ASSURANT, INC.

Previous wording

•Global Lifestyle: includes mobile device solutions (including extended service contracts, insurance policies and related services), extended service contracts and related services for consumer electronics and appliances, and financial services and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment services and other related services (referred to as “Global Automotive”); and

Current wording

•Global Lifestyle: includes mobile device solutions (including extended service contracts, insurance policies and related services), extended service contracts and related services for consumer electronics and appliances, and financial services and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment protection and other related services (referred to as “Global Automotive”); and

Previous wording

In addition, we report the Corporate and Other segment, which includes corporate employee-related expenses and activities of the holding company.

Current wording

In addition, we report the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in our home warranty business.

Previous wording

We define Adjusted EBITDA, our segment measure of profitability, as net income excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (which consists of certain businesses which we have fully exited or expect to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and our operations in mainland China (not Hong Kong)), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), Assurant Health runoff operations, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items. In 2024, mainland China operations were sold.

Current wording

We define Adjusted EBITDA, our segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including restructuring costs, the loss on the pending subsidiary sale and non-core operations, each as described below).

Previous wording

The following discussion covers the year ended December 31, 2024 (“Twelve Months 2024”) and the year ended December 31, 2023 (“Twelve Months 2023”). Please see the discussion that follows, for each of these segments, for a more detailed comparative analysis. Our comparative analysis of Twelve Months 2023 and the year ended December 31, 2022 is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 15, 2024.

Current wording

The following discussion covers the year ended December 31, 2025 (“Twelve Months 2025”) and the year ended December 31, 2024 (“Twelve Months 2024”). For a more detailed comparative analysis, see the discussion that follows. Our comparative analysis of Twelve Months 2024 and the year ended December 31, 2023 is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025.

Previous wording

Global Lifestyle net earned premiums, fees and other income increased $405.9 million, or 5%, to $8.97 billion for the Twelve Months 2024 from $8.56 billion for Twelve Months 2023, primarily due to contributions from newly launched trade-in programs and device protection programs.

Current wording

Global Lifestyle net earned premiums, fees and other income increased $615.2 million, or 7%, to $9.58 billion for the Twelve Months 2025 from $8.97 billion for Twelve Months 2024, primarily due to global mobile programs and from a new program in financial services within Connected Living and modest growth in Global Automotive.

Previous wording

Global Housing Adjusted EBITDA increased $97.0 million, or 17%, to $671.2 million for Twelve Months 2024 from $574.2 million for Twelve Months 2023, primarily driven by growth in Homeowners, partially offset by $134.2 million of higher pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 34% due to top-line growth and expense leverage within Homeowners, more favorable prior year reserve development, lower reinsurance costs, and growth in Renters from the property management channel.

Current wording

Global Housing Adjusted EBITDA increased $187.5 million, or 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024, including $46.4 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 15% mainly due to top-line growth in lender-placed insurance and favorable non-catastrophe loss experience.

Previous wording

Global Housing net earned premiums, fees and other income increased $314.1 million, or 15%, to $2.46 billion for Twelve Months 2024 from $2.14 billion for Twelve Months 2023, primarily due to Homeowners top-line growth, including growth in policies in-force and higher average premiums within lender-placed, as well as growth across various specialty Homeowners products.

Current wording

Global Housing net earned premiums, fees and other income increased $311.8 million, or 13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024, primarily due to growth in policies in-force and higher average premiums within lender-placed insurance, as well as growth in various specialty products. Renters and Other also increased, led by contributions from a new book of business previously disclosed.

Previous wording

Corporate and Other Adjusted EBITDA was $(122.2) million for Twelve Months 2024 compared to $(109.0) million for Twelve Months 2023, primarily driven by higher third-party and employee-related expenses.

Current wording

Corporate and Other Adjusted EBITDA was $(123.8) million for Twelve Months 2025 compared to $(122.2) million for Twelve Months 2024, primarily driven by lower investment income.

Previous wording

Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to realize greater operational efficiencies and manage our expenses. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive and Renters businesses, and the performance of our Homeowners business. Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, including the current period of inflationary pressures which have impacted claims costs including in the Global Automotive business, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition. For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors.”

