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 June 30, 2026


☐			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 July 31, 2026 was 49,323,767.

ASSURANT, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

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 June 30, 2026 and December 31, 2025	2

	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2026 and 2025	3

	Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2026 and 2025	4

	Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three and six months ended June 30, 2026 and 2025	5

	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2026 and 2025	7

	Notes to Consolidated Financial Statements (unaudited)	9

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

3.	Quantitative and Qualitative Disclosures About Market Risk	44

4.	Controls and Procedures	44

	PART II OTHER INFORMATION

1.	Legal Proceedings	46

1A.	Risk Factors	46

2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

5.	Other Information	46

6.	Exhibits	47

	Signatures	48

Assurant, Inc.

Consolidated Balance Sheets (unaudited)


	June 30, 2026		December 31, 2025
	(in millions, except number of shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $— and $1.9 at June 30, 2026 and December 31, 2025, respectively; amortized cost - $9,133.1 and $8,635.3 at June 30, 2026 and December 31, 2025, respectively)	$	8,989.5	$	8,577.7
Equity securities at fair value	195.7		207.1
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.3 and $6.7 at June 30, 2026 and December 31, 2025, respectively)	305.4		324.7
Short-term investments	335.2		379.5
Other investments	631.7		573.0
Total investments	10,457.5		10,062.0
Cash and cash equivalents	1,698.7		1,834.1
Premiums and accounts receivable (net of allowances for credit losses of $16.8 and $10.4 at June 30, 2026 and December 31, 2025, respectively)	2,008.4		1,989.4
Reinsurance recoverables (net of allowances for credit losses of $5.2 at June 30, 2026 and December 31, 2025)	6,350.1		6,471.3
Accrued investment income	133.1		135.4
Deferred acquisition costs	10,380.0		10,187.6
Property and equipment, net	849.6		841.7
Goodwill	2,656.3		2,646.3

Other intangible assets, net	487.7		522.0
Other assets (net of allowances for credit losses of $0.9 at June 30, 2026 and December 31, 2025)	1,060.0		1,087.4
Assets held for sale (Note 4)	—		512.4
Total assets	$	36,081.4	$	36,289.6
Liabilities
Future policy benefits and expenses	$	53.8	$	55.7
Unearned premiums	21,105.5		20,881.4
Claims and benefits payable	2,109.6		2,101.2
Commissions payable	623.3		640.6
Funds held under reinsurance	282.0		266.4
Accounts payable and other liabilities (including allowances for credit losses of $0.6 and $0.9 at June 30, 2026 and December 31, 2025, respectively, for the unsecured portion of the high deductible recoverables)	3,601.2		3,766.3
Debt	2,208.1		2,206.9
Liabilities held for sale (Note 4)	—		499.5
Total liabilities	29,983.5		30,418.0
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 51,678,269 and 52,089,008 shares issued and 49,382,180 and 49,792,919 shares outstanding at June 30, 2026 and December 31, 2025, respectively	0.5		0.5
Additional paid-in capital	1,685.9		1,711.8
Retained earnings	5,134.3		4,826.3
Accumulated other comprehensive loss	(600.0)		(544.2)
Treasury stock, at cost; 2,296,089 shares at June 30, 2026 and December 31, 2025	(122.8)		(122.8)
Total stockholders’ equity	6,097.9		5,871.6
Total liabilities and stockholders’ equity	$	36,081.4	$	36,289.6

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Operations (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in millions, except number of shares and per share amounts)
Revenues
Net earned premiums	$	2,767.4	$	2,587.7	$	5,549.3	$	5,150.0
Fees and other income	554.6		463.7		1,054.4		866.6
Net investment income	142.4		128.7		302.0		253.5
Net realized losses on investments (including $2.4, $0.0, $(3.2) and $(3.0) of impairment-related gains (losses) for the three and six months ended June 30, 2026 and 2025, respectively) and fair value changes to equity securities	(10.2)		(21.7)		(31.4)		(37.7)
Total revenues	3,454.2		3,158.4		6,874.3		6,232.4
Benefits, losses and expenses
Policyholder benefits	748.3		721.5		1,517.4		1,501.2
Underwriting, selling, general and administrative expenses	2,300.6		2,121.2		4,587.7		4,205.0

Interest expense	28.4		26.7		56.7		53.5

Total benefits, losses and expenses	3,077.3		2,869.4		6,161.8		5,759.7
Income before income tax expense	376.9		289.0		712.5		472.7
Income tax expense	78.3		53.7		139.8		90.8
Net income	$	298.6	$	235.3	$	572.7	$	381.9







Earnings Per Common Share

Basic	$	5.98	$	4.60	$	11.45	$	7.46



Diluted	$	5.95	$	4.56	$	11.34	$	7.38



Share Data
Weighted average common shares outstanding used in basic per common share calculations	49,520,710		50,675,804		49,611,108		50,737,072
Plus: Dilutive securities	310,706		436,547		471,659		511,121
Weighted average common shares outstanding used in diluted per common share calculations	49,831,416		51,112,351		50,082,767		51,248,193

