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Assurant , Inc. (NYSE:AIZ) reported strong first-quarter 2025 results, with double-digit growth in key metrics as the company continues to build on its five-year growth trajectory. The insurance and risk management solutions provider delivered 14% growth in Adjusted EBITDA and 16% growth in Adjusted EPS, both excluding catastrophes, compared to the same period last year.
Quarterly Performance Highlights
Assurant began 2025 with robust financial performance, generating $67 million in cash and returning $103 million to shareholders during the first quarter. The company reported Adjusted EBITDA (excluding catastrophes) of $439 million, up from $384 million in Q1 2024, while Adjusted EPS rose to $5.79 from $4.97 in the prior year period.
"We’ve had a strong start to 2025 with 14% Adjusted EBITDA growth and 16% Adjusted EPS growth, both excluding catastrophes," said Keith Demmings, President and CEO, who presented the results alongside Keith Meier, Executive Vice President and CFO.
As shown in the following chart of quarterly financial highlights:
The company ended the quarter with $501 million in holding company liquidity, maintaining a strong capital position while continuing its disciplined approach to capital returns.
Segment Analysis
The Global Housing segment was the standout performer, delivering 31% growth in Adjusted EBITDA excluding catastrophes, reaching $269 million compared to $205 million in Q1 2024. This impressive growth was driven by a 17% increase in net earned premiums, fees, and other income in the Homeowner business.
The following chart illustrates the strong performance in the Global Housing segment:
Assurant also highlighted its competitive advantage in catastrophe risk management, with lower exposure to catastrophe losses as a percentage of net earned premiums and shareholders’ equity compared to select P&C peers.
The Global Lifestyle segment remained relatively stable year-over-year. Connected Living reported Adjusted EBITDA of $73 million, down slightly from $75 million in Q1 2024, which included a one-time $7 million client benefit. Global Automotive contributed $125 million, compared to $126 million in the prior year period.
As shown in the following segment breakdown:
The company noted several positive developments in the Global Lifestyle segment, including the launch of a prepaid mobile device protection plan with a large U.S. carrier, supported by more than 900 authorized repair centers, and the introduction of Assurant Vehicle Care Technology Plus.
Long-Term Growth Trajectory
Assurant emphasized its consistent growth pattern over the past five years, with a 12% CAGR in Adjusted EBITDA (excluding catastrophes) and an 18% CAGR in Adjusted EPS (excluding catastrophes) from 2019 to 2024.
The following chart demonstrates this long-term growth trend:
This sustained performance has enabled Assurant to return approximately $3.4 billion to shareholders since 2019 through dividends and share repurchases, reflecting the company’s commitment to delivering shareholder value.
Capital Allocation and Shareholder Returns
Assurant has maintained a consistent focus on returning capital to shareholders, with approximately 20 consecutive years of common stock dividend increases. The company’s dividend has grown from $2.43 to $2.96 per share in recent years.
The following chart illustrates Assurant’s approach to capital allocation:
The company has repurchased approximately 70% of its shares outstanding, amounting to about $2.5 billion. For 2025, Assurant plans share repurchases between $200-$300 million, continuing its commitment to returning capital to shareholders.
2025 Outlook and Strategic Initiatives
Assurant reaffirmed its 2025 Enterprise outlook, projecting modest growth in both Adjusted EBITDA and Adjusted EPS, excluding catastrophes. The company outlined three key priorities for 2025:
1. Execute and optimize across businesses
2. Win new opportunities to enhance leading market positions
3. Drive operational excellence and financial performance
As shown in the following outlook summary:
The company highlighted several drivers supporting its forward momentum, including solidified major client relationships, recently launched innovative product offerings, and additional new client opportunities expected to launch in 2025. Management noted that Global Automotive has largely stabilized, while Global Housing is expected to drive sustained growth.
Investment Thesis
Assurant positioned itself as an attractive investment with meaningful upside potential based on four key pillars: a powerful business model, track record of winning, strong performance with less volatility, and compelling growth opportunities ahead.
The following chart summarizes the company’s investment thesis:
With its B2B2C model aligned with industry leaders and long-term winners, Assurant highlighted its 20+ year partnerships across Connected Living ($4.9B in net earned premiums, fees and other income), Auto ($4.2B), Homeowners ($2.0B), and Renters & Other ($0.5B) segments.
As Assurant continues to execute its strategy in 2025, the company appears well-positioned to maintain its growth trajectory while delivering value to shareholders through both operational performance and capital returns.
Full presentation:
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