Current wording

Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to enhance operational efficiencies and manage our expenses. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive and Renters businesses, and the performance of our Homeowners business, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives. Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition.

Previous wording

Our results may also be impacted by our ability to continue to grow in the markets in which we operate, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives, capitalize on the connected home opportunity and investments to onboard and ramp-up new business. Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent, which has increased due to labor shortages and wage inflation. See “Item 1A – Risk Factors – Business, Strategic and Operational Risks –Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations,” “ –Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “ –The success of our business depends on the execution of our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.”

Current wording

Our results may also be impacted by our ability to capitalize on opportunities for further growth, including within adjacent markets such as home warranty. Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences and client forecasts and demands. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. Variability in insurance claims, including changes in frequency and severity, and the impact of inflation, also contribute to fluctuations in our business performance. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent. For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors,” including “ – Business, Strategic and Operational Risks –Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations,” “ –Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “ –The success of our business depends on the execution of our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.”

Previous wording

For Twelve Months 2024, net cash provided by operating activities was $1.33 billion; net cash used in investing activities was $657.8 million; and net cash used in financing activities was $477.5 million. We had $1.81 billion in cash and cash equivalents as of December 31, 2024. Please see “ – Liquidity and Capital Resources” below for further details.

Current wording

For Twelve Months 2025, net cash provided by operating activities was $1.83 billion; net cash used in investing activities was $1.46 billion; and net cash used in financing activities was $364.2 million. We had $1.83 billion in cash and cash equivalents as of December 31, 2025. See “ – Liquidity and Capital Resources” below for further details.

Previous wording

Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, amortization of deferred costs, general operating expenses and income taxes. In addition to the restructuring plan announced in December 2022 and amended in 2023, we continue to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which will impact our expenses.

Current wording

Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, amortization of deferred costs, general operating expenses and income taxes. We continue to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which impact our expenses.

Previous wording

The methods all involve aggregating paid and case-incurred loss data by accident quarter (or accident year) and accident age for each product grouping. As the data ages, development factors are calculated that measure emerging claim development patterns between reporting periods. By selecting loss development factors indicative of remaining development, known losses are projected to an ultimate incurred basis for each accident period. The underlying premise of the Chain Ladder method is that future claims development is best estimated using past claims development, whereas the Bornhuetter-Ferguson method employs a combination of past claims development and estimates of ultimate losses based on an expected loss ratio. The Munich Chain Ladder method incorporates the correlations between paid and incurred development in projecting future development factors, and is typically more applicable to products experiencing variability in incurred to paid ratios.

Current wording

The methods all involve aggregating paid and case-incurred loss data by accident period and accident age for each product grouping. As the data ages, development factors are calculated that measure emerging claim development patterns between reporting periods. By selecting loss development factors indicative of remaining development, known losses are projected to an ultimate incurred basis for each accident period. The underlying premise of the Chain Ladder method is that future claims development is best estimated using past claims development, whereas the Bornhuetter-Ferguson method employs a combination of past claims development and estimates of ultimate losses based on an expected loss ratio. The Munich Chain Ladder method incorporates the correlations between paid and incurred development in projecting future development factors, and is typically more applicable to products experiencing variability in incurred to paid ratios.

Previous wording

Risks related to the reserves recorded for certain discontinued individual life, annuity and long-term care insurance policies have been fully ceded via reinsurance. While we have not been released from our contractual obligation to the policyholders, changes in and deviations from economic, mortality, morbidity, and withdrawal assumptions used in the calculation of these reserves will not directly affect our results of operations unless there is a default by the assuming reinsurer.

Current wording

Risks related to the reserves recorded for certain discontinued individual life, annuity and long-term care insurance policies have been fully ceded via reinsurance. The insurance subsidiary that includes these fully ceded insurance policies was classified as held for sale as of December 31, 2025. See Note 3 to the Consolidated Financial Statements included elsewhere in this Report for more information.

Previous wording

Our goodwill related to acquisitions of businesses was $2.62 billion and $2.61 billion as of December 31, 2024 and 2023, respectively. We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist. Such indicators include: a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on our Consolidated Financial Statements.

