ASSURANT, INC.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2024 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three and six months ended June 30, 2025 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three and six months ended June 30, 2025 (“Second Quarter 2025” and “Six Months 2025”) and the three and six months ended June 30, 2024 (“Second Quarter 2024” and “Six Months 2024”).

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2024 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three and nine months ended September 30, 2025 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three and nine months ended September 30, 2025 (“Third Quarter 2025” and “Nine Months 2025”) and the three and nine months ended September 30, 2024 (“Third Quarter 2024” and “Nine Months 2024”).

Previous wording

Consolidated net income increased $46.6 million, or 25%, to $235.3 million for Second Quarter 2025 from $188.7 million for Second Quarter 2024, primarily due to growth within Global Housing, lower reportable catastrophes, and growth within Global Lifestyle.

Current wording

Consolidated net income increased $131.8 million, or 99%, to $265.6 million for Third Quarter 2025 from $133.8 million for Third Quarter 2024, primarily due to lower reportable catastrophes and growth within Global Housing and Global Lifestyle, partially offset by a higher effective tax rate.

Previous wording

Global Lifestyle net earned premiums, fees and other income increased $167.3 million, or 8%, to $2.35 billion for Second Quarter 2025 from $2.18 billion for Second Quarter 2024, primarily driven by Connected Living, mainly from the factors noted above, as well as a new program within financial services.

Current wording

Global Lifestyle net earned premiums, fees and other income increased $156.7 million, or 7%, to $2.41 billion for Third Quarter 2025 from $2.25 billion for Third Quarter 2024, primarily driven by Connected Living growth from mobile protection and trade-in programs, and a new program in financial services, as well as contributions from Global Automotive.

Previous wording

Global Housing Adjusted EBITDA increased $53.5 million, or 33%, to $214.4 million for Second Quarter 2025 from $160.9 million for Second Quarter 2024. Results included $15.7 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $37.8 million, or 18%, primarily from favorable non-catastrophe loss experience, including favorable prior period reserve development and lower claims frequency. Top-line growth within Homeowners also contributed to growth, including higher policies in-force from voluntary insurance market pressure.

Current wording

Global Housing Adjusted EBITDA increased $163.9 million, or 177%, to $256.3 million for Third Quarter 2025 from $92.4 million for Third Quarter 2024. Results included $133.9 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $30.0 million, or 13%, driven by the previously disclosed $27.5 million unfavorable non-run rate adjustment in Third Quarter 2024. Underlying results were driven by favorable non-catastrophe loss experience, including lower claims frequency, and top-line growth, including higher lender-placed policies in-force which benefitted from voluntary insurance market pressure, partially offset by lower favorable prior-period reserve development.

Previous wording

Global Housing net earned premiums, fees and other income increased $64.1 million, or 10%, to $697.7 million for Second Quarter 2025 from $633.6 million for Second Quarter 2024, mainly driven by Homeowners top-line growth, including growth in policies in-force and higher average premiums within lender-placed and growth across various specialty products within Homeowners. Renters and Other also contributed to growth.

Current wording

Global Housing net earned premiums, fees and other income increased $99.1 million, or 16%, to $702.9 million for Third Quarter 2025 from $603.8 million for Third Quarter 2024, driven by the aforementioned run-rate adjustment from the prior year period, growth in policies in-force and higher average premiums within lender-placed, as well as growth in Renters and Other and across various specialty products within Homeowners.

Previous wording

Corporate and Other Adjusted EBITDA decreased $2.6 million, or 10%, to $(29.8) million for Second Quarter 2025 from $(27.2) million for Second Quarter 2024, primarily driven by higher employee-related expenses and lower investment income.

Current wording

Corporate and Other Adjusted EBITDA decreased $1.8 million, or 6%, to $(31.6) million for Third Quarter 2025 from $(29.8) million for Third Quarter 2024, driven by lower net investment income.

Previous wording

Our 2024 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2024 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for Second Quarter 2025.

Current wording

Our 2024 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2024 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for Third Quarter 2025.

Previous wording

Net income increased $46.6 million, or 25%, to $235.3 million for Second Quarter 2025 from $188.7 million for Second Quarter 2024, primarily due to higher Global Housing earnings, $12.6 million of lower after-tax reportable catastrophes, higher Global Lifestyle earnings and $3.3 million of lower after-tax losses from non-core operations. The increase in net income was partially offset by $4.7 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and $3.3 million of lower after-tax gain related to benefit plan activity due to the termination of the retirement health benefits plan on December 31, 2024.

