Assurant, Inc. · NYSE:AIZ
Assurant — Q2 2025 Earnings Presentation
32 slides from Assurant's earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results Investor Presentation © 2025 Assurant, Inc. All rights reserved. Company confidential. 1
Slide 2: Keith Demmings and Keith Meier
Keith Demmings Keith Meier President Executive Vice President & Chief Executive Officer & Chief Financial Officer © 2025 Assurant, Inc. All rights reserved. Company confidential. 2
Slide 3: Cautionary Statement
Cautionary Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financ
Slide 4: Strong First Half Performance
Strong First Half Performance Continue to Operate from a Position of Strength +14% growth Adjusted EBITDA, Delivered 14% Adjusted EBITDA growth and 16% Adj. EPS excl. cats(1) growth, both excl. cats(1) $298M +16% growth Increasing our 2025 enterprise outlook: mid- to high single- Cash Adjusted EPS,
Slide 5: Powerful Business Model Driving Track Record of Success
Powerful Business Model Driving Track Record of Success B2B2C Leadership Transparent Services are the Deeply Distribution Positions in Partnerships Foundation of Integrated Strategy Attractive Built on Trust our Customized Technology Markets Solutions Deep partnerships with We have significant A his
Slide 6: Track Record of Strong Growth Over the Long Term
Track Record of Strong Growth Over the Long Term Demonstrated Resilience Over Time Through Various Economic Environments Returned $3.6B of capital to Adj. EBITDA, excl. cats(1) Adj. EPS, excl. cats(1) shareholders(2) since 2019 ($ millions) ($ millions) $2,000 $4,000 Cumulative 12% 5-year 18% 5-year
Slide 7: Global Lifestyle Highlights
GLOBAL LIFESTYLE Global Lifestyle Highlights Global Lifestyle Adjusted EBITDA ($ millions) Year-to-Date Performance In line with Expectations +2% constant Connected Living currency(1) • Enhanced our comprehensive solution across mobile to further differentiate $397 $399 Assurant within the market •
Slide 8: Global Housing Highlights
GLOBAL HOUSING Global Housing Highlights Global Housing Adjusted EBITDA, excl. cats(1) ($ millions) Global Housing Delivered Continued Strong Growth $513 600 +25% $412 500 Homeowners 400 300 • Strong first half of the year with 25% growth in Adjusted EBITDA, excl. 200 cats(1) 100 • Homeowners contin
Slide 9: Significant Growth Opportunities Across Clients, Products and Geographies
Significant Growth Opportunities Across Clients, Products and Geographies Executing Strategic Priorities and Compounding Success Expand Offerings Invest in New Win New with Core Product Clients Existing Markets Launches Clients Continuing to expand Winning new clients across Increasing investments i
Slide 10: Enterprise Q2'25 Financial Highlights
ENTERPRISE Enterprise Q2’25 Financial Adjusted EBITDA, excl. cats(1) ($ millions) Highlights +13% $416 Continued Strength in Global Housing with Growing Contributions from $369 Global Lifestyle Growth 13% Growth in Adjusted EBITDA and 17% Growth in Adjusted EPS, both excl. cats(1) • Continued growth
Slide 11: Significant Cash Generation and Balanced Capital Allocation Create Shareholder Value
Our Significant Cash Generation and Balanced Capital Allocation Create Shareholder Value Returned $105 million to Shareholders in Q2’25 Significant Cash Common Stock Share Organic Investment Generation Dividends Repurchases and M&A Business Segment Dividends (2019-1H’25)(1) 20 consecutive years ~70%
Slide 12: Q2'25 Segment Financial Highlights
Q2’25 Segment Financial Global Lifestyle Adjusted EBITDA ($ millions) Highlights +6% $201 Q2 2025 Global Lifestyle Highlights $190 69 70 • Adjusted EBITDA increased 6%, or 7% on a constant currency basis(1) +7% • Connected Living Adjusted EBITDA increased 9%, or 11% on a constant currency constant b
Slide 13: Assurant has a Long Track Record of Leveraging Technology
Assurant has a Long Track Record of Leveraging Technology AI Represents a Powerful Opportunity to Accelerate our Capabilities and Enhance Customer Experience Continued investments in technology, including AI enabled platforms Newly developed Generative AI Chat Assistant for our Personal TechPro prod
Slide 14: 2025 Enterprise Outlook
2025 Enterprise Outlook 2025 Enterprise Outlook: Adj. EBITDA, excl. cats(1) Mid- to high single- 2024 2025 digit Results Outlook* growth Adjusted EBITDA, Mid- to high $1,569 $1.569B single-digit excl. cats(1) growth 2024 2025 Outlook Adjusted EPS, Approaching $20.35 excl. cats(1) 10% growth Global L
Slide 15: Assurant Represents an Attractive Investment with Meaningful Upside
Assurant Represents an Attractive Investment with Meaningful Upside 1 Powerful Business Model Focus on B2B2C distribution, 2 Track Record of Winning Long-tenured client base 3 Strong Performance with Less Volatility 8 consecutive years of 4 Compelling Growth Opportunities Ahead Double-down in core p
Slide 16: Appendix
Appendix © 2025 Assurant, Inc. All rights reserved. Company confidential. 16 18
Slide 17: Investor Relations Contacts
Rebekah Biondo Sean Moshier Deputy Chief Financial Officer Head of Investor Relations Matt Cafarchio Mike Robinson Investor Relations Director Investor Relations Sr. Analyst Questions? Contact: investor.relations@assurant.com © 2025 Assurant, Inc. All rights reserved. Company confidential. 17
Slide 18: Track Record of Strong Adj. Earnings and Adj. EPS Growth
We have a track record of strong Adj. earnings and Adj. EPS growth Assurant vs. P&C Market Median(1,2) 2019 –2024 Earnings Growth Comparison EPS Growth Comparison 10.6% 14.5% Adj. earnings, Adj. EPS, incl. incl. cats(1) cats(1) 10.6% 12.8% 13.9% 17.9% Adj. earnings, Adj. EPS, excl. excl. cats(1) 13.