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Comprehensive Income (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in millions)
Net income	$	298.6	$	235.3	$	572.7	$	381.9
Other comprehensive income (loss):
Change in unrealized losses on securities, net of taxes of $(3.7), $(22.1), $17.5 and $(40.3) for the three and six months ended June 30, 2026 and 2025, respectively	22.7		69.2		(66.9)		144.4
Change in unrealized gains on derivative transactions, net of taxes of $0.5, $(0.1) $0.7 and $(0.5) for the three and six months ended June 30, 2026 and 2025, respectively	(3.1)		0.6		(4.0)		2.0
Change in foreign currency translation, net of taxes of $(0.7), $(0.5), $(0.4) and $(2.9) for the three and six months ended June 30, 2026 and 2025, respectively	8.5		43.9		14.0		52.7
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.2), $—, $(0.3) and $(0.6) for the three and six months ended June 30, 2026 and 2025, respectively	0.9		0.2		1.1		2.4
Total other comprehensive income (loss)	29.0		113.9		(55.8)		201.5
Total comprehensive income	$	327.6	$	349.2	$	516.9	$	583.4

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)


	Three Months Ended June 30, 2026
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at March 31, 2026		$	0.5	$	1,671.4	$	4,949.3	$	(629.0)	$	(122.8)	$	5,869.4


Stock plan compensation expense		—		25.8		—		—		—		25.8
Common stock dividends ($0.88 per share)		—		—		(47.9)		—		—		(47.9)
Acquisition of common stock		—		(11.3)		(65.7)		—		—		(77.0)

Net income		—		—		298.6		—		—		298.6





Other comprehensive loss		—		—		—		29.0		—		29.0
Balance at June 30, 2026		$	0.5	$	1,685.9	$	5,134.3	$	(600.0)	$	(122.8)	$	6,097.9


	Three Months Ended June 30, 2025
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at March 31, 2025		$	0.5	$	1,673.9	$	4,431.1	$	(748.5)	$	(122.8)	$	5,234.2


Stock plan compensation expense		—		22.4		—		—		—		22.4
Common stock dividends ($0.80 per share)		—		—		(42.7)		—		—		(42.7)
Acquisition of common stock		—		(11.8)		(52.8)		—		—		(64.6)

Net income		—		—		235.3		—		—		235.3





Other comprehensive income		—		—		—		113.9		—		113.9
Balance at June 30, 2025		$	0.5	$	1,684.5	$	4,570.9	$	(634.6)	$	(122.8)	$	5,498.5



	Six Months Ended June 30, 2026
		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
	(in millions)
Balance at December 31, 2025		$	0.5	$	1,711.8	$	4,826.3	$	(544.2)	$	(122.8)	$	5,871.6

Stock plan exercises		—		8.4		—		—		—		8.4
Stock plan compensation expense		—		43.4		—		—		—		43.4
Common stock dividends ($1.76 per share)		—		—		(91.9)		—		—		(91.9)
Acquisition of common stock		—		(77.7)		(172.8)		—		—		(250.5)

Net income		—		—		572.7		—		—		572.7





Other comprehensive income		—		—		—		(55.8)		—		(55.8)
Balance at June 30, 2026		$	0.5	$	1,685.9	$	5,134.3	$	(600.0)	$	(122.8)	$	6,097.9

Assurant, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)



	Six Months Ended June 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		—		7.6		—		—		—		7.6
Stock plan compensation expense		—		37.5		—		—		—		37.5
Common stock dividends ($1.60 per share)		—		—		(83.6)		—		—		(83.6)
Acquisition of common stock		—		(47.4)		(105.7)		—		—		(153.1)

Net income		—		—		381.9		—		—		381.9





Other comprehensive income		—		—		—		201.5		—		201.5
Balance at June 30, 2025		$	0.5	$	1,684.5	$	4,570.9	$	(634.6)	$	(122.8)	$	5,498.5

See the accompanying Notes to Consolidated Financial Statements (unaudited)

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Six Months Ended June 30,
	2026		2025
	(in millions)
Operating activities
Net income	$	572.7	$	381.9
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	90.7		26.6
Depreciation and amortization	134.1		115.7
Net realized losses on investments, including impairment losses	31.4		37.7

Loss on sale of business	0.5		—
Stock based compensation expense	43.4		37.5


Restructuring costs	—		(1.4)

Changes in operating assets and liabilities:
Insurance policy reserves and expenses	183.9		(394.3)
Premiums and accounts receivable	(2.9)		163.8
Commissions payable	(20.9)		26.4
Reinsurance recoverable	121.1		236.1
Funds withheld under reinsurance	16.7		(11.3)
Deferred acquisition costs and value of business acquired	(172.3)		(94.2)
Taxes receivable	(83.5)		(110.1)
Other assets and other liabilities	(199.1)		224.4
Other	(21.1)		19.1

Net cash provided by operating activities	694.7		657.9
Investing activities
Sales of:
Fixed maturity securities available for sale	966.6		650.2
Equity securities	30.3		24.9
Other invested assets	40.8		21.1

Subsidiary, net of cash transferred	1.4		—
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	401.6		424.2
Commercial mortgage loans on real estate	41.1		39.1
Purchases of:
Fixed maturity securities available for sale	(1,814.5)		(1,702.9)
Equity securities	(19.5)		(16.4)
Commercial mortgage loans on real estate	(21.6)		(26.6)
Other invested assets	(71.3)		(52.8)
Property and equipment and other	(92.9)		(113.3)
Subsidiaries, net of cash transferred	(15.3)		—
Change in short-term investments	46.7		(32.2)
Other	0.2		0.2

Net cash used in investing activities	(506.4)		(784.5)

Assurant, Inc.