Current wording

Net income increased $88.6 million, or 16%, to $647.5 million for Nine Months 2025 from $558.9 million for Nine Months 2024, primarily driven by higher Global Housing and Global Lifestyle earnings. The increase in net income was partially offset by a higher annualized effective tax rate, mainly due to higher transferable tax credits and a tax benefit for the release of a valuation allowance on foreign deferred tax assets recorded in the prior year, and $12.1 million of lower after-tax gain related to benefit plan activity due to the termination of the retirement health benefits plan on December 31, 2024.

Previous wording

Total revenues increased $169.3 million, or 7%, to $2.44 billion for Second Quarter 2025 from $2.27 billion for Second Quarter 2024. Fees and other income increased $93.0 million, or 29%, primarily driven by higher volumes in global mobile trade-in programs within Connected Living. Net earned premiums increased $74.3 million, or 4%, primarily driven by growth in Connected Living from global mobile device protection programs, and a new financial services program. The increase in net earned premiums was partially offset by declines within Global Automotive and U.S. extended service contracts within Connected Living. Net investment income increased $2.0 million, or 2%, primarily due to higher asset balances and yields in fixed maturity securities.

Current wording

Total revenues increased $159.2 million, or 7%, to $2.50 billion for Third Quarter 2025 from $2.34 billion for Third Quarter 2024. Net earned premiums increased $115.5 million, or 6%, primarily driven by Connected Living from global mobile subscriber growth and a new financial services program, as well as modest growth in Global Automotive. Fees and other income increased $41.2 million, or 11%, primarily driven by growth in global mobile trade-in programs within Connected Living. Net investment income increased $2.5 million, or 3%, primarily due to higher asset balances and yields in fixed maturity securities.

Previous wording

Total benefits, losses and expenses increased $157.6 million, or 8%, to $2.24 billion for Second Quarter 2025 from $2.08 billion for Second Quarter 2024. Policyholder benefits increased $49.7 million, or 12%, primarily due to a new financial services program. Cost of sales increased$49.0 million, or 27%, mainly driven by higher volumes in global mobile trade-in programs. Selling and underwriting expenses increased $42.2 million, or 4%, primarily due to an increase in commission expenses in Connected Living, mainly related to growth from global mobile device protection programs in line with the increase in net earned premiums, partially offset by a decline related to U.S. extended service contracts. General expenses increased $16.7 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

Current wording

Total benefits, losses and expenses increased $136.7 million, or 6%, to $2.29 billion for Third Quarter 2025 from $2.15 billion for Third Quarter 2024. Selling and underwriting expenses increased $51.7 million, or 4%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs in line with the increase in net earned premiums. Policyholder benefits increased $37.7 million, or 8%, primarily due to a new financial services program, partially offset by decline in Global Automotive. Cost of sales increased$24.2 million, or 11%, mainly driven by growth in global mobile trade-in programs. General expenses increased $23.1 million, or 8%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

Previous wording

Adjusted EBITDA increased $1.8 million to $399.2 million for Six Months 2025 from $397.4 million for Six Months 2024, primarily due to Connected Living growth, mainly from international mobile device protection programs and U.S. financial services, and a slight increase in Global Automotive. The increase in Adjusted EBITDA was partially offset by the unfavorable impact of foreign exchange, a decrease within U.S. mobile device protection programs and the absence of a one-time $6.9 million client contract benefit in extended service contracts in first quarter 2024.

Current wording

Adjusted EBITDA increased $24.3 million, or 4%, to $606.0 million for Nine Months 2025 from $581.7 million for Nine Months 2024, primarily due to Connected Living growth, mainly from growth from international mobile device protection programs and U.S. financial services, and improved loss experience in Global Automotive. The increase in Adjusted EBITDA was partially offset by a decrease within U.S. mobile device protection programs and the unfavorable impact of foreign exchange.

