Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 114

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 114
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584.3 2,252.6 Benefits, losses and expenses:Policyholder benefits1,010.2 862.0 Selling and underwriting expenses158.1 137.1 General expenses744.8 679.3 Total benefits, losses and expenses1,913.1 1,678.4 Global Housing Adjusted EBITDA$671.2 $574.2 Impact of reportable catastrophes$245.2 $111.0 Net earned premiums, fees and other income:Homeowners$1,958.9 $1,663.4 Renters and Other498.1 479.5 Total$2,457.0 $2,142.9 

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

Adjusted EBITDA increased $97.0 million, or 17%, to $671.2 million for Twelve Months 2024 from $574.2 million for Twelve Months 2023, mainly due to continued growth from higher policies in-force, average insured values and premium rates within Homeowners and $52.6 million of favorable year-over-year net impact to non-catastrophe prior year reserve development. Twelve Months 2024 included $106.7 million of favorable non-catastrophe prior year reserve development compared to $54.1 million in Twelve Months 2023. The increase in Adjusted EBITDA was also driven by ongoing expense leverage from scale and operating efficiencies, lower reinsurance costs, higher net investment income and growth from Renters from the property management channel, partially offset by $134.2 million of higher reportable catastrophes and a previously disclosed $27.5 million non-run rate adjustment related to a change in earnings pattern assumptions. 

Total revenues increased $331.7 million, or 15%, to $2.58 billion for Twelve Months 2024 from $2.25 billion for Twelve Months 2023. Net earned premiums increased $266.5 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force, average insured values, higher premium rates and growth across various specialty products, partially offset by the non-run rate adjustment described above and exits from certain international markets. Fees and other income increased $47.6 million, or 37%, primarily driven by the reclassification of certain service fees from an expense account. Net investment income