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ASSURANT, INC.

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 5, 2026

AIZ$307.00+0.0%Stored close · as of Nov 6, 2026

What changed in Management’s Discussion and Analysis?

Read the current filing

Previous report: 10-Q

Period ended 2026-06-30; filed 2026-08-06.

0001267238-26-000041

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Current report: 10-Q

Period ended 2026-09-30; filed 2026-11-05.

0001267238-26-000046

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.

Compared 141 previous paragraphs and 133 current paragraphs.

91 unchanged; 33 reworded; 8 added; 17 removed; 0 previous and 1 current paragraphs rearranged.

Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.

A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.

Added paragraphs (8)

Current report

Adjusted EBITDA increased $30.1 million, or 15%, to $236.9 million for Third Quarter 2026 from $206.8 million for Third Quarter 2025, primarily driven by Connected Living growth, reflecting global mobile growth across supply chain programs and device protection, as well as higher contributions from financial services. Global Automotive results for Third Quarter 2026 were slightly above Third Quarter 2025 results, as improved loss experience and continued growth from global partnerships were largely offset by the absence of the previously disclosed Third Quarter 2025 non-run rate benefit of $6.1 million.

Current report

Adjusted EBITDA increased $112.0 million, or 18%, to $718.0 million for Nine Months 2026 from $606.0 million for Nine Months 2025, primarily driven by Connected Living growth from device protection and supply chain programs, as well as improved loss experience in Global Automotive and higher contributions from financial services in Connected Living.

Current report

Total revenues increased $42.3 million, or 6%, to $781.2 million for Third Quarter 2026 from $738.9 million for Third Quarter 2025. Net earned premiums increased $44.1 million, or 7%, primarily driven by growth across Homeowners from specialty products, lower catastrophe reinsurance costs and higher average insured values within lender-placed. Net investment income increased $0.3 million, or 1%, primarily due to higher yields and asset balances for fixed maturity securities, partially offset by lower asset balances and yields for cash and short-term investments. Fees and other income decreased $2.1 million, or 4%, primarily driven by a decline in service fees.

Current report

Adjusted EBITDA increased $196.7 million, or 34%, to $779.8 million for Nine Months 2026 from $583.1 million for Nine Months 2025, mainly due to $133.1 million of lower pre-tax reportable catastrophes, favorable non-catastrophe loss experience, primarily from lower claims severity and frequency, growth across various specialty products within Homeowners and Renters and Other, and lower catastrophe reinsurance costs. This increase in Adjusted EBITDA was partially offset by $30.3 million of lower favorable year-over-year non-catastrophe prior year reserve development.

Current report

Total revenues increased $172.9 million, or 8%, to $2.33 billion for Nine Months 2026 from $2.16 billion for Nine Months 2025. Net earned premiums increased $165.1 million, or 9%, primarily driven by Homeowners from growth across various specialty products, higher average premiums within lender-placed, and lower catastrophe reinsurance costs, as well as growth in Renters and Other. Net investment income increased $8.5 million, or 8%, primarily due to higher yields and asset balances for fixed maturity securities, along with a gain on the sale of a real estate joint venture, partially offset by lower yields on cash and short-term investments. Fees and other income decreased $0.7 million, primarily driven by a decline in service fees.

Current report

Total revenues increased $4.4 million, or 77%, to $10.1 million for Third Quarter 2026 from $5.7 million for Third Quarter 2025, driven by an increase in net investment income of $4.4 million, or 77%, mostly due to higher asset balances for fixed maturity securities.

Current report

Net realized losses on investments and fair value changes to equity securities increased $11.7 million, or 86%, to $25.3 million for Third Quarter 2026 from $13.6 million for Third Quarter 2025, primarily driven by fair value changes in equity securities reflecting increased losses on preferred stocks, mostly related to an increase in interest rates, as well as increased losses in other investments related to hedging. This was partially offset by reduced losses on sales of fixed maturity securities.