Previous wording

Total revenues increased $281.9 million, or 6%, to $4.83 billion for Six Months 2025 from $4.55 billion for Six Months 2024. Net earned premiums increased $185.6 million, or 5%, primarily driven by growth in Connected Living from global mobile device protection programs and a new program in financial services, partially offset by a decline in U.S. extended service contracts, as well as the unfavorable impact of foreign exchange. Fees and other income increased $100.5 million, or 15%, primarily due to higher volumes for global mobile trade-in programs and a new program in financial services. Net investment income decreased $4.2 million, or 2%, primarily due to lower income from cash and short-term investments and real estate, partially offset by higher income due to higher yields and asset balances in fixed maturity securities.

Current wording

Total revenues increased $441.1 million, or 6%, to $7.33 billion for Nine Months 2025 from $6.89 billion for Nine Months 2024. Net earned premiums increased $301.1 million, or 5%, primarily driven by growth in Connected Living from mobile subscriber growth and a new program in financial services, partially offset by a decline in domestic extended service contracts and the unfavorable impact of foreign exchange. Fees and other income increased $141.7 million, or 13%, primarily due to growth from global mobile trade-in programs and a new program in financial services. Net investment income decreased $1.7 million, or 1%, primarily due to lower income from real estate, cash and short-term investments, partially offset by higher income due to higher yields and asset balances in fixed maturity securities.

Previous wording

Total benefits, losses and expenses increased $280.1 million, or 7%, to $4.43 billion for Six Months 2025 from $4.15 billion for Six Months 2024. Selling and underwriting expenses increased $125.5 million, or 5%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs in line with the increase in net earned premiums. Policyholder benefits increased $74.4 million, or 9%, primarily due to a new financial services program in Connected Living, partially offset by lower losses within Global Automotive. Cost of sales increased $47.8 million, or 13%, driven by higher volumes in global mobile trade-in programs. General expenses increased $32.4 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

Current wording

Total benefits, losses and expenses increased $416.8 million, or 7%, to $6.72 billion for Nine Months 2025 from $6.30 billion for Nine Months 2024. Selling and underwriting expenses increased $177.2 million, or 5%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs in line with the increase in net earned premiums. Policyholder benefits increased $112.1 million, or 9%, primarily due to a new financial services program in Connected Living, partially offset by lower losses within Global Automotive. Cost of sales increased $72.0 million, or 12%, driven by growth in global mobile trade-in programs. General expenses increased $55.5 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

Previous wording

Adjusted EBITDA increased $53.5 million, or 33%, to $214.4 million for Second Quarter 2025 from $160.9 million for Second Quarter 2024, mainly due to favorable non-catastrophe loss experience from favorable prior period reserve development and lower claims frequency, continued growth within Homeowners, including higher policies in-force, average insured values and premium rates, and $15.7 million of lower pre-tax reportable catastrophes. The increase in Adjusted EBITDA was partially offset by higher costs associated with growth.

Current wording

Adjusted EBITDA increased $163.9 million, or 177%, to $256.3 million for Third Quarter 2025 from $92.4 million for Third Quarter 2024, mainly due to $133.9 million of lower pre-tax reportable catastrophes, the previously disclosed $27.5 million unfavorable non-run rate adjustment from Third Quarter 2024 and continued growth within Homeowners, including lower claims frequency and higher lender-placed policies in-force which benefitted from voluntary insurance market pressure. The increase in Adjusted EBITDA was partially offset by $16.2 million of lower year-over-year favorable non-catastrophe prior period reserve development, as well as higher costs associated with growth. Third Quarter 2025 had $28.5 million of favorable non-catastrophe prior period reserve development compared to $44.7 million in Third Quarter 2024.

Previous wording

Total revenues increased $68.6 million, or 10%, to $732.1 million for Second Quarter 2025 from $663.5 million for Second Quarter 2024. Net earned premiums increased $69.8 million, or 12%, primarily driven by Homeowners from higher lender-placed policies in-force, average insured values and premium rates, growth across various specialty products within Homeowners, and growth in Renters and Other primarily from a block of newly acquired renters policies, partially offset by higher catastrophe reinsurance premiums from exposure changes. Net investment income increased $4.5 million, or 15%, primarily due to higher invested asset balances and yields. Fees and other income decreased $5.7 million, or 11%, primarily driven by the year-to-date reclassification of certain service fees from an expense account in Second Quarter 2024.

