Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 26

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 26
---
 in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $500.0 million was available as of March 31, 2025. 

We did not use the commercial paper program during First Quarter 2025 and there were no amounts relating to the commercial paper program outstanding as of March 31, 2025. 

Cash Flows

We monitor cash flows at the consolidated, holding company and subsidiary levels. Cash flow forecasts at the consolidated and subsidiary levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs making adjustments to the forecasts when needed.

The table below shows our net cash flows for the periods indicated: 

 For the Three Months Ended March 31,Net cash provided by (used in):20252024Operating activities$392.4 $82.5 Investing activities(421.6)(328.2)Financing activities(118.7)(96.2)Effect of exchange rate changes on cash and cash equivalents 9.8 (3.6)Net change in cash$(138.1)$(345.5)

We typically generate operating cash inflows from premiums collected from our insurance products, fees received for services and income received from our investments, while outflows consist of policy acquisition costs, benefits paid and operating expenses. These net cash flows are then invested to support the obligations of our insurance products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees, and investment income received and expenses paid.

Net cash provided by operating activities was $392.4 million for First Quarter 2025 compared to net cash provided by operating activities of $82.5 million for First Quarter 2024. The change in net operating cash flows was largely attributable to business growth in Homeowners, growth in global mobile device protection programs and a newly launched program in financial services.  Also contributing to the increase was the timing of vendor payments.  This was partially offset by higher net paid claims.  

Net cash used in investing activities was $421.6 million for First Quarter 2025 compared to net cash used in investing activities of $328.2 million for First Quarter 2024. The change in