Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 22

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 22
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 $0.4 million, or 1%, to $37.3 million for Third Quarter 2025 from $37.7 million for Third Quarter 2024, primarily driven by lower third-party expenses.

For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Adjusted EBITDA decreased $2.9 million, or 3%, to $(89.4) million for Nine Months 2025 from $(86.5) million for Nine Months 2024. The change in results was primarily due to lower net investment income and higher employee-related expenses.

Total revenues decreased $2.1 million, or 10%, to $18.8 million for Nine Months 2025 from $20.9 million for Nine Months 2024, primarily driven by decrease in net investment income of $3.4 million, or 17%, mainly due to lower invested assets, partially offset by an increase in fees and other income of $1.3 million, mostly due to the sale of Internet Protocol addresses.

Total benefits, losses and expenses increased $0.8 million, or 1%, to $108.2 million for Nine Months 2025 from $107.4 million for Nine Months 2024, primarily driven by higher employee-related expenses.

41

Investments

We had total investments of $9.78 billion and $8.54 billion as of September 30, 2025 and December 31, 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $287.4 million during Nine Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $62.3 million unrealized loss as of September 30, 2025, primarily due to a reduction in Treasury rates.

The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated:

 Fair value as ofFixed Maturity Securities by Credit Quality September 30, 2025December 31, 2024Aaa / Aa / A$4,616.7 55.7 %$3,987.5 55.6 %Baa3,079.5 37.1 %2,699.7 37.6 %Ba510.3 6.2 %415.7 5.8 %B and lower88.2 1.0 %72.