Consolidated Statements of Cash Flows (unaudited)


	Six Months Ended June 30,
	2026		2025
Financing activities





Acquisition of common stock	(201.8)		(127.6)
Common stock dividends paid	(91.9)		(83.6)

Employee stock purchases and withholdings	(32.2)		(11.8)


Net cash used in financing activities	(325.9)		(223.0)


Effect of exchange rate changes on cash and cash equivalents	2.2		28.6
Change in cash and cash equivalents	(135.4)		(321.0)
Cash and cash equivalents at beginning of period	1,834.1		1,807.7





Cash and cash equivalents at end of period	$	1,698.7	$	1,486.7

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. Disposition			10
5. Segment Information			11
6. Contract Revenues			13
7. Investments			14
8. Fair Value Disclosures			19
9. Deferred Acquisition Costs			22
10. Reserves			23
11. Accumulated Other Comprehensive Income			24
12. Earnings Per Common Share			26
13. Retirement and Other Employee Benefits			27
14. Commitments and Contingencies			28
15. Restructuring and Related Impairment Charges			29

1. Nature of Operations

Assurant, Inc. (the “Company”) redefines the boundaries of protection—safeguarding and servicing connected devices, homes, automobiles, and commercial equipment in partnership with the world's leading brands. The Company leads the way in leveraging insights and technology to transform customer connections that build loyalty and drive value. 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 financial services and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment protection 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 June 30, 2026, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025 and the consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 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 six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. 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, 2025.

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 $99.0 million and $102.0 million as of June 30, 2026 and December 31, 2025, 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.

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 June 30, 2026.

Not Yet Adopted

ASUs issued but not yet adopted as of June 30, 2026, 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.


Standard	Summary of the Standard	Effective date Method of Adoption	Impact of the Standard on the Company’s Financial Statements

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. Disposition

In March 2026, the Company sold a subsidiary that held certain runoff businesses, including the long-term care business, and was reported in the Corporate and Other segment. Prior to the sale, the subsidiary met the criteria for held for sale presentation and, therefore, its assets and liabilities were recorded as held for sale in the December 31, 2025 consolidated balance sheet. The major classes of assets and liabilities held for sale as of December 31, 2025 included $489.4 million of

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

reinsurance recoverables and $477.1 million of future policy benefits and expenses. The sale resulted in a loss of $11.2 million, with $10.7 million initially estimated and recorded during the fourth quarter of 2025 upon the subsidiary’s classification as held for sale. The remaining loss of $0.5 million was recorded in the first quarter of 2026 following the completion of closing-related adjustments.

5. Segment Information

As of June 30, 2026, 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, activities of the holding company and investments in the home warranty business.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA, as 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.

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

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living	$	1,554.5	$	1,326.4	$	3,034.7	$	2,559.8
Global Automotive	1,018.4		1,024.4		2,089.2		2,097.6
Net investment income	97.3		87.7		206.2		171.7
Total revenues	2,670.2		2,438.5		5,330.1		4,829.1
Policyholder benefits	512.5		461.5		1,016.2		903.9
Selling and underwriting expense (1)	1,267.7		1,230.2		2,594.9		2,496.0
Cost of sales (2)	302.6		231.4		567.6		416.2
General expenses (3)	343.0		314.0		670.3		613.8
Segment Adjusted EBITDA	$	244.4	$	201.4	$	481.1	$	399.2

Global Housing:
Net earned premiums, fees and other income:
Homeowners	$	600.4	$	552.8	$	1,180.5	$	1,075.7
Renters and Other	147.4		144.9		296.4		278.8
Net investment income	35.6		34.4		76.3		68.1
Total revenues	783.4		732.1		1,553.2		1,422.6
Policyholder benefits	235.4		258.7		499.3		591.7
Selling and underwriting expense (1)	60.4		52.4		120.3		91.9
General expenses (4)	212.8		206.6		422.1		412.2
Segment Adjusted EBITDA	$	274.8	$	214.4	$	511.5	$	326.8

Corporate:

Fees and other income	$	—	$	1.3	—		1.7
Net investment income	8.8		5.6		18.1		11.4
Total revenues	8.8		6.9		18.1		13.1
Policyholder benefits	—		—		—		—
General expenses (3)	48.8		36.7		90.0		70.9
Segment Adjusted EBITDA	$	(40.0)	$	(29.8)	$	(71.9)	$	(57.8)

(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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Adjusted EBITDA by segment:
Global Lifestyle	$	244.4	$	201.4	$	481.1	$	399.2
Global Housing	274.8		214.4		511.5		326.8
Corporate and Other	(40.0)		(29.8)		(71.9)		(57.8)
Reconciling items to consolidated net income:
Interest expense	(28.4)		(26.7)		(56.7)		(53.5)
Depreciation expense	(44.7)		(35.9)		(88.0)		(71.0)
Amortization of purchased intangible assets	(18.0)		(15.1)		(35.7)		(33.5)
Net realized losses on investments and fair value changes to equity securities	(10.2)		(21.7)		(31.4)		(37.7)
Other adjustments	(1.0)		2.4		3.6		0.2

