On this page of StockholderLetter.com we present the latest annual shareholder letter from ASSURANT, INC. — ticker symbol AIZ. Reading current and past AIZ letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report Raising the bar 2025 Annual Report / 1
About Assurant Assurant redefines the boundaries of protection safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world s most successful brands. As a Fortune 500 company operating in 21 countries, Assurant leads the way in leveraging insights and technology to transform customer connections that build loyalty and drive value. We operate in North America, Latin America, Europe, and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through our Global Lifestyle segment, we provide mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and financial services and other insurance products (referred to as Connected Living ); and vehicle protection services, commercial equipment services and other related services (referred to as Global Automotive ). Through our Global Housing segment, we provide lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium, and homeowners insurance (referred to as Homeowners ); and renters insurance and other products (referred to as Renters and Other ). Adjusted EBITDA1 Adjusted EPS1 excluding reportable catastrophes (in millions) Total revenue2 excluding reportable catastrophes (in billions) $12.4 $11.4 $1,734.4 $22.81 $1,569.4 $20.35 $17.13 $1,369.3 2023 $10.7 2024 2025 Disclosures This Annual Report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Please see Forward-Looking Statements on page 4 of the Form 10-K included in this Annual Report. 1 These measures are non-GAAP financial measures. See Non-GAAP Financial Measures beginning on page 10 of this Annual Report for more information on these non-GAAP financial measures and a reconciliation of such measures to their most directly comparable GAAP measure. 2 References to total revenue throughout this Annual Report refer to net earned premiums, fees, and other income.
A Message To Our Shareholders Assurant s continued growth re ects the strength of our diversi ed business model and sustained investments in innovation that are transforming our operations and product offerings supporting partners, driving e ciencies, elevating the customer experience, and creating long-term shareholder value. 2025 was an exceptional year for Assurant. We extended our track record to nine consecutive years of profitable growth, underscoring the durability of our long-term strategy and the resilience of our operating model. Across our diversified portfolio, we delivered momentum by executing on our strategic priorities to deepen relationships with existing partners, win new clients globally, prioritize investment in core markets, and expand into attractive, new markets where we see opportunity for longterm value creation. Throughout the year, our teams demonstrated the focus, discipline, and resilience that differentiate Assurant in the markets we serve. At Assurant, our teams are driven to make a meaningful impact, focused on delivering innovative services and capabilities, and showing up every day with a relentless commitment to our clients and their customers. KEITH DEMMINGS, Chief Executive Officer Our performance was supported by targeted investments in innovation across Global Lifestyle and Global Housing that continue to elevate customer experiences, drive efficiencies across our operations, and strengthen outcomes for partners and their customers while reinforcing the foundation for longterm value creation. In 2025, we also expanded our presence in retail service contracts and multi-appliance protection, laying the operational groundwork to broaden our capabilities and enter adjacent markets. This continued in early 2026 with the launch of Assurant Home Warranty. 2025 Annual Report / 1
Above all, our results reflect the talent and dedication of our teams and the value of the capabilities and services we deliver. In 2025, Assurant continued to execute at a high level across the enterprise, reinforcing our position as a trusted partner and strengthening our platform for continued outperformance in the years ahead. What Differentiates Assurant Assurant s differentiated business-to-business-toconsumer (B2B2C) model remains a defining strength. Our diversified portfolio across business lines and geographies provides resilience through economic cycles and allows us to continue driving innovation. By partnering with leading global brands, we embed our capabilities directly into our clients ecosystems, creating long-term relationships, while delivering high-quality protection and service solutions to end consumers. This seamless integration is made possible by decades of investment in technology, data, and operational capabilities to enhance customer experiences and generate strong financial outcomes at scale. The continued client wins, renewals, and program expansions we saw across Global Lifestyle and Global Housing in 2025 underscored the trust we have earned and the enduring demand for our offerings. We also differentiate ourselves through disciplined execution. Strategic initiatives in prior years delivered expected returns in 2025, including measurable gains in Connected Living and improved performance in Global Automotive. This ability to invest thoughtfully, Evolving with Assurant Home Warranty In early 2026, we leveraged deep market insights, industry-leading protection solutions, and a proven track record of successful channel expansion to launch Assurant Home Warranty. Through a new, long-term relationship with Compass International