Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-31978

Assurant, Inc.

(Exact name of registrant as specified in its charter)


Delaware												39-1126612
(State or other jurisdiction of incorporation)												(I.R.S. Employer Identification No.)

260 Interstate North Circle SE

Atlanta, Georgia 30339

(770) 763-1000

(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 Par Value	AIZ	New York Stock Exchange
5.25% Subordinated Notes due 2061	AIZN	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding at October 31, 2025 was 50,081,110.

ASSURANT, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS


Item Number		Page Number
	PART I FINANCIAL INFORMATION

1.	Consolidated Financial Statements (unaudited) of Assurant, Inc.

	Consolidated Balance Sheets (unaudited) as of September 30, 2025 and December 31, 2024	2

	Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2025 and 2024	3

	Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2025 and 2024	4

	Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2025 and 2024	5

	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2025 and 2024	7

	Notes to Consolidated Financial Statements (unaudited)	9

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

3.	Quantitative and Qualitative Disclosures About Market Risk	47

4.	Controls and Procedures	47

	PART II OTHER INFORMATION

1.	Legal Proceedings	48

1A.	Risk Factors	48

2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

5.	Other Information	48

6.	Exhibits	49

	Signatures	50

Assurant, Inc.

Consolidated Balance Sheets (unaudited)


	September 30, 2025		December 31, 2024
	(in millions, except number of shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost - $8,357.0 and $7,524.8 at September 30, 2025 and December 31, 2024, respectively)	$	8,294.7	$	7,175.1
Equity securities at fair value	214.0		208.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $7.0 and $6.5 at September 30, 2025 and December 31, 2024, respectively)	328.2		342.5
Short-term investments	345.8		281.6
Other investments	596.8		536.8
Total investments	9,779.5		8,544.5
Cash and cash equivalents	1,712.5		1,807.7
Premiums and accounts receivable (net of allowances for credit losses of $9.5 and $7.2 at September 30, 2025 and December 31, 2024, respectively)	1,915.6		2,054.0
Reinsurance recoverables (net of allowances for credit losses of $6.0 and $5.0 at September 30, 2025 and December 31, 2024)	7,054.2		7,579.5
Accrued investment income	120.7		130.5
Deferred acquisition costs	10,131.1		9,992.8
Property and equipment, net	831.1		768.3
Goodwill	2,649.7		2,616.0
Value of business acquired	5.1		8.0
Other intangible assets, net	527.5		535.6
Other assets (net of allowances for credit losses of $0.5 and $0.6 at September 30, 2025 and December 31, 2024, respectively)	1,055.1		983.7

Total assets	$	35,782.1	$	35,020.6
Liabilities
Future policy benefits and expenses	$	510.1	$	536.7
Unearned premiums	20,609.2		20,211.4
Claims and benefits payable	2,212.0		2,914.2
Commissions payable	594.2		559.6
Funds held under reinsurance	279.4		277.7
Accounts payable and other liabilities (including allowances for credit losses of $0.6 and $1.4 at September 30, 2025 and December 31, 2024, respectively, for the unsecured portion of the high deductible recoverables)	3,612.3		3,331.2
Debt	2,206.4		2,083.1

Total liabilities	30,023.6		29,913.9
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 52,493,660 and 53,129,838 shares issued and 50,197,571 and 50,833,749 shares outstanding at September 30, 2025 and December 31, 2024, respectively	0.5		0.5
Additional paid-in capital	1,701.5		1,686.8
Retained earnings	4,726.3		4,378.3
Accumulated other comprehensive loss	(547.0)		(836.1)
Treasury stock, at cost; 2,296,089 shares at September 30, 2025 and December 31, 2024	(122.8)		(122.8)
Total equity	5,758.5		5,106.7
Total liabilities and equity	$	35,782.1	$	35,020.6

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Operations (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$	2,627.2	$	2,417.2	$	7,777.2	$	7,238.3
Fees and other income	484.4		439.1		1,351.0		1,200.0
Net investment income	133.5		129.7		387.0		381.1
Net realized losses on investments (including $0.7, $9.4, $3.7 and $21.2 of impairment-related losses for the three and nine months ended September 30, 2025 and 2024, respectively) and fair value changes to equity securities	(13.6)		(18.3)		(51.3)		(46.7)
Total revenues	3,231.5		2,967.7		9,463.9		8,772.7
Benefits, losses and expenses
Policyholder benefits	709.6		776.8		2,210.8		2,096.0
Underwriting, selling, general and administrative expenses	2,161.5		2,012.7		6,366.5		5,919.2

Interest expense	27.9		26.7		81.4		80.2
Loss on extinguishment of debt	1.3		—		1.3		—
Total benefits, losses and expenses	2,900.3		2,816.2		8,660.0		8,095.4
Income before income tax expense	331.2		151.5		803.9		677.3
Income tax expense	65.6		17.7		156.4		118.4
Net income	$	265.6	$	133.8	$	647.5	$	558.9







Earnings Per Common Share

Basic	$	5.22	$	2.56	$	12.67	$	10.66



Diluted	$	5.17	$	2.55	$	12.55	$	10.60



Share Data
Weighted average common shares outstanding used in basic per common share calculations	50,831,664		52,204,057		51,081,220		52,411,457
Plus: Dilutive securities	488,827		260,465		525,846		293,417
Weighted average common shares outstanding used in diluted per common share calculations	51,320,491		52,464,522		51,607,066		52,704,874

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Comprehensive Income (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Net income	$	265.6	$	133.8	$	647.5	$	558.9
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(18.2), $(56.2), $(58.5) and $(42.4) for the three and nine months ended September 30, 2025 and 2024, respectively	81.5		209.7		225.9		154.5
Change in unrealized gains on derivative transactions, net of taxes of $0.5, $(0.8), $— and $0.3 for the three and nine months ended September 30, 2025 and 2024, respectively	(1.9)		3.0		0.1		(1.1)
Change in foreign currency translation, net of taxes of $(0.5), $2.8, $(3.4) and $4.6 for the three and nine months ended September 30, 2025 and 2024, respectively	7.8		15.2		60.5		(8.4)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.1), $0.7, $(0.7) and $2.0 for the three and nine months ended September 30, 2025 and 2024, respectively	0.2		(2.4)		2.6		(7.2)
Total other comprehensive income (loss)	87.6		225.5		289.1		137.8
Total comprehensive income	$	353.2	$	359.3	$	936.6	$	696.7