Total reconciling items	(102.3)		(97.0)		(208.2)		(195.5)
Income before income tax expense	376.9		289.0		712.5		472.7
Income tax expense	78.3		53.7		139.8		90.8
Net income	$	298.6	$	235.3	$	572.7	$	381.9

The following table presents total assets by segment:


	June 30, 2026		December 31, 2025
Global Lifestyle (1)	$	29,304.7	$	28,846.7
Global Housing (1)	5,157.6		5,159.2
Corporate and Other (2)	1,619.1		2,283.7
Segment assets	$	36,081.4	$	36,289.6

(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 included the assets held for sale of $512.4 million as of December 31, 2025, related to the sale of a subsidiary, and $46.0 million of assets related to the Miami, Florida property as of both June 30, 2026 and December 31, 2025, which met held-for-sale criteria and was included in other assets. Refer to Note 4 for more information on the sale of a subsidiary. 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. 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.

6. 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.

The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $490.3 million and $402.1 million for Global Lifestyle and $36.9 million and $36.3 million for Global Housing for the three months ended June 30, 2026 and 2025, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $931.9 million and $751.8 million for Global Lifestyle and $69.0 million and $67.0 million for Global Housing for the six months ended June 30, 2026 and 2025, respectively.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

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 the mobile eco-system, the Company provides administrative services related to its 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 $192.4 million and $155.5 million, respectively, as of June 30, 2026, and $187.6 million and $149.1 million, respectively, as of December 31, 2025. 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 June 30, 2026 and 2025 that was included in unearned revenue as of December 31, 2025 and 2024 was $18.9 million and $17.5 million, respectively. Revenue from service contracts and sales of products recognized during the six months ended June 30, 2026 and 2025 that was included in unearned revenue as of December 31, 2025 and 2024 was $37.8 million and $34.9 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 June 30, 2026 and December 31, 2025, the Company had approximately $65.1 million and $67.6 million, respectively, of such intangible assets that will be expensed over the term of the client contracts.

7. 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)


	June 30, 2026
	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	$	63.9	$	—	$	0.2	$	(1.3)	$	62.8
States, municipalities and political subdivisions	98.3		—		0.7		(5.3)		93.7
Foreign governments	647.5		—		8.1		(13.0)		642.6
Asset-backed	861.1		—		4.3		(8.6)		856.8
Commercial mortgage-backed	482.9		—		2.7		(18.6)		467.0
Residential mortgage-backed	1,113.9		—		6.0		(38.7)		1,081.2
U.S. corporate	4,007.8		—		48.0		(119.6)		3,936.2
Foreign corporate	1,857.7		—		28.4		(36.9)		1,849.2
Total fixed maturity securities	$	9,133.1	$	—	$	98.4	$	(242.0)	$	8,989.5


	December 31, 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	$	62.7	$	—	$	1.0	$	(0.8)	$	62.9
States, municipalities and political subdivisions	100.0		—		1.2		(5.1)		96.1
Foreign governments	596.1		—		9.1		(11.3)		593.9
Asset-backed	850.2		—		4.6		(9.1)		845.7
Commercial mortgage-backed	431.4		—		5.3		(19.3)		417.4
Residential mortgage-backed	978.6		—		11.5		(35.4)		954.7
U.S. corporate	3,895.5		(1.9)		97.3		(113.3)		3,877.6
Foreign corporate	1,720.8		—		44.9		(36.3)		1,729.4
Total fixed maturity securities	$	8,635.3	$	(1.9)	$	174.9	$	(230.6)	$	8,577.7

The cost or amortized cost and fair value of fixed maturity securities as of June 30, 2026 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.


	June 30, 2026
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	153.9	$	153.7
Due after one year through five years	1,363.4		1,370.8
Due after five years through ten years	3,722.2		3,738.4
Due after ten years	1,435.7		1,321.6
Total	6,675.2		6,584.5
Asset-backed	861.1		856.8
Commercial mortgage-backed	482.9		467.0
Residential mortgage-backed	1,113.9		1,081.2
Total	$	9,133.1	$	8,989.5

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities	$	(15.2)	$	(21.2)	$	(28.2)	$	(38.2)
Equity securities (1)	2.7		(1.1)		—		1.7
Commercial mortgage loans on real estate	—		0.3		0.3		1.7
Other investments	(0.1)		0.3		(0.3)		0.1
Total net realized losses on investments related to sales and other and fair value changes to equity securities	(12.6)		(21.7)		(28.2)		(34.7)
Net realized losses related to impairments:
Fixed maturity securities	2.5		—		—		—
Other investments	(0.1)		—		(3.2)		(3.0)
Total net realized losses related to impairments	2.4		—		(3.2)		(3.0)
Total net realized losses on investments and fair value changes to equity securities	$	(10.2)	$	(21.7)	$	(31.4)	$	(37.7)

