Outlook
Assurant Increases Full Year Outlook, Delivers Record Second Quarter ResultsGuidance raised
Results
Strong Earnings Growth in Global Lifestyle and Global Housing Driving Performance
Outlook
12026 Outlook Increased to Deliver Mid-Single-Digit Growth DrivenGuidance raised
by Low Double Digit Global Lifestyle Adjusted EBITDA GrowthGuidance raised
Management commentary
"Assurant delivered another quarter of record earnings, reinforcing our focus on building businesses that generate sustainable growth, create differentiated market positions, and deliver long-term value for shareholders.
Our performance extends the momentum we carried into the year and reflects the strength and durability of our business model, including record earnings within Global Lifestyle.Guidance raised
We are very well positioned to achieve our 10th consecutive year of profitable growth as we continue to balance earnings expansion with strategic investments that enhance our capabilities, improve customer and client outcomes, and strengthen our market positions,” said Assurant President and CEO Keith Demmings.Guidance raised
Outlook
“Driven by our strong first-half, we are once again increasing our 2026 enterprise outlook.Guidance raised
2We now expect Adjusted EBITDA and Adjusted earnings per share growth of mid single digits or approximately 10% on an underlying basis, both excluding reportable catastrophes.Guidance raised
3Supported by our strong capital position, we now expect share repurchases toward the upper end of our $300 million to $350 million range, while preserving flexibility to invest in attractive growth opportunities across the business,” Demmings added.Guidance raised
Results
Second Quarter Consolidated ResultsGuidance raised
Second Quarter 2026 Consolidated Results
6GAAP net income increased 27 percent to $298.6 million compared to second quarter 2025 of $235.3 million, primarily driven by higher Global Lifestyle and Global Housing earnings, and lower reportable catastrophes, partially offset by the impact of a higher effective tax rate and higher Corporate and Other expenses.
GAAP net income per diluted share increased 30 percent to $5.95 compared to second quarter 2025 of $4.56.
The increase was primarily driven by the factors noted above and the impact of share repurchases.
Adjusted EBITDA 1 increased 24 percent to $479.2 million compared to the prior year period of $386.0 million, primarily due to strong growth in both Global Lifestyle and Global Housing and the benefit of lower reportable catastrophes.
Excluding reportable catastrophes, Adjusted EBITDA 2 increased 18 percent, or similar on a constant currency basis 5 , to $491.4 million, due to the factors noted above.
Adjusted earnings, excluding reportable catastrophes, per diluted share 4 , increased 19 percent to $6.60 compared to the prior year period of $5.56.
The increase was driven by the factors noted above and the impact of share repurchases, partially offset by a higher effective tax rate and higher depreciation expense.
Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $3.32 billion compared to second quarter 2025 of $3.05 billion, up 9 percent, driven by growth in both Global Lifestyle and Global Housing.
Global Lifestyle
Adjusted EBITDA increased 21 percent compared to second quarter 2025, driven by earnings growth across Connected Living and Global Automotive.
7Connected Living increased 29 percent, including $10 million of favorable non-run rate benefits in second quarter 2026.
Excluding this, earnings grew 22 percent, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from financial services.
Global Automotive results increased from growth within global partnerships.
Net earned premiums, fees and other income increased 9 percent compared to second quarter 2025, driven primarily by Connected Living growth from global supply chain volumes and device protection programs, as well as higher contributions from extended service contracts and financial services programs.
Adjusted EBITDA increased 28 percent compared to second quarter 2025.
Results included $17.6 million of lower pre-tax reportable catastrophes.
8Excluding reportable catastrophes, Adjusted EBITDA 2 increased 18 percent, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency.
In Homeowners, results also benefitted from lower catastrophe reinsurance costs and growth in specialty products and lender-placed.
Global Housing growth was partially offset by $12 million of lower favorable prior period reserve development (PPD) (a) .
(a) Second quarter 2026 had $22.3 million of favorable non-catastrophe PPD, of which $23.1 million was related to prior years, compared to $33.9 million of favorable non-catastrophe PPD in second quarter 2025.
Year-to-date 2026 prior year reserve development was $41.9 million and year-to-date 2025 prior year reserve development was $63.4 million.
Net earned premiums, fees and other income increased 7 percent compared to second quarter 2025, primarily driven by Homeowners due to growth in specialty products and lender-placed and lower catastrophe reinsurance costs.
Corporate and Other
Adjusted EBITDA loss increased in second quarter 2026 compared to the prior year period, mainly driven by higher employee-related expenses and organic investments to support our Home Warranty business.
This increase was partially offset by higher investment income from higher assets.
Holding Company Liquidity Position
Holding company liquidity totaled $911 million as of June 30, 2026, or $686 million above the company’s minimum level of $225 million.
Capital return
Dividends paid by the operating segments to the holding company in second quarter 2026 totaled $235 million.
Share repurchases and common stock dividends totaled $123 million in second quarter 2026.
During second quarter 2026, Assurant repurchased approximately 310 thousand shares of common stock for $75 million and paid $48 million in common stock dividends.
From July 1 through July 31, 2026, the company repurchased approximately 108 thousand shares for $30 million. $544 million remains under the current repurchase authorization.
Outlook
2026 Company Outlook 6
Based on current macroeconomic conditions, the company now expects the following:
$ in millions, except per share data20252026 Outlook 6, (b)2026 Outlook ex.
PYD (c)
Adjusted EBITDA, ex. reportable catastrophes 2$1,734Mid Single DigitsApproximately 10%
Adjusted earnings, ex. reportable catastrophes, per diluted share 4$22.81Mid Single DigitsApproximately 10%
(b) 2026 outlook does not contemplate prior year reserve development (PYD) in second half 2026.
(c) Excludes the impact of $71 million of lower favorable PYD in Global Housing.
This reflects $113 million of favorable PYD in 2025 and $42 million of favorable PYD in first half 2026.
Adjusted EBITDA, excluding reportable catastrophes 6 , now expected to increase mid single digits.
Global Lifestyle Adjusted EBITDA now expected to increase low double digits with contributions from Connected Living and Global Automotive.
Global Housing Adjusted EBITDA, excluding reportable catastrophes 6 , now expected to grow modestly.
4Corporate and Other Adjusted EBITDA loss now expected to approximate $145 million, from higher employee-related expenses.Guidance lowered
5Adjusted earnings, excluding reportable catastrophes, per diluted share 6 , now expected to increase mid single digits.Guidance raised
The company continues to expect depreciation expense of approximately $180 million, an effective tax rate of approximately 19 to 21 percent, interest expense of approximately $113 million and amortization of purchased intangible assets of approximately $70 million.Guidance reaffirmed
Capital deployment priorities to focus on maintaining a strong, flexible financial position, supporting business growth by funding organic investments and M&A, and returning capital to shareholders through common stock dividends and share repurchases, subject to Board approval.
Results
xxi. an impairment in the value of our deferred tax assets;
Capital return
xxiv. the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends or repurchase shares;
99 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.