Current report

Net realized losses on investments and fair value changes to equity securities increased $5.4 million, or 11%, to $56.7 million for Nine Months 2026 from $51.3 million for Nine Months 2025, primarily driven by fair value changes in equity securities reflecting increased losses on preferred stocks mostly related to an increase in interest rates, as well as increased losses in other investments related to hedging. This was partially offset by reduced losses on sales of fixed maturity securities.
Removed paragraphs (17)

Previous report

Consolidated 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 driven by higher Global Lifestyle and Global Housing earnings, and lower reportable catastrophes, partially offset by the impact of a higher effective tax rate and higher Corporate and Other expenses.

Previous report

Global Lifestyle Adjusted EBITDA increased $43.0 million, or 21%, to $244.4 million for Second Quarter 2026 from $201.4 million for Second Quarter 2025, driven by earnings growth across Connected Living and Global Automotive. Connected Living increased 29%, including $10.2 million of favorable non-run rate benefits in Second Quarter 2026. Excluding this, earnings grew 22%, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from financial services. Global Automotive results increased from growth within global partnerships.

Previous report

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 report

Global Housing Adjusted EBITDA increased $60.4 million, or 28%, to $274.8 million for Second Quarter 2026 from $214.4 million for Second Quarter 2025. Results included $17.6 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $42.8 million, or 18%, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency. In Homeowners, results also benefitted from lower catastrophe reinsurance costs and growth in specialty products and lender-placed insurance. Global Housing growth was partially offset by $11.6 million of lower favorable prior period reserve development.

Previous report

Global Housing net earned premiums, fees and other income increased $50.1 million, or 7%, to $747.8 million for Second Quarter 2026 from $697.7 million for Second Quarter 2025, primarily driven by Homeowners due to growth in specialty products and lender-placed insurance, and lower catastrophe reinsurance costs.

Previous report

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 report

Adjusted EBITDA increased $43.0 million, or 21%, to $244.4 million for Second Quarter 2026 from $201.4 million for Second Quarter 2025, primarily driven by Connected Living growth from higher contributions from global supply chain programs and financial services, $10.2 million of non-run rate items in Second Quarter 2026, as well as subscriber growth in device protection programs. In addition, Global Automotive results also drove the increase due to higher global partnership contributions.

Previous report

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 report

Total revenues increased $51.3 million, or 7%, to $783.4 million for Second Quarter 2026 from $732.1 million for Second Quarter 2025. Net earned premiums increased $50.3 million, or 8%, primarily driven by growth in various specialty products, lower catastrophe reinsurance premiums, higher average premiums in Homeowners, as well as growth in the private flood business. Net investment income increased $1.2 million, or 3%, primarily due to higher asset balances and yields. Fees and other income decreased $0.2 million.

Previous report

Adjusted EBITDA increased $184.7 million, or 57%, to $511.5 million for Six Months 2026 from $326.8 million for Six Months 2025, mainly due to $149.9 million of lower pre-tax reportable catastrophes primarily related to the California wildfires, growth across both Homeowners and Renters and Other, and higher net investment income. This increase in Adjusted

Previous report

EBITDA was partially offset by unfavorable non-catastrophe loss experience, due to $21.5 million of lower favorable year-over-year non-catastrophe prior year reserve development and higher costs associated with growth.

Previous report

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 report

Total revenues increased $1.9 million, or 28%, to $8.8 million for Second Quarter 2026 from $6.9 million for Second Quarter 2025, driven by an increase in net investment income of $3.2 million, or 57%, mostly due to higher asset balances and yields on fixed maturity securities and higher cash levels, partially offset by a decrease in fees and other income of $1.3 million, mostly due to the absence of proceeds on the sale of Internet Protocol addresses from Second Quarter 2025.

Previous report

Net realized losses on investments and fair value changes to equity securities decreased $11.5 million, or 53%, to $10.2 million for Second Quarter 2026 from $21.7 million for Second Quarter 2025, primarily driven by reduced sales of fixed maturity and equity securities.

Previous report

Net realized losses on investments and fair value changes to equity securities decreased $6.3 million, or 17%, to $31.4 million for Six Months 2026 from $37.7 million for Six Months 2025, primarily driven by reduced sales of fixed maturity and equity securities.
Reworded paragraphs (33)

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 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”).