Holdings, a global real estate services company, Assurant Home Warranty is now available to affiliated agents across participating Compass brands, including Coldwell Banker , CENTURY 21 , Better Homes and Gardens Real Estate, ERA , Corcoran , and Sotheby s International Realty . This launch represents a meaningful evolution of our home protection portfolio into the real estate channel. Building on decades of global warranty experience across mobile, auto, and the home, we are applying our scale, operational discipline, and trusted client relationships to support homeowners, brokerages and real estate professionals. Assurant Home Warranty is designed to simplify a historically complex category, delivering a customer-first claims experience with high-touch support that makes coverage more transparent, reliable, and efficient for homeowners, agents, and brokerages. Assurant Home Warranty helps buyers manage financial risk while providing sellers and agents with a practical way to attract buyers, support transactions through closing, and protect long-term client relationships. Our purpose-built agent portal designed to fit naturally into workflows increases efficiency, supported by a nationwide service network and dedicated customer care to ensure a dependable and seamless experience. While we are early in this journey, we see a clear path to scale. By addressing market gaps, delivering exceptional customer experiences, and standing behind our promise to be there when it matters most, Assurant Home Warranty transforms unpredictable home repair expenses into more manageable, predictable costs providing homeowners with greater financial confidence and peace of mind. home repair expenses into more manageable, predictable costs providing homeowners with greater financial confidence and peace of mind. 2025 Annual Report / 2
execute effectively, and scale responsibly remains central to Assurant s competitive advantage. Our People Assurant s success is driven by the dedication of our people. Across the globe, our diverse workforce of approximately 14,800 employees brings our purpose and values to life every day and demonstrates a relentless commitment to our clients and customers. In 2025, their dedication continued to elevate our market leadership and strengthen our culture of accountability, collaboration, and a drive to make a meaningful impact. We remain focused on creating an environment where employees can innovate and perform at their highest levels. We are committed to empowering our workforce through continued learning, leadership In 2025, we increased Adjusted EBITDA by 11% to more than $1.7 billion, while growing Adjusted EPS by 12% to more than $22.00, both excluding catastrophes.1 We are focused on building upon the momentum of the business and Assurant s continued success. Global Lifestyle Global Lifestyle delivered adjusted EBITDA growth in 2025, driven by growth from Connected Living and Global Automotive. Connected Living In Connected Living, targeted investments made in 2024 supported mid-single digit earnings growth and expansion across several key client programs. In mobile, we added 1.9 million protected devices through new programs and strategic wins, bringing We delivered broad-based momentum by executing on our strategic priorities to deepen relationships with existing partners, win new clients globally, prioritize investment in core markets, and expand into attractive, new markets where we see opportunity for long-term value creation. development, and the thoughtful adoption of technology. In 2025, we continued to expand the use of AI to enhance learning and development opportunities at all levels of the organization, improve processes, and drive a simpler, seamless customer experience. By equipping our teams with the tools, capabilities, and opportunities they need to succeed, we strengthen our ability to deliver exceptional results for our partners and customers worldwide. I am incredibly proud of what our team accomplished in 2025, including being recognized on Forbes World s Best Employers list and Fortune s America s Most Innovative Companies list. I m grateful to our team and excited for the continued innovation and growth we will deliver together in 2026. Continued Outperformance Assurant s performance in 2025 extends its record of long-term growth and strong returns. Since 2020, we have increased Adjusted EBITDA by more than $700 million, excluding catastrophes,1 representing approximately an 11% compound annual growth rate. the total number of protected devices globally to more than 66 million. Subscriber growth remained strong, supported by the performance of device protection programs globally. We deepened carrier relationships through new protection offerings, expanded logistics and repair capabilities, and opened a dedicated, state-of-the-art facility co-operated with a major U.S. mobile client. Beyond mobile, we continued to build momentum in retail extended service contracts and financial services. This included the expansion of appliance and electronics protection programs and growth in card benefits offerings. Global Automotive Global Automotive delivered earnings growth in what was a pivotal year for the business. We expanded our presence with national dealer groups, third-party administrators, and international original equipment manufacturers, now protecting 57 million vehicles globally, representing an increase of nearly 2 million year-over-year. 2025 Annual Report / 3
 • shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
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AIZ Shareholder/Stockholder Letter Transcript:

