Assurant (AIZ) Q4 2025 earnings summary

Executive summary

• Achieved ninth consecutive year of profitable growth, with double-digit increases in adjusted EBITDA and EPS, both excluding and including catastrophes for 2025; net income rose 15% year-over-year, with strong performance across Global Lifestyle and Global Housing.

• Recognized by Forbes and Fortune for employer excellence and innovation, reflecting a strong, collaborative culture.

• Continued to expand partnerships, launch new products such as Home Warranty, and invest in innovation, driving operational efficiencies and customer experience improvements.

• Since 2020, adjusted EBITDA (ex-CATs) grew at an 11% CAGR, and adjusted EPS (ex-CATs) reached $22.81, with high teens CAGR.

• Five-year average ROE was ~14%, and return on tangible equity exceeded 30%, delivering a 93% total shareholder return.

Financial highlights

• 2025 adjusted EBITDA grew 11% and adjusted EPS grew 12% year-over-year, both excluding catastrophes; including catastrophes, adjusted EBITDA and EPS grew 16% and 19%.

• GAAP net income for 2025 rose 15% to $872.7M; adjusted EPS (ex-CATs) was $22.81, up 12%.

• Global Housing delivered 15% adjusted EBITDA growth (ex-CATs), marking the third consecutive year of double-digit earnings growth.

• Global Lifestyle segment saw mid-single-digit adjusted EBITDA growth, with strong contributions from Connected Living and Global Automotive.

• Liquidity at year-end was $887M; $468M returned to shareholders in 2025 via share repurchases and dividends.

Outlook and guidance

• 2026 full-year adjusted EBITDA and EPS expected to be consistent with 2025, excluding CATs and $113M prior-year reserve development; mid to high single-digit growth anticipated when excluding prior-year reserve impact.

• Global Lifestyle expected to lead growth with high single-digit earnings expansion; Global Housing to show solid underlying growth.

• 2026 share repurchases guided at $250M–$350M, up from last year’s range.

• Annual catastrophe load assumption for 2026 is $180–$185M.

• Corporate and Other Adjusted EBITDA loss expected to approximate $140M, reflecting investments in Home Warranty.