ASSURANT, INC.

For the period ended Sep 30, 2025. Filed Nov 6, 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.

Sep 30, 2025 · Filed Nov 6, 2025

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

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Item 1. Consolidated Balance Sheets (unaudited)

	September 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 - $8,357.0 and $7,524.8 at September 30, 2025 and December 31, 2024, respectively)	$8,294.7	$7,175.1
Equity securities at fair value	214.0	208.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $7.0 and $6.5 at September 30, 2025 and December 31, 2024, respectively)	328.2	342.5
Short-term investments	345.8	281.6
Other investments	596.8	536.8
Total investments	9,779.5	8,544.5
Cash and cash equivalents	1,712.5	1,807.7
Premiums and accounts receivable (net of allowances for credit losses of $9.5 and $7.2 at September 30, 2025 and December 31, 2024, respectively)	1,915.6	2,054.0
Reinsurance recoverables (net of allowances for credit losses of $6.0 and $5.0 at September 30, 2025 and December 31, 2024)	7,054.2	7,579.5
Accrued investment income	120.7	130.5
Deferred acquisition costs	10,131.1	9,992.8
Property and equipment, net	831.1	768.3
Goodwill	2,649.7	2,616.0
Value of business acquired	5.1	8.0
Other intangible assets, net	527.5	535.6
Other assets (net of allowances for credit losses of $0.5 and $0.6 at September 30, 2025 and December 31, 2024, respectively)	1,055.1	983.7
Total assets	$35,782.1	$35,020.6
Liabilities
Future policy benefits and expenses	$510.1	$536.7
Unearned premiums	20,609.2	20,211.4
Claims and benefits payable	2,212.0	2,914.2
Commissions payable	594.2	559.6
Funds held under reinsurance	279.4	277.7
Accounts payable and other liabilities (including allowances for credit losses of $0.6 and $1.4 at September 30, 2025 and December 31, 2024, respectively, for the unsecured portion of the high deductible recoverables)	3,612.3	3,331.2
Debt	2,206.4	2,083.1
Total liabilities	30,023.6	29,913.9
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 52,493,660 and 53,129,838 shares issued and 50,197,571 and 50,833,749 shares outstanding at September 30, 2025 and December 31, 2024, respectively	0.5	0.5
Additional paid-in capital	1,701.5	1,686.8
Retained earnings	4,726.3	4,378.3
Accumulated other comprehensive loss	(547.0)	(836.1)
Treasury stock, at cost; 2,296,089 shares at September 30, 2025 and December 31, 2024	(122.8)	(122.8)
Total equity	5,758.5	5,106.7
Total liabilities and equity	$35,782.1	$35,020.6

Consolidated Statements of Operations (unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$2,627.2	$2,417.2	$7,777.2	$7,238.3
Fees and other income	484.4	439.1	1,351.0	1,200.0
Net investment income	133.5	129.7	387.0	381.1
Net realized losses on investments (including $0.7, $9.4, $3.7 and $21.2 of impairment-related losses for the three and nine months ended September 30, 2025 and 2024, respectively) and fair value changes to equity securities	(13.6)	(18.3)	(51.3)	(46.7)
Total revenues	3,231.5	2,967.7	9,463.9	8,772.7
Benefits, losses and expenses
Policyholder benefits	709.6	776.8	2,210.8	2,096.0
Underwriting, selling, general and administrative expenses	2,161.5	2,012.7	6,366.5	5,919.2
Interest expense	27.9	26.7	81.4	80.2
Loss on extinguishment of debt	1.3	—	1.3	—
Total benefits, losses and expenses	2,900.3	2,816.2	8,660.0	8,095.4
Income before income tax expense	331.2	151.5	803.9	677.3
Income tax expense	65.6	17.7	156.4	118.4
Net income	$265.6	$133.8	$647.5	$558.9
Earnings Per Common Share
Basic	$5.22	$2.56	$12.67	$10.66
Diluted	$5.17	$2.55	$12.55	$10.60
Share Data
Weighted average common shares outstanding used in basic per common share calculations	50,831,664	52,204,057	51,081,220	52,411,457
Plus: Dilutive securities	488,827	260,465	525,846	293,417
Weighted average common shares outstanding used in diluted per common share calculations	51,320,491	52,464,522	51,607,066	52,704,874

Consolidated Statements of Comprehensive Income (unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
(in millions)
Net income	$265.6	$133.8	$647.5	$558.9
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(18.2), $(56.2), $(58.5) and $(42.4) for the three and nine months ended September 30, 2025 and 2024, respectively	81.5	209.7	225.9	154.5
Change in unrealized gains on derivative transactions, net of taxes of $0.5, $(0.8), $— and $0.3 for the three and nine months ended September 30, 2025 and 2024, respectively	(1.9)	3.0	0.1	(1.1)
Change in foreign currency translation, net of taxes of $(0.5), $2.8, $(3.4) and $4.6 for the three and nine months ended September 30, 2025 and 2024, respectively	7.8	15.2	60.5	(8.4)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.1), $0.7, $(0.7) and $2.0 for the three and nine months ended September 30, 2025 and 2024, respectively	0.2	(2.4)	2.6	(7.2)
Total other comprehensive income (loss)	87.6	225.5	289.1	137.8
Total comprehensive income	$353.2	$359.3	$936.6	$696.7