(1)Upward adjustments of $0.4 million, $0.5 million, $0.0 million and $2.5 million for the three and six months ended June 30, 2026 and 2025, respectively, and impairments of $0.0 million, $0.0 million, $0.0 million and $3.0 million for the three and six months ended June 30, 2026 and 2025, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net gains (losses) recognized on equity securities	$	2.7	$	(1.1)	$	—	$	1.7
Less: Net realized gains (losses) related to sales of equity securities	—		(13.5)		—		(14.0)
Total fair value changes to equity securities held	$	2.7	$	12.4	$	—	$	15.7

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:


	June 30, 2026		December 31, 2025
Initial cost	$	84.9	$	82.5
Cumulative upward adjustments	56.1		55.6
Cumulative downward adjustments (including impairments)	(22.8)		(22.8)
Carrying value	$	118.2	$	115.3

The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of June 30, 2026 and December 31, 2025 were as follows:

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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


	June 30, 2026
	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	$	36.1	$	(0.4)	$	8.1	$	(0.9)	$	44.2	$	(1.3)
States, municipalities and political subdivisions	16.0		(0.5)		48.0		(4.8)		64.0		(5.3)
Foreign governments	193.2		(2.6)		160.2		(10.4)		353.4		(13.0)
Asset-backed	370.0		(1.8)		78.3		(6.8)		448.3		(8.6)
Commercial mortgage-backed	133.8		(2.1)		107.6		(16.5)		241.4		(18.6)
Residential mortgage-backed	495.8		(5.3)		149.6		(33.4)		645.4		(38.7)
U.S. corporate	1,131.0		(20.8)		454.5		(98.8)		1,585.5		(119.6)
Foreign corporate	512.4		(6.0)		165.0		(30.9)		677.4		(36.9)
Total fixed maturity securities	$	2,888.3	$	(39.5)	$	1,171.3	$	(202.5)	$	4,059.6	$	(242.0)


	December 31, 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	$	12.5	$	—	$	9.8	$	(0.8)	$	22.3	$	(0.8)
States, municipalities and political subdivisions	4.1		(0.2)		53.0		(4.9)		57.1		(5.1)
Foreign governments	93.8		(1.6)		163.8		(9.7)		257.6		(11.3)
Asset-backed	364.0		(2.9)		72.8		(6.2)		436.8		(9.1)
Commercial mortgage-backed	35.7		(0.8)		131.5		(18.5)		167.2		(19.3)
Residential mortgage-backed	72.9		(1.1)		182.1		(34.3)		255.0		(35.4)
U.S. corporate	374.6		(8.7)		562.8		(104.6)		937.4		(113.3)
Foreign corporate	176.3		(2.8)		220.5		(33.5)		396.8		(36.3)
Total fixed maturity securities	$	1,133.9	$	(18.1)	$	1,396.3	$	(212.5)	$	2,530.2	$	(230.6)

Total gross unrealized losses represented approximately 6% of the aggregate fair value of the related securities as of June 30, 2026 and 9% as of December 31, 2025. Approximately 16% and 8% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of June 30, 2026 and December 31, 2025, respectively. The total gross unrealized losses are comprised of 2,209 and 1,827 individual securities as of June 30, 2026 and December 31, 2025, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of June 30, 2026 and December 31, 2025 were related to non-credit factors and therefore, did not recognize credit-related losses during the three and six months ended June 30, 2026. 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 June 30, 2026, 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 $4.6 million as of June 30, 2026, and from less than $0.1 million to $5.0 million as of December 31, 2025.

Credit quality indicators for commercial mortgage loans include 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

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

is 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 June 30, 2026 and December 31, 2025.


	June 30, 2026
	Origination Year
	2026		2025		2024		2023		2022		Prior		Total		% of Total
Loan-to-value ratios (1):
70% and less	$	17.8	$	50.6	$	45.2	$	21.5	$	28.3	$	62.3	$	225.7	72.4	%
71% to 80%	—		—		7.0		11.1		5.7		15.1		38.9		12.5	%
81% to 95%	—		2.3		1.0		—		7.2		11.3		21.8		7.0	%
Greater than 95%	3.0		—		—		3.8		10.0		8.6		25.4		8.1	%
Total	$	20.8	$	52.9	$	53.2	$	36.4	$	51.2	$	97.3	$	311.8	100.0	%


	June 30, 2026
	Origination Year
	2026		2025		2024		2023		2022		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	7.3	$	6.8	$	4.5	$	0.5	$	12.8	$	32.0	$	63.9	20.5	%
1.5 to 2.0	6.0		13.3		18.0		8.7		9.1		23.6		78.7		25.2	%
1.0 to 1.5	7.5		32.8		28.0		12.2		10.9		22.0		113.4		36.4	%
Less than 1.0	—		—		2.7		15.0		18.4		19.7		55.8		17.9	%
Total	$	20.8	$	52.9	$	53.2	$	36.4	$	51.2	$	97.3	$	311.8	100.0	%


	December 31, 2025
	Origination Year
	2025		2024		2023		2022		2021		Prior		Total		% of Total
Loan-to-value ratios (1):
70% and less	$	50.4	$	48.5	$	27.4	$	25.7	$	32.2	$	44.4	$	228.6	69.0	%
71% to 80%	—		5.0		11.0		7.5		16.0		5.7		45.2		13.6	%
81% to 95%	2.3		1.0		2.4		10.5		12.0		—		28.2		8.5	%
Greater than 95%	—		—		3.8		14.9		10.7		—		29.4		8.9	%
Total	$	52.7	$	54.5	$	44.6	$	58.6	$	70.9	$	50.1	$	331.4	100.0	%

