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Assurant Inc (NYSE:AIZ) shares rose 2.65% to $193.84 in premarket trading Wednesday after the insurance provider reported strong second-quarter results and raised its full-year outlook. The company’s investor presentation highlighted 13% growth in adjusted EBITDA and 17% growth in adjusted EPS, both excluding catastrophes, driven by continued strength in its Global Housing segment and growing contributions from Global Lifestyle.
Quarterly Performance Highlights
Assurant reported robust financial results for Q2 2025, with adjusted EBITDA excluding catastrophes increasing 13% year-over-year to $416 million, up from $369 million in Q2 2024. Adjusted EPS excluding catastrophes grew 17% to $5.56 per share, compared to $4.77 in the same period last year.
As shown in the following chart detailing the company’s quarterly financial performance:
The strong quarterly performance contributed to impressive first-half results, with 14% growth in adjusted EBITDA and 16% growth in adjusted EPS, both excluding catastrophes. The company generated $298 million in cash during the first half of 2025 and returned $209 million to shareholders.
The following graphic illustrates Assurant’s first-half 2025 performance:
Keith Demmings, President & CEO, and Keith Meier, Executive Vice President & CFO, presented the results, emphasizing the company’s track record of consistent growth through various economic environments. Since 2019, Assurant has achieved a 12% five-year CAGR in adjusted EBITDA and an 18% five-year CAGR in adjusted EPS, both excluding catastrophes.
This long-term growth trajectory is visualized in the following chart:
Segment Analysis
Global Lifestyle
The Global Lifestyle segment, which includes Connected Living and Global Automotive, reported adjusted EBITDA of $201 million in Q2 2025, a 6% increase (7% on a constant currency basis) from $190 million in Q2 2024. Connected Living adjusted EBITDA increased 9% (11% on a constant currency basis), while Global Automotive adjusted EBITDA improved modestly with better loss experience year-over-year.
The segment’s performance is illustrated in the following chart:
For the first half of 2025, Global Lifestyle adjusted EBITDA reached $399 million, representing a 2% increase on a constant currency basis compared to $397 million in the first half of 2024. The company noted that year-to-date performance for this segment is in line with expectations.
Global Housing
The Global Housing segment delivered particularly strong results, with adjusted EBITDA excluding catastrophes increasing 18% to $244 million in Q2 2025, compared to $206 million in Q2 2024. The segment reported a non-catastrophe loss ratio of 35.0% and an expense ratio of 38.3%.
The following chart shows the segment’s Q2 performance:
For the first half of 2025, Global Housing adjusted EBITDA excluding catastrophes grew 25% to $513 million, up from $412 million in the first half of 2024. The segment’s combined ratio, including catastrophes, was 87% for the first half of 2025.
Capital Allocation and Shareholder Returns
Assurant maintained its disciplined approach to capital allocation, ending Q2 2025 with $518 million in holding company liquidity. The company returned $105 million to shareholders during the quarter, including $62 million in share repurchases and $43 million in common stock dividends.
Between July 1 and August 1, 2025, Assurant repurchased an additional $25 million in shares. The company highlighted its 20-year track record of consecutive annual dividend increases and noted that approximately 70% of shares outstanding have been repurchased since its IPO, with $2.6 billion in shares repurchased since 2019.
The following slide illustrates Assurant’s cash generation and capital allocation strategy:
Technology Investments and Strategic Initiatives
Assurant emphasized its continued investments in technology, particularly artificial intelligence, to enhance customer experience and operational efficiency. The company has developed a Generative AI Chat Assistant for its Personal TechPro product and is leveraging advanced robotics and AI in its global supply chain.
The company’s technology initiatives are summarized in the following slide:
Assurant also outlined its growth opportunities, which include expanding offerings with existing clients, winning new clients, investing in core markets, and launching new products. The company’s business model is built on a B2B2C distribution strategy, leadership positions in attractive markets, transparent partnerships, service-based customized solutions, and deeply integrated technology.
2025 Outlook and Forward-Looking Statements
Based on strong first-half performance, Assurant raised its full-year 2025 outlook. The company now expects mid- to high single-digit growth in adjusted EBITDA excluding catastrophes (up from its previous guidance) and approaching 10% growth in adjusted EPS excluding catastrophes.
The updated outlook is presented in the following slide:
The improved guidance reflects expected increases from growth in Connected Living and Global Automotive within the Global Lifestyle segment, as well as strong growth in the Global Housing segment excluding catastrophes. The outlook factors in the potential impacts of tariffs.
Assurant plans to continue its share repurchase program, targeting $250-$300 million in repurchases for 2025. The company’s investment rationale emphasizes its powerful business model, track record of winning, strong performance with less volatility, and compelling growth opportunities ahead.
When compared to the broader P&C insurance market, Assurant has outperformed the median in both earnings and EPS growth from 2019-2024, demonstrating the strength of its differentiated business model and strategic positioning.
Full presentation:
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