Company: AIZ
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001267238-25-000045
Chunk: 26

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 lower non-catastrophe losses from $16.8 million of favorable year-over-year prior year reserve development. Six Months 2025 had $63.4 million of favorable non-catastrophe prior year reserve development compared to $46.6 million in Six Months 2024. General expenses increased $54.5 million, or 15%, and selling and underwriting expenses increased $19.0 million, or 26%, both primarily due to higher costs associated with growth. General expenses also increased due to one-time assessment expenses for the California FAIR Plan associated with the California wildfires.

40

Corporate and Other 

The tables below present information regarding the Corporate and Other’s segment results of operations for the periods indicated:

For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024RevenuesNet earned premiums$— $— $— $— Fees and other income1.3 0.1 1.7 0.3 Net investment income5.6 7.1 11.4 12.7 Total revenues6.9 7.2 13.1 13.0 Benefits, losses and expensesPolicyholder benefits— — — — General expenses36.7 34.4 70.9 69.7 Total benefits, losses and expenses36.7 34.4 70.9 69.7 Corporate and Other Adjusted EBITDA$(29.8)$(27.2)$(57.8)$(56.7)

For the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Adjusted EBITDA decreased $2.6 million, or 10%, to $(29.8) million for Second Quarter 2025 from $(27.2) million for Second Quarter 2024. The change in results was primarily due to higher employee-related expenses and lower net investment income.

Total revenues decreased $0.3 million, or 4%, to $6.9 million for Second Quarter 2025 from $7.2 million for Second Quarter 2024, primarily driven by a decrease in net investment income of $1.5 million, or 21%, mostly due to lower invested assets, partially offset by an increase in fees and other income of $1.2 million, primarily due to the sale of Internet Protocol addresses.

Total benefits,