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Changes in Equity (unaudited)


	Three Months Ended September 30, 2025
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at June 30, 2025		$	0.5	$	1,684.5	$	4,570.9	$	(634.6)	$	(122.8)	$	5,498.5

Stock plan exercises		—		8.2		—		—		—		8.2
Stock plan compensation expense		—		23.2		—		—		—		23.2
Common stock dividends ($0.80 per share)		—		—		(40.6)		—		—		(40.6)
Acquisition of common stock		—		(14.4)		(69.6)		—		—		(84.0)

Net income		—		—		265.6		—		—		265.6





Other comprehensive income		—		—		—		87.6		—		87.6
Balance at September 30, 2025		$	0.5	$	1,701.5	$	4,726.3	$	(547.0)	$	(122.8)	$	5,758.5


	Three Months Ended September 30, 2024
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at June 30, 2024		$	0.5	$	1,669.6	$	4,309.7	$	(852.7)	$	(122.8)	$	5,004.3

Stock plan exercises		—		7.5		—		—		—		7.5
Stock plan compensation expense		—		23.7		—		—		—		23.7
Common stock dividends ($0.72 per share)		—		—		(37.5)		—		—		(37.5)
Acquisition of common stock		—		(17.5)		(84.5)		—		—		(102.0)

Net income		—		—		133.8		—		—		133.8





Other comprehensive income		—		—		—		225.5		—		225.5
Balance at September 30, 2024		$	0.5	$	1,683.3	$	4,321.5	$	(627.2)	$	(122.8)	$	5,255.3


	Nine Months Ended September 30, 2025
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at December 31, 2024		$	0.5	$	1,686.8	$	4,378.3	$	(836.1)	$	(122.8)	$	5,106.7

Stock plan exercises		—		15.8		—		—		—		15.8
Stock plan compensation expense		—		60.7		—		—		—		60.7
Common stock dividends ($2.40 per share)		—		—		(124.2)		—		—		(124.2)
Acquisition of common stock		—		(61.8)		(175.3)		—		—		(237.1)

Net income		—		—		647.5		—		—		647.5





Other comprehensive income		—		—		—		289.1		—		289.1
Balance at September 30, 2025		$	0.5	$	1,701.5	$	4,726.3	$	(547.0)	$	(122.8)	$	5,758.5

Assurant, Inc.

Consolidated Statements of Changes in Equity (unaudited)


	Nine Months Ended September 30, 2024
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at December 31, 2023		$	0.6	$	1,668.5	$	4,028.2	$	(765.0)	$	(122.8)	$	4,809.5

Stock plan exercises		—		14.8		—		—		—		14.8
Stock plan compensation expense		—		58.3		—		—		—		58.3
Common stock dividends ($2.16 per share)		—		—		(114.8)		—		—		(114.8)
Acquisition of common stock		(0.1)		(58.3)		(150.8)		—		—		(209.2)

Net income		—		—		558.9		—		—		558.9





Other comprehensive income		—		—		—		137.8		—		137.8
Balance at September 30, 2024		$	0.5	$	1,683.3	$	4,321.5	$	(627.2)	$	(122.8)	$	5,255.3

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30,
	2025		2024
	(in millions)
Operating activities
Net income	$	647.5	$	558.9
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in net income from operations:

Deferred tax expense	61.2		219.9
Depreciation and amortization	178.0		159.6
Net realized losses on investments, including impairment losses	51.3		46.7
Loss on extinguishment of debt	1.3		—

Stock based compensation expense	60.7		58.3


Restructuring costs	(1.4)		0.2

Changes in operating assets and liabilities:
Insurance policy reserves and expenses	(442.9)		1,409.8
Premiums and accounts receivable	192.4		485.7
Commissions payable	26.1		(8.7)
Reinsurance recoverable	508.8		(968.2)
Funds withheld under reinsurance	0.7		(134.3)
Deferred acquisition costs and value of business acquired	(78.2)		(75.0)
Taxes receivable	(60.2)		(167.3)
Other assets and other liabilities	(28.5)		(304.1)
Other	46.1		(51.6)

Net cash provided by operating activities	1,162.9		1,229.9
Investing activities
Sales of:
Fixed maturity securities available for sale	892.2		924.6
Equity securities	32.9		73.8
Other invested assets	31.9		71.0


Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	630.6		384.2
Commercial mortgage loans on real estate	53.6		35.4
Purchases of:
Fixed maturity securities available for sale	(2,294.4)		(1,822.9)
Equity securities	(26.7)		(55.4)
Commercial mortgage loans on real estate	(41.6)		(38.1)
Other invested assets	(78.3)		(66.8)
Property and equipment and other	(176.2)		(153.3)
Subsidiaries, net of cash transferred	(22.4)		(12.9)
Change in short-term investments	(61.4)		(68.4)
Other	5.8		—

Net cash used in investing activities	(1,054.0)		(728.8)

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30,
	2025		2024
Financing activities
Issuance of debt, net of issuance costs	298.0		—
Repayment of debt	(176.3)		—



Acquisition of common stock	(209.4)		(187.1)
Common stock dividends paid	(124.2)		(114.8)

Employee stock purchases and withholdings	(16.1)		(15.9)


Net cash used in financing activities	(228.0)		(317.8)
Effect of exchange rate changes on cash and cash equivalents	23.9		2.7


Change in cash and cash equivalents	(95.2)		186.0
Cash and cash equivalents at beginning of period	1,807.7		1,627.4





Cash and cash equivalents at end of period	$	1,712.5	$	1,813.4

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

INDEX OF NOTES


Note			Page Number
1. Nature of Operations			9
2. Basis of Presentation			9
3. Recent Accounting Pronouncements			10
4. Segment Information			11
5. Contract Revenues			13
6. Investments			14
7. Fair Value Disclosures			19
8. Deferred Acquisition Costs			22
9. Reserves			23
10. Debt			26
11. Accumulated Other Comprehensive Income			27
12. Earnings Per Common Share			29
13. Retirement and Other Employee Benefits			30
14. Commitments and Contingencies			31

1. Nature of Operations

Assurant, Inc. (the “Company”) is a premier global protection company that partners with the world’s leading brands to safeguard and service connected devices, homes and automobiles. The Company leverages data-driven technology solutions to provide exceptional customer experiences. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit 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 its Global Housing segment, the Company provides 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”).

