Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 20

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 to a decrease in interest 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 March 31, 2025December 31, 2024Aaa / Aa / A$4,227.9 55.4 %$3,987.5 55.6 %Baa2,868.8 37.6 %2,699.7 37.6 %Ba455.9 6.0 %415.7 5.8 %B and lower73.5 1.0 %72.2 1.0 %Total$7,626.1 100.0 %$7,175.1 100.0 %

The following table shows the major categories of net investment income for the periods indicated: 

 Three Months Ended March 31, 20252024Fixed maturity securities$100.9 $90.8 Equity securities2.9 3.5 Commercial mortgage loans on real estate5.0 4.8 Short-term investments5.0 5.3 Other investments(1.0)6.3 Cash and cash equivalents16.0 19.8 Total investment income128.8 130.5 Investment expenses(4.0)(3.8)Net investment income$124.8 $126.7 

Net investment income decreased $1.9 million, or 1%, to $124.8 million for First Quarter 2025 from $126.7 million for First Quarter 2024. The decrease was primarily driven by reduced partnership income and lower yields on cash and short-term investments, partially offset by an increase in fixed maturity securities related to higher yields and assets.

Net realized losses on investments and fair value changes to equity securities increased $7.2 million, or 82%, to $16.0 million for First Quarter 2025 from $8.8 million for First Quarter 2024. The increase was primarily driven by sales of fixed maturity securities at a loss and lower fair value changes from equity securities due to reduced investments in common stocks, partially offset by fewer impairments recorded in First Quarter 2025.

Catastrophe Reinsurance Program 

Effective April 2025, coverage was placed with various reinsurers that are all rated A- or better by A.M. Best. 202