Current wording

Our goodwill related to acquisitions of businesses was $2.65 billion and $2.62 billion as of December 31, 2025 and 2024, respectively. We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist. Such indicators include: a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on our Consolidated Financial Statements.

Previous wording

(1)As of December 31, 2024, $793.6 million and $1,505.7 million of goodwill was assigned to the Connected Living and Global Automotive reporting units, respectively. As of December 31, 2023, $785.2 million and $1,506.9 million of goodwill was assigned to the Connected Living (including Global Financial Services which was aggregated with Connected Living in 2023) and Global Automotive reporting units, respectively.

Current wording

(1)As of December 31, 2025, $807.7 million and $1,521.9 million of goodwill was assigned to the Connected Living and Global Automotive reporting units, respectively. As of December 31, 2024, $793.6 million and $1,505.7 million of goodwill was assigned to the Connected Living (including Global Financial Services which was aggregated with Connected Living in 2023) and Global Automotive reporting units, respectively.

Previous wording

For the annual October 1, 2024 goodwill impairment test, we performed a qualitative assessment for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing) due to high margins between fair value and book value based on quantitative impairment testing in 2023. Based on this assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their respective book values and therefore quantitative impairment testing was not necessary for Connected Living, Global Automotive and Global Housing as of October 1, 2024.

Current wording

In the fourth quarter of 2025, we performed a quantitative assessment for the Global Lifestyle and Global Housing reporting units, consistent with our standard practice following a qualitative test in the prior year. Based on this quantitative assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their carrying amounts and that there was no impairment for the Global Lifestyle and Global Housing reporting units as of October 1, 2025.

Previous wording

Please see Note 2 to the Consolidated Financial Statements included elsewhere in this Report.

Current wording

See Note 2 to the Consolidated Financial Statements included elsewhere in this Report.

Previous wording

Consolidated net income increased $117.7 million, or 18%, to $760.2 million for Twelve Months 2024 from $642.5 million for Twelve Months 2023, primarily driven by higher earnings in Global Housing, a $31.0 million favorable change in after-tax foreign exchange related gains (losses), a $32.2 million after-tax decline in losses related to our non-core operations and a $22.9 million reduction in after-tax restructuring costs related to our previously announced restructuring plan. The increase in net income was partially offset by $106.9 million increase in after-tax reportable catastrophes, higher after-tax depreciation expenses of $23.8 million, mainly due to higher software assets placed into service, and lower earnings from Global Lifestyle, mainly due to elevated claims in Global Automotive.

Current wording

Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily driven by higher earnings in Global Housing, a $38.7 million decrease in after-tax reportable catastrophes, higher earnings in Global Lifestyle and a $7.1 million after-tax decline in losses related to our non-core operations. 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, as well as a $17.3 million increase in after-tax restructuring costs related to a new restructuring plan in fourth quarter 2025 related to optimizing operational efficiencies and higher after-tax depreciation expense of $13.4 million, mainly due to higher software assets placed into service.

Previous wording

Total benefits, losses and expenses increased $433.9 million, or 5%, to $8.55 billion for Twelve Months 2024 from $8.12 billion for Twelve Months 2023. Cost of sales increased $277.4 million, or 49% mainly due to newly launched global mobile programs. Policyholder benefits increased $130.7 million, or 8%, primarily due to elevated claims costs in Global Automotive, as described above, and from higher claims in the global mobile device protection business and global financial services in Connected Living, partially offset by lower losses for extended service contracts in Connected Living in line with the decrease in net earned premiums. General expenses increased $44.7 million, or 4%, due to higher employee-related and information technology expenses to support growth, as well as higher expenses relating to investments in new client programs and capabilities in Connected Living, as described above. Selling and underwriting expenses decreased $18.9 million, or 0.4% mainly due to lower commission expenses for extended service contracts in Connected Living and Global Automotive, partially offset by higher commissions from global mobile device protection programs.

