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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7. Investments
- Investments
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
| December 31, 2025 | |||||
|---|---|---|---|---|---|
| Cost or Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |
| Fixed maturity securities: | |||||
| U.S. government and government agencies and authorities | $62.7 | $— | $1.0 | $(0.8) | $62.9 |
| States, municipalities and political subdivisions | 100.0 | — | 1.2 | (5.1) | 96.1 |
| Foreign governments | 596.1 | — | 9.1 | (11.3) | 593.9 |
| Asset-backed | 850.2 | — | 4.6 | (9.1) | 845.7 |
| Commercial mortgage-backed | 431.4 | — | 5.3 | (19.3) | 417.4 |
| Residential mortgage-backed | 978.6 | — | 11.5 | (35.4) | 954.7 |
| U.S. corporate | 3,895.5 | (1.9) | 97.3 | (113.3) | 3,877.6 |
| Foreign corporate | 1,720.8 | — | 44.9 | (36.3) | 1,729.4 |
| Total fixed maturity securities | $8,635.3 | $(1.9) | $174.9 | $(230.6) | $8,577.7 |
| December 31, 2024 | |||||
|---|---|---|---|---|---|
| Cost or Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |
| Fixed maturity securities: | |||||
| U.S. government and government agencies and authorities | $54.5 | $— | $0.1 | $(3.4) | $51.2 |
| States, municipalities and political subdivisions | 128.7 | — | 0.6 | (10.2) | 119.1 |
| Foreign governments | 484.6 | — | 2.6 | (25.1) | 462.1 |
| Asset-backed | 940.3 | — | 6.5 | (9.5) | 937.3 |
| Commercial mortgage-backed | 371.8 | — | 1.0 | (36.4) | 336.4 |
| Residential mortgage-backed | 690.0 | — | 1.6 | (50.5) | 641.1 |
| U.S. corporate | 3,364.3 | — | 26.9 | (203.8) | 3,187.4 |
| Foreign corporate | 1,490.6 | — | 19.0 | (69.1) | 1,440.5 |
| Total fixed maturity securities | $7,524.8 | $— | $58.3 | $(408.0) | $7,175.1 |
The cost or amortized cost and fair value of fixed maturity securities as of December 31, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
| December 31, 2025 | ||
|---|---|---|
| Cost or Amortized Cost | Fair Value | |
| Due in one year or less | $120.4 | $120.6 |
| Due after one year through five years | 1,375.8 | 1,392.9 |
| Due after five years through ten years | 3,551.9 | 3,622.1 |
| Due after ten years | 1,327.0 | 1,224.3 |
| Total | 6,375.1 | 6,359.9 |
| Asset-backed | 850.2 | 845.7 |
| Commercial mortgage-backed | 431.4 | 417.4 |
| Residential mortgage-backed | 978.6 | 954.7 |
| Total | $8,635.3 | $8,577.7 |
The following table shows the major categories of net investment income for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Fixed maturity securities | $434.8 | $385.9 | $335.3 |
| Equity securities | 11.9 | 13.2 | 15.2 |
| Commercial mortgage loans on real estate | 18.6 | 19.2 | 17.5 |
| Short-term investments | 18.1 | 18.4 | 12.9 |
| Other investments | 2.9 | 21.3 | 39.1 |
| Cash and cash equivalents | 58.4 | 77.0 | 85.7 |
| Total investment income | 544.7 | 535.0 | 505.7 |
| Investment expenses | (17.4) | (16.1) | (16.6) |
| Net investment income | $527.3 | $518.9 | $489.1 |
Commercial loan balances totaling approximately $20.4 million were non-performing as of December 31, 2025. No material investments of the Company were non-income producing for the years ended December 31, 2024 and 2023.
The following table summarizes the proceeds from sales of available-for-sale fixed maturity securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Fixed maturity securities: | |||
| Proceeds from sales | $1,187.7 | $1,330.9 | $1,464.6 |
| Gross realized gains | $4.2 | $1.3 | $5.6 |
| Gross realized losses | (75.1) | (72.4) | (49.3) |
| Net realized (losses) gains on investments from sales of fixed maturity securities | $(70.9) | $(71.1) | $(43.7) |
For securities sold at a loss during the year ended December 31, 2025, the average period of time these securities were trading continuously at a price below book value was approximately 31 months.
