ASSURANT, INC.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2025 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three months ended March 31, 2026 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three months ended March 31, 2026 (“First Quarter 2026”) and the three months ended March 31, 2025 (“First Quarter 2025”).

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2025 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three and six months ended June 30, 2026 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three and six months ended June 30, 2026 (“Second Quarter 2026” and “Six Months 2026”) and the three and six months ended June 30, 2025 (“Second Quarter 2025” and “Six Months 2025”).

Previous wording

Global Lifestyle net earned premiums, fees and other income increased $244.4 million, or 11%, to $2.55 billion for First Quarter 2026 from $2.31 billion for First Quarter 2025, driven primarily by Connected Living growth from higher trade-in volumes and global mobile protection programs, as well as higher contributions from extended service contract programs, including a recently launched U.S. program.

Current wording

Global Lifestyle net earned premiums, fees and other income increased $222.1 million, or 9%, to $2.57 billion for Second Quarter 2026 from $2.35 billion for Second Quarter 2025, driven primarily by Connected Living growth from global supply chain volumes and device protection programs, as well as higher contributions from extended service contracts and financial services programs.

Previous wording

Corporate and Other Adjusted EBITDA decreased $3.9 million, or 14%, to $(31.9) million for First Quarter 2026 from $(28.0) million for First Quarter 2025, driven by organic investments to support our home warranty business, partially offset by higher investment income from higher assets.

Current wording

Corporate and Other Adjusted EBITDA decreased $10.2 million, or 34%, to $(40.0) million for Second Quarter 2026 from $(29.8) million for Second Quarter 2025, mainly driven by higher employee-related expenses and organic investments to support our home warranty business. This increase was partially offset by higher investment income from higher asset balances.

Previous 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. 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—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” in our 2025 Annual Report.

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 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. 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—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” in our 2025 Annual Report.

Previous wording

Our 2025 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2025 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for First Quarter 2026.

Current wording

Our 2025 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2025 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for Second Quarter 2026.

Previous wording

Net income increased $127.5 million, or 87%, to $274.1 million for First Quarter 2026 from $146.6 million for First Quarter 2025, primarily due to $104.8 million of lower after-tax reportable catastrophes, higher Global Lifestyle earnings, and a lower annualized effective tax rate, mainly driven by transferrable tax credits recorded in First Quarter 2026 and higher tax benefits on stock-based compensation. The increase in net income was partially offset by $6.5 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and lower Global Housing earnings, excluding the impact of reportable catastrophes.

Current wording

Net income increased $63.3 million, or 27%, to $298.6 million for Second Quarter 2026 from $235.3 million for Second Quarter 2025, primarily due to higher earnings in Global Lifestyle and Global Housing, $13.8 million of lower after-tax reportable catastrophes and lower net realized losses on investments. The increase in net income was partially offset by a higher annualized effective tax rate, mainly driven by higher transferrable tax credits reported in the prior year, higher Corporate and Other expenses and $7.0 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service.

Previous wording

Total benefits, losses and expenses increased $230.4 million, or 11%, to $2.42 billion for First Quarter 2026 from $2.19 billion for First Quarter 2025. Cost of sales increased$80.2 million, or 43%, mainly driven by growth in domestic mobile trade-in programs. Selling and underwriting expenses increased $61.4 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 $61.3 million, or 14%, primarily due to growth in extended service contracts, including a recently launched U.S. program, and higher losses within financial services, partially offset by improved loss experience in Global Automotive. General expenses increased $27.5 million, or 9%, primarily due to higher employee-related expenses to support growth initiatives.

Current wording

Total benefits, losses and expenses increased $188.7 million, or 8%, to $2.43 billion for Second Quarter 2026 from $2.24 billion for Second Quarter 2025. Cost of sales increased$71.2 million, or 31%, mainly driven by higher volumes in domestic supply chain programs. Policyholder benefits increased $51.0 million, or 11%, primarily due to Connected Living, mainly driven by growth in extended service contracts, including a recently launched U.S. program. Selling and underwriting expenses increased $37.5 million, or 3%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from device protection programs in line with the increase in net earned premiums, partially offset by a decline in Global Automotive. General expenses increased $29.0 million, or 9%, primarily due to higher employee-related expenses to support growth initiatives.

Previous wording

Adjusted EBITDA increased $38.9 million, or 20%, to $236.7 million for First Quarter 2026 from $197.8 million for First Quarter 2025, primarily driven by subscriber growth in domestic mobile device protection programs and trade-in performance within Connected Living, as well as growth in Global Automotive, mainly from higher investment income, including a $10.2 million gain on the sale of a real estate joint venture, and improved domestic loss experience.

Current wording

Adjusted EBITDA increased $81.9 million, or 21%, to $481.1 million for Six Months 2026 from $399.2 million for Six Months 2025, primarily driven by subscriber growth in device protection programs, higher contributions from global supply chain programs and higher net investment income in Global Automotive, including a $10.2 million gain on the sale of real estate joint venture in the first quarter of 2026.