Current wording

Total revenues increased $103.4 million, or 16%, to $738.9 million for Third Quarter 2025 from $635.5 million for Third Quarter 2024. Net earned premiums increased $94.4 million, or 17%, primarily driven by the non-run rate adjustment described above, growth in Homeowners from higher lender-placed policies in-force and average premiums, growth in Renters and Other, primarily from a block of newly acquired renters policies, and growth across various specialty products within Homeowners. Fees and other income increased $4.7 million, or 10%, primarily driven by continued growth in service fees within Homeowners. Net investment income increased $4.3 million, or 14%, primarily due to higher invested asset balances and yields.

Previous wording

Adjusted EBITDA decreased $26.6 million, or 8%, to $326.8 million for Six Months 2025 from $353.4 million for Six Months 2024, mainly due to $128.1 million of higher pre-tax reportable catastrophes, higher costs associated with growth and higher catastrophe reinsurance premiums. The decrease in Adjusted EBITDA was partially offset by continued growth from higher policies in-force, premium rates and average insured values within Homeowners, favorable non-catastrophe loss experience, growth in Renters and Other, and higher net investment income and fee income.

Current wording

Adjusted EBITDA increased $137.3 million, or 31%, to $583.1 million for Nine Months 2025 from $445.8 million for Nine Months 2024, mainly due to continued growth from higher lender-placed policies in-force and average premiums within Homeowners, lower non-catastrophe loss experience, the previously disclosed $27.5 million unfavorable non-run rate adjustment from Nine Months 2024, and higher net investment income and fee income. The increase in Adjusted EBITDA was partially offset by higher costs associated with growth and higher catastrophe reinsurance premiums from the 2024 program restructuring.

Previous wording

Total revenues increased $158.4 million, or 13%, to $1.42 billion for Six Months 2025 from $1.26 billion for Six Months 2024. Net earned premiums increased $144.5 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force, average insured values and premium rates, growth across various specialty products within Homeowners, and growth in Renters and Other primarily from a block of newly acquired renters policies, partially offset by higher catastrophe reinsurance premiums from the 2024 program restructuring. Net investment income increased $9.7 million, or 17%, primarily due to higher invested asset balances and yields. Fees and other income increased $4.2 million, or 5%, primarily driven by continued growth in service fees.

Current wording

Total revenues increased $261.8 million, or 14%, to $2.16 billion for Nine Months 2025 from $1.90 billion for Nine Months 2024. Net earned premiums increased $238.9 million, or 14%, primarily driven by Homeowners from higher lender-placed policies in-force, average premiums and growth across various specialty products, growth in Renters and Other primarily from a block of newly acquired renters policies, and the non-run rate adjustment described above, partially offset by higher catastrophe reinsurance premiums. Net investment income increased $14.0 million, or 16%, primarily due to higher invested asset balances and yields. Fees and other income increased $8.9 million, or 7%, primarily driven by continued growth in service fees within Homeowners.

Previous wording

Total benefits, losses and expenses increased $185.0 million, or 20%, to $1.10 billion for Six Months 2025 from $910.8 million for Six Months 2024. Policyholder benefits increased $111.5 million, or 23%, primarily due to higher reportable catastrophe losses of $122.3 million, partially offset by lower non-catastrophe losses from $16.8 million of favorable year-over-year prior year reserve development. Six Months 2025 had $63.4 million of favorable non-catastrophe prior year reserve development compared to $46.6 million in Six Months 2024. General expenses increased $54.5 million, or 15%, and selling and underwriting expenses increased $19.0 million, or 26%, both primarily due to higher costs associated with growth. General expenses also increased due to one-time assessment expenses for the California FAIR Plan associated with the California wildfires.

Current wording

Total benefits, losses and expenses increased $124.5 million, or 9%, to $1.58 billion for Nine Months 2025 from $1.45 billion for Nine Months 2024. General expenses increased $81.1 million, or 15%, and selling and underwriting expenses increased $33.3 million, or 29%, both primarily due to higher costs associated with growth. Policyholder benefits increased $10.1 million, or 1%, primarily due to higher non-catastrophe losses from exposure growth and severity, partially offset by favorable frequency, as well as lower reportable catastrophe losses and $5.9 million of favorable year-over-year non-catastrophe prior year reserve development. Nine Months 2025 had $91.0 million of favorable non-catastrophe prior year reserve development compared to $85.1 million in Nine Months 2024.

Previous wording

Adjusted EBITDA decreased $2.6 million, or 10%, to $(29.8) million for Second Quarter 2025 from $(27.2) million for Second Quarter 2024. The change in results was primarily due to higher employee-related expenses and lower net investment income.

