Company: AIZ
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001267238-25-000045
Chunk: 20

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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759.7 5,279.2 Income before provision for income taxes289.0 232.9 472.7 525.8 Provision for income taxes53.7 44.2 90.8 100.7 Net income$235.3 $188.7 $381.9 $425.1 

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

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 higher Global Housing earnings, $12.6 million of lower after-tax reportable catastrophes, higher Global Lifestyle earnings and $3.3 million of lower after-tax losses from non-core operations. The increase in net income was partially offset by $4.7 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and $3.3 million of lower after-tax gain related to benefit plan activity due to the termination of the retirement health benefits plan on December 31, 2024.

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

Net income decreased $43.2 million, or 10%, to $381.9 million for Six Months 2025 from $425.1 million for Six Months 2024, primarily driven by $101.1 million of higher after-tax reportable catastrophes, $9.1 million of lower after-tax gain related to benefit plan activity as described above, $8.2 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and higher net realized losses on investments. The decrease in net income was partially offset by higher Global Housing earnings, excluding the impact of reportable catastrophes.

36

Global Lifestyle

The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated: 

 For the Three Months Ended June 30,For the Six Months Ended June 30, 2025202420252024RevenuesNet earned premiums$1,935.9 $1,861.6 $3,881.5 $3,695.9 Fees and other income414.9 321.9 775.9 675.4 Net investment