Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 116

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 116
---
 for Twelve Months 2024 from $130.6 million for Twelve Months 2023, primarily due to an increase in general expenses of $19.3 million, or 15%, primarily driven by higher employee-related expenses and higher third-party consulting expenses to support enterprise growth initiatives.

56

Investments 

We had total investments of $8.54 billion and $8.22 billion as of December 31, 2024 and 2023, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $30.6 million during Twelve Months 2024, from a $380.3 million unrealized loss at December 31, 2023 to a $349.7 million unrealized loss at December 31, 2024, primarily due to higher yields offset by spreads tightening.

The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated:

 Fair Value as ofFixed Maturity Securities by Credit QualityDecember 31, 2024December 31, 2023Aaa / Aa / A$3,987.5 55.6 %$3,958.7 57.3 %Baa2,699.7 37.6 %2,564.8 37.1 %Ba415.7 5.8 %318.6 4.6 %B and lower72.2 1.0 %70.0 1.0 %Total$7,175.1 100.0 %$6,912.1 100.0 %

The following table shows the major categories of net investment income for the periods indicated:

 Years Ended December 31, 20242023Fixed maturity securities$385.9 $335.3 Equity securities13.2 15.2 Commercial mortgage loans on real estate19.2 17.5 Short-term investments18.4 12.9 Other investments21.3 39.1 Cash and cash equivalents77.0 85.7 Total investment income535.0 505.7 Investment expenses(16.1)(16.6)Net investment income$518.9 $489.1 

Net investment income increased $29.8 million, or 6%, to $518.9 million for Twelve Months 2024 from $489.1 million for Twelve Months 2023. The increase was primarily driven by higher yields and assets