The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.

2. Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.

The consolidated balance sheet as of September 30, 2025, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three and nine months ended September 30, 2025 and 2024 and the consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 are unaudited. In the opinion of management, the interim data includes all normal recurring adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

Restricted Cash

Restricted cash and cash equivalents of $174.9 million and $150.8 million as of September 30, 2025 and December 31, 2024, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.

One Big Beautiful Bill Act

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act, which includes certain changes to U.S. corporate tax provisions and extends many of the provisions of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. The Company is currently assessing the impact of this new legislation, but does not expect it to have a material impact on the Company’s consolidated financial statements.

3. Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Adopted

There were no ASUs adopted by the Company during the quarterly period ended September 30, 2025.

Not Yet Adopted

ASUs issued but not yet adopted as of September 30, 2025, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


Standard	Summary of the Standard	Effective date Method of Adoption	Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures	The guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.	Annual periods starting December 31, 2025	The Company is assessing the adoption of this standard as of December 31, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	The guidance improves disclosures of specified information about certain costs and expenses for each interim and annual reporting period. The new disclosure requirements include: • Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. •Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements. •Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. •Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.	December 31, 2027 and for interim periods thereafter	The Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.

4. Segment Information

As of September 30, 2025, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses and activities of the holding company.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA defined below is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA, and then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget and forecast for each segment. The individual operating segment’s performance is one of the considerations when determining the compensation of certain employees.

The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including non-core operations and restructuring costs, each as described below).

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following tables provide information about the segments’ Adjusted EBITDA.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living	$	1,357.2	$	1,223.5	$	3,917.0	$	3,512.3
Global Automotive	1,049.0		1,026.0		3,146.6		3,108.5
Net investment income	90.9		88.4		262.6		264.3
Total revenues	2,497.1		2,337.9		7,326.2		6,885.1
Policyholder benefits	486.0		448.3		1,389.9		1,277.8
Selling and underwriting expense (1)	1,231.2		1,179.5		3,727.2		3,550.0
Cost of sales (2)	249.0		224.8		665.2		593.2
General expenses (3)	324.1		301.0		937.9		882.4
Segment Adjusted EBITDA	$	206.8	$	184.3	$	606.0	$	581.7

Global Housing:
Net earned premiums, fees and other income:
Homeowners	$	553.9	$	478.4	$	1,629.6	$	1,438.5
Renters and Other	149.0		125.4		427.8		371.1
Net investment income	36.0		31.7		104.1		90.1
Total revenues	738.9		635.5		2,161.5		1,899.7
Policyholder benefits	221.9		323.3		813.6		803.5
Selling and underwriting expense (1)	54.9		40.6		146.8		113.5
General expenses (4)	205.8		179.2		618.0		536.9
Segment Adjusted EBITDA	$	256.3	$	92.4	$	583.1	$	445.8

Corporate:
Fees and other income	$	—	$	0.1	$	1.7	$	0.4
Net investment income	5.7		7.8		17.1		20.5
Total revenues	5.7		7.9		18.8		20.9
Policyholder benefits	—		—		—		—
General expenses (3)	37.3		37.7		108.2		107.4
Segment Adjusted EBITDA	$	(31.6)	$	(29.8)	$	(89.4)	$	(86.5)

(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.

(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.

(3)Consists primarily of licenses, fees, and general operating expenses.

(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following table presents segment Adjusted EBITDA with a reconciliation to net income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Adjusted EBITDA by segment:
Global Lifestyle	$	206.8	$	184.3	$	606.0	$	581.7
Global Housing	256.3		92.4		583.1		445.8
Corporate and Other	(31.6)		(29.8)		(89.4)		(86.5)
Reconciling items to consolidated net income:
Interest expense	(27.9)		(26.7)		(81.4)		(80.2)
Depreciation expense	(37.8)		(38.9)		(108.8)		(99.5)
Amortization of purchased intangible assets	(16.5)		(17.0)		(50.0)		(51.9)
Net realized losses on investments and fair value changes to equity securities	(13.6)		(18.3)		(51.3)		(46.7)
Non-core operations (1)	0.9		(2.4)		0.2		(8.3)
Restructuring costs (2)	—		1.0		1.4		(0.2)
Other adjustments	(5.4)		6.9		(5.9)		23.1

Total reconciling items	(100.3)		(95.4)		(295.8)		(263.7)
Income before income tax expense	331.2		151.5		803.9		677.3
Income tax expense	65.6		17.7		156.4		118.4
Net income	$	265.6	$	133.8	$	647.5	$	558.9

(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), Assurant Health runoff operations, certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and were no longer included in non-core operations commencing with first quarter 2025.

(2)Relates to strategic exit activities (outside of normal periodic restructuring and cost management activities).

The following table presents total assets by segment:


	September 30, 2025		December 31, 2024
Global Lifestyle (1)	$	28,372.0	$	27,468.0
Global Housing (1)	5,456.4		5,773.4
Corporate and Other (2)	1,953.7		1,779.2
Segment assets	$	35,782.1	$	35,020.6

(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.

(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of September 30, 2025 and December 31, 2024, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million, subject to certain adjustments. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated.

5. Contract Revenues

The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $419.6 million and $382.6 million for Global Lifestyle and $40.3 million and $34.1 million for Global Housing for the three months ended September 30, 2025 and 2024, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $1.17 billion and $1.04 billion for Global Lifestyle and $107.3 million and $95.5 million for Global Housing for the nine months ended September 30, 2025 and 2024, respectively.

Global Lifestyle

In the Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile service providers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.

Global Housing

In the Global Housing segment, revenues from service contracts and sales of products are primarily from the Homeowners business. As part of the Homeowners business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.

Contract Balances

The receivables and unearned revenue under these contracts were $189.0 million and $140.8 million, respectively, as of September 30, 2025, and $171.3 million and $153.8 million, respectively, as of December 31, 2024. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended September 30, 2025 and 2024 that was included in unearned revenue as of December 31, 2024 and 2023 was $17.5 million and $17.4 million, respectively. Revenue from service contracts and sales of products recognized during the nine months ended September 30, 2025 and 2024 that was included in unearned revenue as of December 31, 2024 and 2023 was $52.4 million and $52.1 million, respectively.

