Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 115

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 115
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 increased $17.6 million, or 16%, primarily due to higher yields and asset balances on fixed maturity securities, cash and cash equivalents and short-term investments. 

Total benefits, losses and expenses increased $234.7 million, or 14%, to $1.91 billion for Twelve Months 2024 from $1.68 billion for Twelve Months 2023. Policyholder benefits increased $148.2 million, or 17%, primarily due to higher reportable catastrophe losses and non-catastrophe losses from exposure growth, partially offset by the favorable year-over-year non-catastrophe prior year reserve development. Selling and underwriting expenses increased $21.0 million, or 15%, primarily due to higher costs associated with growth. General expenses increased $65.5 million, or 10%, primarily due to higher costs associated with growth and the reclassification described above.

55

Corporate and Other

The table below presents information regarding the Corporate and Other segment’s results of operations for the periods indicated:

 For the Years Ended December 31, 20242023Revenues:Net earned premiums$— $— Fees and other income0.4 0.2 Net investment income27.2 21.4 Total revenues27.6 21.6 Benefits, losses and expensesPolicyholder benefits— 0.1 General expenses149.8 130.5 Total benefits, losses and expenses149.8 130.6 Corporate and Other Adjusted EBITDA$(122.2)$(109.0)

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

Adjusted EBITDA was $(122.2) million for Twelve Months 2024 compared to $(109.0) million for Twelve Months 2023. The increase in the loss was primarily due to higher employee-related expenses and higher third-party consulting expenses to support enterprise growth initiatives, partially offset by higher net investment income from higher yields and asset balances for fixed maturity securities.

Total revenues increased $6.0 million, or 28%, to $27.6 million for Twelve Months 2024 from $21.6 million for Twelve Months 2023, primarily driven by an increase in net investment income of $5.8 million, or 27%, mostly due to higher yields and asset balances for fixed maturity securities.

Total benefits, losses and expenses increased $19.2 million, or 15%, to $149.8 million