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the statement of operations for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other: | |||
| Fixed maturity securities | $(70.7) | $(71.0) | $(43.3) |
| Equity securities (1) | 5.9 | 19.5 | (7.2) |
| Commercial mortgage loans on real estate (2) | (0.8) | (2.5) | (2.2) |
| Other investments | 0.5 | 3.3 | 1.0 |
| Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other | (65.1) | (50.7) | (51.7) |
| Net realized losses related to impairments: | |||
| Fixed maturity securities (3) | (2.0) | (1.3) | (4.1) |
| Other investments (1) | (4.7) | (23.8) | (12.9) |
| Total net realized losses related to impairments | (6.7) | (25.1) | (17.0) |
| Total net realized (losses) gains on investments and fair value changes to equity securities | $(71.8) | $(75.8) | $(68.7) |
(1)Upward adjustments of $4.8 million, $6.8 million and $0.6 million and impairments of $4.7 million, $23.8 million, and $12.9 million were realized on equity investments accounted for under the measurement alternative for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Realized losses related to CECL reserves. Refer to Note 4 for additional information.
(3)Includes credit losses of $1.9 million on fixed maturity securities available for sale for the year ended December 31, 2025. Refer to Note 4 for additional information.
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net gains (losses) recognized on equity securities | $5.9 | $19.5 | $(7.2) |
| Less: Net realized gains (losses) related to sales of equity securities | (13.9) | 5.7 | (6.6) |
| Total fair value changes to equity securities held | $19.8 | $13.8 | $(0.6) |
Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Initial cost | $82.5 | $74.8 |
| Cumulative upward adjustments | 55.6 | 57.9 |
| Cumulative downward adjustments (including impairments) | (22.8) | (24.4) |
| Carrying value | $115.3 | $108.3 |
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities, as of December 31, 2025 and 2024 were as follows:
| December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| Less than 12 months | 12 Months or More | Total | ||||
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |
| Fixed maturity securities: | ||||||
| U.S. government and government agencies and authorities | $12.5 | $— | $9.8 | $(0.8) | $22.3 | $(0.8) |
| States, municipalities and political subdivisions | 4.1 | (0.2) | 53.0 | (4.9) | 57.1 | (5.1) |
| Foreign governments | 93.8 | (1.6) | 163.8 | (9.7) | 257.6 | (11.3) |
| Asset-backed | 364.0 | (2.9) | 72.8 | (6.2) | 436.8 | (9.1) |
| Commercial mortgage-backed | 35.7 | (0.8) | 131.5 | (18.5) | 167.2 | (19.3) |
| Residential mortgage-backed | 72.9 | (1.1) | 182.1 | (34.3) | 255.0 | (35.4) |
| U.S. corporate | 374.6 | (8.7) | 562.8 | (104.6) | 937.4 | (113.3) |
| Foreign corporate | 176.3 | (2.8) | 220.5 | (33.5) | 396.8 | (36.3) |
| Total fixed maturity securities | $1,133.9 | $(18.1) | $1,396.3 | $(212.5) | $2,530.2 | $(230.6) |
| December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Less than 12 months | 12 Months or More | Total | ||||
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |
| Fixed maturity securities: | ||||||
| U.S. government and government agencies and authorities | $25.8 | $(0.6) | $21.4 | $(2.8) | $47.2 | $(3.4) |
| States, municipalities and political subdivisions | 20.4 | (1.5) | 66.1 | (8.7) | 86.5 | (10.2) |
| Foreign governments | 164.8 | (10.9) | 171.3 | (14.2) | 336.1 | (25.1) |
| Asset-backed | 59.0 | (3.5) | 87.6 | (6.0) | 146.6 | (9.5) |
| Commercial mortgage-backed | 65.7 | (1.3) | 195.8 | (35.1) | 261.5 | (36.4) |
| Residential mortgage-backed | 223.4 | (4.8) | 209.7 | (45.7) | 433.1 | (50.5) |
| U.S. corporate | 1,083.8 | (29.9) | 954.3 | (173.9) | 2,038.1 | (203.8) |
| Foreign corporate | 368.1 | (9.9) | 431.4 | (59.2) | 799.5 | (69.1) |
| Total fixed maturity securities | $2,011.0 | $(62.4) | $2,137.6 | $(345.6) | $4,148.6 | $(408.0) |
Total gross unrealized losses represented approximately 9% and 10% of the aggregate fair value of the related securities as of December 31, 2025 and 2024, respectively. Approximately 8% and 15% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of December 31, 2025 and 2024, respectively. The total gross unrealized losses are comprised of 1,827 and 2,712 individual securities as of December 31, 2025 and 2024, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of December 31, 2025 and December 31, 2024 were related to non-credit factors and therefore, did not recognize credit-related losses during the year ended December 31, 2025. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.