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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


	December 31, 2025
	Origination Year
	2025		2024		2023		2022		2021		Prior		Total		% of Total
Debt-service coverage ratios (2):
Greater than 2.0	$	6.8	$	4.5	$	0.5	$	12.9	$	8.6	$	35.2	$	68.5	20.7	%
1.5 to 2.0	13.2		19.5		13.7		9.2		19.3		9.1		84.0		25.3	%
1.0 to 1.5	32.7		27.8		15.5		11.1		23.3		2.6		113.0		34.1	%
Less than 1.0	—		2.7		14.9		25.4		19.7		3.2		65.9		19.9	%
Total	$	52.7	$	54.5	$	44.6	$	58.6	$	70.9	$	50.1	$	331.4	100.0	%

(1)LTV ratio derived from current loan balance divided by the fair value of the property.

(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service.

8. 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 June 30, 2026 and December 31, 2025. The amounts presented below for short-term investments, other investments, cash equivalents, other assets 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 the AIP, contingent considerations related to business

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

combinations and other derivatives. The fair value amounts presented for other investments are received directly from third parties.


	June 30, 2026
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	62.8	$	—		$	62.8		$	—
States, municipalities and political subdivisions	93.7		—			93.7			—
Foreign governments	642.6		—			642.6			—
Asset-backed	856.8		—			709.7			147.1
Commercial mortgage-backed	467.0		—			464.8			2.2
Residential mortgage-backed	1,081.2		—			1,077.2			4.0
U.S. corporate	3,936.2		—			3,832.6			103.6
Foreign corporate	1,849.2		—			1,823.0			26.2
Equity securities:
Mutual funds	38.1		15.9			—			22.2
Common stocks	2.2		2.2			—			—
Non-redeemable preferred stocks	155.4		—			154.9			0.5
Short-term investments	282.3		257.1		(2)	25.2		(3)	—
Other investments	78.6		78.6		(1)	—			—
Cash equivalents	1,230.0		1,212.8		(2)	17.2		(3)	—

Other assets	2.7		—			—			2.7		(4)

Total financial assets	$	10,778.8	$	1,566.6		$	8,903.7		$	308.5

Financial Liabilities
Other liabilities	$	99.8	$	73.1	(1)	$	—		$	26.7	(5)

Total financial liabilities	$	99.8	$	73.1		$	—		$	26.7

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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


	December 31, 2025
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	62.9	$	—		$	62.9		$	—
States, municipalities and political subdivisions	96.1		—			96.1			—
Foreign governments	593.9		—			593.9			—
Asset-backed	845.7		—			715.9			129.8
Commercial mortgage-backed	417.4		—			417.4			—
Residential mortgage-backed	954.7		—			954.7			—
U.S. corporate	3,877.6		—			3,812.0			65.6
Foreign corporate	1,729.4		—			1,721.5			7.9
Equity securities:
Mutual funds	37.3		16.1			—			21.2
Common stocks	2.0		2.0			—			—
Non-redeemable preferred stocks	167.8		—			167.5			0.3
Short-term investments	336.3		329.0		(2)	7.3		(3)	—
Other investments	72.2		72.2		(1)	—			—
Cash equivalents	1,349.3		1,335.5		(2)	13.8		(3)	—

Other assets	6.4		—			—			6.4		(4)

Total financial assets	$	10,549.0	$	1,754.8		$	8,563.0		$	231.2

Financial Liabilities
Other liabilities	$	85.0	$	62.7	(1)	$	—		$	22.3	(5)

Total financial liabilities	$	85.0	$	62.7		$	—		$	22.3

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities and other derivatives.

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:


	June 30, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	305.4	$	300.6	$	—	$	—	$	300.6
Other investments	16.9		16.9		1.1		—		15.8
Other assets	27.4		27.4		—		—		27.4
Total financial assets	$	349.7	$	344.9	$	1.1	$	—	$	343.8
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	1.7	$	1.7			$	—	$	1.7
Funds withheld under reinsurance	282.0		282.0		282.0		—		—
Debt	2,208.1		2,134.1		—		2,134.1		—
Total financial liabilities	$	2,491.8	$	2,417.8	$	282.0	$	2,134.1	$	1.7

	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	324.7	$	323.1	$	—	$	—	$	323.1
Other investments	12.4		12.4		1.1		—		11.3
Other assets	31.3		31.3		—		—		31.3
Total financial assets	$	368.4	$	366.8	$	1.1	$	—	$	365.7
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	1.8	$	1.8	$	—	$	—	$	1.8
Funds withheld under reinsurance	266.4		266.4		266.4		—		—
Debt	2,206.9		2,164.5		—		2,164.5		—
Total financial liabilities	$	2,475.1	$	2,432.7	$	266.4	$	2,164.5	$	1.8

(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.

