Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 112

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 112
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 costs related to our previously announced restructuring plan. The increase in net income was partially offset by $106.9 million increase in after-tax reportable catastrophes, higher after-tax depreciation expenses of $23.8 million, mainly due to higher software assets placed into service, and lower earnings from Global Lifestyle, mainly due to elevated claims in Global Automotive. 

52

Global Lifestyle  

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

 For the Years Ended December 31, 20242023Revenues:Net earned premiums$7,506.0 $7,362.6 Fees and other income1,461.3 1,198.8 Net investment income356.6 347.5 Total revenues9,323.9 8,908.9 Benefits, losses and expenses:Policyholder benefits1,738.6 1,607.9 Selling and underwriting expenses4,770.4 4,789.3 Cost of sales841.6 564.2 General expenses1,199.9 1,155.2 Total benefits, losses and expenses8,550.5 8,116.6 Global Lifestyle Adjusted EBITDA$773.4 $792.3 Net earned premiums, fees and other income:Connected Living$4,807.9 $4,376.8 Global Automotive4,159.4 4,184.6 Total$8,967.3 $8,561.4 Net earned premiums, fees and other income:Domestic $6,970.2 $6,739.5 International1,997.1 1,821.9 Total$8,967.3 $8,561.4 

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

Adjusted EBITDA decreased $18.9 million, or 2%, to $773.4 million for Twelve Months 2024 from $792.3 million for Twelve Months 2023, primarily due to elevated claims costs in Global Automotive, mainly from higher losses in select ancillary products, and from higher labor and parts costs due to inflation, higher expenses for investments in new client programs and capabilities in Connected Living, declines across mobile from trade-in programs due to the business mix and lower volumes and from mobile device protection from higher loss experience, and the