Current wording

Adjusted EBITDA decreased $1.8 million, or 6%, to $(31.6) million for Third Quarter 2025 from $(29.8) million for Third Quarter 2024. The change in results was primarily due to lower net investment income.

Previous wording

Total revenues decreased $0.3 million, or 4%, to $6.9 million for Second Quarter 2025 from $7.2 million for Second Quarter 2024, primarily driven by a decrease in net investment income of $1.5 million, or 21%, mostly due to lower invested assets, partially offset by an increase in fees and other income of $1.2 million, primarily due to the sale of Internet Protocol addresses.

Current wording

Total revenues decreased $2.2 million, or 28%, to $5.7 million for Third Quarter 2025 from $7.9 million for Third Quarter 2024, primarily driven by a decrease in net investment income of $2.1 million, or 27%, mostly due to lower invested assets.

Previous wording

Adjusted EBITDA decreased $1.1 million, or 2%, to $(57.8) million for Six Months 2025 from $(56.7) million for Six Months 2024. The change in results was primarily due to higher employee-related expenses and lower net investment income.

Current wording

Adjusted EBITDA decreased $2.9 million, or 3%, to $(89.4) million for Nine Months 2025 from $(86.5) million for Nine Months 2024. The change in results was primarily due to lower net investment income and higher employee-related expenses.

Previous wording

Total revenues increased $0.1 million, or 1%, to $13.1 million for Six Months 2025 from $13.0 million for Six Months 2024, primarily driven by an increase in fees and other income of $1.4 million, primarily due to the sale of Internet Protocol addresses, partially offset by a decrease in net investment income of $1.3 million, or 10%, mostly due to lower invested assets.

Current wording

Total revenues decreased $2.1 million, or 10%, to $18.8 million for Nine Months 2025 from $20.9 million for Nine Months 2024, primarily driven by decrease in net investment income of $3.4 million, or 17%, mainly due to lower invested assets, partially offset by an increase in fees and other income of $1.3 million, mostly due to the sale of Internet Protocol addresses.

Previous wording

We had total investments of $9.52 billion and $8.54 billion as of June 30, 2025 and December 31, 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $186.5 million during Six Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $163.2 million unrealized loss as of June 30, 2025, primarily due to a reduction in Treasury rates.

Current wording

We had total investments of $9.78 billion and $8.54 billion as of September 30, 2025 and December 31, 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $287.4 million during Nine Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $62.3 million unrealized loss as of September 30, 2025, primarily due to a reduction in Treasury rates.

Previous wording

Net investment income increased $4.0 million, or 3%, to $128.7 million for Second Quarter 2025 from $124.7 million for Second Quarter 2024. The increase was primarily driven by higher yields and assets in fixed maturity securities. This was partially offset by reduced income in real estate joint ventures and lower yields and balances in cash and cash equivalents.

Current wording

Net investment income increased $3.8 million, or 3%, to $133.5 million for Third Quarter 2025 from $129.7 million for Third Quarter 2024. The increase was primarily driven by higher assets and yields in fixed maturity securities, partially offset by reduced income due to lower yields and balances in cash and cash equivalents and reduced income in real estate joint ventures.

Previous wording

Net realized losses on investments and fair value changes to equity securities increased $2.1 million, or 11%, to $21.7 million for Second Quarter 2025 from $19.6 million for Second Quarter 2024.The increase was primarily driven by sales of fixed maturity securities at a loss.

Current wording

Net realized losses on investments and fair value changes to equity securities decreased $4.7 million, or 26%, to $13.6 million for Third Quarter 2025 from $18.3 million for Third Quarter 2024.The decrease was primarily driven by fewer impairments, as well as fewer sales of fixed maturity securities at a loss, partially offset by lower valuation adjustments in equity securities and an increase in the allowance for credit losses for commercial mortgage loans.

Previous wording

Net investment income increased $2.1 million, or 1%, to $253.5 million for Six Months 2025 from $251.4 million for Six Months 2024. The increase was primarily driven by higher yields and assets in fixed maturity securities. This was partially offset by reduced income in real estate joint venture partnerships and lower yields and balances in cash and cash equivalents.

