Assurant (AIZ) Q2 2025 earnings summary

Executive summary

• Achieved 25% year-over-year GAAP net income growth to $235.3 million and double-digit adjusted EBITDA and EPS growth in Q2 2025, driven by strong Global Housing and Global Lifestyle performance and lower catastrophe losses.

• Adjusted EBITDA increased 14% and adjusted EPS rose 16% year-to-date, both excluding catastrophes.

• Strategic investments in technology, automation, and acquisitions, including AI-enabled platforms, have driven subscriber and client growth across key markets.

• Maintained a strong capital position, generating $298M in cash and returning $209M to shareholders in the first half of 2025.

• Demonstrated resilience with an 18% five-year CAGR in Adjusted EPS and 12% five-year CAGR in Adjusted EBITDA, excluding catastrophes.

Financial highlights

• Q2 2025 GAAP net income: $235.3M, up 25% year-over-year; Adjusted EBITDA: $386.0M, up 19%; Adjusted EBITDA excluding catastrophes: $415.8M, up 13%.

• Q2 2025 Adjusted EPS (excluding catastrophes): $5.56, up 17% year-over-year.

• Revenues for Q2 2025 grew 8% year-over-year to $3.16 billion; net earned premiums up 6% to $2.59 billion.

• Holding company liquidity at quarter end was $518 million; $230 million of cash flow upstreamed to holding company in Q2.

• $105 million returned to shareholders in Q2, including $62 million in share repurchases through August 1st.

Outlook and guidance

• Full-year 2025 adjusted EPS growth expected to approach 10%, with mid to high single-digit adjusted EBITDA growth, both excluding catastrophes.

• Share repurchases for 2025 expected to be $250–$300 million, at the upper end of guidance.

• Management expects sufficient liquidity for the next twelve months, with $517.8 million in holding company liquidity as of June 30, 2025.

• Outlook incorporates macroeconomic factors such as tariffs, inflation, FX, and interest rates.

• No material impact anticipated from recent U.S. tax legislation changes.