Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 13

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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ed EBITDA, our segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.   

Executive Summary

Summary of Financial Results 

32

Consolidated net income decreased $89.8 million, or 38%, to $146.6 million for First Quarter 2025 from $236.4 million for First Quarter 2024, primarily due to higher reportable catastrophes within Global Housing. The decrease was partially offset by growth within Global Housing, excluding the impact of reportable catastrophes.

Global Lifestyle Adjusted EBITDA decreased $9.9 million, or 5%, to $197.8 million for First Quarter 2025 from $207.7 million for First Quarter 2024, driven primarily by lower results in Connected Living. Excluding a previously disclosed one-time client contract benefit in the First Quarter 2024 of $6.9 million and the impact of unfavorable foreign exchange of $5.7 million, underlying growth was driven by Connected Living, including contributions from a new financial services program, partially offset by lower results in mobile. Global Automotive results were largely stable, as lower investment income and the impact of unfavorable foreign exchange was offset by improved loss experience. 

Global Lifestyle net earned premiums, fees and other income increased $118.8 million, or 5%, to $2.31 billion for First Quarter 2025 from $2.19 billion for First Quarter 2024, primarily driven by Connected Living from growth in global mobile device protection and a new financial services program.

Global Housing Adjusted EBITDA decreased $80.1 million, or 42%, to $112.4 million for First Quarter 2025 from $192.5 million for First Quarter 2024, primarily due to $143.8 million of higher pre-tax reportable catastrophes, of which approximately $125 million was from the California wildfires, inclusive of estimated recoveries from subrogation. Excluding reportable catastrophes, Adjusted EBITDA increased $63.7 million, or 31%, primarily from continued top-line growth within Homeowners, including higher policies in-force from voluntary insurance market pressure, and favorable non-catastrophe loss experience from lower claims frequency. Results included $26.4 million of favorable prior year reserve