Slide 19: 2025 Outlook: Adjusted EBITDA to Adjusted Earnings Walk
2025 Outlook: Adjusted EBITDA to Adjusted Earnings Walk 2024 2025 Actuals Outlook (1) Adjusted EBITDA, excl. cats (millions) $1,569 Mid- to high single-digit growth (-) Depreciation Expense $(139) ~$(155) (-) Interest Expense $(107) ~$(107) (-) Taxes $(253) ~19-21% (1) Adjusted Earnings, excl. cats
Slide 20: Exhibit 1: Safe Harbor Statement
Exhibit 1: Safe Harbor Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance out
Slide 21: Exhibit 2: Non-GAAP Financial Measures
Exhibit 2: Non-GAAP Financial Measures Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation o
Slide 22: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) Twelve Months ($ in millions) 2024 2023 2022 2021 2020 2019 GAAP net income from continuing operations $ 760.2 $ 642.5 $ 276.6 $ 602.9 $ 519.4 $ 306.4 Less: Interest expense 107.0 108.0 108.3 111.8 104.5 110.6 Provision for income taxes
Slide 23: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) 2Q Six Months ($ in millions) 2025 2024 2025 2024 GAAP Global Housing Adjusted EBITDA $ 214.4 $ 160.9 $ 326.8 $ 353.4 Reportable catastrophes, pre-tax 29.8 45.5 186.5 58.4 Global Housing Adjusted EBITDA, excluding reportable catastrophes
Slide 24: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) Adjusted Earnings per Diluted Share: Assurant uses Adjusted earnings per diluted share as an important (UNAUDITED) 2Q Six Months measure of the company’s stockholder value. Assurant ($ in millions) 2025 2024 2025 2024 defines Adjusted earnings per d
Slide 25: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) 2Q Six Months 2025 2024 2025 2024 GAAP net income per diluted share $ 4.56 $ 3.58 $ 7.38 $ 8.05 Adjustments per diluted share, pre-tax: Net realized losses (gains) on investments and fair value 0.42 0.37 0.73 0.54 changes to equity secur
Slide 26: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) Twelve Months ($ in millions) 2024 2023 2022 2021 2020 2019 GAAP net income from continuing operations $ 760.2 $ 642.5 $ 276.6 $ 602.9 $ 519.4 $ 306.4 Adjustments, pre-tax: Net realized losses (gains) on investments and fair value change
Slide 27: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) Twelve Months 2024 2023 2022 2021 2020 2019 GAAP net income from continuing operations per diluted share $ 14.46 $ 11.95 $ 5.05 $ 10.03 $ 8.21 $ 4.56 Adjustments per diluted share, pre-tax: Net realized losses (gains) on investments and
Slide 28: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) Global Housing Non-Catastrophe Loss Ratio: Assurant uses the Global Housing non-catastrophe loss ratio as an important measure of the segment's operating performance. Assurant defines the Global Housing non-catastrophe loss ratio as segment policyho
Slide 29: Exhibit 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) The company outlook for Adjusted earnings, excluding reportable catastrophes, per diluted share and, for Assurant and Global Housing, Adjusted EBITDA, excluding reportable catastrophes, each constitute forward-looking non-GAAP financial measures and
Slide 30: Exhibit 3: Regulatory Requirements
Exhibit 3: Regulatory Requirements Assurant, Inc. is an insurance holding company, with insurance subsidiaries domiciled in a number of states in the U.S. and international jurisdictions. The ownership of our stock is subject to certain state and foreign insurance law requirements. Those are typical
Slide 31: Exhibit 4: Data Sources
Exhibit 4: Data Sources Global Lifestyle 7 of the top 10 global Source: Telecoms 150 2024 Ranking by Brand Finance telecommunications brands 4 of the top 5 dealer groups Source: Autonews Top 150 (2024), internal management estimates Global Housing 4 of the top 5 largest multifamily Source: 2024 NMHC
Slide 32: Exhibit 5: Peer Earnings Definition from S&P Capital IQ Market Intelligence
Exhibit 5: Peer Earnings Definition from S&P Capital IQ Market Intelligence AIZ Metric Peer Earnings Metric Definition Source Adjusted earnings Operating income after taxes: Net income after taxes, less the net SNL (S&P Capital IQ Market income attributable to noncontrolling interest, after-tax real