Previous wording

Total revenues increased $79.3 million, or 11%, to $769.8 million for First Quarter 2026 from $690.5 million for First Quarter 2025. Net earned premiums increased $70.7 million, or 11%, primarily driven by Homeowners from higher lender-placed policies in-force and average premiums and growth across various specialty products, as well as growth in Renters and Other, primarily from the prior year acquisition of a block of renters policies. Net investment income increased $7.0 million, or 21%, primarily due to a gain on the sale of a real estate joint venture along with higher invested asset balances. Fees and other income increased $1.6 million, or 4%, primarily driven by continued growth in service fees within Homeowners.

Current wording

Total revenues increased $130.6 million, or 9%, to $1.55 billion for Six Months 2026 from $1.42 billion for Six Months 2025. Net earned premiums increased $121.0 million, or 10%, primarily driven by Homeowners from growth across various specialty products, higher lender-placed policies in-force and average insured values, as well as growth in Renters and Other, primarily from the prior year acquisition of a block of renters policies. Net investment income increased $8.2 million, or 12%, primarily due to a gain on the sale of a real estate joint venture as well as higher asset balances and yields. Fees and other income increased $1.4 million, or 2%, primarily driven by continued growth in service fees within Homeowners.

Previous wording

Total benefits, losses and expenses decreased $45.0 million, or 8%, to $533.1 million for First Quarter 2026 from $578.1 million for First Quarter 2025. Policyholder benefits decreased $69.1 million, or 21%, primarily due to lower reportable catastrophe losses, partially offset by higher non-catastrophe losses from severity and exposure growth, as well as $7.6 million of lower favorable year-over-year non-catastrophe prior year reserve development. First Quarter 2026 had $18.8 million of favorable non-catastrophe prior year reserve development compared to $26.4 million in First Quarter 2025. Selling and underwriting expenses increased $20.4 million, or 52%, primarily driven by lower National Flood Insurance Program commission income and higher Renters and Other commissions related to the prior year acquisition of a block of renters policies. General expenses increased $3.7 million, or 2%, primarily due to higher costs associated with net earned premium growth.

Current wording

Total benefits, losses and expenses decreased $54.1 million, or 5%, to $1.04 billion for Six Months 2026 from $1.10 billion for Six Months 2025. Policyholder benefits decreased $92.4 million, or 16%, primarily due to lower reportable catastrophe losses, partially offset by higher non-catastrophe losses from exposure growth, as well as $21.5 million of lower favorable year-over-year non-catastrophe prior year reserve development. Six Months 2026 had $41.9 million of favorable non-catastrophe prior year reserve development compared to $63.4 million in Six Months 2025. Selling and underwriting expenses increased $28.4 million, or 31%, primarily driven by lower National Flood Insurance Program commission income and higher Renters and Other commissions related to the prior year acquisition of a block of renters policies. General expenses increased $9.9 million, or 2%, primarily due to higher costs associated with net earned premium growth.

Previous wording

Total benefits, losses and expenses increased $7.0 million, or 20%, to $41.2 million for First Quarter 2026 from $34.2 million for First Quarter 2025, primarily driven by an increase in general expenses of $7.0 million, mostly due to higher investments in our home warranty business and higher employee-related expenses.

Current wording

Total benefits, losses and expenses increased $12.1 million, or 33%, to $48.8 million for Second Quarter 2026 from $36.7 million for Second Quarter 2025, driven by an increase in general expenses of $12.1 million, due to higher employee-related expenses and higher investments in our home warranty business.

Previous wording

Adjusted EBITDA decreased $3.9 million, or 14%, to $(31.9) million for First Quarter 2026 from $(28.0) million for First Quarter 2025. The change in results was primarily due to higher general expenses, primarily from investments in our home warranty business, partially offset by higher net investment income, as explained below.

Current wording

Adjusted EBITDA decreased $14.1 million, or 24%, to $(71.9) million for Six Months 2026 from $(57.8) million for Six Months 2025. The change in results was primarily due to higher general expenses, partially offset by higher net investment income, each as explained below.

Previous wording

We had total investments of $10.22 billion and $10.06 billion as of March 31, 2026 and December 31, 2025, respectively. Net unrealized losses on our fixed maturity securities portfolio increased $114.4 million during First Quarter 2026, from a $55.7 million unrealized loss at December 31, 2025 to a $170.1 million unrealized loss as of March 31, 2026, primarily due to an increase in Treasury rates.

Current wording

We had total investments of $10.46 billion and $10.06 billion as of June 30, 2026 and December 31, 2025, respectively. Net unrealized losses on our fixed maturity securities portfolio increased $87.9 million during Six Months 2026, from a $55.7 million unrealized loss at December 31, 2025 to a $143.6 million unrealized loss as of June 30, 2026, primarily due to an increase in Treasury rates.

Previous wording

Net investment income increased $34.8 million, or 28%, to $159.6 million for First Quarter 2026 from $124.8 million for First Quarter 2025. The increase was primarily driven by increased income in other investments due to a gain on the sale of a real estate joint venture, and increased income from fixed maturities related to higher yields and assets, partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Current wording

Net investment income increased $48.5 million, or 19%, to $302.0 million for Six Months 2026 from $253.5 million for Six Months 2025, primarily driven by increased income from fixed maturity securities related to higher yields and asset balances and a gain on the sale of a real estate joint venture in the first quarter of 2026. The increase in net investment income was partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Previous wording

As of March 31, 2026, we owned $14.5 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.6 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee.

