ASSURANT, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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25. Restructuring and Related Impairment Charges
- Restructuring and Related Impairment Charges
In December 2025, the Company finalized a new restructuring plan (the “2025 Plan”) to optimize operational efficiencies and reduce its global footprint. Total costs of $28.7 million were incurred for the year ended December 31, 2025 related to the 2025 Plan, and no additional costs are expected to be incurred for this plan.
In December 2022, the Company finalized a restructuring plan (the “2022 Plan”) to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. In September 2023, the Company amended and extended the 2022 Plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. These actions were completed in 2025, with some remaining payments scheduled into 2027.
The following table summarizes the costs by major type for both the 2025 Plan and 2022 Plan that are recorded in underwriting, selling, general and administrative expenses in the consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023. Substantially all of the charges are expected to be cash. Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
| Costs incurred for the year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Severance and other employee benefits | $23.5 | $4.5 | $21.0 |
| Contract exit costs | 2.3 | 0.9 | 6.5 |
| Fixed asset impairment | 0.1 | — | 1.2 |
| Right-of-use asset impairment | 1.4 | — | 5.6 |
| Total restructuring and impairment charges | $27.3 | $5.4 | $34.3 |
The following table shows the rollforward of the accrued liability by major type.
| Severance and Other Employee Benefits | Contract Exit Costs | |
|---|---|---|
| Balance at December 31, 2023 | $27.8 | $17.1 |
| Charges incurred | 5.5 | 1.1 |
| Cash payments | (18.9) | (6.8) |
| Non-cash adjustment (1) | (1.0) | (0.2) |
| Balance at December 31, 2024 | 13.4 | 11.2 |
| Charges incurred | 29.3 | 5.9 |
| Cash payments | (4.9) | (6.3) |
| Non-cash adjustment (1) | (5.8) | (3.6) |
| Balance at December 31, 2025 | $32.0 | $7.2 |
(1)Represents changes to previously estimated charges.
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