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 nine months ended September 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 nine months ended September 30, 2026 (“Third Quarter 2026” and “Nine Months 2026”) and the three and nine months ended September 30, 2025 (“Third Quarter 2025” and “Nine Months 2025”).

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 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 and Other 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. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors” below and in our 2025 Annual Report, and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Factors Affecting Results” in our 2025 Annual Report.

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. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive, and Renters and Other 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. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors” below and in our 2025 Annual Report, and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Factors Affecting Results” 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 Second 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 Third Quarter 2026.

Previous 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.

Current wording

Net income increased $9.6 million, or 4%, to $275.2 million for Third Quarter 2026 from $265.6 million for Third Quarter 2025, primarily due to higher earnings in Global Lifestyle and Global Housing. The increase in net income was partially offset by $14.0 million of higher after-tax reportable catastrophes, higher net realized losses on investments and fair value changes to equity securities, higher Corporate and Other expenses, and a higher annualized effective tax rate, mainly due to higher tax credits reported in the prior year.

Previous wording

Net income increased $190.8 million, or 50%, to $572.7 million for Six Months 2026 from $381.9 million for Six Months 2025, primarily driven by $118.6 million of lower after-tax reportable catastrophes and higher earnings in Global Lifestyle and Global Housing. The increase in net income was partially offset by $13.4 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and higher Corporate and Other expenses.

Current wording

Net income increased $200.4 million, or 31%, to $847.9 million for Nine Months 2026 from $647.5 million for Nine Months 2025, primarily driven by $104.6 million of lower after-tax reportable catastrophes and higher earnings in Global Lifestyle and Global Housing. The increase in net income was partially offset by $18.6 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and higher Corporate and Other expenses.

Previous wording

Total revenues increased $231.7 million, or 10%, to $2.67 billion for Second Quarter 2026 from $2.44 billion for Second Quarter 2025. Net earned premiums increased $129.7 million, or 7%, primarily driven by Connected Living growth from device protection programs, extended service contracts, including a recently launched U.S. program, and financial services, including a card benefits program. Fees and other income increased $92.4 million, or 22%, primarily driven by higher volumes in domestic supply chain programs within Connected Living. Net investment income increased $9.6 million, or 11%, primarily driven by fixed maturity securities due to higher asset balances and yields.

Current wording

Total revenues increased $264.1 million, or 11%, to $2.76 billion for Third Quarter 2026 from $2.50 billion for Third Quarter 2025. Net earned premiums increased $157.6 million, or 8%, primarily driven by Connected Living growth from device protection programs and extended service contracts, including a recently launched U.S. program, growth from global partnerships in Global Automotive and higher contributions from financial services in Connected Living. Fees and other income increased $97.3 million, or 22%, primarily driven by higher volumes in domestic supply chain programs within Connected Living. Net investment income increased $9.2 million, or 10%, primarily driven by fixed maturity securities due to higher asset balances and yields.

Previous 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.

Current wording

Total benefits, losses and expenses increased $234.0 million, or 10%, to $2.52 billion for Third Quarter 2026 from $2.29 billion for Third Quarter 2025. Selling and underwriting expenses increased $79.0 million, or 6%, primarily due to an increase in commission expenses in Connected Living, mainly related to growth from extended service contracts and device protection programs, and Global Automotive in line with the increase in net earned premiums. Cost of sales increased$63.9 million, or 26%, mainly driven by higher volumes in domestic supply chain programs. Policyholder benefits increased $62.5 million, or 13%, primarily due togrowth in extended service contracts, including a recently launched U.S. program, and higher losses within financial services in Connected Living. General expenses increased $28.6 million, or 9%, primarily due to higher employee-related costs and expenses to support growth initiatives.

Previous wording

Total revenues increased $501.0 million, or 10%, to $5.33 billion for Six Months 2026 from $4.83 billion for Six Months 2025. Net earned premiums increased $278.4 million, or 7%, primarily driven by growth in Connected Living from device protection programs, extended service contracts, including a recently launched U.S. program, and financial services, including a card benefits program. Fees and other income increased $188.1 million, or 24%, primarily driven by higher volumes in domestic supply chain programs within Connected Living. Net investment income increased $34.5 million, or 20%, primarily driven by fixed maturity securities due to higher asset balances and yields and the aforementioned gain on the sale of a real estate joint venture in the first quarter of 2026.