In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of September 30, 2025 and December 31, 2024, the Company had approximately $72.2 million and $83.4 million, respectively, of such intangible assets that will be expensed over the term of the client contracts.

6. Investments

The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	September 30, 2025
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	64.1	$	—	$	0.9	$	(0.9)	$	64.1
States, municipalities and political subdivisions	103.5		—		1.0		(5.6)		98.9
Foreign governments	592.2		—		12.7		(9.9)		595.0
Asset-backed	879.0		—		6.4		(8.2)		877.2
Commercial mortgage-backed	429.3		—		4.8		(23.3)		410.8
Residential mortgage-backed	908.1		—		9.8		(38.1)		879.8
U.S. corporate	3,674.4		—		95.9		(117.1)		3,653.2
Foreign corporate	1,706.4		—		48.6		(39.3)		1,715.7
Total fixed maturity securities	$	8,357.0	$	—	$	180.1	$	(242.4)	$	8,294.7


	December 31, 2024
	Cost or Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities	$	54.5	$	—	$	0.1	$	(3.4)	$	51.2
States, municipalities and political subdivisions	128.7		—		0.6		(10.2)		119.1
Foreign governments	484.6		—		2.6		(25.1)		462.1
Asset-backed	940.3		—		6.5		(9.5)		937.3
Commercial mortgage-backed	371.8		—		1.0		(36.4)		336.4
Residential mortgage-backed	690.0		—		1.6		(50.5)		641.1
U.S. corporate	3,364.3		—		26.9		(203.8)		3,187.4
Foreign corporate	1,490.6		—		19.0		(69.1)		1,440.5
Total fixed maturity securities	$	7,524.8	$	—	$	58.3	$	(408.0)	$	7,175.1

The cost or amortized cost and fair value of fixed maturity securities as of September 30, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.


	September 30, 2025
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	112.0	$	112.2
Due after one year through five years	1,403.0		1,421.4
Due after five years through ten years	3,417.8		3,483.6
Due after ten years	1,207.8		1,109.7
Total	6,140.6		6,126.9
Asset-backed	879.0		877.2
Commercial mortgage-backed	429.3		410.8
Residential mortgage-backed	908.1		879.8
Total	$	8,357.0	$	8,294.7

The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated:

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities	$	(15.6)	$	(18.5)	$	(53.8)	$	(47.7)
Equity securities (1)	4.9		11.2		6.6		21.3
Commercial mortgage loans on real estate	(2.2)		(0.1)		(0.5)		(2.4)
Other investments	—		(1.5)		0.1		3.3
Total net realized losses on investments related to sales and other and fair value changes to equity securities	(12.9)		(8.9)		(47.6)		(25.5)
Net realized losses related to impairments:
Fixed maturity securities	—		(0.2)		—		(1.2)
Other investments	(0.7)		(9.2)		(3.7)		(20.0)
Total net realized losses related to impairments	(0.7)		(9.4)		(3.7)		(21.2)
Total net realized losses on investments and fair value changes to equity securities	$	(13.6)	$	(18.3)	$	(51.3)	$	(46.7)

(1)Upward adjustments of $1.3 million, $3.7 million, $2.5 million and $6.6 million for the three and nine months ended September 30, 2025 and 2024, respectively, and impairments of $0.7 million, $3.7 million, $9.2 million and $20.0 million for the three and nine months ended September 30, 2025 and 2024, respectively, were realized on equity investments accounted for under the measurement alternative.

The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net gains (losses) recognized on equity securities	$	4.9	$	11.2	$	6.6	$	21.3
Less: Net realized gains (losses) related to sales of equity securities	0.1		1.4		(13.9)		6.5
Total fair value changes to equity securities held	$	4.8	$	9.8	$	20.5	$	14.8

Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:


	September 30, 2025		December 31, 2024
Initial cost	$	82.6	$	74.8
Cumulative upward adjustments	54.7		57.9
Cumulative downward adjustments (including impairments)	(22.9)		(24.4)
Carrying value	$	114.4	$	108.3

The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2025 and December 31, 2024 were as follows:

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	September 30, 2025
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	12.6	$	(0.1)	$	10.5	$	(0.8)	$	23.1	$	(0.9)
States, municipalities and political subdivisions	5.7		(0.5)		54.4		(5.1)		60.1		(5.6)
Foreign governments	33.6		(0.4)		163.1		(9.5)		196.7		(9.9)
Asset-backed	80.1		(2.9)		75.9		(5.3)		156.0		(8.2)
Commercial mortgage-backed	34.8		(0.9)		152.2		(22.4)		187.0		(23.3)
Residential mortgage-backed	83.5		(1.4)		214.0		(36.7)		297.5		(38.1)
U.S. corporate	192.9		(8.8)		611.3		(108.3)		804.2		(117.1)
Foreign corporate	69.9		(2.8)		279.9		(36.5)		349.8		(39.3)
Total fixed maturity securities	$	513.1	$	(17.8)	$	1,561.3	$	(224.6)	$	2,074.4	$	(242.4)


	December 31, 2024
	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities	$	25.8	$	(0.6)	$	21.4	$	(2.8)	$	47.2	$	(3.4)
States, municipalities and political subdivisions	20.4		(1.5)		66.1		(8.7)		86.5		(10.2)
Foreign governments	164.8		(10.9)		171.3		(14.2)		336.1		(25.1)
Asset-backed	59.0		(3.5)		87.6		(6.0)		146.6		(9.5)
Commercial mortgage-backed	65.7		(1.3)		195.8		(35.1)		261.5		(36.4)
Residential mortgage-backed	223.4		(4.8)		209.7		(45.7)		433.1		(50.5)
U.S. corporate	1,083.8		(29.9)		954.3		(173.9)		2,038.1		(203.8)
Foreign corporate	368.1		(9.9)		431.4		(59.2)		799.5		(69.1)
Total fixed maturity securities	$	2,011.0	$	(62.4)	$	2,137.6	$	(345.6)	$	4,148.6	$	(408.0)

Total gross unrealized losses represented approximately 12% of the aggregate fair value of the related securities as of September 30, 2025 and 10% as of December 31, 2024. Approximately 7% and 15% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of September 30, 2025 and December 31, 2024, respectively. The total gross unrealized losses are comprised of 1,617 and 2,712 individual securities as of September 30, 2025 and December 31, 2024, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of September 30, 2025 and December 31, 2024 were related to non-credit factors and therefore, did not recognize credit-related losses during the three and nine months ended September 30, 2025. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.