9. Deferred Acquisition Costs

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Beginning balance	$	10,201.4	$	9,959.8	$	10,187.6	$	9,992.8
Costs deferred	1,151.9		1,105.6		2,208.0		2,269.5
Amortization	(973.3)		(926.9)		(2,015.6)		(2,123.8)
Ending balance	$	10,380.0	$	10,138.5	$	10,380.0	$	10,138.5

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

10. 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 Six Months Ended June 30,
	2026		2025
Claims and benefits payable, at beginning of period	$	2,101.2	$	2,914.2
Less: Reinsurance ceded and other	(899.0)		(1,669.8)
Net claims and benefits payable, at beginning of period	1,202.2		1,244.4
Incurred losses and loss adjustment expenses related to:
Current year	1,591.5		1,600.5
Prior years	(74.1)		(99.3)
Total incurred losses and loss adjustment expenses	1,517.4		1,501.2
Paid losses and loss adjustment expenses related to:
Current year	928.2		943.9
Prior years	532.7		553.4
Total paid losses and loss adjustment expenses	1,460.9		1,497.3
Net claims and benefits payable, at end of period	1,258.7		1,248.3
Plus: Reinsurance ceded and other (1)	850.9		1,102.6
Claims and benefits payable, at end of period (1)	$	2,109.6	$	2,350.9

(1)Includes reinsurance recoverables and claims and benefits payable of $160.5 million and $339.6 million as of June 30, 2026 and 2025, 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 $74.1 million and $99.3 million for the six months ended June 30, 2026 and 2025, respectively, as presented in the roll forward table above.

Global Lifestyle contributed $37.9 million and $36.8 million in net favorable loss development for the six months ended June 30, 2026 and 2025, 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. Global Automotive contributed $20.6 million of net favorable development, primarily reflecting favorability in severity assumptions within an asset protection product. Connected Living contributed $17.3 million of net favorable development, of which $8.7 million was from mobile, $7.1 million was from extended service contracts, and $1.5 million was from financial services and other insurance products. Mobile development reflected reserve releases as a new client’s actual loss experience replaced initial pricing assumptions. Extended service contract development reflected the emergence of more favorable frequency and severity assumptions globally. Development on financial services and other insurance products was driven by reserve releases on short-tail products and declining portfolios. For the six months ended June 30, 2025, the favorable development was primarily from Connected Living due to similar drivers as noted above. 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.

Global Housing contributed $31.0 million and $62.8 million of net favorable loss development for the six months ended June 30, 2026 and 2025, respectively. The net favorable loss development for the six months ended June 30, 2026 consisted of

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

$41.9 million of net favorable non-catastrophe development and $10.9 million of net unfavorable development from prior catastrophe events. The net favorable non-catastrophe development was driven by $29.8 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 six months ended June 30, 2025 was primarily attributable to favorable frequency, easing inflation and legislative reform changes in Florida.

All others contributed $5.2 million of net favorable loss development and $0.3 million of net unfavorable loss development for the six months ended June 30, 2026 and 2025 respectively.

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 June 30, 2026
	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 March 31, 2026	$	(346.0)	$	(152.6)	$	0.9	$	(131.3)	$	(629.0)
Change in accumulated other comprehensive income (loss) before reclassifications	8.5		13.9		(2.6)		0.3		20.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		8.8		(0.5)		0.6		8.9
Net current-period other comprehensive income (loss)	8.5		22.7		(3.1)		0.9		29.0
Balance at June 30, 2026	$	(337.5)	$	(129.9)	$	(2.2)	$	(130.4)	$	(600.0)

	Three Months Ended June 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 March 31, 2025	$	(406.4)	$	(216.7)	$	3.6	$	(129.0)	$	(748.5)
Change in accumulated other comprehensive income (loss) before reclassifications	43.9		52.5		0.8		—		97.2
Amounts reclassified from accumulated other comprehensive income (loss)	—		16.7		(0.2)		0.2		16.7
Net current-period other comprehensive income (loss)	43.9		69.2		0.6		0.2		113.9
Balance at June 30, 2025	$	(362.5)	$	(147.5)	$	4.2	$	(128.8)	$	(634.6)

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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


	Six Months Ended June 30, 2026
	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, 2025	$	(351.5)	$	(63.0)	$	1.8	$	(131.5)	$	(544.2)
Change in accumulated other comprehensive income (loss) before reclassifications	14.0		(87.8)		(3.1)		(0.1)		(77.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		20.9		(0.9)		1.2		21.2
Net current-period other comprehensive income (loss)	14.0		(66.9)		(4.0)		1.1		(55.8)
Balance at June 30, 2026	$	(337.5)	$	(129.9)	$	(2.2)	$	(130.4)	$	(600.0)

	Six Months Ended June 30, 2025
	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, 2024	$	(415.2)	$	(291.9)	$	2.2	$	(131.2)	$	(836.1)
Change in accumulated other comprehensive income (loss) before reclassifications	52.7		114.3		2.5		—		169.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		30.1		(0.5)		2.4		32.0
Net current-period other comprehensive income (loss)	52.7		144.4		2.0		2.4		201.5
Balance at June 30, 2025	$	(362.5)	$	(147.5)	$	4.2	$	(128.8)	$	(634.6)

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025



Net unrealized losses on investments	$	11.1	$	21.1	$	26.4	$	38.1	Net realized losses on investments and fair value changes to equity securities
	(2.3)		(4.4)		(5.5)		(8.0)		Provision for income taxes
	$	8.8	$	16.7	$	20.9	$	30.1	Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives	$	(0.6)	$	(0.7)	$	(1.1)	$	(1.4)	Interest expense

