Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 20

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 million, or 14%, primarily due to higher invested asset balances and yields.

Total benefits, losses and expenses decreased $60.5 million, or 11%, to $482.6 million for Third Quarter 2025 from $543.1 million for Third Quarter 2024. Policyholder benefits decreased $101.4 million, or 31%, due to lower reportable catastrophes and lower non-catastrophe claims frequency, partially offset by $16.2 million of lower year-over-year favorable non-catastrophe prior period reserve development. General expenses increased $26.6 million, or 15%, and selling and underwriting expenses increased $14.3 million, or 35%, both primarily due to higher costs associated with growth. 

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

Adjusted EBITDA increased $137.3 million, or 31%, to $583.1 million for Nine Months 2025 from $445.8 million for Nine Months 2024, mainly due to continued growth from higher lender-placed policies in-force and average premiums within Homeowners, lower non-catastrophe loss experience, the previously disclosed $27.5 million unfavorable non-run rate adjustment from Nine Months 2024, and higher net investment income and fee income. The increase in Adjusted EBITDA was 

39

partially offset by higher costs associated with growth and higher catastrophe reinsurance premiums from the 2024 program restructuring.

Total revenues increased $261.8 million, or 14%, to $2.16 billion for Nine Months 2025 from $1.90 billion for Nine Months 2024. Net earned premiums increased $238.9 million, or 14%, primarily driven by Homeowners from higher lender-placed policies in-force, average premiums and growth across various specialty products, growth in Renters and Other primarily from a block of newly acquired renters policies, and the non-run rate adjustment described above, partially offset by higher catastrophe reinsurance premiums. Net investment income increased $14.0 million, or 16%, primarily due to higher invested asset balances and yields. Fees and other income increased $8.9 million, or 7%, primarily driven by continued growth in service fees within Homeowners.  

Total benefits, losses and expenses increased $124.5 million, or 9%, to $1.58 billion for Nine Months 2025 from $1.