Company: AIZ
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001267238-25-000045
Chunk: 17

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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-related expenses and activities of the holding company. 

We define Adjusted EBITDA, our segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including non-core operations and restructuring costs, each as described above).   

33

Executive Summary

Summary of Financial Results

Consolidated net income increased $46.6 million, or 25%, to $235.3 million for Second Quarter 2025 from $188.7 million for Second Quarter 2024, primarily due to growth within Global Housing, lower reportable catastrophes, and growth within Global Lifestyle.

Global Lifestyle Adjusted EBITDA increased $11.7 million, or 6%, to $201.4 million for Second Quarter 2025 from $189.7 million for Second Quarter 2024, primarily due to Connected Living growth, which was mainly driven by higher contributions from global mobile protection and trade-in programs. Global Automotive results increased modestly from improved loss experience.

Global Lifestyle net earned premiums, fees and other income increased $167.3 million, or 8%, to $2.35 billion for Second Quarter 2025 from $2.18 billion for Second Quarter 2024, primarily driven by Connected Living, mainly from the factors noted above, as well as a new program within financial services.

Global Housing Adjusted EBITDA increased $53.5 million, or 33%, to $214.4 million for Second Quarter 2025 from $160.9 million for Second Quarter 2024. Results included $15.7 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $37.8 million, or 18%, primarily from favorable non-catastrophe loss experience, including favorable prior period reserve development and lower claims frequency. Top-line growth within Homeowners also contributed to growth, including higher policies in-force from voluntary insurance market pressure. 

Global Housing net earned premiums, fees and other income increased $64.1 million, or 10%, to $697.7 million for Second Quarter 2025 from $633.6 million for Second Quarter 2024, mainly driven by Homeowners top-line growth, including growth in policies in-force and higher average premiums within lender-placed and growth across