Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 12

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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-related expenses and activities of the holding company. 

We define Adjusted EBITDA, our segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including non-core operations and restructuring costs, each as described above).   

33

Executive Summary

Summary of Financial Results 

Consolidated 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 lower reportable catastrophes and growth within Global Housing and Global Lifestyle, partially offset by a higher effective tax rate.

Global Lifestyle Adjusted EBITDA increased $22.5 million, or 12%, to $206.8 million for Third Quarter 2025 from $184.3 million for Third Quarter 2024, driven by double-digit earnings growth across both Connected Living and Global Automotive. In Connected Living, results benefited from contributions from a new financial services program, as well as global subscriber growth and trade-in performance in mobile. In Global Automotive, results included a non-run rate benefit of $6.1 million and improved loss experience.

Global Lifestyle net earned premiums, fees and other income increased $156.7 million, or 7%, to $2.41 billion for Third Quarter 2025 from $2.25 billion for Third Quarter 2024, primarily driven by Connected Living growth from mobile protection and trade-in programs, and a new program in financial services, as well as contributions from Global Automotive.

Global Housing Adjusted EBITDA increased $163.9 million, or 177%, to $256.3 million for Third Quarter 2025 from $92.4 million for Third Quarter 2024. Results included $133.9 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased $30.0 million, or 13%, driven by the previously disclosed $27.5 million unfavorable non-run rate adjustment in Third Quarter 2024. Underlying results were driven by favorable non-catastrophe loss experience, including lower claims frequency, and top-line growth, including higher lender-placed policies in-force which benefitted from voluntary insurance market pressure, partially offset by lower favorable prior-period reserve development.