Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 15

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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096.0 Underwriting, selling, general and administrative expenses2,161.5 2,012.7 6,366.5 5,919.2 Interest expense27.9 26.7 81.4 80.2 Loss on extinguishment of debt1.3 — 1.3 — Total benefits, losses and expenses2,900.3 2,816.2 8,660.0 8,095.4 Income before provision for income taxes331.2 151.5 803.9 677.3 Provision for income taxes65.6 17.7 156.4 118.4 Net income$265.6 $133.8 $647.5 $558.9 

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

Net income increased $131.8 million, or 99%, to $265.6 million for Third Quarter 2025 from $133.8 million for Third Quarter 2024, primarily due to $107.6 million of lower after-tax reportable catastrophes and higher Global Housing and Global Lifestyle earnings. The increase in net income was partially offset by a higher annualized effective tax rate, mainly due to higher transferable tax credits reported in the prior year.

For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Net income increased $88.6 million, or 16%, to $647.5 million for Nine Months 2025 from $558.9 million for Nine Months 2024, primarily driven by higher Global Housing and Global Lifestyle earnings. The increase in net income was partially offset by a higher annualized effective tax rate, mainly due to higher transferable tax credits and a tax benefit for the release of a valuation allowance on foreign deferred tax assets recorded in the prior year, and $12.1 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.

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 September 30,For the Nine Months Ended September 30, 2025202420252024RevenuesNet earned premiums$1,973.3 $