Current wording

Total benefits, losses and expenses increased $588.2 million, or 7%, to $9.14 billion for Twelve Months 2025 from $8.55 billion for Twelve Months 2024. Selling and underwriting expenses increased $216.4 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 $163.1 million, or 9%, primarily due to financial services in Connected Living, partially offset by lower losses within Global Automotive. Cost of sales increased $140.9 million, or 17%, driven by growth in global mobile trade-in programs and a non-run rate inventory adjustment noted above. General expenses increased $67.8 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

Previous wording

Total revenues increased $331.7 million, or 15%, to $2.58 billion for Twelve Months 2024 from $2.25 billion for Twelve Months 2023. Net earned premiums increased $266.5 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force, average insured values, higher premium rates and growth across various specialty products, partially offset by the non-run rate adjustment described above and exits from certain international markets. Fees and other income increased $47.6 million, or 37%, primarily driven by the reclassification of certain service fees from an expense account. Net investment income increased $17.6 million, or 16%, primarily due to higher yields and asset balances on fixed maturity securities, cash and cash equivalents and short-term investments.

Current wording

Total revenues increased $326.3 million, or 13%, to $2.91 billion for Twelve Months 2025 from $2.58 billion for Twelve Months 2024. Net earned premiums increased $303.4 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force and average premiums, as well as growth across various specialty products, growth in Renters and Other, primarily from a block of newly acquired renters policies, as previously disclosed, and the non-run rate adjustment described above, partially offset by higher catastrophe reinsurance premiums. Net investment income increased $14.5 million, or 11%, primarily due to higher invested asset balances and yields. Fees and other income increased $8.4 million, or 5%, primarily driven by continued growth in service fees within Homeowners.

Previous wording

Total benefits, losses and expenses increased $234.7 million, or 14%, to $1.91 billion for Twelve Months 2024 from $1.68 billion for Twelve Months 2023. Policyholder benefits increased $148.2 million, or 17%, primarily due to higher reportable catastrophe losses and non-catastrophe losses from exposure growth, partially offset by the favorable year-over-year non-catastrophe prior year reserve development. Selling and underwriting expenses increased $21.0 million, or 15%, primarily due to higher costs associated with growth. General expenses increased $65.5 million, or 10%, primarily due to higher costs associated with growth and the reclassification described above.

Current wording

Total benefits, losses and expenses increased $138.8 million, or 7%, to $2.05 billion for Twelve Months 2025 from $1.91 billion for Twelve Months 2024. General expenses increased $87.1 million, or 12%, and selling and underwriting expenses increased $43.5 million, or 28%, both primarily due to higher costs associated with growth. Policyholder benefits increased $8.2 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 $6.4 million of favorable year-over-year non-catastrophe prior year reserve development. Twelve Months 2025 had $113.1 million of favorable non-catastrophe prior year reserve development compared to $106.7 million in Twelve Months 2024.

Previous wording

Total revenues increased $6.0 million, or 28%, to $27.6 million for Twelve Months 2024 from $21.6 million for Twelve Months 2023, primarily driven by an increase in net investment income of $5.8 million, or 27%, mostly due to higher yields and asset balances for fixed maturity securities.

Current wording

Total revenues decreased $2.0 million, or 7%, to $25.6 million for Twelve Months 2025 from $27.6 million for Twelve Months 2024, primarily driven by a decrease in net investment income of $3.3 million, or 12%, mainly due to lower yields on fixed maturity securities, and cash and short term investments, 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 $8.54 billion and $8.22 billion as of December 31, 2024 and 2023, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $30.6 million during Twelve Months 2024, from a $380.3 million unrealized loss at December 31, 2023 to a $349.7 million unrealized loss at December 31, 2024, primarily due to higher yields offset by spreads tightening.

Current wording

We had total investments of $10.06 billion and $8.54 billion as of December 31, 2025 and 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $294.0 million during Twelve Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $55.7 million unrealized loss at December 31, 2025, primarily due to a reduction in U.S. Treasury rates.

Previous wording

Net realized losses on investments and fair value changes to equity securities were $75.8 million for Twelve Months 2024 compared to net realized losses on investments and fair value changes to equity securities of $68.7 million for Twelve Months 2023. The change in Twelve Months 2024 was primarily driven by sales of fixed maturity securities at a loss as well as impairments in the Assurant Ventures portfolio, partially offset by sales of equity securities at a gain as well as favorable market valuations in equity securities.

