Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 16

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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.9 Provision for income taxes37.1 56.5 Net income$146.6 $236.4 

For the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Net income decreased $89.8 million, or 38%, to $146.6 million for First Quarter 2025 from $236.4 million for First Quarter 2024, primarily due to $113.7 million of higher after-tax reportable catastrophes, lower Global Lifestyle earnings and higher net realized losses on investments. The decrease in net income was partially offset by higher Global Housing earnings, excluding the impact of reportable catastrophes.

35

Global Lifestyle

The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated: 

 For the Three Months Ended March 31, 20252024RevenuesNet earned premiums$1,945.6 $1,834.3 Fees and other income361.0 353.5 Net investment income84.0 90.2 Total revenues2,390.6 2,278.0 Benefits, losses and expensesPolicyholder benefits442.4 417.7 Selling and underwriting expenses1,265.8 1,182.5 Cost of sales184.8 186.0 General expenses299.8 284.1 Total benefits, losses and expenses2,192.8 2,070.3 Global Lifestyle Adjusted EBITDA$197.8 $207.7 Net earned premiums, fees and other income:Connected Living$1,233.4 $1,140.3 Global Automotive1,073.2 1,047.5 Total$2,306.6 $2,187.8 Net earned premiums, fees and other income:Domestic$1,795.2 $1,716.5 International511.4 471.3 Total$2,306.6 $2,187.8 

For the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Adjusted EBITDA decreased $9.9 million, or 5%, to $197.8 million for First Quarter 2025 from $207.7 million for First Quarter 2024, primarily driven by declines in Connected Living from