Current wording

Total revenues increased $765.1 million, or 10%, to $8.09 billion for Nine Months 2026 from $7.33 billion for Nine Months 2025. Net earned premiums increased $436.0 million, or 7%, primarily driven by growth in Connected Living from device protection programs, extended service contracts, including a recently launched U.S. program, and financial services, including a card benefits program, and growth from global partnerships in Global Automotive. Fees and other income increased $285.4 million, or 24%, primarily driven by higher volumes in domestic supply chain programs within Connected Living. Net investment income increased $43.7 million, or 17%, primarily driven by fixed maturity securities due to higher asset balances and yields and a gain on the sale of a real estate joint venture in the first quarter of 2026.

Previous wording

Total benefits, losses and expenses increased $419.1 million, or 9%, to $4.85 billion for Six Months 2026 from $4.43 billion for Six Months 2025. Cost of sales increased $151.4 million, or 36%, mainly driven by higher volumes in domestic supply chain programs. Policyholder benefits increased $112.3 million, or 12%, primarily due to Connected Living, mainly from growth in extended service contracts, including a recently launched U.S. program, and higher losses within financial services. Selling and underwriting expenses increased $98.9 million, or 4%, 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 $56.5 million, or 9%, primarily due to higher employee-related expenses to support growth initiatives.

Current wording

Total benefits, losses and expenses increased $653.1 million, or 10%, to $7.37 billion for Nine Months 2026 from $6.72 billion for Nine Months 2025. Cost of sales increased $215.3 million, or 32%, mainly driven by higher volumes in domestic supply chain programs. Selling and underwriting expenses increased $177.9 million, or 5%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from device protection programs and extended service contracts in line with the increase in net earned premiums. Policyholder benefits increased $174.8 million, or 13%, primarily due to growth in extended service contracts, including a recently launched U.S. program, and higher losses within financial services in Connected Living. General expenses increased $85.1 million, or 9%, primarily due to higher employee-related costs and expenses to support growth initiatives.

Previous wording

Adjusted EBITDA increased $60.4 million, or 28%, to $274.8 million for Second Quarter 2026 from $214.4 million for Second Quarter 2025, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency, $17.6 million of lower pre-tax reportable catastrophes, lower catastrophe reinsurance costs and growth in various specialty products and lender-placed insurance, as well as modest growth in Renters and Other. This increase was partially offset by $11.6 million of lower favorable year-over-year non-catastrophe prior period reserve development and higher costs associated with growth.

Current wording

Adjusted EBITDA increased $12.0 million, or 5%, to $268.3 million for Third Quarter 2026 from $256.3 million for Third Quarter 2025, mainly driven by favorable non-catastrophe loss experience, primarily from lower claims frequency, and lower catastrophe reinsurance costs. This increase was partially offset by $16.8 million of higher pre-tax reportable catastrophes and $7.9 million of lower favorable year-over-year non-catastrophe prior period reserve development.

Previous wording

Total benefits, losses and expenses decreased $9.1 million, or 2%, to $508.6 million for Second Quarter 2026 from $517.7 million for Second Quarter 2025. Policyholder benefits decreased $23.3 million, or 9%, primarily due to lower frequency for non-catastrophe losses and lower reportable catastrophe losses, partially offset by exposure growth for non-catastrophe losses and $11.6 million of lower favorable year-over-year non-catastrophe prior period reserve development. Second Quarter 2026 had $22.3 million of favorable non-catastrophe prior period reserve development compared to $33.9 million in Second Quarter 2025. Selling and underwriting expenses increased $8.0 million, or 15%, primarily driven by lower National Flood Insurance Program commission income and higher commissions related to growth across various products. General expenses increased $6.2 million, or 3%, primarily due to higher costs associated with net earned premium growth.