Current wording

Net realized losses on investments and fair value changes to equity securities were $71.8 million for Twelve Months 2025 compared to net realized losses on investments and fair value changes to equity securities of $75.8 million for Twelve Months 2024. The change in Twelve Months 2025 was primarily driven by realized losses in equity securities, partially offset by fewer impairments in other investments.

Previous wording

As of December 31, 2024, we owned $16.5 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $15.2 million of municipal securities, whose credit rating was A+ with the guarantee, but would have had a rating of AA- without the guarantee.

Current wording

As of December 31, 2025, we owned $14.7 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.8 million of municipal securities, whose credit rating was A+ with the guarantee, but would have had a rating of AA- without the guarantee.

Previous wording

On January 22, 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to the buyer receiving the requisite development approvals, which could take 18 to 24 months. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of $46.0 million as of December 31, 2024, less estimated costs to sell. We do not anticipate that any such gain will impact our capital deployment priorities. There can be no assurance that the transaction will be consummated.

Current wording

In January 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to certain adjustments and to the buyer receiving the requisite development approvals. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of $46.0 million as of December 31, 2025, less estimated costs to sell. We do not anticipate that any such gain will impact our capital deployment priorities. There can be no assurance that the transaction will be consummated.

Previous wording

Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries, such as payments under our tax allocation agreement and under management agreements with our subsidiaries. Our subsidiaries’ ability to pay such dividends and make such other payments is regulated by the states and territories in which our subsidiaries are domiciled. These dividend regulations vary from jurisdiction to jurisdiction and by type of insurance provided by the applicable subsidiary, but generally require our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends they can pay to the holding company. See “Item 1A – Risk Factors – Legal and Regulatory Risks –Changes in insurance regulation may reduce our profitability and limit our growth.” Along with solvency regulations, the primary driver in determining the amount of capital used for dividends from insurance subsidiaries is the level of capital needed to maintain desired financial strength ratings from A.M. Best. For the year ending December 31, 2025, the maximum amount of dividends our regulated U.S. domiciled insurance subsidiaries could pay us, under applicable laws and regulations without prior regulatory approval, is approximately $524.2 million. Our international and non-insurance subsidiaries provide additional sources of dividends.

Current wording

Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries. Our subsidiaries’ ability to pay such dividends and make such other payments is regulated by the states and territories in which our subsidiaries are domiciled. These dividend regulations vary by jurisdiction and by type of insurance provided by the applicable subsidiary, but generally require our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends they can pay to the holding company. See “Item 1A – Risk Factors – Legal and Regulatory Risks –Changes in insurance regulation may reduce our profitability and limit our growth.” Along with solvency regulations, the primary driver in determining the amount of capital used for dividends from insurance subsidiaries is the level of capital needed to maintain desired financial strength ratings from A.M. Best.

Previous wording

As of December 31, 2024, we had approximately $673.0 million in holding company liquidity, $448.0 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 $760.1 million as of December 31, 2024) 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 December 31, 2025, we had approximately $887.4 million in holding company liquidity, $662.4 million above our minimum level of $225.0 million. The 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 an internal minimum level 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 $985.4 million as of December 31, 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 $804.7 million and $772.6 million for Twelve Months 2024 and Twelve Months 2023, 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 $925.1 million and $804.7 million for Twelve 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 Twelve Months 2024 and Twelve Months 2023, we made common stock repurchases and paid dividends to our common stockholders of $455.8 million and $352.3 million, respectively.

Current wording

During Twelve Months 2025 and Twelve Months 2024, we made common stock repurchases and paid dividends to our common stockholders of $468.3 million and $455.8 million, respectively.

Previous wording

On January 16, 2025, the Board declared a quarterly dividend of $0.80 per common share payable on March 31, 2025 to stockholders of record as of February 3, 2025. We paid dividends of $0.80 per common share on December 30, 2024 to stockholders of record as of December 9, 2024. This represented a 11% increase to the quarterly dividend of $0.72 per common share paid on September 30, June 24, and March 25, 2024.

