Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 18

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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5 Impact of reportable catastrophes$156.7 $12.9 Net earned premiums, fees and other incomeHomeowners$522.9 $447.4 Renters and Other133.9 124.8 Total$656.8 $572.2 

For the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Adjusted EBITDA decreased $80.1 million, or 42%, to $112.4 million for First Quarter 2025 from $192.5 million for First Quarter 2024, mainly due to $143.8 million of higher pre-tax reportable catastrophes (of which approximately $125 million were from the California wildfires, inclusive of estimated recoveries from subrogation), higher expenses to support 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.

Total revenues increased $89.8 million, or 15%, to $690.5 million for First Quarter 2025 from $600.7 million for First Quarter 2024. Net earned premiums increased $74.7 million, or 14%, primarily driven by Homeowners from higher lender-placed policies in-force, higher premium rates and average insured values, growth across various Specialty products, 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. Fees and other income increased $9.9 million, or 31%, primarily driven by the reclassification of certain service fees from an expense account. Net investment income increased $5.2 million, or 18%, primarily due to higher yields and invested asset balances.

Total benefits, losses and expenses increased $169.9 million, or 42%, to $578.1 million for First Quarter 2025 from $408.2 million for First Quarter 2024. Policyholder benefits increased $132.7 million, or 66%, primarily due to higher reportable catastrophe losses, partially offset by $22.9 million of lower non-catastrophe losses and $4.4 million of favorable year-over-year non-catastrophe prior year reserve development. First Quarter 202