Current wording

Total benefits, losses and expenses increased $30.3 million, or 6%, to $512.9 million for Third Quarter 2026 from $482.6 million for Third Quarter 2025. General expenses increased $13.2 million, or 6%, primarily due to higher expenses associated with net earned premium growth. Policyholder benefits increased $10.5 million, or 5%, primarily due to higher reportable catastrophe losses and lower favorable year-over-year non-catastrophe prior period reserve development. Third Quarter 2026 had $20.6 million of favorable non-catastrophe prior period reserve development compared to $28.5 million in Third Quarter 2025. This increase in policyholder benefits was partially offset by lower frequency for non-catastrophe losses. Selling and underwriting expenses increased $6.6 million, or 12%, primarily driven by higher commissions related to growth across various products.

Previous 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.

Current wording

Total benefits, losses and expenses decreased $23.8 million, or 2%, to $1.55 billion for Nine Months 2026 from $1.58 billion for Nine Months 2025. Policyholder benefits decreased $81.9 million, or 10%, primarily due to lower reportable catastrophe losses and lower severity and frequency for non-catastrophe losses, partially offset by higher non-catastrophe losses from exposure growth, as well as $30.3 million of lower favorable year-over-year non-catastrophe prior year reserve development. Nine Months 2026 had $60.7 million of favorable non-catastrophe prior year reserve development compared to $91.0 million in Nine Months 2025. Selling and underwriting expenses increased $35.0 million, or 24%, primarily driven by Homeowners growth across various specialty products, lower National Flood Insurance Program commission income, and higher Renters and Other commissions. General expenses increased $23.1 million, or 4%, primarily due to higher expenses associated with net earned premium growth.

Previous wording

The tables below present information regarding the Corporate and Other’s segment results of operations for the periods indicated:

Current wording

The tables below present information regarding the Corporate and Other segment’s results of operations for the periods indicated:

Previous wording

Adjusted EBITDA decreased $10.2 million, or 34%, to $(40.0) million for Second Quarter 2026 from $(29.8) million for Second Quarter 2025, primarily due to higher general expenses, partially offset by higher net investment income, each as explained below.

Current wording

Adjusted EBITDA decreased $9.2 million, or 29%, to $(40.8) million for Third Quarter 2026 from $(31.6) million for Third Quarter 2025, primarily due to higher general expenses, partially offset by higher net investment income, each as explained below.

Previous 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.

Current wording

Total benefits, losses and expenses increased $13.6 million, or 36%, to $50.9 million for Third Quarter 2026 from $37.3 million for Third Quarter 2025, driven by an increase in general expenses of $13.6 million, due to higher employee-related expenses and investments to support our home warranty business.

Previous 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.

Current wording

Adjusted EBITDA decreased $23.3 million, or 26%, to $(112.7) million for Nine Months 2026 from $(89.4) million for Nine 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

Total revenues increased $5.0 million, or 38%, to $18.1 million for Six Months 2026 from $13.1 million for Six Months 2025, driven by an increase in net investment income of $6.7 million, or 59%, mainly due to higher asset balances and yields on fixed maturity securities and higher cash levels, partially offset by a decrease in fees and other income of $1.7 million, mostly due to the absence of proceeds on the sale of Internet Protocol addresses from Six Months 2025.

Current wording

Total revenues increased $9.4 million, or 50%, to $28.2 million for Nine Months 2026 from $18.8 million for Nine Months 2025, driven by an increase in net investment income of $11.1 million, or 65%, mainly due to higher asset balances for fixed maturity securities, partially offset by a decrease in fees and other income of $1.7 million, mostly due to the absence of proceeds on the sale of Internet Protocol addresses from Nine Months 2025.

Previous wording

Total benefits, losses and expenses increased $19.1 million, or 27%, to $90.0 million for Six Months 2026 from $70.9 million for Six Months 2025, driven by an increase in general expenses of $19.1 million, due to higher investments in our home warranty business and higher employee-related expenses.

Current wording

Total benefits, losses and expenses increased $32.7 million, or 30%, to $140.9 million for Nine Months 2026 from $108.2 million for Nine Months 2025, driven by an increase in general expenses of $32.7 million, due to higher investments to support our home warranty business and higher employee-related expenses.

Previous 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.

