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

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

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Item 1. Consolidated Balance Sheets (unaudited)

	March 31, 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 - $7,880.8 and $7,524.8 at March 31, 2025 and December 31, 2024, respectively)	$7,626.1	$7,175.1
Equity securities at fair value	204.3	208.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $5.1 and $6.5 at March 31, 2025 and December 31, 2024, respectively)	346.3	342.5
Short-term investments	301.3	281.6
Other investments	565.6	536.8
Total investments	9,043.6	8,544.5
Cash and cash equivalents	1,669.6	1,807.7
Premiums and accounts receivable (net of allowances for credit losses of $7.1 and $7.2 at March 31, 2025 and December 31, 2024, respectively)	1,842.7	2,054.0
Reinsurance recoverables (net of allowances for credit losses of $5.0 at March 31, 2025 and December 31, 2024)	7,361.4	7,579.5
Accrued investment income	139.1	130.5
Deferred acquisition costs	9,959.8	9,992.8
Property and equipment, net	786.3	768.3
Goodwill	2,620.7	2,616.0
Value of business acquired	6.9	8.0
Other intangible assets, net	552.5	535.6
Other assets (net of allowances for credit losses of $0.6 at March 31, 2025 and December 31, 2024)	1,005.8	983.7
Total assets	$34,988.4	$35,020.6
Liabilities
Future policy benefits and expenses	$507.1	$536.7
Unearned premiums	20,132.5	20,211.4
Claims and benefits payable	2,570.1	2,914.2
Commissions payable	585.7	559.6
Funds held under reinsurance	275.1	277.7
Accounts payable and other liabilities (including allowances for credit losses of $1.1 and $1.4 at March 31, 2025 and December 31, 2024, respectively, for the unsecured portion of the high deductible recoverables)	3,600.0	3,331.2
Debt	2,083.7	2,083.1
Total liabilities	29,754.2	29,913.9
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,114,645 and 53,129,838 shares issued and 50,818,556 and 50,833,749 shares outstanding at March 31, 2025 and December 31, 2024, respectively	0.5	0.5
Additional paid-in capital	1,673.9	1,686.8
Retained earnings	4,431.1	4,378.3
Accumulated other comprehensive loss	(748.5)	(836.1)
Treasury stock, at cost; 2,296,089 shares at March 31, 2025 and December 31, 2024	(122.8)	(122.8)
Total equity	5,234.2	5,106.7
Total liabilities and equity	$34,988.4	$35,020.6

Consolidated Statements of Operations (unaudited)

	Three Months Ended March 31,
	2025	2024
(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$2,562.3	$2,376.5
Fees and other income	402.9	385.7
Net investment income	124.8	126.7
Net realized losses on investments (including $3.0 and $8.0 of impairment-related losses for the three months ended March 31, 2025 and 2024, respectively) and fair value changes to equity securities	(16.0)	(8.8)
Total revenues	3,074.0	2,880.1
Benefits, losses and expenses
Policyholder benefits	779.7	623.1
Underwriting, selling, general and administrative expenses	2,083.8	1,937.3
Interest expense	26.8	26.8
Total benefits, losses and expenses	2,890.3	2,587.2
Income before income tax expense	183.7	292.9
Income tax expense	37.1	56.5
Net income	$146.6	$236.4
Earnings Per Common Share
Basic	$2.86	$4.50
Diluted	$2.83	$4.47
Share Data
Weighted average common shares outstanding used in basic per common share calculations	51,281,419	52,531,865
Plus: Dilutive securities	449,697	340,389
Weighted average common shares outstanding used in diluted per common share calculations	51,731,116	52,872,254

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended March 31,
	2025	2024
(in millions)
Net income	$146.6	$236.4
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(18.2) and $4.2 for the three months ended March 31, 2025 and 2024, respectively	75.2	(32.2)
Change in unrealized gains on derivative transactions, net of taxes of $(0.4) and $0.9 for the three months ended March 31, 2025 and 2024, respectively	1.4	(3.2)
Change in foreign currency translation, net of taxes of $(2.4) and $(0.1) for the three months ended March 31, 2025 and 2024, respectively	8.8	(8.5)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.6) and $0.7 for the three months ended March 31, 2025 and 2024, respectively	2.2	(2.3)
Total other comprehensive income (loss)	87.6	(46.2)
Total comprehensive income	$234.2	$190.2

