Company: AIZ
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001267238-25-000045
Chunk: 22

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 22
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 2024. Fees and other income increased $93.0 million, or 29%, primarily driven by higher volumes in global mobile trade-in programs within Connected Living. Net earned premiums increased $74.3 million, or 4%, primarily driven by growth in Connected Living from global mobile device protection programs, and a new financial services program. The increase in net earned premiums was partially offset by declines within Global Automotive and U.S. extended service contracts within Connected Living. Net investment income increased $2.0 million, or 2%, primarily due to higher asset balances and yields in fixed maturity securities.

Total benefits, losses and expenses increased $157.6 million, or 8%, to $2.24 billion for Second Quarter 2025 from $2.08 billion for Second Quarter 2024. Policyholder benefits increased $49.7 million, or 12%, primarily due to a new financial services program. Cost of sales increased $49.0 million, or 27%, mainly driven by higher volumes in global mobile trade-in programs. Selling and underwriting expenses increased $42.2 million, or 4%, primarily due to an increase in commission expenses in Connected Living, mainly related to growth from global mobile device protection programs in line with the increase in net earned premiums, partially offset by a decline related to U.S. extended service contracts. General expenses increased $16.7 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives.

37

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

Adjusted EBITDA increased $1.8 million to $399.2 million for Six Months 2025 from $397.4 million for Six Months 2024, primarily due to Connected Living growth, mainly from international mobile device protection programs and U.S. financial services, and a slight increase in Global Automotive. The increase in Adjusted EBITDA was partially offset by the unfavorable impact of foreign exchange, a decrease within U.S. mobile device protection programs and the absence of a one-time $6.9 million client contract benefit in extended service contracts in first quarter 2024.

Total revenues increased $281.9 million, or 6%, to $4.83 billion for Six Months 2025 from $4.55 billion for Six Months 2024. Net earned premiums increased $185.6 million, or 5%, primarily driven by growth in Connected Living from global mobile device