Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 17

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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-in programs within Connected Living, as well as growth in Global Automotive, including a non-run rate benefit of $6.1 million and improved loss experience. 

Total revenues increased $159.2 million, or 7%, to $2.50 billion for Third Quarter 2025 from $2.34 billion for Third Quarter 2024. Net earned premiums increased $115.5 million, or 6%, primarily driven by Connected Living from global mobile subscriber growth and a new financial services program, as well as modest growth in Global Automotive. Fees and other income increased $41.2 million, or 11%, primarily driven by growth in global mobile trade-in programs within Connected Living. Net investment income increased $2.5 million, or 3%, primarily due to higher asset balances and yields in fixed maturity securities.

Total benefits, losses and expenses increased $136.7 million, or 6%, to $2.29 billion for Third Quarter 2025 from $2.15 billion for Third Quarter 2024. Selling and underwriting expenses increased $51.7 million, or 4%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs in line with the increase in net earned premiums. Policyholder benefits increased $37.7 million, or 8%, primarily due to a new financial services program, partially offset by decline in Global Automotive. Cost of sales increased $24.2 million, or 11%, mainly driven by growth in global mobile trade-in programs. General expenses increased $23.1 million, or 8%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

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

Adjusted EBITDA increased $24.3 million, or 4%, to $606.0 million for Nine Months 2025 from $581.7 million for Nine Months 2024, primarily due to Connected Living growth, mainly from growth from international mobile device protection programs and U.S. financial services, and improved loss experience in Global Automotive. The increase in Adjusted EBITDA 

37

was partially offset by a decrease within U.S. mobile device protection programs and the unfavorable impact of foreign exchange.

Total revenues increased $441.1 million, or 6%, to $7.33 billion for Nine Months 2025 from $6.89 billion for Nine Months 2024. Net earned premiums