2025 Annual Report
Raising
the bar
2025 Annual Report / 1

About
Assurant
Assurant redefines the boundaries of protection   safeguarding and servicing connected devices, homes,
automobiles, and commercial equipment in partnership with the world   s most successful brands. As a Fortune
500 company operating in 21 countries, Assurant leads the way in leveraging insights and technology to transform
customer connections that build loyalty and drive value.
We operate in North America, Latin America, Europe, and Asia Pacific through two operating segments: Global
Lifestyle and Global Housing. Through our Global Lifestyle segment, we provide mobile device solutions, extended
service contracts and related services for consumer electronics and appliances, and financial services and other
insurance products (referred to as    Connected Living   ); and vehicle protection services, commercial equipment
services and other related services (referred to as    Global Automotive   ). Through our Global Housing segment,
we provide lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary
manufactured housing, condominium, and homeowners insurance (referred to as    Homeowners   ); and renters
insurance and other products (referred to as    Renters and Other   ).
Adjusted EBITDA1
Adjusted EPS1
excluding reportable
catastrophes
(in millions)
Total revenue2
excluding reportable
catastrophes
(in billions)
$12.4
$11.4
$1,734.4
$22.81
$1,569.4
$20.35
$17.13
$1,369.3
2023
$10.7
2024
2025
Disclosures
This Annual Report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Please see
   Forward-Looking Statements    on page 4 of the Form 10-K included in this Annual Report.
1
These measures are non-GAAP financial measures. See Non-GAAP Financial Measures beginning on page 10 of this Annual Report for more information
on these non-GAAP financial measures and a reconciliation of such measures to their most directly comparable GAAP measure.
2
References to total revenue throughout this Annual Report refer to net earned premiums, fees, and other income.

A Message
To Our
Shareholders
Assurant   s continued growth
re   ects the strength of our
diversi   ed business model
and sustained investments
in innovation that are
transforming our operations
and product offerings
   supporting partners,
driving e   ciencies, elevating
the customer experience,
and creating long-term
shareholder value.
2025 was an exceptional year for Assurant.
We extended our track record to nine consecutive
years of profitable growth, underscoring the durability
of our long-term strategy and the resilience of our
operating model. Across our diversified portfolio,
we delivered momentum by executing on our
strategic priorities to deepen relationships with
existing partners, win new clients globally, prioritize
investment in core markets, and expand into attractive,
new markets where we see opportunity for longterm value creation. Throughout the year, our teams
demonstrated the focus, discipline, and resilience that
differentiate Assurant in the markets we serve.
At Assurant, our teams
are driven to make a
meaningful impact, focused
on delivering innovative
services and capabilities,
and showing up every
day with a relentless
commitment to our clients
and their customers.
KEITH DEMMINGS,
Chief Executive Officer
Our performance was supported by targeted
investments in innovation across Global Lifestyle
and Global Housing that continue to elevate customer
experiences, drive efficiencies across our operations,
and strengthen outcomes for partners and their
customers while reinforcing the foundation for longterm value creation. In 2025, we also expanded our
presence in retail service contracts and multi-appliance
protection, laying the operational groundwork to
broaden our capabilities and enter adjacent markets.
This continued in early 2026 with the launch of
Assurant Home Warranty.
2025 Annual Report / 1

Above all, our results reflect the talent and dedication
of our teams and the value of the capabilities and
services we deliver. In 2025, Assurant continued
to execute at a high level across the enterprise,
reinforcing our position as a trusted partner
and strengthening our platform for continued
outperformance in the years ahead.
What Differentiates Assurant
Assurant   s differentiated business-to-business-toconsumer (B2B2C) model remains a defining strength.
Our diversified portfolio across business lines and
geographies provides resilience through economic
cycles and allows us to continue driving innovation.
By partnering with leading global brands, we embed
our capabilities directly into our clients    ecosystems,
creating long-term relationships, while delivering
high-quality protection and service solutions
to end consumers.
This seamless integration is made possible by decades
of investment in technology, data, and operational
capabilities to enhance customer experiences
and generate strong financial outcomes at scale.
The continued client wins, renewals, and program
expansions we saw across Global Lifestyle and Global
Housing in 2025 underscored the trust we have earned
and the enduring demand for our offerings.
We also differentiate ourselves through disciplined
execution. Strategic initiatives in prior years delivered
expected returns in 2025, including measurable gains
in Connected Living and improved performance in
Global Automotive. This ability to invest thoughtfully,
Evolving with
Assurant Home Warranty
In early 2026, we leveraged deep market insights,
industry-leading protection solutions, and a proven
track record of successful channel expansion to
launch Assurant Home Warranty. Through a new,
long-term relationship with Compass International
Holdings, a global real estate services company,
Assurant Home Warranty is now available to affiliated
agents across participating Compass brands, including
Coldwell Banker  , CENTURY 21  , Better Homes and
Gardens   Real Estate, ERA  , Corcoran  , and Sotheby   s
International Realty  .
This launch represents a meaningful evolution of our
home protection portfolio into the real estate channel.
Building on decades of global warranty experience
across mobile, auto, and the home, we are applying
our scale, operational discipline, and trusted client
relationships to support homeowners, brokerages
and real estate professionals. Assurant Home
Warranty is designed to simplify a historically complex
category, delivering a customer-first claims experience
with high-touch support that makes coverage more
transparent, reliable, and efficient for homeowners,
agents, and brokerages.
Assurant Home Warranty helps buyers manage
financial risk while providing sellers and agents with
a practical way to attract buyers, support transactions
through closing, and protect long-term client
relationships. Our purpose-built agent portal designed
to fit naturally into workflows increases efficiency,
supported by a nationwide service network and
dedicated customer care to ensure a dependable
and seamless experience.
While we are early in this journey, we see a clear
path to scale. By addressing market gaps, delivering
exceptional customer experiences, and standing
behind our promise to be there when it matters most,
Assurant Home Warranty transforms unpredictable
home repair expenses into more manageable,
predictable costs   providing homeowners with
greater financial confidence and peace of mind.
home repair expenses into more manageable,
predictable costs   providing homeowners with
greater financial confidence and peace of mind.
2025 Annual Report / 2