Consolidated Statements of Changes in Equity (unaudited)

	Three Months Ended September 30, 2025
	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
(in millions)
Balance at June 30, 2025	$0.5	$1,684.5	$4,570.9	$(634.6)	$(122.8)	$5,498.5
Stock plan exercises	—	8.2	—	—	—	8.2
Stock plan compensation expense	—	23.2	—	—	—	23.2
Common stock dividends ($0.80 per share)	—	—	(40.6)	—	—	(40.6)
Acquisition of common stock	—	(14.4)	(69.6)	—	—	(84.0)
Net income	—	—	265.6	—	—	265.6
Other comprehensive income	—	—	—	87.6	—	87.6
Balance at September 30, 2025	$0.5	$1,701.5	$4,726.3	$(547.0)	$(122.8)	$5,758.5

	Three Months Ended September 30, 2024
	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
(in millions)
Balance at June 30, 2024	$0.5	$1,669.6	$4,309.7	$(852.7)	$(122.8)	$5,004.3
Stock plan exercises	—	7.5	—	—	—	7.5
Stock plan compensation expense	—	23.7	—	—	—	23.7
Common stock dividends ($0.72 per share)	—	—	(37.5)	—	—	(37.5)
Acquisition of common stock	—	(17.5)	(84.5)	—	—	(102.0)
Net income	—	—	133.8	—	—	133.8
Other comprehensive income	—	—	—	225.5	—	225.5
Balance at September 30, 2024	$0.5	$1,683.3	$4,321.5	$(627.2)	$(122.8)	$5,255.3

	Nine Months Ended September 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	—	15.8	—	—	—	15.8
Stock plan compensation expense	—	60.7	—	—	—	60.7
Common stock dividends ($2.40 per share)	—	—	(124.2)	—	—	(124.2)
Acquisition of common stock	—	(61.8)	(175.3)	—	—	(237.1)
Net income	—	—	647.5	—	—	647.5
Other comprehensive income	—	—	—	289.1	—	289.1
Balance at September 30, 2025	$0.5	$1,701.5	$4,726.3	$(547.0)	$(122.8)	$5,758.5

Consolidated Statements of Changes in Equity (unaudited)

	Nine Months Ended September 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	—	14.8	—	—	—	14.8
Stock plan compensation expense	—	58.3	—	—	—	58.3
Common stock dividends ($2.16 per share)	—	—	(114.8)	—	—	(114.8)
Acquisition of common stock	(0.1)	(58.3)	(150.8)	—	—	(209.2)
Net income	—	—	558.9	—	—	558.9
Other comprehensive income	—	—	—	137.8	—	137.8
Balance at September 30, 2024	$0.5	$1,683.3	$4,321.5	$(627.2)	$(122.8)	$5,255.3

Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	2025	2024
(in millions)
Operating activities
Net income	$647.5	$558.9
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	61.2	219.9
Depreciation and amortization	178.0	159.6
Net realized losses on investments, including impairment losses	51.3	46.7
Loss on extinguishment of debt	1.3	—
Stock based compensation expense	60.7	58.3
Restructuring costs	(1.4)	0.2
Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(442.9)	1,409.8
Premiums and accounts receivable	192.4	485.7
Commissions payable	26.1	(8.7)
Reinsurance recoverable	508.8	(968.2)
Funds withheld under reinsurance	0.7	(134.3)
Deferred acquisition costs and value of business acquired	(78.2)	(75.0)
Taxes receivable	(60.2)	(167.3)
Other assets and other liabilities	(28.5)	(304.1)
Other	46.1	(51.6)
Net cash provided by operating activities	1,162.9	1,229.9
Investing activities
Sales of:
Fixed maturity securities available for sale	892.2	924.6
Equity securities	32.9	73.8
Other invested assets	31.9	71.0
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	630.6	384.2
Commercial mortgage loans on real estate	53.6	35.4
Purchases of:
Fixed maturity securities available for sale	(2,294.4)	(1,822.9)
Equity securities	(26.7)	(55.4)
Commercial mortgage loans on real estate	(41.6)	(38.1)
Other invested assets	(78.3)	(66.8)
Property and equipment and other	(176.2)	(153.3)
Subsidiaries, net of cash transferred	(22.4)	(12.9)
Change in short-term investments	(61.4)	(68.4)
Other	5.8	—
Net cash used in investing activities	(1,054.0)	(728.8)

Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	2025	2024
Financing activities
Issuance of debt, net of issuance costs	298.0	—
Repayment of debt	(176.3)	—
Acquisition of common stock	(209.4)	(187.1)
Common stock dividends paid	(124.2)	(114.8)
Employee stock purchases and withholdings	(16.1)	(15.9)
Net cash used in financing activities	(228.0)	(317.8)
Effect of exchange rate changes on cash and cash equivalents	23.9	2.7
Change in cash and cash equivalents	(95.2)	186.0
Cash and cash equivalents at beginning of period	1,807.7	1,627.4
Cash and cash equivalents at end of period	$1,712.5	$1,813.4

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. Debt	26
11. Accumulated Other Comprehensive Income	27
12. Earnings Per Common Share	29
13. Retirement and Other Employee Benefits	30
14. Commitments and Contingencies	31

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