Current wording

Net investment income increased $5.9 million, or 2%, to $387.0 million for Nine Months 2025 from $381.1 million for Nine Months 2024. The increase was primarily driven by higher assets and yields in fixed maturity securities, partially offset by reduced income in cash and cash equivalents and reduced income in real estate joint ventures and other partnerships.

Previous wording

Net realized losses on investments and fair value changes to equity securities increased $9.3 million, or 33%, to $37.7 million for Six Months 2025 from $28.4 million for Six Months 2024. The increase was primarily driven by sales of fixed maturity securities at a loss.

Current wording

Net realized losses on investments and fair value changes to equity securities increased $4.6 million, or 10%, to $51.3 million for Nine Months 2025 from $46.7 million for Nine Months 2024. The increase was primarily driven by sales of fixed maturity securities at a loss, lower valuation adjustments in equity securities and an increase in the allowance for credit losses for commercial mortgage loans, partially offset by fewer impairments.

Previous wording

As of June 30, 2025, we owned $15.3 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $14.0 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee.

Current wording

As of September 30, 2025, we owned $15.2 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $14.1 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee.

Previous wording

Effective April 2025, coverage was placed with various reinsurers that are all rated A- or better by A.M. Best. 2025 reinsurance premiums for the total program are estimated to be $210.0 million pre-tax, compared to $188.9 million pre-tax for 2024. The estimate for 2025 reflects our exposure changes, expected Florida Hurricane Catastrophe Fund (“FHCF”) program impacts and favorable underlying rates from improved reinsurance market conditions. 2024 reinsurance premiums reflected a premium benefit from changing the timing of program placement to a single placement date. Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.

Current wording

The estimate for 2025 reflects our exposure changes, expected Florida Hurricane Catastrophe Fund (“FHCF”) program impacts and favorable underlying rates from improved reinsurance market conditions. 2024 reinsurance premiums reflected a premium benefit from changing the timing of program placement to a single placement date. Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.

Previous wording

As of June 30, 2025, we had approximately $517.8 million in holding company liquidity, $292.8 million above our targeted minimum level of $225.0 million. The target minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is calibrated based on approximately one year of pre-tax corporate operating losses and interest expenses. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc. (out of a total of $627.8 million as of June 30, 2025) which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use such assets for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.

Current wording

As of September 30, 2025, we had approximately $612.7 million in holding company liquidity, $387.7 million above our targeted minimum level of $225.0 million. The target minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is calibrated based on approximately one year of pre-tax corporate operating losses and interest expenses. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc. (out of a total of $712.2 million as of September 30, 2025) which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use such assets for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.

Previous wording

Dividends or returns of capital paid by our subsidiaries, net of infusions of liquid assets and excluding amounts used for or as a result of acquisitions or received from dispositions, were $298.2 million and $804.7 million for Six Months 2025 and Twelve Months 2024, respectively. We use these cash inflows primarily to pay holding company operating expenses, to make interest payments on indebtedness, to make dividend payments to our common stockholders, to fund investments and acquisitions, and to repurchase our common stock. From time to time, we may also seek to purchase outstanding debt in open market repurchases or privately negotiated transactions.

Current wording

Dividends or returns of capital paid by our subsidiaries, net of infusions of liquid assets and excluding amounts used for or as a result of acquisitions or received from dispositions, were $487.3 million and $804.7 million for Nine Months 2025 and Twelve Months 2024, respectively. We use these cash inflows primarily to pay holding company operating expenses, to make interest payments on indebtedness, to make dividend payments to our common stockholders, to fund investments and acquisitions, and to repurchase our common stock. From time to time, we may also seek to purchase outstanding debt in open market repurchases or privately negotiated transactions.

Previous wording

During Six Months 2025, we made common stock repurchases and paid dividends to our common stockholders of $208.6 million. We paid dividends of $0.80 per common share on June 30, 2025 to stockholders of record as of June 9, 2025. Any determination to pay future dividends will be at the discretion of the Board of Directors (the “Board”) and will be dependent upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. The Credit Facility (as defined below) also contains limitations on our ability to pay dividends to our stockholders and repurchase capital stock if we are in default, or such dividend payments or repurchases would cause us to be in default, of our obligations thereunder. In addition, if we elect to defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below), we generally may not make payments on or repurchase any shares of our capital stock.

