Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 111

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 111
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 than their respective book values and therefore quantitative impairment testing was not necessary for Connected Living, Global Automotive and Global Housing as of October 1, 2024.

Should the operating results of these reporting units decline substantially compared to projected results, or changes to macroeconomic conditions having a potential impact of substantially reducing future profitability of the reporting units, we could determine that we need to perform an updated impairment test due to the potential impairment indicators, which may require the recognition of a goodwill impairment loss in any of the reporting units.

Refer to Note 14 to the Consolidated Financial Statements included elsewhere in this Report for further detail.

Recent Accounting Pronouncements

Please see Note 2 to the Consolidated Financial Statements included elsewhere in this Report. 

51

Results of Operations

Assurant Consolidated

The table below presents information regarding our consolidated results of operations:

 For the Years Ended December 31, 20242023Revenues:Net earned premiums$9,795.8 $9,388.0 Fees and other income1,638.6 1,323.2 Net investment income518.9 489.1 Net realized losses on investments and fair value changes to equity securities(75.8)(68.7)Total revenues11,877.5 11,131.6 Benefits, losses and expenses:Policyholder benefits2,766.5 2,521.8 Underwriting, selling, general and administrative expenses8,076.7 7,695.1 Interest expense107.0 108.0 Loss on extinguishment of debt— (0.1)Total benefits, losses and expenses10,950.2 10,324.8 Income before provision for income taxes927.3 806.8 Provision for income taxes167.1 164.3 Net income$760.2 $642.5 

Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Net Income 

Consolidated net income increased $117.7 million, or 18%, to $760.2 million for Twelve Months 2024 from $642.5 million for Twelve Months 2023, primarily driven by higher earnings in Global Housing, a $31.0 million favorable change in after-tax foreign exchange related gains (losses), a $32.2 million after-tax decline in losses related to our non-core operations and a $22.9 million reduction in after-tax restructuring