The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of September 30, 2025, approximately 34% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $5.0 million as of September 30, 2025 and December 31, 2024.

Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

commonly expressed as a percentage. The debt-service coverage ratio compares a property’s annual net operating income to its annual debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.

The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at September 30, 2025 and December 31, 2024.


	September 30, 2025
	Origination Year
	2025		2024		2023		2022		2021		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	38.6	$	52.6	$	36.9	$	24.3	$	19.8	$	45.6	$	217.8	65.0	%
71% to 80%	—		1.9		6.8		17.6		49.1		2.7		78.1		23.3	%
81% to 95%	—		—		—		10.7		5.0		5.7		21.4		6.4	%
Greater than 95%	—		—		3.8		7.9		6.2		—		17.9		5.3	%
Total	$	38.6	$	54.5	$	47.5	$	60.5	$	80.1	$	54.0	$	335.2	100.0	%


	September 30, 2025
	Origination Year
	2025		2024		2023		2022		2021		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	6.8	$	6.4	$	0.5	$	14.6	$	10.7	$	32.8	$	71.8	21.4	%
1.5 to 2.0	9.1		21.1		12.1		10.7		24.6		13.1		90.7		27.1	%
1.0 to 1.5	22.7		26.0		14.4		15.3		19.2		6.7		104.3		31.1	%
Less than 1.0	—		1.0		20.5		19.9		25.6		1.4		68.4		20.4	%
Total	$	38.6	$	54.5	$	47.5	$	60.5	$	80.1	$	54.0	$	335.2	100.0	%


	December 31, 2024
	Origination Year
	2024		2023		2022		2021		2020		Prior		Total		% of Total
Loan to value ratios (1):
70% and less	$	51.9	$	43.2	$	29.6	$	16.0	$	—	$	57.9	$	198.6	56.9	%
71% to 80%	3.8		4.9		22.8		65.5		2.8		—		99.8		28.6	%
81% to 95%	—		—		12.6		8.6		—		9.5		30.7		8.8	%
Greater than 95%	—		3.8		9.9		6.2		—		—		19.9		5.7	%
Total	$	55.7	$	51.9	$	74.9	$	96.3	$	2.8	$	67.4	$	349.0	100.0	%

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	December 31, 2024
	Origination Year
	2024		2023		2022		2021		2020		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	6.4	$	0.6	$	18.0	$	10.8	$	—	$	43.4	$	79.2	22.7	%
1.5 to 2.0	20.9		12.2		10.9		25.0		—		14.0		83.0		23.8	%
1.0 to 1.5	27.4		18.8		20.4		22.5		2.8		4.8		96.7		27.7	%
Less than 1.0	1.0		20.3		25.6		38.0		—		5.2		90.1		25.8	%
Total	$	55.7	$	51.9	$	74.9	$	96.3	$	2.8	$	67.4	$	349.0	100.0	%

(1)Loan-to-value ratio derived from current principal amount of the loan divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.

(2)Debt-service coverage ratio calculated using most recently reported annual net operating income from property operators divided by annual debt service payments.

7. Fair Value Disclosures

Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures

The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.

The levels of the fair value hierarchy are described below:

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, the Retiree Medical Pension 401(h), and other derivatives. Other liabilities are comprised of investments in

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

the AIP, contingent considerations related to business combinations, and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.


	September 30, 2025
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	64.1	$	—		$	64.1		$	—
States, municipalities and political subdivisions	98.9		—			98.9			—
Foreign governments	595.0		—			595.0			—
Asset-backed	877.2		—			750.1			127.1
Commercial mortgage-backed	410.8		—			410.8			—
Residential mortgage-backed	879.8		—			879.8			—
U.S. corporate	3,653.2		—			3,589.4			63.8
Foreign corporate	1,715.7		—			1,705.7			10.0
Equity securities:
Mutual funds	37.0		15.9			—			21.1
Common stocks	2.0		2.0			—			—
Non-redeemable preferred stocks	175.0		—			174.6			0.4
Short-term investments	305.7		303.1		(2)	2.6		(3)	—
Other investments	73.1		73.0		(1)	—			0.1
Cash equivalents	1,205.1		1,192.6		(2)	12.5		(3)	—

Other assets	7.2		—			—			7.2		(4)
Assets held in separate accounts	11.1		5.2		(1)	5.9		(3)	—
Total financial assets	$	10,110.9	$	1,591.8		$	8,289.4		$	229.7

Financial Liabilities
Other liabilities	$	80.5	$	60.3	(1)	$	—		$	20.2	(5)
Liabilities related to separate accounts	11.1		5.2		(1)	5.9		(3)	—
Total financial liabilities	$	91.6	$	65.5		$	5.9		$	20.2

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	December 31, 2024
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	51.2	$	—		$	51.2		$	—
States, municipalities and political subdivisions	119.1		—			119.1			—
Foreign governments	462.1		—			462.1			—
Asset-backed	937.3		—			823.7			113.6
Commercial mortgage-backed	336.4		—			336.4			—
Residential mortgage-backed	641.1		—			641.1			—
U.S. corporate	3,187.4		—			3,139.9			47.5
Foreign corporate	1,440.5		—			1,432.5			8.0
Equity securities:
Mutual funds	28.8		13.6			—			15.2
Common stocks	3.5		3.5			—			—
Non-redeemable preferred stocks	176.2		—			176.2			—
Short-term investments	237.1		230.1		(2)	7.0		(3)	—
Other investments	66.1		66.0		(1)	—			0.1
Cash equivalents	1,325.6		1,312.0		(2)	13.6		(3)	—

Other assets	6.3		—			—			6.3		(4)
Assets held in separate accounts	11.3		8.7		(1)	2.6		(3)	—
Total financial assets	$	9,030.0	$	1,633.9		$	7,205.4		$	190.7