Current wording

We had total investments of $10.49 billion and $10.06 billion as of September 30, 2026 and December 31, 2025, respectively. Net unrealized losses on our fixed maturity securities portfolio increased $449.7 million during Nine Months 2026, from a $55.7 million unrealized loss at December 31, 2025 to a $505.4 million unrealized loss as of September 30, 2026, primarily due to an increase in Treasury rates.

Previous wording

Net investment income increased $13.7 million, or 11%, to $142.4 million for Second Quarter 2026 from $128.7 million for Second Quarter 2025, primarily driven by increased income from fixed maturity securities related to higher yields and asset balances, partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Current wording

Net investment income increased $13.7 million, or 10%, to $147.2 million for Third Quarter 2026 from $133.5 million for Third Quarter 2025, primarily driven by higher fixed maturity asset levels and higher yields, partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Previous 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.

Current wording

Net investment income increased $62.2 million, or 16%, to $449.2 million for Nine Months 2026 from $387.0 million for Nine Months 2025, primarily driven by higher fixed maturity asset levels and higher yields, and a gain on the sale of a real estate joint venture in the first quarter of 2026. This increase was partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Previous 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.

Current wording

As of September 30, 2026, we owned $5.4 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $4.6 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.

Previous wording

Effective April 2026, coverage was placed with various reinsurers that are all rated A- or better by A.M. Best. 2026 reinsurance premiums for the total program are estimated to be $181.7 million pre-tax, compared to $210.0 million pre-tax for 2025. The estimate for 2026 premiums reflects our exposure changes, expected Florida Hurricane Catastrophe Fund (“FHCF”)

Current wording

Effective April 2026, coverage was placed with various reinsurers that are all rated A- or better by A.M. Best. 2026 reinsurance premiums for the total program are estimated to be $183.4 million pre-tax, compared to $210.0 million pre-tax for

Previous wording

program impacts and favorable underlying rates from improved reinsurance market conditions. Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.

Current wording

The estimate for 2026 premiums reflects our exposure changes, expected Florida Hurricane Catastrophe Fund (“FHCF”) program impacts and favorable underlying rates from improved reinsurance market conditions. Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.

Previous 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.

Current wording

As of September 30, 2026, we had approximately $954.3 million in holding company liquidity, $729.3 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 $1.05 billion as of September 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 $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.

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 $599.3 million and $925.1 million for Nine 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 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).

Current wording

31, 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 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.

Current wording

During Nine Months 2026, we repurchased 1,134,274 shares of our outstanding common stock at a cost of $275.1 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 September 30, 2026, $499.5 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 Six Months 2026, and no loans were outstanding under the Credit Facility as of June 30, 2026.

Current wording

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

Previous 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.

Current wording

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

Previous 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.

Current wording

Net cash provided by operating activities was $1.38 billion for Nine Months 2026 compared to net cash provided by operating activities of $1.16 billion for Nine Months 2025. The change in net operating cash flows was largely attributable to growth in our Homeowners and Connected Living businesses and favorable year-over-year catastrophe losses, partially offset by the timing of premium collections in our mobile business in Connected Living.

Previous 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.

Current wording

Net cash used in investing activities was $993.1 million for Nine Months 2026 compared to net cash used in investing activities of $1.05 billion for Nine Months 2025. The change in net investing cash flows was primarily driven by an increase in sales of short-term investments due to the timing of working capital needs, partially offset by the investment of net cash provided by operating activities and the reinvestment of proceeds from the sale of fixed maturity securities.

Previous 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.

Current wording

Net cash used in financing activities was $449.5 million for Nine Months 2026 compared to net cash used in financing activities of $228.0 million for Nine Months 2025. The change in net financing cash flows was primarily due to the issuance of our 5.55% Senior Notes due February 2036 during Nine Months 2025 and higher share repurchases during Nine Months 2026, partially offset by the redemption of our 6.10% Senior Notes due February 2026 during Nine Months 2025.
Rearranged current paragraphs (1)

Current report — wording carried from elsewhere

During Nine Months 2026, we made common stock repurchases and paid dividends to our common stockholders of $410.6 million. We paid dividends of $0.88 per common share on September 28, 2026 to stockholders of record as of August