compensation expense	—	37.5	—	—	—	37.5
Common stock dividends ($1.60 per share)	—	—	(83.6)	—	—	(83.6)
Acquisition of common stock	—	(47.4)	(105.7)	—	—	(153.1)
Net income	—	—	381.9	—	—	381.9
Other comprehensive income	—	—	—	201.5	—	201.5
Balance at June 30, 2025	$0.5	$1,684.5	$4,570.9	$(634.6)	$(122.8)	$5,498.5

Consolidated Statements of Changes in Equity (unaudited)

	Six Months Ended June 30, 2024
	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
(in millions)
Balance at December 31, 2023	$0.6	$1,668.5	$4,028.2	$(765.0)	$(122.8)	$4,809.5
Stock plan exercises	—	7.3	—	—	—	7.3
Stock plan compensation expense	—	34.6	—	—	—	34.6
Common stock dividends ($1.44 per share)	—	—	(77.3)	—	—	(77.3)
Acquisition of common stock	(0.1)	(40.8)	(66.3)	—	—	(107.2)
Net income	—	—	425.1	—	—	425.1
Other comprehensive loss	—	—	—	(87.7)	—	(87.7)
Balance at June 30, 2024	$0.5	$1,669.6	$4,309.7	$(852.7)	$(122.8)	$5,004.3

Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended June 30,
	2025	2024
(in millions)
Operating activities
Net income	$381.9	$425.1
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	26.6	22.5
Depreciation and amortization	115.7	101.1
Net realized losses on investments, including impairment losses	37.7	28.4
Stock based compensation expense	37.5	34.6
Restructuring costs	(1.4)	1.2
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(394.3)	335.5
Premiums and accounts receivable	163.8	446.0
Commissions payable	26.4	(22.5)
Reinsurance recoverable	236.1	(61.3)
Funds withheld under reinsurance	(11.3)	(69.7)
Deferred acquisition costs and value of business acquired	(94.2)	(43.6)
Taxes receivable	(110.1)	(150.1)
Other assets and other liabilities	224.4	(202.0)
Other	19.1	(51.8)
Net cash provided by operating activities	657.9	793.4
Investing activities
Sales of:
Fixed maturity securities available for sale	650.2	571.1
Equity securities	24.9	26.6
Other invested assets	21.1	60.1
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	424.2	237.4
Commercial mortgage loans on real estate	39.1	26.2
Purchases of:
Fixed maturity securities available for sale	(1,702.9)	(1,223.1)
Equity securities	(16.4)	(24.1)
Commercial mortgage loans on real estate	(26.6)	(30.0)
Other invested assets	(52.8)	(50.2)
Property and equipment and other	(113.3)	(106.2)
Subsidiaries, net of cash transferred	—	(12.1)
Change in short-term investments	(32.2)	2.6
Other	0.2	0.1
Net cash used in investing activities	(784.5)	(521.6)

Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended June 30,
	2025	2024
Financing activities
Acquisition of common stock	(127.6)	(87.7)
Common stock dividends paid	(83.6)	(77.3)
Employee stock purchases and withholdings	(11.8)	(12.0)
Net cash used in financing activities	(223.0)	(177.0)
Effect of exchange rate changes on cash and cash equivalents	28.6	(9.1)
Change in cash and cash equivalents	(321.0)	85.7
Cash and cash equivalents at beginning of period	1,807.7	1,627.4
Cash and cash equivalents at end of period	$1,486.7	$1,713.1

INDEX OF NOTES

Note	Page Number
1. Nature of Operations	9
2. Basis of Presentation	9
3. Recent Accounting Pronouncements	10
4. Segment Information	11
5. Contract Revenues	13
6. Investments	14
7. Fair Value Disclosures	19
8. Deferred Acquisition Costs	22
9. Reserves	23
10. Accumulated Other Comprehensive Income	26
11. Earnings Per Common Share	28
12. Retirement and Other Employee Benefits	29
13. Commitments and Contingencies	30

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