Financial Liabilities
Other liabilities	$	66.0	$	66.0	(1)	$	—		$	—
Liabilities related to separate accounts	11.3		8.7		(1)	2.6		(3)	—
Total financial liabilities	$	77.3	$	74.7		$	2.6		$	—

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities and related obligations.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:


	September 30, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	328.2	$	325.5	$	—	$	—	$	325.5
Other investments	34.9		34.9		1.2		—		33.7
Other assets	35.2		35.2		—		—		35.2
Total financial assets	$	398.3	$	395.6	$	1.2	$	—	$	394.4
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	6.4	$	6.9	$	—	$	—	$	6.9
Funds withheld under reinsurance	279.4		279.4		279.4		—		—
Debt	2,206.4		2,169.4		—		2,169.4		—
Total financial liabilities	$	2,492.2	$	2,455.7	$	279.4	$	2,169.4	$	6.9

	December 31, 2024
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	342.5	$	333.3	$	—	$	—	$	333.3
Other investments	23.2		23.2		1.3		—		21.9
Other assets	26.3		26.3		—		—		26.3
Total financial assets	$	392.0	$	382.8	$	1.3	$	—	$	381.5
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	6.5	$	6.9	$	—	$	—	$	6.9
Funds withheld under reinsurance	277.7		277.7		277.7		—		—
Debt	2,083.1		1,998.1		—		1,998.1		—
Total financial liabilities	$	2,367.3	$	2,282.7	$	277.7	$	1,998.1	$	6.9

(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.

8. Deferred Acquisition Costs

The following table discloses information about deferred acquisition costs as of the dates indicated:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	10,138.5	$	10,041.0	$	9,992.8	$	9,967.2
Costs deferred	926.3		1,005.3		3,195.8		3,117.1
Amortization	(933.7)		(962.5)		(3,057.5)		(3,000.5)
Ending balance	$	10,131.1	$	10,083.8	$	10,131.1	$	10,083.8

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

9. Reserves

Reserve Roll Forward

The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.

Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.

The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.


	For the Nine Months Ended September 30,
	2025		2024
Claims and benefits payable, at beginning of period	$	2,914.2	$	1,989.2
Less: Reinsurance ceded and other	(1,669.8)		(886.6)
Net claims and benefits payable, at beginning of period	1,244.4		1,102.6
Incurred losses and loss adjustment expenses related to:
Current year	2,337.0		2,194.9
Prior years	(126.2)		(98.9)
Total incurred losses and loss adjustment expenses	2,210.8		2,096.0
Paid losses and loss adjustment expenses related to:
Current year	1,596.3		1,315.2
Prior years	635.3		570.6
Total paid losses and loss adjustment expenses	2,231.6		1,885.8
Net claims and benefits payable, at end of period	1,223.6		1,312.8
Plus: Reinsurance ceded and other (1)	988.4		1,736.2
Claims and benefits payable, at end of period (1)	$	2,212.0	$	3,049.0

(1)Includes reinsurance recoverables and claims and benefits payable of $256.0 million and $905.6 million as of September 30, 2025 and 2024, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

The Company experienced net favorable loss development of $126.2 million and $98.9 million for the nine months ended September 30, 2025 and 2024, respectively, as presented in the roll forward table above.

Global Lifestyle contributed $40.6 million and $16.7 million in net favorable loss development for the nine months ended September 30, 2025 and 2024, respectively. The net favorable loss development in both periods was attributable to nearly all lines of business in Global Lifestyle across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience. Connected Living contributed $23.4 million of net favorable development, of which $10.6 million was from mobile, $9.9 million was from extended service contracts and $2.9 million was from credit and other insurance. For mobile, the favorable development was primarily attributable to reserve releases as a new client’s actual loss experience replaced initial pricing assumptions. For extended service contracts, reserve releases and favorable development are primarily attributable to fewer claims as inforce contract counts decrease slightly and lower severity from new pricing agreements with servicers. For credit and other insurance, the favorable development was primarily attributable to administrative closure of claims with no offsetting settlements. Global Automotive contributed $17.2 million of net favorable development, primarily attributable to favorability in the frequency assumptions in the U.S. service contract products. For the nine months ended September 30, 2024, the favorable development was also primarily from Connected Living and due to similar drivers. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

Global Housing contributed $86.6 million and $87.1 million of net favorable loss development for the nine months ended September 30, 2025 and 2024, respectively. The net favorable loss development for the nine months ended September 30, 2025 consisted of $91.0 million of net favorable non-catastrophe development and $4.4 million of net unfavorable development from prior catastrophe events. The net favorable non-catastrophe development was driven by $80.3 million from lender-placed hazard due to easing inflation and lower frequency as observed by favorable actual loss emergence data compared to prior estimates. The net favorable loss development for the nine months ended September 30, 2024 was primarily attributable to favorable frequency, easing inflation and legislative reform changes in Florida.

The sharing economy and small commercial businesses, reported within non-core operations, contributed $3.0 million and $11.6 million in net unfavorable loss development during the nine months ended September 30, 2025 and 2024, respectively. The $3.0 million in net unfavorable loss development was primarily attributable to sharing economy due to the deterioration in the anticipated portion and amount of claims exceeding the per policy deductible. The net unfavorable loss development for the nine months ended September 30, 2024 was primarily attributable to more newly reported claims than expected and an increase in the portion and amount of claims anticipated to exceed the per policy deducible.

All others contributed $2.0 million and $6.7 million of net favorable loss development for the nine months ended September 30, 2025 and 2024 respectively.

Long-Duration Contracts

A remeasurement of the ending reporting period future policy benefits and expenses reserve is calculated using the current upper medium grade fixed-income corporate bond instrument yield as of the consolidated balance sheet ending period (the “current discount rate”). The current discount rate used is an externally published U.S. corporate A index weighted average spot rate that is updated quarterly and effectively matches the duration of the expected cash flow streams of the long-term care reserves. The difference between the ending period future policy benefits and expenses reserve measured using the original discount rate and the future policy benefits and expenses reserve measured using the current discount rate is recorded in accumulated other comprehensive income (“AOCI”) in the Company’s consolidated statements of comprehensive income.