The cost or amortized cost and fair value of available-for-sale fixed maturity securities in an unrealized loss position as of December 31, 2025, by contractual maturity, is shown below:
| December 31, 2025 | ||
|---|---|---|
| Cost or Amortized Cost, Net of Allowance | Fair Value | |
| Due in one year or less | $45.3 | $44.9 |
| Due after one year through five years | 306.5 | 292.6 |
| Due after five years through ten years | 691.6 | 663.3 |
| Due after ten years | 796.5 | 670.4 |
| Total | 1,839.9 | 1,671.2 |
| Asset-backed | 445.9 | 436.8 |
| Commercial mortgage-backed | 186.4 | 167.1 |
| Residential mortgage-backed | 290.5 | 255.1 |
| Total | $2,762.7 | $2,530.2 |
The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of December 31, 2025, approximately 35% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $5.0 million as of December 31, 2025 and from less than $0.1 million to $5.0 million as of December 31, 2024.
Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at December 31, 2025 and 2024, respectively.
| December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Origination Year | ||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | % of Total | |
| Loan to value ratios (1): | ||||||||
| 70% and less | $50.4 | $48.5 | $27.4 | $25.7 | $32.2 | $44.4 | $228.6 | 69.0% |
| 71% to 80% | — | 5.0 | 11.0 | 7.5 | 16.0 | 5.7 | 45.2 | 13.6% |
| 81% to 95% | 2.3 | 1.0 | 2.4 | 10.5 | 12.0 | — | 28.2 | 8.5% |
| Greater than 95% | — | — | 3.8 | 14.9 | 10.7 | — | 29.4 | 8.9% |
| Total | $52.7 | $54.5 | $44.6 | $58.6 | $70.9 | $50.1 | $331.4 | 100.0% |
| December 31, 2025 | ||||||||
| Origination Year | ||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | % of Total | |
| Debt service coverage ratios (2): | ||||||||
| Greater than 2.0 | $6.8 | $4.5 | $0.5 | $12.9 | $8.6 | $35.2 | $68.5 | 20.7% |
| 1.5 to 2.0 | 13.2 | 19.5 | 13.7 | 9.2 | 19.3 | 9.1 | 84.0 | 25.3% |
| 1.0 to 1.5 | 32.7 | 27.8 | 15.5 | 11.1 | 23.3 | 2.6 | 113.0 | 34.1% |
| Less than 1.0 | — | 2.7 | 14.9 | 25.4 | 19.7 | 3.2 | 65.9 | 19.9% |
| Total | $52.7 | $54.5 | $44.6 | $58.6 | $70.9 | $50.1 | $331.4 | 100.0% |
(1)LTV ratio derived from current loan balance divided by the fair value of the property.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service.
| December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Origination Year | ||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | % of Total | |
| Loan to value ratios (1): | ||||||||
| 70% and less | $51.9 | $43.2 | $29.6 | $16.0 | $— | $57.9 | $198.6 | 56.9% |
| 71% to 80% | 3.8 | 4.9 | 22.8 | 65.5 | 2.8 | — | 99.8 | 28.6% |
| 81% to 95% | — | — | 12.6 | 8.6 | — | 9.5 | 30.7 | 8.8% |
| Greater than 95% | — | 3.8 | 9.9 | 6.2 | — | — | 19.9 | 5.7% |
| Total | $55.7 | $51.9 | $74.9 | $96.3 | $2.8 | $67.4 | $349.0 | 100.0% |
| December 31, 2024 | ||||||||
| Origination Year | ||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | % of Total | |
| Debt service coverage ratios (2): | ||||||||
| Greater than 2.0 | $6.4 | $0.6 | $18.0 | $10.8 | $— | $43.4 | $79.2 | 22.7% |
| 1.5 to 2.0 | 20.9 | 12.2 | 10.9 | 25.0 | — | 14.0 | 83.0 | 23.8% |
| 1.0 to 1.5 | 27.4 | 18.8 | 20.4 | 22.5 | 2.8 | 4.8 | 96.7 | 27.7% |
| Less than 1.0 | 1.0 | 20.3 | 25.6 | 38.0 | — | 5.2 | 90.1 | 25.8% |
| Total | $55.7 | $51.9 | $74.9 | $96.3 | $2.8 | $67.4 | $349.0 | 100.0% |
(1)LTV ratio derived from current loan balance divided by the fair value of the property.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service.
As of December 31, 2025, the Company had mortgage loan commitments outstanding of approximately $7.8 million.
The Company had short-term investments and fixed maturity securities of $711.4 million and $636.1 million as of December 31, 2025 and 2024, respectively, on deposit with various governmental authorities as required by law.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.