Assurant, Inc. · NYSE:AIZ
Assurant — Q1 2025 Earnings Presentation
35 slides from Assurant's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Results
First 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: First Quarter: Strong Start to 2025
First Quarter: Strong Start to 2025 Operating 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) $67M +16% growth Reaffirming our 2025 Enterprise outlook: modest growth in Cash Adjusted EPS, Adjusted
Slide 5: Leveraging Significant Momentum with a Focus on Execution
Drivers Supporting Leveraging Significant Momentum our Forward Momentum with a Focus on Execution In 2024, solidified several major client relationships and made strong foundational investments 2025 Priorities Recently launched innovative new product offerings including a prepaid mobile program and
Slide 6: Global Lifestyle Highlights
GLOBAL LIFESTYLE Global Lifestyle Highlights Global Lifestyle Adjusted EBITDA ($ millions) Committed to Executing our Growth Objectives Connected Living $208 • Excluding $7 million one-time client benefit in Q1’24, underlying 7 -5% $198 Adjusted EBITDA grew modestly on a constant currency basis(1) •
Slide 7: Global Housing Highlights
GLOBAL HOUSING Global Housing Highlights Global Housing Adjusted EBITDA, excl. cats(1) ($ millions) Global Housing Delivered Continued Strong Growth $269 300 +31% $205 250 Homeowners 200 150 • 17% growth in net earned premiums, fees and other income 100 • Renewed two lender-placed clients 50 0 • Rec
Slide 8: Track Record of Strong Growth Over the Long Term
Track Record of Strong Growth Over the Long Term Building upon a Foundation of Success Returned $3.4B of capital to Adj. EBITDA, excl. cats(1) Adj. EPS, excl. cats(1) shareholders(2) since 2019 ($ millions) ($ millions) $2,000 $4,000 Cumulative Return 12% 5-year CAGR 18% 5-year CAGR $23.00 of $3.4B
Slide 9: Our Catastrophe Exposure Compares Favorably Relative to Select P&C Peers
Our Catastrophe Exposure Compares Favorably Relative to Select P&C Peers Strong Performance & Risk Profile Relative to Select P&C Peers Average Catastrophe Losses as a % of Average Catastrophe Losses as a % of Global Housing Combined Ratio, incl. Net Earned Premiums vs Select Cat Shareholder’s Equit
Slide 10: Assurant Represents an Attractive Investment with Meaningful Upside
Assurant Represents an Attractive Investment with Meaningful Upside 1 Powerful Business Model Focus on B2B2C distribution, 2 Track Record of Winning Long-tenured client base 3 Strong Performance with Less Volatility 8 consecutive years of 4 Compelling Growth Opportunities Ahead Double-down in core p
Slide 11: Well Positioned to Achieve 2025 Financial Objectives
Well Positioned to Achieve 2025 Financial Objectives Reaffirmed our 2025 Outlook; Adjusted EBITDA and Adjusted EPS, both excl. cats(1), to grow modestly Assurant Global Lifestyle Global Housing Diversified business model positions us to Majority of risk is shared with clients in Ability to react qui
Slide 12: Enterprise Q1'25 Financial Highlights
ENTERPRISE Enterprise Q1’25 Financial Adjusted EBITDA, excl. cats(1) ($ millions) Highlights $439 +14% Global Housing Adjusted EBITDA, excl. cats(1) Delivered $384 Growth Continued Strong Growth 14% Growth in Adjusted EBITDA and 16% Growth in Adjusted EPS, both excl. cats(1) • Significant growth in
Slide 13: Our Significant Cash Generation and Balanced Capital Allocation Support Shareholder Value
Our Significant Cash Generation and Balanced Capital Allocation Support Shareholder Value Significant Cash Common Stock Share Organic Investment Generation Dividends Repurchases and M&A Business Segment Dividends (2019-2024)(1) 20 consecutive years ~70% $2.5B ~$4.5B of common stock dividend increase
Slide 14: Q1'25 Segment Financial Highlights
Q1’25 Segment Financial Global Lifestyle Adjusted EBITDA ($ millions) Highlights $208 $198 7 -5% Q1 2025 Global Lifestyle Highlights • Excluding $7 million one-time client benefit in Q1’24, underlying Adjusted EBITDA grew modestly 75 73 on a constant currency basis(1) − Connected Living Adjusted EBI
Slide 15: 2025 Catastrophe Reinsurance Program
2025 Catastrophe U.S. Catastrophe Reinsurance Program Reinsurance Program $1,920M 1-265-year PML Program Highlights Layer 6 – 625M xs 1,295M • U.S. program provides ~$1.8 billion of coverage in excess of $160 million retention(1) $1,295M • When combined with the Florida Hurricane Catastrophe Fund, t
Slide 16: 2025 Enterprise Outlook
2025 Enterprise Outlook 2025 Enterprise Outlook: Adj. EBITDA, excl. cats(1) Modest 2024 2025 growth Results Outlook* $1,569 Adjusted EBITDA, $1.569B Modest growth excl. cats(1) 2024 2025 Outlook Adjusted EPS, $20.35 Modest growth excl. cats(1) Global Lifestyle to increase from growth in Connected Li
Slide 17: 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 18: Appendix
Appendix © 2025 Assurant, Inc. All rights reserved. Company confidential. 18 18
Slide 19: Questions? 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. 19
Slide 20: We have a 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 21: 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 Modest growth (-) Depreciation Expense $(139) ~$(160) (-) Interest Expense $(107) ~$(107) (-) Taxes $(253) ~20-22% (1) Adjusted Earnings, excl. cats (millions) $1,070 W
Slide 22: B2B2C Model Aligned with Leaders and Long-term Winners
B2B2C Model Aligned with Leaders and Long-term Winners 20+ year High client retention partnerships across all LOBs Net earned Connected Renters & Auto Other Homeowners premiums, Living fees and other income(1) $4.9B $4.2B $0.5B $2.0B • Mobile carriers • Auto dealers • Property managers • Banks • Cab
Slide 23: 1: Safe Harbor Statement
Exhibit 1: Safe Harbor Statement Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance out
Slide 24: 2: Non-GAAP Financial Measures
Exhibit 2: Non-GAAP Financial Measures Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance. Assurant’s non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant’s calculation o
Slide 25: 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (UNAUDITED) Twelve Months ($ 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 167.1 164.3
Slide 26: 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) 1Q ($ in millions) 2025 2024 GAAP Global Housing Adjusted EBITDA $ 112.4 $ 192.5 Reportable catastrophes, pre-tax 156.7 12.9 Global Housing Adjusted EBITDA, excluding reportable catastrophes $ 269.1 $ 205.4 Constant Currency: Represents
Slide 27: 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 measure (UNAUDITED) 1Q of the company’s stockholder value. Assurant defines ($ in millions) 2025 2024 Adjusted earnings per diluted share as net i
Slide 28: 2: Non-GAAP Financial Measures (Continued)
Exhibit 2: Non-GAAP Financial Measures (Continued) (UNAUDITED) 1Q 2025 2024 GAAP net income per diluted share $ 2.83 $ 4.47 Adjustments per diluted share, pre-tax: Net realized losses (gains) on investments and fair value 0.31 0.17 changes to equity securities Amortization of purchased intangible as
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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