Current wording

On January 29, 2026, the Board declared a quarterly dividend of $0.88 per common share payable on March 30, 2026 to stockholders of record as of February 17, 2026. We paid dividends of $0.88 per common share on December 29, 2025 to stockholders of record as of December 1, 2025. This represented a 10% increase to the quarterly dividend of $0.80 per common share paid on September 29, June 30, and March 31, 2025.

Previous wording

During Twelve Months 2024, we repurchased 1,548,520 shares of our outstanding common stock at a cost of $299.9 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 December 31, 2024, $374.5 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 Twelve Months 2025, we repurchased 1,432,302 shares of our outstanding common stock at a cost of $299.9 million, exclusive of commissions. In November 2023, the Board authorized a share repurchase program for up to $600.0 million of our outstanding common stock. In November 2025, the Board authorized an additional share repurchase program for up to $700.0 million of our outstanding common stock. As of December 31, 2025, $774.6 million aggregate cost at purchase remained unused under the repurchase authorizations. 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 two debt maturities in February 2026 and March 2028 when the 2026 Senior Notes and the 2028 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 (each as defined below), respectively, become due and payable.

Previous wording

We have a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association. The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $500.0 million, which may be increased up to $700.0 million. The Credit Facility is available until December 2026, provided we are in compliance with all covenants. The Credit Facility has a sublimit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes.

Current wording

In June 2025, we entered into a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with certain lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as syndication agent. The Credit Facility replaced our prior $500.0 million five-year senior unsecured revolving credit facility (the “Prior Credit Facility”), which terminated upon the effectiveness of the Credit Facility. The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $500.0 million, which may be increased up to $750.0 million. The Credit Facility is available until June 2030, provided we are in compliance with all covenants. The Credit Facility has a sublimit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes.

Previous wording

We made no borrowings using the Credit Facility during Twelve Months 2024 and no loans were outstanding as of December 31, 2024.

Current wording

We made no borrowings under the Credit Facility or our Prior Credit Facility during Twelve Months 2025 and no loans were outstanding under the Credit Facility as of December 31, 2025.

Previous wording

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $500.0 million was available as of December 31, 2024.

Current wording

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is backed up by the Credit Facility, of which $500.0 million was available as of December 31, 2025.

Previous wording

Letters of credit are issued in the ordinary course of business. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $1.8 million and $2.9 million of letters of credit outstanding as of December 31, 2024 and 2023, respectively.

Current wording

In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which we are the reinsurer. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $1.7 million and $1.8 million of letters of credit outstanding as of December 31, 2025 and 2024, respectively.

Previous wording

In 2024, Assurant entered into a financing arrangement pursuant to which it is able to issue a $100 million limited recourse note and, in return, obtain a $100 million asset-backed note from a Delaware master trust. As of December 31, 2024 no notes have been issued under this arrangement.

Current wording

In 2024, we entered into a financing arrangement pursuant to which we are able to issue a $100 million limited recourse note and, in return, obtain a $100 million asset-backed note from a Delaware master trust. As of December 31, 2025, no notes have been issued under this arrangement.

Previous wording

Net cash provided by operating activities was $1.33 billion and $1.14 billion for Twelve Months 2024 and Twelve Months 2023, respectively. The change in net operating cash flows was largely attributable to the timing of tax payments as we received a refund in 2024 related to prior year tax returns as compared to payments in 2023. Also contributing to the change were lower profit share payments to our clients in domestic automotive due to higher losses from inflation. This was partially offset by higher net paid claims and an increase in employee incentive-based payments largely based on the performance of the Company.

Current wording

Net cash provided by operating activities was $1.83 billion and $1.33 billion for Twelve Months 2025 and Twelve Months 2024, respectively. The change in net operating cash flows was largely attributable to growth in our lender-placed and Connected Living businesses, cash payments related to the assumption of a new block of business in Connected Living and lower outflows for inventory in our mobile business. These increases were partially offset by higher net paid claims and the timing of tax payments as we received a refund during Twelve Months 2024.