Company: AIZ
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001267238-25-000045
Chunk: 27

Company: ASSURANT, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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 losses and expenses increased $2.3 million, or 7%, to $36.7 million for Second Quarter 2025 from $34.4 million for Second Quarter 2024, primarily driven by higher employee-related expenses.

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

Adjusted EBITDA decreased $1.1 million, or 2%, to $(57.8) million for Six Months 2025 from $(56.7) million for Six Months 2024. The change in results was primarily due to higher employee-related expenses and lower net investment income.

Total revenues increased $0.1 million, or 1%, to $13.1 million for Six Months 2025 from $13.0 million for Six Months 2024, primarily driven by an increase in fees and other income of $1.4 million, primarily due to the sale of Internet Protocol addresses, partially offset by a decrease in net investment income of $1.3 million, or 10%, mostly due to lower invested assets.

Total benefits, losses and expenses increased $1.2 million, or 2%, to $70.9 million for Six Months 2025 from $69.7 million for Six Months 2024, primarily driven by higher employee-related expenses.

41

Investments

We had total investments of $9.52 billion and $8.54 billion as of June 30, 2025 and December 31, 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $186.5 million during Six Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $163.2 million unrealized loss as of June 30, 2025, primarily due to a reduction in Treasury rates.

The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated:

 Fair value as ofFixed Maturity Securities by Credit Quality June 30, 2025December 31, 2024Aaa / Aa / A$4,446.5 55.1 %$3,987.5 55.6 %Baa3,026.8 37.5 %2,699.7 37.6 %Ba523.2 6.5 %415.7 5.8 %B and lower75.3 0.