The long-term care insurance contracts are fully reinsured and there is no impact to consolidated stockholders’ equity or net income as the reserves are fully reinsured.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following table presents the balances and changes in the long-term care future policy benefits and expenses reserve:


	September 30, 2025		December 31, 2024
Present value of expected net premiums
Balance, beginning of period	$	36.4	$	36.4
Beginning balance at original discount rate	34.0		36.5
Effect of changes in cash flow assumptions	—		(1.0)
Effect of actual variances from expected experience	—		0.9
Adjusted beginning of period balance	34.0		36.4
Experience variance (1)	1.5		0.1

Interest accrual	2.4		3.4
Net premiums collected	(4.2)		(5.9)

Ending balance at original discount rate	33.7		34.0
Effect of changes in discount rate assumptions	1.7		2.4
Balance, end of period	$	35.4	$	36.4

Present value of expected future policy benefits
Balance, beginning of period	$	506.4	$	450.6
Beginning balance at original discount rate	452.9		453.0

Effect of actual variances from expected experience	—		1.5
Adjusted beginning of period balance	452.9		454.5
Experience variance (1)	(6.1)		(1.3)

Interest accrual	19.4		26.2
Benefit payments	(22.6)		(26.5)

Ending balance at original discount rate	443.6		452.9
Effect of changes in discount rate assumptions	38.7		53.5
Balance, end of period	$	482.3	$	506.4

Net future policy benefits and expenses	$	446.9	$	470.0
Related reinsurance recoverable	446.9		470.0
Net future policy benefits and expenses, after reinsurance recoverable	$	—	$	—

Weighted-average liability duration of the future policy benefits and expenses (in years)	11.0		11.4

(1)Experience variance includes adverse development resulting from the allocation of the premium deficiency reserve to the cohort level for issue years where net premiums exceed gross premiums.

The following table presents a reconciliation of the long-term care net future policy benefits and expenses to the future policy benefits and expenses reserve in the consolidated balance sheet:


	September 30, 2025		December 31, 2024
Long-term care	$	446.9	$	470.0
Other	63.2		66.7
Total	$	510.1	$	536.7

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for the long-term care insurance contracts:


	September 30, 2025		December 31, 2024
Expected future benefits payments	$	772.1	$	804.4
Expected future gross premiums	$	60.2	$	61.9

The following table presents the amount of long-term care revenue and interest recognized in the consolidated statements of operations:


	September 30, 2025		September 30, 2024
Gross premiums	$	1.4	$	1.5
Interest expense (original discount rate)	$	5.6	$	5.7

The following table presents the weighted-average interest rate for long-term care insurance contracts:


	September 30, 2025		September 30, 2024
Interest expense (original discount rate)	5.95	%	5.95	%
Current discount rate	4.92	%	5.45	%

10. Debt

Debt Issuance

2036 Senior Notes: In August 2025, the Company issued senior notes due February 2036 with an aggregate principal amount of $300.0 million, which bear interest at a rate of 5.55% per year and were issued at a 0.322% discount to the public (the “2036 Senior Notes”). Interest on the 2036 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2026. Prior to November 15, 2035, the Company may redeem all or part of the 2036 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2036 Senior Notes to be redeemed, plus a make-whole premium as described in the 2036 Senior Notes and accrued and unpaid interest up to the redemption date. On or after that date, the Company may redeem all or part of the 2036 Senior Notes at any time at a redemption price equal to 100% of the aggregate principal amount of the 2036 Senior Notes to be redeemed, plus accrued and unpaid interest up to the redemption date.

In anticipation of the issuance of the 2036 Senior Notes, the Company entered into a derivative transaction to hedge the risk associated with changes in interest rates up to the date the 2036 Senior Notes were issued. The Company determined that the derivative qualified for cash flow hedge accounting and recognized a deferred loss of $0.7 million upon settlement which was reported through other comprehensive income. The deferred loss will be recognized in addition to the interest expense related to the 2036 Senior Notes on an effective yield basis.

Debt Redemption

In August 2025, the Company used the net proceeds from the sale of the 2036 Senior Notes to redeem all of the $175.0 million outstanding aggregate principal amount of its 6.10% Senior Notes due February 2026 (the “2026 Senior Notes”) at a make-whole premium plus accrued and unpaid interest up to the redemption date, to pay related fees and expenses, and for general corporate purposes. In connection with the redemption, the Company recognized a net loss from the extinguishment of the debt of $1.3 million, which included the make-whole premium and the remaining deferred debt issuance costs for the 2026 Senior Notes, partially offset by a gain from the termination of a hedge of the interest rate risk associated with the redeemed notes.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

11. Accumulated Other Comprehensive Income

Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated:


	Three Months Ended September 30, 2025
	Foreign currency translation adjustment		Net unrealized losses on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at June 30, 2025	$	(362.5)	$	(147.5)	$	4.2	$	(128.8)	$	(634.6)
Change in accumulated other comprehensive income (loss) before reclassifications	7.8		69.3		(1.1)		—		76.0
Amounts reclassified from accumulated other comprehensive income (loss)	—		12.2		(0.8)		0.2		11.6
Net current-period other comprehensive income (loss)	7.8		81.5		(1.9)		0.2		87.6
Balance at September 30, 2025	$	(354.7)	$	(66.0)	$	2.3	$	(128.6)	$	(547.0)

	Three Months Ended September 30, 2024
	Foreign currency translation adjustment		Net unrealized losses on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at June 30, 2024	$	(375.5)	$	(360.7)	$	4.4	$	(120.9)	$	(852.7)
Change in accumulated other comprehensive income (loss) before reclassifications	15.2		193.8		3.2		—		212.2
Amounts reclassified from accumulated other comprehensive income (loss)	—		15.9		(0.2)		(2.4)		13.3
Net current-period other comprehensive income (loss)	15.2		209.7		3.0		(2.4)		225.5
Balance at September 30, 2024	$	(360.3)	$	(151.0)	$	7.4	$	(123.3)	$	(627.2)

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	Nine Months Ended September 30, 2025
	Foreign currency translation adjustment		Net unrealized gains (losses) on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at December 31, 2024	$	(415.2)	$	(291.9)	$	2.2	$	(131.2)	$	(836.1)
Change in accumulated other comprehensive income (loss) before reclassifications	60.5		183.6		1.4		—		245.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		42.3		(1.3)		2.6		43.6
Net current-period other comprehensive income (loss)	60.5		225.9		0.1		2.6		289.1
Balance at September 30, 2025	$	(354.7)	$	(66.0)	$	2.3	$	(128.6)	$	(547.0)

