Assurant — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP net income increased 4% year-over-year to $275.2 million for Q3 2026, compared to $265.6 million in Q3 2025; for the first nine months, GAAP net income rose 31% to $847.9 million from $647.5 million.
• Adjusted EBITDA increased 8% to $464.4 million in Q3 2026 versus $431.5 million in Q3 2025; for the first nine months, Adjusted EBITDA grew 26% to $1,385.1 million from $1,099.7 million.
• Adjusted EBITDA excluding reportable catastrophes increased 12% to $484.1 million in Q3 2026 versus $433.5 million in Q3 2025; for the first nine months, it grew 12% to $1,441.4 million from $1,288.5 million.
• GAAP net income per diluted share increased 6% to $5.49 in Q3 2026 from $5.17 in Q3 2025; for the first nine months, it increased 34% to $16.82 from $12.55.
• Adjusted earnings per diluted share increased 7% to $6.15 in Q3 2026 from $5.73 in Q3 2025; for the first nine months, it increased 30% to $18.47 from $14.19.
• Adjusted earnings per diluted share excluding reportable catastrophes increased 12% to $6.46 in Q3 2026 from $5.76 in Q3 2025; for the first nine months, it increased 13% to $19.36 from $17.08.
• Net earned premiums, fees, and other income totaled $3.41 billion in Q3 2026, up 10% from $3.11 billion in Q3 2025.
• Holding company liquidity totaled $954 million as of September 30, 2026, with $729 million above the minimum level of $225 million.
• Debt was $2,208.7 million as of September 30, 2026, compared to $2,206.9 million as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 Adjusted EBITDA growth excluding reportable catastrophes is now expected to be approximately 10%.
• Full-year 2026 Adjusted earnings per share growth excluding reportable catastrophes is now expected to be in the low double digits.
• Global Lifestyle Adjusted EBITDA excluding reportable catastrophes is expected to grow mid-to-high teens.
• Global Housing Adjusted EBITDA excluding reportable catastrophes is expected to grow mid-single digits.
• Corporate and Other Adjusted EBITDA loss is expected to approximate $150 million.
• The company expects depreciation expense of approximately $180 million, an effective tax rate of 19% to 21%, interest expense of approximately $113 million, and amortization of purchased intangible assets of approximately $70 million for 2026.
• The company expects to repurchase $350 million of shares in 2026.

Business Segments and Product Lines:

• Global Lifestyle Adjusted EBITDA increased 15% in Q3 2026 to $236.9 million from $206.8 million in Q3 2025; for the first nine months, it increased 18% to $718.0 million from $606.0 million.
• Global Lifestyle Net earned premiums, fees, and other income increased 11% in Q3 2026 to $2,661.1 million from $2,406.2 million in Q3 2025.
• Connected Living earnings within Global Lifestyle grew 23%, driven by mobile growth across global supply chain and device protection programs.
• Global Automotive results increased 9% excluding a previously disclosed non-run rate benefit of $6.1 million, driven by improved loss experience and global partnerships.
• Global Housing Adjusted EBITDA increased 5% in Q3 2026 to $268.3 million from $256.3 million in Q3 2025; for the first nine months, it increased 34% to $779.8 million from $583.1 million.
• Global Housing Adjusted EBITDA excluding reportable catastrophes increased 11% in Q3 2026 to $288.0 million from $259.2 million in Q3 2025.
• Global Housing Net earned premiums, fees, and other income increased 6% in Q3 2026 to $744.9 million from $702.9 million in Q3 2025.
• Global Housing growth was driven by Homeowners specialty products, lower catastrophe reinsurance costs, and higher average insured values within lender-placed.
• Corporate and Other Adjusted EBITDA loss increased 29% in Q3 2026 to $40.8 million from $31.6 million in Q3 2025; for the first nine months, the loss increased 26% to $112.7 million from $89.4 million.
• The increase in Corporate and Other losses was driven by higher employee-related expenses and investments to support the Home Warranty business.

Market and Competitive Landscape:

• The company operates in 21 countries and leverages technology and insights to transform customer connections.
• Global Automotive growth is supported by continued expansion of global partnerships.
• Connected Living growth is driven by mobile supply chain volumes and global device protection programs.

Risks and Challenges:

• Reportable catastrophes totaled $19.7 million in Q3 2026 compared to $2.0 million in Q3 2025; for the first nine months, they totaled $56.3 million compared to $188.8 million in the prior year period.
• Global Housing results were partially offset by $16.8 million of higher pre-tax reportable catastrophes in Q3 2026.
• Lower favorable prior period reserve development (PPD) impacted Global Housing results, with $7.9 million lower favorable PPD in Q3 2026 compared to Q3 2025.
• Year-to-date 2026 prior year reserve development was $60.7 million, compared to $91.0 million in the same period of 2025.
• Risks include general economic conditions, inflation, geopolitical conflict, tariff policies, supply chain impacts, and recessionary pressures.
• Risks include loss of significant clients, competitive pressures, AI disruption, and failure to execute strategy or integrate acquisitions.
• Risks include declines in mobile device value, regulatory compliance, and climate change impacts on catastrophe and non-catastrophe losses.
• Risks include inability to recover from business continuity events, vendor management failures, and international operation risks.
• Risks include fluctuations in exchange rates, investment portfolio value declines, and impairment of goodwill or intangible assets.
• Risks include cyberattacks, data breaches, and failure to maintain effective internal controls.
• Risks include litigation, regulatory actions, and changes in insurance, tax, and other regulations.

Management Commentary and Tone:

• President and CEO Keith Demmings stated that exceptional third-quarter results reflect strong momentum, positioning the company for a record year and its 10th consecutive year of profitable growth.
• Management highlighted that the specialized, partner-centric model, deep client relationships, technology, and operational discipline translate into durable performance.
• Demmings noted that recurring fee-based revenue streams and expanding partner relationships in Global Lifestyle continue to drive earnings growth in Connected Living and support underlying Global Automotive growth.
• Management emphasized that scale, proprietary technology, and efficiency in Global Housing underpin attractive returns and a differentiated earnings profile.
• The company expressed confidence in its strong capital position, supporting share repurchases and investment in growth opportunities.

Other Key Points:

• Assurant repurchased approximately 268,000 shares of common stock for $75 million during the third quarter of 2026.
• The company paid $44 million in common stock dividends during the third quarter of 2026.
• Total share repurchases and common stock dividends totaled $119 million in the third quarter of 2026.
• From October 1 through October 31, 2026, the company repurchased approximately 108,000 shares for $30 million.
• As of October 31, 2026, $469 million remained under the current share repurchase authorization.
• Dividends paid by operating segments to the holding company totaled $226 million in the third quarter of 2026.
• The company expects to focus capital deployment on maintaining a strong financial position, funding organic investments and M&A, and returning capital to shareholders.