execute effectively, and scale responsibly remains
central to Assurant   s competitive advantage.
Our People
Assurant   s success is driven by the dedication of our
people. Across the globe, our diverse workforce of
approximately 14,800 employees brings our purpose
and values to life every day and demonstrates
a relentless commitment to our clients and customers.
In 2025, their dedication continued to elevate our
market leadership and strengthen our culture of
accountability, collaboration, and a drive to make
a meaningful impact.
We remain focused on creating an environment
where employees can innovate and perform at their
highest levels. We are committed to empowering our
workforce through continued learning, leadership
In 2025, we increased Adjusted EBITDA by 11% to more
than $1.7 billion, while growing Adjusted EPS by 12% to
more than $22.00, both excluding catastrophes.1
We are focused on building upon the momentum
of the business and Assurant   s continued success.
Global Lifestyle
Global Lifestyle delivered adjusted EBITDA growth
in 2025, driven by growth from Connected Living and
Global Automotive.
Connected Living
In Connected Living, targeted investments made
in 2024 supported mid-single digit earnings growth
and expansion across several key client programs.
In mobile, we added 1.9 million protected devices
through new programs and strategic wins, bringing
We delivered broad-based momentum by executing on
our strategic priorities to deepen relationships with existing
partners, win new clients globally, prioritize investment in core
markets, and expand into attractive, new markets where
we see opportunity for long-term value creation.
development, and the thoughtful adoption of
technology. In 2025, we continued to expand the
use of AI to enhance learning and development
opportunities at all levels of the organization, improve
processes, and drive a simpler, seamless customer
experience. By equipping our teams with the tools,
capabilities, and opportunities they need to succeed,
we strengthen our ability to deliver exceptional
results for our partners and customers worldwide.
I am incredibly proud of what our team accomplished
in 2025, including being recognized on Forbes   
World   s Best Employers list and Fortune   s America   s
Most Innovative Companies list. I   m grateful to our
team and excited for the continued innovation and
growth we will deliver together in 2026.
Continued Outperformance
Assurant   s performance in 2025 extends its record
of long-term growth and strong returns. Since 2020,
we have increased Adjusted EBITDA by more than
$700 million, excluding catastrophes,1 representing
approximately an 11% compound annual growth rate.
the total number of protected devices globally to more
than 66 million. Subscriber growth remained strong,
supported by the performance of device protection
programs globally. We deepened carrier relationships
through new protection offerings, expanded logistics
and repair capabilities, and opened a dedicated,
state-of-the-art facility co-operated with a major
U.S. mobile client.
Beyond mobile, we continued to build momentum
in retail extended service contracts and financial
services. This included the expansion of appliance and
electronics protection programs and growth in card
benefits offerings.
Global Automotive
Global Automotive delivered earnings growth in what
was a pivotal year for the business. We expanded
our presence with national dealer groups, third-party
administrators, and international original equipment
manufacturers, now protecting 57 million vehicles
globally, representing an increase of nearly 2 million
year-over-year.
2025 Annual Report / 3


shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 

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