Current wording

During Nine Months 2025, we made common stock repurchases and paid dividends to our common stockholders of $330.5 million. We paid dividends of $0.80 per common share on September 29, 2025 to stockholders of record as of September 2, 2025. Any determination to pay future dividends will be at the discretion of the Board of Directors (the “Board”) and will be dependent upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. The Credit Facility (as defined below) also contains limitations on our ability to pay dividends to our stockholders and repurchase capital stock if we are in default, or such dividend payments or repurchases would cause us to be in default, of our obligations thereunder. In addition, if we elect to defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below), we generally may not make payments on or repurchase any shares of our capital stock.

Previous wording

During Six Months 2025, we repurchased 617,649 shares of our outstanding common stock at a cost of $125.0 million, exclusive of commissions. In November 2023, the Board authorized an additional share repurchase program for up to $600.0 million of our outstanding common stock. As of June 30, 2025, $249.6 million aggregate cost at purchase remained unused under the repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

Current wording

During Nine Months 2025, we repurchased 1,015,887 shares of our outstanding common stock at a cost of $206.3 million, exclusive of commissions. In November 2023, the Board authorized an additional share repurchase program for up to $600.0 million of our outstanding common stock. As of September 30, 2025, $168.3 million aggregate cost at purchase remained unused under the repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

Previous wording

In the next five years, we have three debt maturities in February 2026, March 2028 and February 2030 when the 2026 Senior Notes, the 2028 Senior Notes and the 2030 Senior Notes, respectively, become due and payable.

Current wording

In the next five years, we have two debt maturities in March 2028 and February 2030 when the 2028 Senior Notes and the 2030 Senior Notes, respectively, become due and payable.

Previous wording

We made no borrowings under the Credit Facility or our prior $500.0 million five-year senior unsecured revolving credit facility during Six Months 2025, and no loans were outstanding under the Credit Facility as of June 30, 2025.

Current wording

We made no borrowings under the Credit Facility or our prior $500.0 million five-year senior unsecured revolving credit facility during Nine Months 2025, and no loans were outstanding under the Credit Facility as of September 30, 2025.

Previous wording

We did not use the commercial paper program during Six Months 2025 and there were no amounts relating to the commercial paper program outstanding as of June 30, 2025.

Current wording

We did not use the commercial paper program during Nine Months 2025 and there were no amounts relating to the commercial paper program outstanding as of September 30, 2025.

Previous wording

Net cash provided by operating activities was $657.9 million for Six Months 2025 compared to net cash provided by operating activities of $793.4 million for Six Months 2024. The change in net operating cash flows was largely attributable to higher net paid claims, the timing of collections of premiums and fees in our mobile business and the timing of tax payments, as we received a refund during Six Months 2024.

Current wording

Net cash provided by operating activities was $1.16 billion for Nine Months 2025 compared to net cash provided by operating activities of $1.23 billion for Nine Months 2024. The change in net operating cash flows was largely attributable to higher net paid claims, the timing of collections of premiums and fees in our mobile business and the timing of tax payments, as we received a refund during Nine Months 2024. These were partially offset by a decrease in payments for the acquisition of mobile devices during Nine Months 2025 and the timing of accounts payable payments.

Previous wording

Net cash used in investing activities was $784.5 million for Six Months 2025 compared to net cash used in investing activities of $521.6 million for Six Months 2024. The change in net investing cash flows was primarily driven by the increased investment of net cash provided by operating activities and the reinvestment of proceeds from the sale of fixed maturity securities.

Current wording

Net cash used in investing activities was $1.05 billion for Nine Months 2025 compared to net cash used in investing activities of $728.8 million for Nine Months 2024. The change in net investing cash flows was primarily driven by the increased investment of net cash provided by operating activities and the reinvestment of proceeds from the sale of fixed maturity securities.

Previous wording

Net cash used in financing activities was $223.0 million for Six Months 2025 compared to net cash used in financing activities of $177.0 million for Six Months 2024. The change in net financing cash flows was primarily due to higher share repurchases for Six Months 2025.

Current wording

Net cash used in financing activities was $228.0 million for Nine Months 2025 compared to net cash used in financing activities of $317.8 million for Nine Months 2024. The change in net financing cash flows was primarily due to the issuance of the 2036 Senior Notes, partially offset by the redemption of the 2026 Senior Notes and higher share repurchases for Nine Months 2025. For additional information please see Note 10 in the Consolidated Financial Statements included elsewhere in this report.