Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 17

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 lower domestic device protection results in mobile, a one-time client contract benefit in extended service contracts of $6.9 million in First Quarter 2024 and the unfavorable impact of foreign exchange. The decrease was partially offset by higher contributions from a newly launched financial services program.

Total revenues increased $112.6 million, or 5%, to $2.39 billion for First Quarter 2025 from $2.28 billion for First Quarter 2024. Net earned premiums increased $111.3 million, or 6%, primarily driven by growth from global mobile device protection programs, and a newly launched program within financial services in Connected Living, and growth within Global Automotive, partially offset by the unfavorable impact of foreign exchange and a decline in U.S. extended service contracts. Fees and other income increased $7.5 million, or 2%, primarily due to contributions from a newly launched program in financial services. Net investment income decreased $6.2 million, or 7%, primarily due to lower income from real estate and alternatives, and lower cash and short-term investments income.

Total benefits, losses and expenses increased $122.5 million, or 6%, to $2.19 billion for First Quarter 2025 from $2.07 billion for First Quarter 2024. Selling and underwriting expenses increased $83.3 million, or 7%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs, and Global Automotive. Policyholder benefits increased $24.7 million, or 6%, primarily due to a newly launched program in financial services. General expenses increased $15.7 million, or 6% primarily due to higher employee-related and information technology expenses to support growth initiatives.

36

Global Housing

The table below presents information regarding the Global Housing segment’s results of operations for the periods indicated:

 For the Three Months Ended March 31, 20252024RevenuesNet earned premiums$615.3 $540.6 Fees and other income41.5 31.6 Net investment income33.7 28.5 Total revenues690.5 600.7 Benefits, losses and expensesPolicyholder benefits333.0 200.3 Selling and underwriting expenses39.5 38.1 General expenses205.6 169.8 Total benefits, losses and expenses578.1 408.2 Global Housing Adjusted EBITDA$112.4 $192.