ASSURANT, INC.

14. Goodwill

The Company has assigned goodwill to its reporting units for impairment testing purposes. The Company hasthree reporting units consisting oftwo reporting units within the Global Lifestyle operating segment, Connected Living and Global Automotive, and Global Housing (whereby the reporting unit for impairment testing was at the operating segment level).

Qualitative Impairment Testing

For the annual October 1, 2024 goodwill impairment test, the Company 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. In conducting a qualitative assessment, the Company analyzed changes in the book value and the financial performance of each reporting unit, including analyzing the historical performance versus plan and the results of quantitative impairment testing performed in 2023. Additionally, the Company assessed critical areas that may impact the reporting units, including macroeconomic and industry trends and market information for the reporting units and their peer companies that could impact the reporting units’ fair value. 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.

Quantitative Impairment Testing

For the annual October 1, 2025 goodwill impairment test, the Company performed quantitative tests for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing), consistent with its standard practice following a qualitative test in the prior year. The following describes the various valuation methodologies used in the quantitative test which were weighted using our judgment as to which were the most representative in determining the estimated fair value of the reporting units.

A Dividend Discount Method (“Income Approach”) was used to value each of the reporting units based upon the present value of expected cash flows available for distribution over future periods. In the Income Approach valuation method, the present values of cash flows reasonably expected to be produced by the reporting units from its operations were summed to produce an estimate of the reporting unit’s businesses equity value on a marketable-control basis. Cash flows were estimated for a discrete projection period based on detailed assumptions, and a terminal value was calculated to reflect the value attributable to cash flows beyond the discrete period. Cash flows and the terminal value were then discounted using each reporting unit’s estimated cost of capital. The estimated fair value of each reporting unit represented the sum of the discounted cash flows and terminal value.

A Guideline Company Method (“Market Approach”), in which we identified a group of peer companies, including the Company, that have similar operations to the reporting unit, was used; however, direct peer comparisons for the reporting units were limited given the diversity of the products and services within the businesses. The Market Approach valuation method employs market multiples derived from market prices of stocks of companies that are engaged in the same or similar businesses as each reporting unit and that are actively traded on a free open market.

While the Income Approach and Market Approach valuation methodologies were considered in assessing fair value, the Income Approach was weighted more heavily since management believes that expected cash flows are the most important factor in the valuation of a business enterprise, and also considering the lack of directly-comparable peer companies. Based on the quantitative assessment performed as of October 1, 2025, the Company concluded that the estimated fair values of the Connected Living, Global Automotive and Global Housing reporting units exceeded their respective book values and therefore determined that the assigned goodwill was not impaired.

A roll forward of goodwill by reportable segment is provided below as of and for the years indicated:

(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 and Global Automotive reporting units, respectively.

(2)Consolidated goodwill reflects $1,413.7 million of accumulated impairment losses at December 31, 2025, 2024 and 2023.