Company: AIZ
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001267238-25-000026
Chunk: 19

Company: ASSURANT, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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5 had $26.4 million of favorable prior year reserve development compared to $22.0 million in First Quarter 2024. General expenses increased $35.8 million, or 21%, primarily due to higher costs associated with growth, the reclassification described above, and one-time assessment expenses for the California FAIR Plan associated with the California wildfires.

37

Corporate and Other 

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

For the Three Months Ended March 31,20252024RevenuesNet earned premiums$— $— Fees and other income0.4 0.2 Net investment income5.8 5.6 Total revenues6.2 5.8 Benefits, losses and expensesPolicyholder benefits— — General expenses34.2 35.3 Total benefits, losses and expenses34.2 35.3 Corporate and Other Adjusted EBITDA$(28.0)$(29.5)

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

Adjusted EBITDA increased $1.5 million, or 5%, to $(28.0) million for First Quarter 2025 from $(29.5) million for First Quarter 2024. The change in results was primarily due to lower third-party expenses.

Total revenues increased $0.4 million, or 7%, to $6.2 million for First Quarter 2025 from $5.8 million for First Quarter 2024, primarily driven by an increase in net investment income of $0.2 million, or 4%, mostly due to higher invested assets.

Total benefits, losses and expenses decreased $1.1 million, or 3%, to $34.2 million for First Quarter 2025 from $35.3 million for First Quarter 2024, primarily driven by lower third-party expenses.

38

Investments

We had total investments of $9.04 billion and $8.54 billion as of March 31, 2025 and December 31, 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $95.0 million during First Quarter 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $254.7 million unrealized loss as of March 31, 2025, primarily due