Consolidated Statements of Changes in Equity (unaudited)

	Three Months Ended March 31, 2025
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensiveLoss	TreasuryStock	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	—	15.1	—	—	—	15.1
Common stock dividends ($0.80 per share)	—	—	(40.9)	—	—	(40.9)
Acquisition of common stock	—	(35.6)	(52.9)	—	—	(88.5)
Net income	—	—	146.6	—	—	146.6
Other comprehensive income	—	—	—	87.6	—	87.6
Balance at March 31, 2025	$0.5	$1,673.9	$4,431.1	$(748.5)	$(122.8)	$5,234.2

	Three Months Ended March 31, 2024
	Common Stock	AdditionalPaid-inCapital	RetainedEarnings	AccumulatedOtherComprehensive Loss	TreasuryStock	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	—	14.5	—	—	—	14.5
Common stock dividends ($0.72 per share)	—	—	(37.4)	—	—	(37.4)
Acquisition of common stock	—	(31.1)	(33.0)	—	—	(64.1)
Net income	—	—	236.4	—	—	236.4
Other comprehensive loss	—	—	—	(46.2)	—	(46.2)
Balance at March 31, 2024	$0.6	$1,659.2	$4,194.2	$(811.2)	$(122.8)	$4,920.0

Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
	2025	2024
(in millions)
Operating activities
Net income	$146.6	$236.4
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 (benefit) expense	(12.9)	19.6
Depreciation and amortization	56.7	50.6
Net realized losses on investments, including impairment losses	16.0	8.8
Stock based compensation expense	15.1	14.5
Restructuring costs	(1.1)	—
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(465.1)	(36.2)
Premiums and accounts receivable	241.7	265.2
Commissions payable	21.0	(41.2)
Reinsurance recoverable	190.4	93.6
Funds withheld under reinsurance	(2.6)	(80.3)
Deferred acquisition costs and value of business acquired	56.2	16.8
Taxes payable (receivable)	31.5	(129.3)
Other assets and other liabilities	98.0	(314.4)
Other	0.9	(21.6)
Net cash provided by operating activities	392.4	82.5
Investing activities
Sales of:
Fixed maturity securities available for sale	270.5	320.8
Equity securities	15.4	3.8
Other invested assets	13.3	42.2
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	233.2	103.6
Commercial mortgage loans on real estate	11.1	5.0
Purchases of:
Fixed maturity securities available for sale	(842.6)	(766.1)
Equity securities	(10.6)	(18.5)
Commercial mortgage loans on real estate	(13.8)	(9.9)
Other invested assets	(26.6)	(13.3)
Property and equipment and other	(53.4)	(50.8)
Subsidiaries, net of cash transferred	—	(10.2)
Change in short-term investments	(18.2)	65.2
Other	0.1	—
Net cash used in investing activities	(421.6)	(328.2)
Financing activities

Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
	2025	2024
Acquisition of common stock	(64.3)	(46.1)
Common stock dividends paid	(40.9)	(37.4)
Employee stock purchases and withholdings	(13.5)	(12.7)
Net cash used in financing activities	(118.7)	(96.2)
Effect of exchange rate changes on cash and cash equivalents	9.8	(3.6)
Change in cash and cash equivalents	(138.1)	(345.5)
Cash and cash equivalents at beginning of period	1,807.7	1,627.4
Cash and cash equivalents at end of period	$1,669.6	$1,281.9

INDEX OF NOTES

Note	Page Number
1. Nature of Operations	8
2. Basis of Presentation	8
3. Recent Accounting Pronouncements	9
4. Segment Information	9
5. Contract Revenues	12
6. Investments	13
7. Fair Value Disclosures	18
8. Deferred Acquisition Costs	21
9. Reserves	22
10. Accumulated Other Comprehensive Income	26
11. Earnings Per Common Share	27
12. Retirement and Other Employee Benefits	28
13. Restructuring and Related Impairment Charges	29
14. Commitments and Contingencies	30

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