Foreign exchange derivatives	—		0.5		—		0.8		Underwriting, selling, general and administrative expenses
	(0.6)		(0.2)		(1.1)		(0.6)
	0.1		—		0.2		0.1		Provision for income taxes
	$	(0.5)	$	(0.2)	$	(0.9)	$	(0.5)	Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss	$	0.7	$	0.3	$	1.4	$	0.6	(1)

Settlement loss	—		—		—		2.5		(1)
	0.7		0.3		1.4		3.1
	(0.1)		(0.1)		(0.2)		(0.7)		Provision for income taxes
	$	0.6	$	0.2	$	1.2	$	2.4	Net of tax
Total reclassifications for the period	$	8.9	$	16.7	$	21.2	$	32.0	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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net income	$	298.6	$	235.3	$	572.7	$	381.9
Less: Earnings allocated to participating securities	(2.3)		(2.1)		(4.6)		(3.5)
Net income used in basic and diluted per common share calculations	$	296.3	$	233.2	$	568.1	$	378.4

Denominator
Weighted average common shares outstanding used in basic per common share calculations	49,520,710		50,675,804		49,611,108		50,737,072
Incremental common shares from:
PSUs	271,103		393,648		432,056		468,222
ESPP	39,603		42,899		39,603		42,899
Weighted average common shares outstanding used in diluted per common share calculations	49,831,416		51,112,351		50,082,767		51,248,193

Earnings per common share – Basic	$	5.98	$	4.60	$	11.45	$	7.46
Earnings per common share – Diluted	$	5.95	$	4.56	$	11.34	$	7.38

There were no anti-dilutive shares for the three and six months ended June 30, 2026. Average PSUs totaling 50,586 and 29,916 for the three and six months ended June 30, 2025, 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 table presents the components of net periodic benefit cost for the Pension Benefits and Plan Benefits for the three and six months ended June 30, 2026 and 2025:


	Qualified Pension Benefits				Unfunded Non-qualified Pension Benefits				Plan Benefits
	For the Three Months Ended June 30,				For the Three Months Ended June 30,				For the Three Months Ended June 30,
	2026		2025		2026		2025		2026		2025
Interest cost	$	5.6	$	6.2	$	0.5	$	0.7	$	—	$	—
Expected return on plan assets	(9.0)		(9.6)		—		—		—		—

Amortization of net loss	0.4		—		0.3		0.3		—		—

Net periodic benefit cost	$	(3.0)	$	(3.4)	$	0.8	$	1.0	$	—	$	—


	Qualified Pension Benefits				Unfunded Non-qualified Pension Benefits				Plan Benefits
	For the Six Months Ended June 30,				For the Six Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025		2026		2025
Interest cost	$	11.2	$	12.5	$	1.0	$	1.3	$	—	$	—
Expected return on plan assets	(18.0)		(19.3)		—		—		—		—

Amortization of net loss	0.8		—		0.6		0.6		—		—
Settlement loss	—		—		—		—		—		2.5
Net periodic benefit cost	$	(6.0)	$	(6.8)	$	1.6	$	1.9	$	—	$	2.5

The Assurant Pension Plan funded status was $102.0 million at June 30, 2026 and $96.1 million at December 31, 2025 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 121% and 119% funded status at June 30, 2026 and December 31, 2025. During the six months ended June 30, 2026, 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 2026.

14. Commitments and Contingencies

Letters of Credit

In the normal course of business, letters of credit are issued for various purposes. 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 $1.4 million and $1.7 million of letters of credit outstanding as of June 30, 2026 and December 31, 2025, 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 defends such actions vigorously. 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 reasonable 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.

Assurant, Inc.

Notes to Consolidated Financial Statements (unaudited)

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

15. Restructuring and Related Impairment Charges

In December 2022, the Company finalized a restructuring plan (the “2022 Plan”) to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. In September 2023, the Company amended and extended the 2022 Plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. These actions were completed in 2025, with some remaining payments scheduled into 2027.

In December 2025, the Company finalized a new restructuring plan (the “2025 Plan”) to optimize operational efficiencies and reduce its global footprint. Total costs of $28.7 million were incurred in fourth quarter 2025 related to the 2025 Plan, and no additional costs are expected to be incurred for this plan.

There were no costs incurred related to either restructuring plan for the three and six months ended June 30, 2026. For the three months ended June 30, 2025, there was $0.3 million of net reduction recorded for restructuring costs under the 2022 Plan, which included a $0.1 million reduction to previously estimated and recorded contract exit costs and a $0.2 million reduction to previously estimated and recorded severance and other employee benefits charges. For the six months ended June 30, 2025, there was $1.4 million of net reduction recorded for restructuring costs under the 2022 Plan, which included a $3.1 million reduction to previously estimated and recorded contract exit costs, partially offset by $1.7 million of severance and other employee benefits charges.

The following table shows the rollforward of the accrued liability by major type.


	Severance and Other Employee Benefits		Contract Exit Costs
Balance at January 1, 2026	$	32.0	$	7.2

Cash payments	(15.0)		(1.0)

Balance at June 30, 2026	$	17.0	$	6.2

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