Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 113

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 113
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 unfavorable impact of foreign exchange. The decrease in Adjusted EBITDA was partially offset by higher net investment income across Global Lifestyle, as well as improved contributions from our financial services business and improved results within extended service contracts.

Total revenues increased $415.0 million, or 5%, to $9.32 billion for Twelve Months 2024 from $8.91 billion for Twelve Months 2023. Fees and other income increased $262.5 million, or 22%, primarily due to contributions from newly launched global mobile trade-in programs. Net earned premiums increased $143.4 million, or 2%, primarily driven by growth from global mobile device protection programs and newly launched program within financial services in Connected Living, partially offset by a decline in extended service contracts in Connected Living and the unfavorable impact of foreign exchange. Net investment income increased $9.1 million, or 3%, primarily due to higher yields on cash, short-term investments and fixed maturity securities.

Total benefits, losses and expenses increased $433.9 million, or 5%, to $8.55 billion for Twelve Months 2024 from $8.12 billion for Twelve Months 2023. Cost of sales increased $277.4 million, or 49% mainly due to newly launched global mobile programs. Policyholder benefits increased $130.7 million, or 8%, primarily due to elevated claims costs in Global Automotive, as described above, and from higher claims in the global mobile device protection business and global financial services in Connected Living, partially offset by lower losses for extended service contracts in Connected Living in line with the decrease in net earned premiums. General expenses increased $44.7 million, or 4%, due to higher employee-related and information 

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technology expenses to support growth, as well as higher expenses relating to investments in new client programs and capabilities in Connected Living, as described above. Selling and underwriting expenses decreased $18.9 million, or 0.4% mainly due to lower commission expenses for extended service contracts in Connected Living and Global Automotive, partially offset by higher commissions from global mobile device protection programs.

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Global Housing 

The table below presents information regarding the Global Housing segment’s results of operations for the periods indicated:

 For the Years Ended December 31, 20242023Revenues:Net earned premiums$2,281.0 $2,014.5 Fees and other income176.0 128.4 Net investment income127.3 109.7 Total revenues2,