Current wording

As of June 30, 2026, we owned $14.3 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.5 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee.

Previous 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

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 June 30, 2026, 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

As of March 31, 2026, we had approximately $836.0 million in holding company liquidity, $611.0 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 we seek to maintain, 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 $928.9 million as of March 31, 2026) 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 June 30, 2026, we had approximately $911.5 million in holding company liquidity, $686.5 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 we seek to maintain, 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 $1.04 billion as of June 30, 2026) 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 $137.6 million and $925.1 million for First Quarter 2026 and Twelve Months 2025, 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 $372.9 million and $925.1 million for Six Months 2026 and Twelve Months 2025, 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 First Quarter 2026, we made common stock repurchases and paid dividends to our common stockholders of $169.0 million. We paid dividends of $0.88 per common share on March 30, 2026 to stockholders of record as of February 17, 2026. Any determination to declare and pay future dividends is at the sole discretion of the Board of Directors (the “Board”) and depends upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. Payments of dividends on shares of common stock will be restricted if an event of default has occurred or if the proposed common stock dividend payment would cause an event of default under the Credit Facility (as defined below); or if we defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below).

Current wording

During Six Months 2026, we made common stock repurchases and paid dividends to our common stockholders of $292.0 million. We paid dividends of $0.88 per common share on June 29, 2026 to stockholders of record as of June 8, 2026. Any determination to declare and pay future dividends is at the sole discretion of the Board of Directors (the “Board”) and depends upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. Payments of dividends on shares of common stock will be restricted if an event of default has occurred or if the proposed common stock dividend payment would cause an event of default under the Credit Facility (as defined below); or if we defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below).

Previous wording

During First Quarter 2026, we repurchased 556,137 shares of our outstanding common stock at a cost of $125.0 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 a share repurchase program for up to $700.0 million of our outstanding common stock. As of March 31, 2026, $649.7 million aggregate cost at purchase remained unused under the November 2025 repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

Current wording

During Six Months 2026, we repurchased 866,226 shares of our outstanding common stock at a cost of $200.1 million, exclusive of commissions. In November 2025, the Board authorized a share repurchase program for up to $700.0 million of our outstanding common stock. As of June 30, 2026, $574.5 million aggregate cost at purchase remained unused under the November 2025 repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

Previous wording

We made no borrowings under the Credit Facility during First Quarter 2026, and no loans were outstanding under the Credit Facility as of March 31, 2026.

Current wording

We made no borrowings under the Credit Facility during Six Months 2026, and no loans were outstanding under the Credit Facility as of June 30, 2026.

Previous wording

We did not use the commercial paper program during First Quarter 2026 and there were no amounts relating to the commercial paper program outstanding as of March 31, 2026.

Current wording

We did not use the commercial paper program during Six Months 2026 and there were no amounts relating to the commercial paper program outstanding as of June 30, 2026.

Previous wording

Net cash provided by operating activities was $240.3 million for First Quarter 2026 compared to net cash provided by operating activities of $392.4 million for First Quarter 2025. The change in net operating cash flows was largely attributable to the timing of collections of premiums and fees in our mobile business.

Current wording

Net cash provided by operating activities was $694.7 million for Six Months 2026 compared to net cash provided by operating activities of $657.9 million for Six Months 2025. The change in net operating cash flows was largely attributable to growth in our Homeowners and Connected Living businesses and the timing of collections of premiums and fees in our mobile business in Connected Living.

Previous wording

Net cash used in investing activities was $282.3 million for First Quarter 2026 compared to net cash used in investing activities of $421.6 million for First Quarter 2025. The change in net investing cash flows was primarily driven by the reduction in investments purchased due to lower net cash provided by operating activities. Also contributing to the change was the increase in sales of short-term investments due to the timing of working capital needs.

Current wording

Net cash used in investing activities was $506.4 million for Six Months 2026 compared to net cash used in investing activities of $784.5 million for Six Months 2025. The change in net investing cash flows was primarily driven by higher sales of fixed maturity securities during Six Months 2026 and an increase in sales of short-term investments due to the timing of working capital needs.

Previous wording

Net cash used in financing activities was $202.6 million for First Quarter 2026 compared to net cash used in financing activities of $118.7 million for First Quarter 2025. The change in net financing cash flows was primarily due to higher share repurchases for First Quarter 2026.

Current wording

Net cash used in financing activities was $325.9 million for Six Months 2026 compared to net cash used in financing activities of $223.0 million for Six Months 2025. The change in net financing cash flows was primarily due to higher share repurchases during Six Months 2026.

Previous 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 of letters of credit outstanding as of March 31, 2026 and December 31, 2025.

Current wording

In the normal course of business, letters of credit are issued for various purposes. 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 $1.4 million and $1.7 million of letters of credit outstanding as of June 30, 2026 and December 31, 2025, respectively.