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

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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, or 10%, and selling and underwriting expenses increased $17.6 million, or 51%, both primarily due to higher costs associated with growth. Policyholder benefits decreased $21.2 million, or 8%, primarily due to lower non-catastrophe losses, including $16.9 million of favorable year-over-year prior period reserve development, and lower reportable catastrophe losses. Second Quarter 2025 had $33.9 million of favorable non-catastrophe prior period reserve development compared to $17.0 million in Second Quarter 2024. 

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

Adjusted EBITDA decreased $26.6 million, or 8%, to $326.8 million for Six Months 2025 from $353.4 million for Six Months 2024, mainly due to $128.1 million of higher pre-tax reportable catastrophes, higher costs associated with growth and higher catastrophe reinsurance premiums. The decrease in Adjusted EBITDA was partially offset by continued growth from higher policies in-force, premium rates and average insured values within Homeowners, favorable non-catastrophe loss experience, growth in Renters and Other, and higher net investment income and fee income.

39

Total revenues increased $158.4 million, or 13%, to $1.42 billion for Six Months 2025 from $1.26 billion for Six Months 2024. Net earned premiums increased $144.5 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force, average insured values and premium rates, growth across various specialty products within Homeowners, and growth in Renters and Other primarily from a block of newly acquired renters policies, partially offset by higher catastrophe reinsurance premiums from the 2024 program restructuring. Net investment income increased $9.7 million, or 17%, primarily due to higher invested asset balances and yields. Fees and other income increased $4.2 million, or 5%, primarily driven by continued growth in service fees.  

Total benefits, losses and expenses increased $185.0 million, or 20%, to $1.10 billion for Six Months 2025 from $910.8 million for Six Months 2024. Policyholder benefits increased $111.5 million, or 23%, primarily due to higher reportable catastrophe losses of $122.3 million, partially offset by