Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 123

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 123
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(477.5)(403.9)Effect of exchange rate changes on cash and cash equivalents(17.1)(5.8)Net change in cash$180.3 $90.7 

Cash Flows for the Years Ended December 31, 2024 and 2023

Operating Activities 

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 $1.33 billion and $1.14 billion for Twelve Months 2024 and Twelve Months 2023, respectively. The change in net operating cash flows was largely attributable to the timing of tax payments as we received a refund in 2024 related to prior year tax returns as compared to payments in 2023. Also contributing to the change were lower profit share payments to our clients in domestic automotive due to higher losses from inflation. This was partially offset by higher net paid claims and an increase in employee incentive-based payments largely based on the performance of the Company.

Investing Activities 

Net cash used in investing activities was $657.8 million and $637.7 million for Twelve Months 2024 and Twelve Months 2023, respectively. The change in net investing cash flows was primarily driven by the increased investment of net cash 

60

provided by operating activities and reinvestment of proceeds from the sale of fixed maturity securities during the period. Also contributing to the change was a decrease in sales of short-term investments due to the timing of working capital needs.

Financing Activities 

Net cash used in financing activities was $477.5 million and $403.9 million for Twelve Months 2024 and Twelve Months 2023, respectively. The change in net financing cash flows was primarily due to higher share repurchases for Twelve Months 2024 and the issuance of the 2026 Senior Notes during Twelve Months 2023, partially offset by the redemption of our 4.20% 2023 Senior Notes during Twelve Month 2023. For additional information on our debt, see Note 18 to the Consolidated Financial Statements included elsewhere in this Report.

The table below shows our cash outflows for taxes, interest and dividends