	Nine Months Ended September 30, 2024
	Foreign currency translation adjustment		Net unrealized gains on investments		Net unrealized gains on derivative transactions		Unamortized net losses on Pension Plans		Accumulated other comprehensive loss
Balance at December 31, 2023	$	(351.9)	$	(305.5)	$	8.5	$	(116.1)	$	(765.0)
Change in accumulated other comprehensive income (loss) before reclassifications	(8.4)		116.0		4.7		—		112.3
Amounts reclassified from accumulated other comprehensive income (loss)	—		38.5		(5.8)		(7.2)		25.5
Net current-period other comprehensive income (loss)	(8.4)		154.5		(1.1)		(7.2)		137.8
Balance at September 30, 2024	$	(360.3)	$	(151.0)	$	7.4	$	(123.3)	$	(627.2)

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following tables summarize the reclassifications out of AOCI for the periods indicated:


Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income								Affected line item in the statement where net income is presented
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024



Net unrealized losses on investments	$	15.5	$	20.1	$	53.6	$	48.7	Net realized losses on investments and fair value changes to equity securities
	(3.3)		(4.2)		(11.3)		(10.2)		Provision for income taxes
	$	12.2	$	15.9	$	42.3	$	38.5	Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives	$	(0.7)	$	(0.7)	$	(2.1)	$	(2.1)	Interest expense
Interest rate derivatives	(0.3)		—		(0.3)		—		Loss on extinguishment of debt
Foreign exchange derivatives	—		0.4		0.8		(5.3)		Underwriting, selling, general and administrative expenses
	(1.0)		(0.3)		(1.6)		(7.4)
	0.2		0.1		0.3		1.6		Provision for income taxes
	$	(0.8)	$	(0.2)	$	(1.3)	$	(5.8)	Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss	$	0.3	$	0.2	$	0.9	$	0.8	(1)
Amortization of prior service credit	—		(3.4)		—		(10.2)		(1)
Settlement loss	—		—		2.5		—		(1)
	0.3		(3.2)		3.4		(9.4)
	(0.1)		0.8		(0.8)		2.2		Provision for income taxes
	$	0.2	$	(2.4)	$	2.6	$	(7.2)	Net of tax
Total reclassifications for the period	$	11.6	$	13.3	$	43.6	$	25.5	Net of tax

(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 13.

12. Earnings Per Common Share

The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net income	$	265.6	$	133.8	$	647.5	$	558.9
Less: Common stock dividends paid	(40.6)		(37.5)		(124.2)		(114.8)
Undistributed earnings	$	225.0	$	96.3	$	523.3	$	444.1

Denominator
Weighted average common shares outstanding used in basic per common share calculations	50,831,664		52,204,057		51,081,220		52,411,457
Incremental common shares from:
PSUs	488,827		257,221		525,846		291,630
ESPP	—		3,244		—		1,787
Weighted average common shares outstanding used in diluted per common share calculations	51,320,491		52,464,522		51,607,066		52,704,874
Earnings per common share – Basic
Distributed earnings	$	0.80	$	0.72	$	2.43	$	2.19
Undistributed earnings	4.42		1.84		10.24		8.47
Net income	$	5.22	$	2.56	$	12.67	$	10.66
Earnings per common share – Diluted
Distributed earnings	$	0.79	$	0.71	$	2.41	$	2.17
Undistributed earnings	4.38		1.84		10.14		8.43
Net income	$	5.17	$	2.55	$	12.55	$	10.60

Average PSUs totaling 42,539 and 61,250 for the three months ended September 30, 2025 and 2024, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average PSUs totaling 46,455 and 46,551 for the nine months ended September 30, 2025 and 2024, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.

13. Retirement and Other Employee Benefits

The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. The Pension Benefits were frozen on March 1, 2016.

In addition, until terminated effective December 31, 2024 (the “Termination Date”), the Company provided certain health care benefits for retired employees and their dependents (“Retirement Health Benefits”). Retirement Health Benefits were paid through the Termination Date. The Company will continue to provide certain life benefits for retired employees following termination of the Retirement Health Benefits (together, “Plan Benefits”).

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

(in millions, except number of shares and per share amounts)

The following tables present the components of net periodic benefit cost for the Pension Benefits and Plan Benefits for the three and nine months ended September 30, 2025 and 2024:


	Qualified Pension Benefits				Unfunded Non-qualified Pension Benefits				Plan Benefits
	For the Three Months Ended September 30,				For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2025		2024		2025		2024		2025		2024
Interest cost	$	6.1	$	6.6	$	0.7	$	0.6	$	—	$	—
Expected return on plan assets	(9.5)		(10.0)		—		—		—		(0.3)
Amortization of prior service credit	—		—		—		—		—		(3.4)
Amortization of net loss	—		—		0.3		0.2		—		—
Settlement loss	—		—		—		—		—		—
Net periodic benefit cost	$	(3.4)	$	(3.4)	$	1.0	$	0.8	$	—	$	(3.7)


	Qualified Pension Benefits				Unfunded Non-qualified Pension Benefits				Plan Benefits
	For the Nine Months Ended September 30,				For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024
Interest cost	$	18.6	$	19.9	$	2.0	$	1.7	$	—	$	0.1
Expected return on plan assets	(28.8)		(30.2)		—		—		—		(1.0)
Amortization of prior service credit	—		—		—		—		—		(10.2)
Amortization of net loss (gain)	—		—		0.9		0.8		—		—
Settlement loss	—		—		—		—		2.5		—
Net periodic benefit cost	$	(10.2)	$	(10.3)	$	2.9	$	2.5	$	2.5	$	(11.1)

The Assurant Pension Plan funded status was $92.7 million at September 30, 2025 and $84.1 million at December 31, 2024 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 119% and 117% funded status at September 30, 2025 and December 31, 2024. During the nine months ended September 30, 2025, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2025.

14. Commitments and Contingencies

Letters of Credit

In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $1.7 million and $1.8 million of letters of credit outstanding as of September 30, 2025 and December 31, 2024, respectively.

Legal and Regulatory Matters

The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.

The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.

Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations