AIZ 10-K & 10-Q changes, risk factors and insider trading

•The success of our business depends on the execution of our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.

•We may be unable to find suitable acquisition candidates at attractive prices, integrate acquired businesses or divest of non-strategic businesses effectively or achieve organic growth,effectively, which could have a material adverse effect on our business, financial condition and results of operations.

Each of our Global Lifestyle and Global Housing segments receives a substantial portion of its revenues from a few clients. A reduction in business with or the loss of one or more of our significant clients could have a material adverse effect on the results of operations and cash flows of individual segments or the Company. Reliance on a few significant clients may weaken our bargaining power, and we may be unable to renew contracts with them without concessions (including up-front payments) or on favorable terms or at all. Examples of important business arrangements include,include: in Global Lifestyle, exclusive and non-exclusive relationships with the mobile service providerseco-system (including carriers, retailers, OEMs and cable operatorsMSOs), dealerships and agents, consumer electronics retailers, appliance retailers (including e-commerce retailers), commercial equipment manufacturers and dealers, and financial, insurance and other institutions through which we distribute our products and services.services; Inand in Global Housing, we have exclusive and non-exclusive relationships with mortgage lenders and servicers, manufactured housing lenders, property managers, and financial, insurance and other institutions.

We compete for business, clients, customers, agents and other distribution relationships with many insurance companies, warranty and protection companies, financial services companies, mobile device repair and logistics companies, technology and software companies and specialized competitors that focus on one market, product or service. Some of our competitors may: offer a broader array of products and services than we do or more favorable terms; be better able to tailor those products and services to client and customer needs, including through better technology systems or infrastructure,infrastructure; or may have greater diversity of distribution resources, better brand recognition, more competitive pricing, lower costs, greater financial strength,strength or ratings, more resources or higher ratings.quality of service.

There is a risk that clients or customers may be able to obtain more favorable terms and offerings from competitors, vendors or other third parties, including pricing and technology. Additionally, customers may turn to our competitors as a resultbecause of our or our client’s failure, or perceived failure, to deliver on customer expectations, product or service flaws, technology issues, gaps in operational support or other issues affecting customer experience. As a result, competition may adversely affect the persistency of our policies, our ability to sell products and provide services, maintain client relationships (including significant clients), and our revenues and results of operations, which has occurred from time to time.

To remain competitive in many of our businesses, we must anticipate and respond effectively to changes in customer preferences, new industry standards, evolving distribution models, disruptive technology developments and alternate business models. The evolving nature of consumer needs and preferences and improvements in technology could result in a reduction in consumer demand and in the prices of the products and services we offer. Our competitive position may be impacted if we are unable to deploy, in an effective, compliant and competitive manner, technology such as artificial intelligence and machine learning, or if our competitors collect and use data that we do not have the ability to access or use. In addition, across many of our businesses, we must respond to the threat of disruption by traditional players, such as insurers, as well as from new entrants, such as “Insurtech” start-up companiescompanies, and others.from their use of technologies such as AI. These players are focused on using technology and innovation to simplify and improve the customer experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the markets in which we operate. To maintain a competitive position, we must continue to invest in new technologiestechnologies, including AI, and new ways to deliver our products and services. If we do not anticipate and respond effectively to changes in customer preferences, new industry standards, evolving distribution models, disruptive technology developmentsdevelopments, including AI, and alternative business models, our business and results of operations could be adversely impacted.

The success of our business depends on the execution of our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.

We rely on the continued service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce to achieve our long-term strategy. We believe that our future success depends in substantial part on our ability to attract, recruit, motivate, develop and retain a high-performing workforce, particularlyincluding those with specialized industry knowledge or within critical or in-demand areas such as sales, digital, customer experience, data and analytics, AI and supply chain, across our lines of businesses.areas. Doing so may be difficult due to many factors, including fluctuations in economic and industry conditions; employee expectations; the effectiveness of our talent strategies and total rewards and wellbeing programs; and fluctuations in the labor market, including rising wages and competition for talent. We rely on attracting, retaining, developing and motivating talent, including at the executive level, to effectively manage our businesses and drive our long-term strategy. If we do not succeed in attracting, retaining and developing key talent, our revenue growth and profitability may be materially adversely affected. Furthermore, our business and results of operations could be adversely affected if we fail to adequately plan for and successfully carry out the succession of our key executives and senior leaders.

We may be unable to find suitable acquisition candidates at attractive prices, integrate acquired businesses or divest of non-strategic businesses effectively or achieve organic growth,effectively, which could have a material adverse effect on our business, financial condition and results of operations.

Acquisitions of businesses and divestitures of non-strategic businesses may not provide us with the benefits that we anticipate, may require significant effort and expenditures, and may entail numerous risks, difficulties and uncertainties. These include, among others, diversion of management’s attention and resources to the integration of operations and infrastructure, which could otherwise have been devoted to other strategic opportunities; inaccurate assessment of risks and liabilities; difficulties in realizing projected revenues, earnings, cash flows, business opportunities, growth prospects, efficiencies, synergies and cost savings, including the incurrence of unexpected integration, compliance or divestiture costs; reputational risks; difficulties in keeping existing customers and obtaining new customers; exposure to jurisdictions or businesses with heightened legal and regulatory risks, including corruption, which may increase compliance costs; difficulties in integrating operations and systems, including cybersecurity and other technology systems, and internal control over financial reporting; difficulties in assimilating employees and corporate cultures; an increase in our indebtedness or future borrowing costs; and limitations on our ability to access additional capital when needed. Our failure to adequately address these and other transaction risks, difficulties and uncertainties could materially adversely affect our results of operations and financial condition.

If we experience a business continuity event, such as an earthquake, hurricane, flood, terrorist incident, military conflict, pandemic, security breach, cybersecurity incident, power loss, telecommunications outage or other systems failure, or other disaster, our ability to continue operations will depend on an effective business continuity and disaster recovery plan, including the safety and continued availability of our personnelpersonnel, including key executives, vendors and other third parties, and the proper functioning of our telecommunications and other systems and operations, including our device care centers and other facilities. An extended period of such conditions may strain our business continuity and disaster recovery plan, introduce additional operational risk, including cybersecurity and fraud risks, negatively impact employee morale, result in negative publicity, reputational harm and the loss of profitability and clients. Our inability to successfully recover from a business continuity event could have a material adverse effect on our business, financial condition and results of operations. See “ – Technology, Cybersecurity and Privacy

Cybersecurity and Privacy Risks – The failure to effectively maintain and modernize our technology systems and infrastructure and integrate those of acquired businesses could adversely affect our business.”

The risk of business disruption is more pronounced in certain geographic areas across the world, including the cities in which our device care centers, data centers and operations personnel are located; major metropolitan centers, such as Atlanta, where our headquarters is located; and certain catastrophe-prone areas, such as Miami, Florida, where we have a significant operations.employee base. This risk is heightened in certain countries and regions in which we operate that are subject to higher potential threat of terrorist incidents, military conflicts, political instability and data breaches.

As we continue to improve operating efficiencies, weWe rely on vendors and other third parties, including independent contractors, to conduct business and provide services to our clients. We use vendors and other third parties for business, investment management, technology, operations, facilities management and other services. For example, our ability to continue to develop, use and efficiently deploy AI technologies depends on access to specific third-party equipment and services. We take steps to monitor and regulate the performance of vendors and other third parties, including in our agreements with such parties, but our oversight controls could prove inadequate. Since we do not fully control the actions of vendors and other third parties, we are subject to the risk that their decisions or operations adversely impact usus, and replacing them could create significant delay and expense. If these vendors or other third parties fail to satisfy their obligations to us or if they fail to comply with legal or regulatory requirements in a high-quality and timely manner, which has occurred from time to time, our operations andor reputation could be compromised, we may not realize the anticipated economic and other benefits from these arrangements, and we could suffer adverseface legal, regulatory and financial consequences. In addition, these third parties face their own technology, operating, business and economic risks, and any significant failures by them, including the improper use or disclosure of our confidential client, employee or Company information or failure to comply with applicable law,information, could cause harm to our reputation or otherwise expose us to liability. An interruption in or the cessation of service by any service provider as a result of systems failures, capacity constraints, financial difficulties or for any other reason has occurred from time to time and could materially disrupt our operations, impactlimit our ability to offer certain products and servicesservices, andor result in contractual or regulatory penalties, liability claims from clients or employees,claims, damage to our reputation and harm to our business. If we are unable to attract and retain relationships with qualified vendors, independent contractors and other third-party service providers, or if changes in law or judicial decisions require independent contractors to be classified as employees, our business could be significantly adversely affected.

ToOur theengagements extent we engagewith international vendors or third parties toexpose provide services or carry out business functions, we are exposedus to the risks that accompany operations in a foreign jurisdiction, including international economic and political conditions, foreign laws and regulations, fluctuations in currency values and increased risk ofheightened data breaches.security risks. For more information on the risks associated with the use of international vendors and third parties, see “ – We face risks associated with our international operations.”

Our international operations face economic, political, legal, compliance, regulatory, operational, supply chain and other risks. For example, we face the risk ofof, the imposition of sanctions, tariffs, trade barriers or other protectionist laws or business practices that favor local competition (including from the United States), increase costs and may otherwise adversely affect our business; inflation and foreign exchange rate fluctuations; restrictions on currency conversion and the repatriation of non-U.S. investments and earnings; burdens and costs of compliance with a variety of foreign laws and regulations and the associated risk and costs of non-compliance, including reputational harm; exposure to undeveloped or evolving legal systems, which may result in unpredictable or inconsistent application of laws and regulations, including export controls and exposure to commercial, political, legal or regulatory risks such as corruption; political, economic or other instability in countries in which we conduct business, including possible terrorist acts; diminished ability to enforce our contractual rights; increased risk ofheightened data breachessecurity risks; differences in cultural environments; changes in regulatory requirements, including changes in regulatory treatment of certain products or services; exposure to local economic conditions and its impact on our clients’ performance and creditworthiness; and a competitive global labor market.

As we engage with international clients, we may make certain up-front commission payments or similar cash outlays, which we may not recover if the business does not develop as we expect. These up-front payments are typically supported by various protections, such as letters of credit, letters of guarantee and real estate, but we may not fully or timely recover amounts owed to us as a resultbecause of difficulties in enforcing contracts or judgments in undeveloped or evolving legal systems and other factors. In addition, we rely on fronting carriers in certain countries to maintain their licenses and product approvals, satisfy local regulatory requirements and continue in business. If they fail to do so, our business, reputation, and relationships with our clients and their customers could be adversely affected.

For additional information on the significant international regulations that apply to us and the risks relating thereto, see “Item 1 – Business – Regulation – International Regulation” in this Report, “ – Business, Strategic and Operational Risks – Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks,” “ – Macroeconomic, Political and Global Market Risks – General economic, financial market and political conditions and conditions in the markets in which we operate may materially adversely affect our results of operations and financial condition,” “ – Legal and Regulatory Risks – We are subject to extensive laws and regulations, which increase our costs and could restrict the conduct of our business, and violations or alleged violations of such laws and regulations could have a material adverse effect on our reputation, business and results of operations,” “ – Legal and Regulatory Risks – Our business is subject to risks related to litigation and regulatory actions” and “ – Legal and Regulatory Risks – The costs of complying with, or our failure to comply with, U.S. and foreign laws related to privacy, data security and data protection could adversely affect our financial condition, operating results and reputation..reputation.”

The value of the mobile devices that we collect and refurbish for our clients may fall below the prices we have paid or guaranteed, which could adversely affect our profitability. Our mobile business is subject to the risk that the value, including selling price, or availability of devices and parts will be adversely affected by: technological changes affecting the usefulness or desirability of the devices and parts; physical problems resulting from faulty design or manufacturing; increased competition; decreased customer demand, including due to changes in customer preferences, changes in client promotions and seasonality; changes in client forecasts and demand; supply chain constraints and our ability to manage inventory; and growing industry emphasis on cost containment. The value and availability of devices may also be impacted by adverse foreign trade relationships and an escalation of U.S.-China and China-Taiwan trade tensions, including with respect to trade policies, treaties, government relations, tariffs and other trade restrictions.tensions. If the value or availability of devices or parts is significantly reduced, it could have a material adverse effect on our profitability.

Our sales of mobile devices to third partiesparties, particularly those domiciled outside of the U.S., subject us to regulatory compliance costs and increased risk, including risks relating to corruption, sanctions and export control laws and regulations, which may subjectresult us toin fines or other sanctions, and increase the costscost of operating the business, including compliance expenses.business. While we conduct diligence and screening for buyers of mobile devices that we sell, and we change buyers in our program based on diligence reviews, our mobile device buyers may not comply with applicable laws and regulations, including anti-money laundering laws. In addition, our sales of mobile devices to third parties domiciled outside of the U.S. subject us tostrong compliance risks relating to corruption, sanctions and export control laws and regulations, whichstandards may adversely impact our ability to find buyers. Furthermore, certain businesses we acquire may violate, and from time to time have violated, such laws and regulations, which could subject us to liability. Non-compliance with such laws could adversely affect our business, reputation, relationships with our clients and their customers, financial condition and results of operations. See “ – We face risks associated with our international operations” and “ – Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations.”

We distribute many of our insurance products and services through a variety of channels, including service providers (such as device carriers and cable operators), auto dealers and agents, financial institutions, mortgage lenders and servicers, retailers, association groups, other third-party marketing organizations and, to a limited extent, our own captives and affiliated agents. Our relationships with these distributors are significant for our revenues and profits. There is intense competition for distribution outlets. Agents who distribute our products are typically not exclusively dedicated to us, but they also market the products of our competitors. In some cases, such agents may be affiliated with other insurers who may choose to write the product that such agents are now selling on our behalf.

Our insurance operations expose us to claims arising from catastrophes and other events, particularly in our homeowners insurance, renters insurance and flood offerings, as well as in certain businesses the Company has fully exited or expects to fully exit, including sharing economy.exit. Catastrophes include hurricanes, windstorms, tornados, earthquakes, hailstorms, floods, severe winter weather, wildfires, terrorist incidents and accidents, and may result in reportable catastrophe losses, which are individual catastrophe events that generate losses in excess of $5.0 million, pre-tax, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums. Non-catastrophe losses include losses from isolated fire, water and wind damage, theft and vandalism, as well as general liability in renters and homeowners policies, and losses from sharing economy.policies. Losses are impacted by increases in inflation and supply chain disruptions that have increased and may continue to increase the cost of materials and labor required to settle claims, primarilyparticularly in our Global Housing business. In addition, non-catastrophe losses related to the sharing economy business in particular have been, and mayGlobal continueAutomotive to be, impacted by increased claim settlement and loss adjustment expenses.businesses. We have experienced, and expect to continue to experience, catastrophe and non-catastrophe losses that materially reduce our profitability and impact our available capital, which may have a material adverse effect on our results of operations and financial condition.

Changing weather patterns and climate change have increased the unpredictability, frequency and severity of weather-related events, such as wildfires, hurricanes, floods and tornadoes, particularly in coastal areas such as Florida, California and Texas, has in the past and may in the future result in increased claims and higher catastrophe losses, which could have a material adverse effect on our results of operations and financial condition. Regulation in the area of climate change is increasing and weWe cannot predict how legal, regulatory, political and social responses to concerns around climate change may impact our business. While the frequency and severity of catastrophes are inherently unpredictable, increases in the value and geographic concentration of insured property and the effects of inflation have and may continue to increase the frequency and severity of claims from catastrophes. In addition, legislative and regulatory initiatives and court decisions may have the effect of limiting the ability of insurers to manage catastrophe losses, including by forcing expansion of certain insurance coverages for catastrophe claims, which may adversely impact our business. See “ – Macroeconomic, Political and Global Market Risks – General economic, financial market and political conditions and conditions in the markets in which we operate may materially adversely affect our results of operations and financial condition.”

Catastrophe and non-catastrophe losses can vary widely and could significantly exceed our expectations. We use modeling tools that help estimate our probable losses, but these projections are based on historical data and other assumptions that may differ materially from actual events, and their reliability and predictive value may decrease as a result of climate change. These modeling tools may not be able to anticipate emerging trends or changing marketplace conditions. See “ – Financial Risks – Actual results may differ materially from the analytical models we use to assist in our decision-making in key areas such as pricing, catastrophe risks, reserving and capital management.”

We purchase reinsurance for certain risks, but if the severity of an event were sufficiently high, our losses could exceed our reinsurance coverage limits and could have a material adverse effect on our results of operations and financial condition. In addition, the availability and cost of reinsurance can be adversely impacted by market conditions. See “ – Financial Risks – Reinsurance may not be adequate or available to protect us against losses, and we are subject to the credit risk of reinsurers.” In addition, claimsClaims from catastrophe and non-catastrophe events could result in substantial volatility in our results of operations and financial condition for any particular fiscal quarter or year.

We communicate with and distribute our products and services ultimately to individual customers. From time to time, regulators, consumer advocacy groups, the media and individual customers may focus their attention on our products and services, or on the broader industries in which we operate, which may subject us to negative publicity. We may be negatively affected if another company in one of our industries or in a related industry, or if one of our clients, engages in practices that subject our industry or businesses to negative publicity. Negative publicity may result from judicial inquiries, unfavorable outcomes in lawsuits, social media, regulatory or governmental actionsactions, including with respect to our products or services and industry commercial practices. For example, regulators may submit queries to assess and ensure fair practices in the insurance sector that potentially disadvantage people of color or historically underrepresented groups in certain insurance lines of business, or whether customers have receivedand fair value from our products and services. In addition, there is increased stakeholder and regulatory focus on sustainability matters, including workforce inclusioninclusion, which has recently been subject to significant change and effortsvaries relatedamong jurisdictions, and could subject us to climate.negative Apublicity. failure or perceived failure in our achievement of various sustainability initiatives and goals we announce from time to time, or anAn actual or perceived increase in related risks as a result of our or our industry’sindustries’ business activities, may subject us to negative publicity. As stakeholder perceptions of sustainability continue to evolve, we may also face negative publicity based on certain “anti-ESG” sentiment.

Limited availability of credit, disruptive geopolitical events (including regional and global conflicts and trade relations), supply chain disruptions, deteriorations of the global economies, including mortgage and real estate markets, declines in consumer confidence and consumer spending, including in Europe, increases in prices or in the rate of inflation, periods of high unemployment or labor shortages, persistently low or rapidly increasing interest rates, disruptive geopolitical events, including the Israel-Hamas war, China-Taiwan relations and supply chain disruptions, and other events outside of our control,control (such as a major epidemic or a pandemic, political or civil unrest, the recent U.S. government shutdown or the possibility of a U.S. government shutdown or default on itsU.S. debt obligations,obligations), could contribute, and in some cases have contributed, to increased volatility and diminished expectations for the economy and the financial markets, including the market for our stock. In addition, there is continued uncertainty concerning potential and recent actions by the incomingcurrent U.S. administration, including increased or new tariffs that couldmay increaseimpact the cost of claims,claims and disrupt supply chains, and impact inflation.chains. These factors may materially adversely affect our business, results of operations and financial condition. Specifically, during periods of economic downturn:

We maintain reserves to cover our estimated ultimate exposure for claims and claim adjustment expenses with respect to reported claims and incurred but not reported (“IBNR”) claims as of the end of each accounting period. Whether calculated under accounting principles generally accepted in the United States of America (“GAAP”), Statutory Accounting Principles or accounting principles applicable in foreign jurisdictions, reserves are estimates. Reserving is inherently a matter of judgment and our ultimate liabilities could exceed reserves for a variety of reasons, including changes in macroeconomic factors (such as inflation, unemployment and interest rates), case development and other factors. From time to time, we adjust our reserves,reserves and may adjust our reserving methodology, as these factors, our claims experience and estimates of future trends in claims frequency and severity change. Reserve adjustments have caused volatility in our reported results. Reserve development, changes in our reserving methodology and paid losses exceeding corresponding reserves could have a material adverse effect on our results of operations, profitability and capital. See “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Reserves” in this Report for additional detail on our reserves.

Ratings are important considerations in establishing the competitive position of insurance companies. A.M. Best rates most of our domestic and certain international operating insurance subsidiaries. Moody’s and S&P rate three of our domestic operating insurance subsidiaries. These ratings are subject to periodic review by A.M. Best, Moody’s and S&P, and we cannot assureensure that we will be able to retain them. Rating agencies may change their methodology or requirements for determining ratings, or they may become more conservative in assigning ratings. Rating agencies could increase capital requirements for our subsidiaries or the enterprise, thereby reducing deployable capital at such subsidiary or at the holding company. Any reduction in these ratings could materially adversely affect our standing in the insurance industry and the demand for our products from intermediaries and consumers, which could materially adversely affect our results of operations.

Currently, Assurant, Inc.’s senior debt is rated BBB by S&P and Baa2 by Moody’s, and both ratings carry a stable outlook. If our senior debt credit ratings were downgraded, particularly if downgraded below investment grade, our business, financial condition and results of operations, and perceptions of our financial strength, could be materially and adversely affected. A downgrade could adversely affect our liquidity and ability to access liquidity quickly or at all, increase our borrowing costs, decrease demand for our debt securities, and increase the expense and difficulty of financing our operations, including temporary financing for subsidiaries necessary to address any immediate liquidity concerns, or refinancing our existing indebtedness on similar or more favorable terms. For example, the interest rate payable on certain series of our senior notes is subject to increase if either S&P or Moody’s downgrades the credit rating assigned to such series of senior notes to BB+ or below or to Ba1 or below, respectively. Additionally, we could be subject to more restrictive financial and operational covenants in any indebtedness we issue in the future, which could reduce our operational flexibility. There can be no assurance that our credit ratings will not be downgraded. See Note 18 to the Consolidated Financial Statements included elsewhere in this Report for additional information on our senior notes and the impact of rating changes.

While most of our costs and revenues are in U.S. Dollars, some are in other currencies, including labor costs in our international locations and Global Capability Centers. Because our financial results in certain countries are translated from local currency into U.S. Dollars upon consolidation, our results of operations, including period-over-period comparisons, have been and may continue to be affected by foreign exchange rate fluctuations. If the U.S. Dollar weakens against a local currency, the translation of our foreign-currency-denominated balances will result in increased net assets, net revenue, operating expenses and net income. Similarly, our net assets, net revenue, operating expenses and net income will decrease if the U.S. Dollar strengthens against a local currency. In 2024, we reported a $0.8 million unfavorable impact to net income due to foreign exchange-related losses. These fluctuations in currency exchange rates may result in losses that materially and adversely affect our results of operations.

As a public company, we are required to maintain effective internal control over financial reporting. While management has certified that our internal control over financial reporting was effective as of December 31, 2024,2025, because internal control over financial reporting is complex, there can be no assurance that our internal control over financial reporting will be effective in the future. We rely on manual processes and procedures that subject us to increased risk of error and internal control failure compared to automated processes. Although we have implemented an integrated global financial system in North America and are in the process of implementing it globally to, among other things, minimize our reliance on and use of manual processes,globally, there can be no assurance that the implementation will achieve all of its intended goals.goals, including reducing the use of manual processes. Any failure to implement required controls, or difficulties or errors encountered in their operation, including as a result of remote work arrangements, could adversely affect our results of operations or cause us to fail to meet our reporting obligations. If we are not able to maintain or document effective internal control over financial reporting, our independent registered public accounting firm would be unable to certify the effectiveness of our internal control over financial reporting or opine that our financial statements fairly present, in all material respects, our financial position, results of operations and cash flows in conformity with GAAP. Significant deficiencies or material weaknesses in internal control over financial reporting may prevent us from reporting our financial information on a timely basis or cause us to restate previously issued financial information, and thereby subject us to litigation and adverse regulatory consequences, including fines and other sanctions, and would require us to claw back certain executive compensation, which would be costly and time-consuming. If any of the foregoing were to occur, investor confidence in us and the reliability of our financial statements could erode, resulting in a decline in our stock price, impairing our ability to raise capital, negatively affecting our reputation and subjecting us to legal and regulatory risk.

The global capital and credit markets have experienced periods of uncertainty, volatility and disruption, including from geopolitical and macroeconomic tensions, a U.S. government shutdown, the possibility of a U.S. government shutdown or default on itsU.S. debt obligations, changes to U.S. and foreign tax and trade policies, the imposition of newtariffs or increased tariffs, other trade restrictions, other government actions,actions and foreign currency fluctuations and other factors.fluctuations. Our ability to raise money during such periods could be severely or entirely restricted. Our ability to borrow or raise money is important if our operating cash flow is insufficient to pay our expenses, meet capital requirements, repay debt, pay dividends on our common stock or make investments. As a holding company, we have limited direct operations of our own. The principal sources of our liquidity are dividends and other statutorily permissible payments from our subsidiaries, cash flow from our investment portfolio, the Credit Facility (as defined below) and liquid assets, consisting mainly of cash or assets that are readily convertible into cash. Sources of liquidity in normal markets include a variety of short-and long-term instruments. If our access to the capital and credit markets is restricted, our cost of capital could increase, thus decreasing our profitability and reducing our financial flexibility, including our ability to refinance maturities of existing indebtedness on similar or more favorable terms. Our results of operations, financial condition, cash flows and statutory capital position could be materially and adversely affected by periods of uncertainty, volatility and disruption in the capital or credit markets.

Recent periods have been characterized by substantial volatility in interest rates. A prolonged period during which interest rates remain at high levels may result in greater unrealized losses in our investment portfolio. Conversely, a prolonged period during which interest rates are at lower levels may result in lower-than-expected investment income. We attempt to mitigate certain interest rate risk with hedging activitiesactivities, but such activities may not be effective. Though we employ asset/liability management strategies to manage the adverse effects of interest rate changes, significant fluctuations may require us to liquidate investments prior to maturity at a significant loss to pay claims, which could have a material adverse effect on our results of operations and financial condition. See “Item 7A – Quantitative and Qualitative Disclosures About Market Risk –Interest Rate Risk” in this Report.

As part of our overall risk and capacity management strategy, we purchase reinsurance for certain risks underwritten by our various operating segments. We also access the Florida Hurricane Catastrophe Fund (“FHCF”) to reinsure eligible Florida risks. Although reinsurers are liable to us for claims properly ceded under our reinsurance arrangements, we remain liable to the insured as the direct insurer on all risks reinsured. Ceded reinsurance arrangements therefore do not eliminate our obligation to pay claims. We are subject to credit and other risks with respect to our ability to recover amounts due from reinsurers and the FHCF. The inability to collect amounts due from reinsurers and any changes in the FHCF could materially adversely affect our results of operations and financial condition.

In the past, we have sold,sold or fully exited, and in the future we may sell,sell or exit, businesses through reinsurance ceded to third parties. WeOne haveof exited,our expectinsurance tosubsidiaries, fullywhich exitwas andclassified inas theheld futurefor maysale exitas certainof businesses,December including31, small2025, commercial, through reinsurance. We haveholds a reinsurance recoverable balance with John Hancock Life Insurance Company (“John Hancock”) of $471.5$472.0 million as of Decemberthe 31,same 2024,date, related to the sale of our Long-Termlong-term Carecare division through reinsurance. The A.M. Best rating of John Hancock is currently A+. Certain assets backing reserves reinsured under this sale and other sales are held in trusts or separate accounts. However, if the reinsurers became insolvent, the assets in the trusts or separate accounts could prove insufficient to support the liabilities that would revert to us and we may again become responsible for administering these businesses. We do not currently have the administrative systems and capabilities to processsupport these businesses. We might be forced to obtain such capabilities on unfavorable terms with a resulting material adverse effect on our results of operations and financial condition. In addition, other third parties to whom we have sold businesses in the past may in turn sell these businesses to other third parties, through reinsurance or otherwise, and we could face credit risks and risks related to the new administrative systems and capabilities of these third parties in administering these businesses.

We are subject to the credit risk of some of the agents, third-party administrators, clients,clients and client-owned reinsurance companies and clean energy sponsors with which we contract in our businesses.businesses, including dealer obligors in our Global Automotive business. We may incur losses related to accounts receivables, write-downs of upfront fees, write-downs of deferred acquisition costs, insurance reserves held by third parties with or without collateral (including the impairment of any collateral), reimbursement of claims or commissions prepaid by us and loans granted to such counterparties. In addition, some of our agents, third-party administrators and clients collect and report premiums or pay claims on our behalf. Also, under certain contractual arrangements, we pay claims on behalf of third parties and subsequently seek reimbursement. These parties’ failure to remit all premiums collected or to pay claims on our behalf or to reimburse us for paid claims on a timely and accurate basis could have an adverse effect on our results of operations.

OurAny declarationdetermination to declare and payment ofpay dividends onis our common stock inat the futuresole willdiscretion be determined byof the Board in its sole discretion and will dependdepends on various factors, including: our subsidiaries’ payment of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factor the Board deems relevant. The paymentPayments of dividends on ourshares of common stock maywill be subjectrestricted toif an event of default has occurred or if the preferentialproposed rights of any preferredcommon stock that the Board may create from time to time. The Credit Facility contains limitations on our ability to pay dividends to our stockholders if we are in default, or such dividend paymentspayment would cause usan to be in default,event of ourdefault obligationsunder thereunder.the InCredit addition,Facility; or if we defer the payment of interest on our Subordinated Notes (as defined hereafter), we generally may not make payments on our capital stock.Notes. Furthermore, the agreements governing any of our or our subsidiaries’ future indebtedness may limit our ability to declare and pay dividends on our common stock. In the event that any agreements governing any such indebtedness restrict our ability to declare and pay dividends in cash on our common stock, we may be unable to declare and pay dividends in cash on our common stock unless we can repay or refinance the amounts outstanding under such agreements.

We use various modeling techniques and data analytics throughout the organization to analyze and estimate exposures, loss trends, and other risks associated with our assets, liabilities, profitability and cash flows. This includes both proprietary and third-party modeled outputs and related analysis to assist us in decision-making related to pricing and rate filings, catastrophe and non-catastrophe modeling, loss reserving, asset management, corporate tax, financial reporting,reporting and planning, and risk and capital management, among other things. The modeled outputs and related analyses are subject to uncertainties and the inherent limitations of any statistical analysis, including model design errors; rely on numerous assumptions and the use of historical internal and industry data; and may lead to unintentional bias. In addition, climate change may make it more difficult to predict and model catastrophes, reducing our ability to accurately price our exposure to such events and mitigate risks. As a result, actual results may differ materially from our modeled results. If, based upon these models, we misprice our products, underestimate the frequency or severity of catastrophes and non-catastrophe losses, or fail to appropriately estimate the risks we are exposed to, which has occurred from time to time, our business, results of operations and financial condition may be materially adversely affected.

The success of our business depends on our ability to maintain effective, secure and reliable technology systems and infrastructure and to modernize them to support current and new clients and grow in an efficient and cost-effective manner. Some of the Company’s technology systems and software are legacy-type systems that are less efficient and require an ongoing commitment of significant resources to maintain or upgrade to current standards, including business continuity procedures. We continue to upgrade and implement new information technology systems and infrastructure involving several enterprise-wide technology initiativesinitiatives, including AI, to support our strategy and keep pace with continuing changes in information processing technology and evolving industry and regulatory requirements. This includes implementingour implementation of an integrated global financial system; enhancing existing systems, procedures and controls; developing new systems and products; and retiring certain legacy systems. We have also migrated many of our systems and applications to the cloud, which is key to our technology strategy. We currently rely on significant manual processes and procedures that subject us to increased risk of error and internal control failure compared to automated processes. We must integrate the systems of acquired businesses effectively so that technology gained through acquisitions meets the required level of security and performance capabilities to avoid additional risk to existing operations.

If we are unable to maintain technology systems, infrastructure, procedures (including technology continuity planning and recovery testing) and controls that function effectively without interruption and securely (including through a failure to replace or update redundant or obsolete hardware, applications or software systems),securely, or to update or integrate our hardware, applications or systems, we may not be able to service our clients and their customers, successfully offer our products, grow our business and account for transactions in an appropriate and timely manner, and our relationships with clients could be adversely affected. We are dependent on vendors and other third parties to maintain reliable and secure network systems that provide adequate speed and data capacity. For example, we utilize third-party cloud service providers in connection with certain key aspects of our business and operations, including in the Global Automotive businesses and in implementing an integrated global financial system, and any disruption of, or interference with, our use of such cloud services could have a material adverse impact on our business and operations. We have from time to time experienced operational resiliency issues, including the unavailability of technology systems upon which our clients rely. Such failures could result in loss of business and adversely affect our financial condition and results of operations. For risks relating to the security of our technology systems and cybersecurity incidents, see “ – We could incur significant liability if our technology systems or those of third parties are breached or we or third parties otherwise fail to protect the security of data residing on our respective systems, which could adversely affect our business and results of operations.”

We rely on the uninterrupted and secure operation of our technology systems, including information technology systems and operational technology systems, and those of our vendors to operate our business and securely process, transmit and store electronic information. This electronic information includes confidential and other sensitive information, including personal data, that we receive from our customers, vendors and other third parties. Our technology systems and safety control systems and those of our vendors and other third parties with whom we share sensitive information are vulnerable to, and in some cases have been subject to, damage or interruption from a variety of external threats, including cybersecurity incidents, computersuch viruses,as malwareadvanced ransomware, credential compromises, vulnerability exploitation including zero-day exploits, distributed denial of service attacks, hardware misconfigurations, phishing and ransomware,advanced associal well as targeted attacks against our employees,engineering, which have been increasing in frequency.frequency and complexity.

Cybersecurity incidents are rapidly evolving and becoming increasingly sophisticated, partly due to the growing use of artificial intelligenceAI by malicious actors. We are at risk of attack, and from time to time have been the subject of an attack, by a growing list of adversaries, including state-sponsored organizations, organized crime, hackers and “hacktivists” (activist hackers), through the use of increasingly sophisticated methods of attack, including long-term, persistent attacks referred to as advanced persistent threats, attacks via yet unknown vulnerabilities referred to as zero-day threatsthreats, attacks against our externally-facing applications and infrastructure components, and credential harvesting attacks against our employees.employees through advanced social engineering tactics. Because the techniques used to obtain unauthorized access or sabotage systems change frequently and generally are not identified until they are launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures, resulting in potential data loss or other damage to technology systems. As the breadth and complexity of the technologies we use continue to grow, and as a result of the remote and hybrid work arrangements for a significant portion of our employees, the risk of security breaches and cybersecurity incidents has increased.

Our systems have also been subject to compromise from internal threats such as improper action by employees and third parties who may have otherwise legitimate access to our systems. Our call centers subject us to additional risk from internal threats due to access to personal data. Moreover, we face the ongoing challenge of managing access controls in a complex environment. Remote and hybrid work arrangements, including the use of personal devices and home networks that are not managed by the organization’s security control framework, bypass certain physical security controls for our employees and the employees of our vendors who have access to sensitive information. While additional controls have been put in place, they may not be sufficient to discover compromises that occur due to the loss of physical controls. The latency of a compromise is often measured in months, and we may not be able to detect a compromise in a timely manner. We could experience significant financial and reputational harm as a result of operational resiliency issues, including if our technology systems are breached, sensitive client or Company data are compromised, modified, rendered inaccessible for any period of timetime, made public or made public,misused, or if we fail to make adequate disclosures to the public or law enforcement agencies following any such event.

Although we continue to invest in security and engage in best practices for software development, code vulnerabilities may still be introduced into production environments. Our technology systems must be continually patchedpatched, hardened and upgraded to protect against vulnerabilities, including zero-day threats, and we are at risk that cyber attackers have, and may continue to, exploit these vulnerabilities before they have been addressed. Due to the large number and age of the systems and platforms that we operate and the increased frequency with which vendors issue security patches to their products, as well as the need to test patches and, in some cases coordinate with clients and vendors, before they can be deployed, we are at risk that we cannot deploy these patches to remediate these vulnerabilities in a timely and effective manner. We are dependent on vendors and other third parties, such as cloud service providers, to keep their systems patched and hardened in order to protect our data. We have vendors and other third parties who receive data from us in connection with the services we offer our customers. In addition, we have migrated certain data, and may increasingly migrate data, to the cloud hosted by third-party providers. WeFrom aretime atto risktime, ofwe ahave experienced cybersecurity incidentincidents involving a vendor or other third party, which could resultresulted in a breakdown of such third party’s data protection measures or access to our infrastructure through the third party. To the extent that a vendor or third party suffers a cybersecurity incident that compromises their operations, our data and our customers’ data could be compromised or we may experience significant service interruption. Any failure related to these activities and operational resiliency could have a material adverse effect on our business.

We have from time to time experienced cybersecurity incidents, such as malware incursions, distributed denial of service attacks, hardware misconfigurations, zero-day exploits, credential harvesting, social engineering attacks, employee misconduct and incidents resulting from human error, such as loss of portable and other data storage devices. Like many companies, we are subject to regular phishing email and social media engineering campaigns directed at our employees that have become more sophisticatedsophisticated, highly personalized and ultimately more successful, partly through the use of artificial intelligence,AI, and can result in malware infections andsignificant financial and data losses. Although some of these incidents have resulted in data lossleaks and other damages, to date, they have not had a material adverse effect on our business or operations. In the future, theseThese types of incidents have in the past and could in the future result in confidential, restricted personal or proprietary information being lost or stolen, modified, rendered inaccessible for any period of time, or made public, including client, employee or Company data, which could have a material adverse effect on our business.

Improper access to or disclosure of sensitive client or Company information, which has occurred from time to time, could harm our reputation and subject us to litigation and significant liability under our contracts, as well as under existing or future laws, rules and regulations. In the event of a cybersecurity incident, we might have to take our systems offline, which could interfere with services to our clients orclients, damage our reputation.reputation or expose us to litigation. In addition, our liabilitycybersecurity insurance policy, which includes cyber insurance,policy may not be sufficient in type or amount to fully cover us against claims and costs related to security breaches, cybersecurity incidents, and other related data and system incidents.

We are subject to extensive regulation under the laws of the U.S. and its various states and territories, the E.U. and its member states, the U.K. and the other jurisdictions in which we operate. We are subject to anti-bribery and anti-corruption laws, such as the FCPA and the U.K. Anti-Bribery Act, trade sanctions, export control regulations and restrictions and anti-money laundering laws. We are subject to other laws and regulations on matters as diverse as antitrust, internal control over financial reporting and disclosure controls and procedures, accounting standards implemented by the Financial Accounting Standards Board and accounting-related rules and interpretations of the Securities and Exchange Commission,SEC, environmental protection, wage-and-hour standards, and employment and labor relations. In addition, new or proposed environmental, social and governancesustainability-related laws and regulations, including those related to climate change,regulations may result in expanded mandatory and voluntary reporting, diligence and disclosure.

There is also significant uncertainty in the evolving regulatory regime relating to artificial intelligence,AI, which may require substantial resources to modify and maintain business practices to comply with U.S. and non-U.S. laws. For example, various states have adopted the National Association of Insurance Commissioners (NAIC)’sNAIC’s model bulletin, The Use of Artificial Intelligence Systems by Insurers. Internationally, on December 8, 2023, the European Commission, the European ParliamentInsurers; and the European Council reached political agreement on the terms ofinternationally, the European Union Artificial Intelligence Act.Act entered into force in August 2024 with phased obligations. Evolving obligations may negatively impact our current usedevelopment and continued exploration of the use of artificial intelligenceAI in our business and may subject us to regulatory scrutiny, litigation, increased compliance costs, and social and ethical concerns.

The U.S. and foreign laws and regulations that apply to our operations are complex and may change rapidly, and our efforts to comply with them require significant resources and increase the costs and risks of doing business. The regulations we are subject to have become more stringent over time, may decrease the need for our services, impose significant operational limits on our business and may be inconsistent across jurisdictions. Further, the laws and regulations affecting our business are subject to change as a result of, among other things, new interpretations and judicial decisions, and any such changes may increase the regulatory requirements imposed on us, impact the way we are able to do business, impact efforts to protect intellectual and other property, and significantly harm our business and results of operations. WhileThere weis attemptalso toheightened complyregulatory withexpectations applicablefor lawsthird-party and regulations,critical therevendor canrisk be no assurance that we or our employees, consultants, contractors and other agents are in full compliance with such laws and regulations at all times or that we will be able to comply with any future laws or regulations. If we fail to comply with applicable laws and regulations, which occurs from time to time, we may be subject to investigations, criminal penalties, civil remedies or other adverse consequences, including fines, injunctions, loss of an operating license or approval, increased scrutiny or oversight by regulatory authorities, the suspension of individual employees, limitations on engaging in a particular business, redress to clients, exposure to negative publicity or reputational damage and harm to client, employee and other relationships. Moreover, our failure to comply with laws or regulations in one jurisdiction may result in increased regulatory scrutiny by other regulatory agencies in that jurisdiction or regulatory agencies in other jurisdictions. The costs of compliance and the consequences of non-compliance could have a material adverse effect on our business, results of operations and financial condition. For additional discussion of the various laws and regulations affecting our business, see “Item 1 – Business – Regulation” in this Report.management.

Federal, state and foreign tax laws and regulations, or their interpretation and application, are subject to significant changes that may have a material adverse impact on our results of operations and financial condition. ForThe example,OECD thehas Corporateissued Alternative Minimum Tax (“CAMT”), part of the Inflation Reduction Act of 2022, imposes a 15% minimum tax on corporations with annual adjusted financial income exceeding $1 billion and an excise tax of 1% on stock repurchases of publicly traded U.S. corporations (“Applicable Corporation”). Although we are not currently an Applicable Corporation, we are monitoring CAMT for future applicability. In addition, the Organization for Economic Co-operation and Development’s PillarsPillar Two Model Rules whichthat include new digital taxes and a 15% global minimum tax on income,the couldincome increaseof ourcertain taxcorporations, burden.and recently issued administrative guidance and safe harbor rules around the implementation of Pillar Two. Many jurisdictions where we operate, including Japan, the European Union,Japan and the United Kingdom, have adopted Pillar Two for tax years beginning in 2024. WhileIn weaddition, doin notJuly currently2025, expectthe One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing a materialbroad range of U.S. tax impactreform in fiscal 2025, we are monitoring developments and evaluating the potential impact of Pillar Two on future years.provisions.

•Global Lifestyle: includes mobile device solutions (including extended service contracts, insurance policies and related services), extended service contracts and related services for consumer electronics and appliances, and financial services and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment servicesprotection and other related services (referred to as “Global Automotive”); and

In addition, we report the Corporate and Other segment, which includes corporate employee-related expenses andexpenses, activities of the holding company.company and investments in our home warranty business.

We define Adjusted EBITDA, our segment measure of profitability, as net incomeincome, excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (which consists of certain businesses which we have fully exited or expect to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and our operations in mainland China (not Hong Kong)), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), Assurant Health runoff operations, interest expense, provisionbenefit (benefitprovision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.items In(including 2024,restructuring mainlandcosts, Chinathe operationsloss wereon sold.the pending subsidiary sale and non-core operations, each as described below).

The following discussion covers the year ended December 31, 2025 (“Twelve Months 2025”) and the year ended December 31, 2024 (“Twelve Months 2024”). For a more detailed comparative analysis, see the discussion that follows. Our comparative analysis of Twelve Months 2024 and the year ended December 31, 2023 (“Twelve Months 2023”). Please see the discussion that follows, for each of these segments, for a more detailed comparative analysis. Our comparative analysis of Twelve Months 2023 and the year ended December 31, 2022 is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 20232024 filed with the SEC on February 15,20, 2024.2025.

Consolidated net income increased $117.7$112.5 million, or 18%,15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024 from $642.5 million for Twelve Months 2023,2024, primarily due to higher segment earnings in Global Housing segment earnings,Housing, lower impactreportable of foreign exchange,catastrophes and lowergrowth lossesin fromGlobal non-core operations and lower restructuring costs,Lifestyle, partially offset by a higher reportableeffective catastrophestax rate and higherrestructuring depreciation expense.costs.

Global Lifestyle net earned premiums, fees and other income increased $405.9$615.2 million, or 5%,7%, to $8.97$9.58 billion for the Twelve Months 20242025 from $8.56$8.97 billion for Twelve Months 2023,2024, primarily due to contributionsglobal from newly launched trade-inmobile programs and devicefrom protectiona programs.new program in financial services within Connected Living and modest growth in Global Automotive.

Global Housing Adjusted EBITDA increased $97.0$187.5 million, or 17%,28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 20242024, fromincluding $574.2 million for Twelve Months 2023, primarily driven by growth in Homeowners, partially offset by $134.2$46.4 million of higherlower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 34%15% mainly due to top-line growth in lender-placed insurance and expense leverage within Homeowners, more favorable priornon-catastrophe yearloss reserve development, lower reinsurance costs, and growth in Renters from the property management channel.experience.

Global Housing net earned premiums, fees and other income increased $314.1$311.8 million, or 15%,13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024 from $2.14 billion for Twelve Months 2023,2024, primarily due to Homeowners top-line growth, including growth in policies in-force and higher average premiums within lender-placed,lender-placed insurance, as well as growth acrossin various specialty Homeownersproducts. products.Renters and Other also increased, led by contributions from a new book of business previously disclosed.

Corporate and Other Adjusted EBITDA was $(123.8) million for Twelve Months 2025 compared to $(122.2) million for Twelve Months 2024 compared to $(109.0) million for Twelve Months 2023,2024, primarily driven by higherlower third-partyinvestment and employee-related expenses.income.

Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, our investment income, and our ability to realize greaterenhance operational efficiencies and manage our expenses. Our results also depend on our ability to profitably grow our businesses, including our Connected Living, Global Automotive and Renters businesses, and the performance of our Homeowners business.business, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives. Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, including the current period of inflationary pressures which have impacted claims costs including in the Global Automotive business, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition. For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors.”

Our results may also be impacted by our ability to continue to grow in the markets in which we operate, which will be impacted by our ability to provide a superior customer experience, including from our investments in technology and digital initiatives, capitalize on theopportunities connectedfor further growth, including within adjacent markets such as home opportunity and investments to onboard and ramp-up new business.warranty. Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences.preferences and client forecasts and demands. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. Variability in insurance claims, including changes in frequency and severity, and the impact of inflation, also contribute to fluctuations in our business performance. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent,talent. whichFor hasmore increasedinformation dueon to labor shortagesthese and wageother inflation.factors Seethat could affect our results, see “Item 1A – Risk FactorsFactors,” including “ – Business, Strategic and Operational Risks – Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations,” “ – Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “ – The success of our business depends on the execution of our strategy, including through organic growth and the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce.”

For Twelve Months 2024,2025, net cash provided by operating activities was $1.33$1.83 billion; net cash used in investing activities was $657.8$1.46 millionbillion; and net cash used in financing activities was $477.5$364.2 million. We had $1.81$1.83 billion in cash and cash equivalents as of December 31, 2024.2025. Please seeSee “ – Liquidity and Capital Resources” below for further details.

Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, amortization of deferred costs, general operating expenses and income taxes. In addition to the restructuring plan announced in December 2022 and amended in 2023, wetaxes.We continue to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which will impact our expenses.

The methods all involve aggregating paid and case-incurred loss data by accident quarter (or accident year)period and accident age for each product grouping. As the data ages, development factors are calculated that measure emerging claim development patterns between reporting periods. By selecting loss development factors indicative of remaining development, known losses are projected to an ultimate incurred basis for each accident period. The underlying premise of the Chain Ladder method is that future claims development is best estimated using past claims development, whereas the Bornhuetter-Ferguson method employs a combination of past claims development and estimates of ultimate losses based on an expected loss ratio. The Munich Chain Ladder method incorporates the correlations between paid and incurred development in projecting future development factors, and is typically more applicable to products experiencing variability in incurred to paid ratios.

QualitativeQuantitative Impairment Testing

ForIn the annualfourth Octoberquarter 1,of 2024 goodwill impairment test,2025, we performed a qualitativequantitative assessment for all reporting units with goodwill (Connected Living,the Global AutomotiveLifestyle and Global Housing) duereporting tounits, highconsistent marginswith betweenour fairstandard valuepractice andfollowing booka valuequalitative based on quantitative impairment testingtest in 2023.the prior year. Based on this quantitative assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their respectivecarrying book valuesamounts and thereforethat quantitativethere was no impairment testing was not necessary for Connected Living,the Global AutomotiveLifestyle and Global Housing reporting units as of October 1, 2024.2025.

Please seeSee Note 2 to the Consolidated Financial Statements included elsewhere in this Report.

Consolidated net income increased $117.7$112.5 million, or 18%,15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024 from $642.5 million for Twelve Months 2023,2024, primarily driven by higher earnings in Global Housing, a $31.0$38.7 million favorable changedecrease in after-tax foreignreportable exchangecatastrophes, relatedhigher gainsearnings (losses),in Global Lifestyle and a $32.2$7.1 million after-tax decline in losses related to our non-core operations and a $22.9 million reduction in after-tax restructuring costs related to our previously announced restructuring plan.operations. The increase in net income was partially offset by $106.9a higher annualized effective tax rate, mainly due to higher transferable tax credits and a tax benefit for the release of a valuation allowance on foreign deferred tax assets recorded in the prior year, as well as a $17.3 million increase in after-tax reportablerestructuring catastrophes,costs related to a new restructuring plan in fourth quarter 2025 related to optimizing operational efficiencies and higher after-tax depreciation expensesexpense of $23.8$13.4 million, mainly due to higher software assets placed into service, and lower earnings from Global Lifestyle, mainly due to elevated claims in Global Automotive.service.

Total revenues increased $415.0$616.1 million, or 5%,7%, to $9.94 billion for Twelve Months 2025 from $9.32 billion for Twelve Months 2024 from $8.91 billion for Twelve Months 2023. Fees and other income increased $262.5 million, or 22%, primarily due to contributions from newly launched global mobile trade-in programs.2024. Net earned premiums increased $143.4$386.8 million, or 2%,5%, primarily driven by growth in Connected Living from global mobile devicesubscriber protection programsgrowth and newlyhigher launchedcontributions program withinfrom financial services infrom Connecteda Living,new program, partially offset by a decline in domestic extended service contracts in Connected Living and the unfavorable impact of foreign exchange. Fees and other income increased $228.4 million, or 16%, primarily due to growth from global mobile trade-in programs and higher contributions from financial services from a new program. Net investment income increased $9.1$0.9 million, or 3%, primarily due to higher yields and asset balances on cash, short-term investments and fixed maturity securities.

Total revenues increased $331.7$326.3 million, or 15%,13%, to $2.91 billion for Twelve Months 2025 from $2.58 billion for Twelve Months 2024 from $2.25 billion for Twelve Months 2023.2024. Net earned premiums increased $266.5$303.4 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force,in-force and average insuredpremiums, values,as higherwell premium rates andas growth across various specialty products, partiallygrowth offsetin byRenters and Other, primarily from a block of newly acquired renters policies, as previously disclosed, and the non-run rate adjustment described aboveabove, partially offset by higher catastrophe reinsurance premiums. Net investment income increased $14.5 million, or 11%, primarily due to higher invested asset balances and exits from certain international markets.yields. Fees and other income increased $47.6$8.4 million, or 37%,5%, primarily driven by thecontinued reclassificationgrowth of certainin service fees fromwithin an expense account. Net investment income increased $17.6 million, or 16%, primarily due to higher yields and asset balances on fixed maturity securities, cash and cash equivalents and short-term investments.Homeowners.

Total benefits, losses and expenses increased $234.7$138.8 million, or 14%,7%, to $2.05 billion for Twelve Months 2025 from $1.91 billion for Twelve Months 20242024. fromGeneral $1.68 billion for Twelve Months 2023. Policyholder benefitsexpenses increased $148.2$87.1 million, or 17%, primarily due to higher reportable catastrophe losses12%, and non-catastrophe losses from exposure growth, partially offset by the favorable year-over-year non-catastrophe prior year reserve development. Sellingselling and underwriting expenses increased $21.0$43.5 million, or 15%,28%, both primarily due to higher costs associated with growth. GeneralPolicyholder expensesbenefits increased $65.5$8.2 million, or 10%,1%, primarily due to higher costsnon-catastrophe associatedlosses withfrom exposure growth and theseverity, reclassificationpartially describedoffset above.by favorable frequency, as well as lower reportable catastrophe losses and $6.4 million of favorable year-over-year non-catastrophe prior year reserve development. Twelve Months 2025 had $113.1 million of favorable non-catastrophe prior year reserve development compared to $106.7 million in Twelve Months 2024.

Total revenues increaseddecreased $6.0$2.0 million, or 28%,7%, to $25.6 million for Twelve Months 2025 from $27.6 million for Twelve Months 2024 from $21.6 million for Twelve Months 2023,2024, primarily driven by ana increasedecrease in net investment income of $5.8$3.3 million, or 27%,12%, mainly due to lower yields on fixed maturity securities, and cash and short term investments, partially offset by an increase in fees and other income of $1.3 million, mostly due to higherthe yieldssale andof assetInternet balancesProtocol for fixed maturity securities.addresses.

Total benefits, losses and expenses increaseddecreased $19.2$0.4 million, orto 15%,$149.4 tomillion for Twelve Months 2025 from $149.8 million for Twelve Months 2024 from $130.6 million for Twelve Months 2023,2024, primarily due to ana increasedecrease in general expenses of $19.3$0.4 million, or 15%, primarilymostly driven by lower third-party expenses, partially offset by higher investments in our home warranty business and employee-related expenses and higher third-party consulting expenses to support enterprise growth initiatives.expenses.

We had total investments of $8.54$10.06 billion and $8.22$8.54 billion as of December 31, 20242025 and 2023,2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $30.6$294.0 million during Twelve Months 2024,2025, from a $380.3 million unrealized loss at December 31, 2023 to a $349.7 million unrealized loss at December 31, 2024,2024 to a $55.7 million unrealized loss at December 31, 2025, primarily due to highera yieldsreduction offsetin byU.S. spreadsTreasury tightening.rates.

Net investment income increased $29.8$8.4 million, or 6%,2%, to $527.3 million for Twelve Months 2025 from $518.9 million for Twelve Months 2024 from $489.1 million for Twelve Months 2023.2024. The increase was primarily driven by higher yieldsasset balances and assetsyields in fixed maturity securities and short term investments,securities, partially offset by reduced income due to lower yields and balances in cash and cash equivalents and reduced income in Otherreal investmentsestate primarilyjoint drivenventures byand lowerother partnership income.partnerships.

Net realized losses on investments and fair value changes to equity securities were $75.8$71.8 million for Twelve Months 20242025 compared to net realized losses on investments and fair value changes to equity securities of $68.7$75.8 million for Twelve Months 2023.2024. The change in Twelve Months 20242025 was primarily driven by salesrealized of fixed maturity securities at a loss as well as impairmentslosses in theequity Assurant Ventures portfolio,securities, partially offset by salesfewer of equity securities at a gain as well as favorable market valuationsimpairments in equityother securities.investments.

OnIn January 22, 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to certain adjustments and to the buyer receiving the requisite development approvals, which could take 18 to 24 months.approvals. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of $46.0 million as of December 31, 2024,2025, less estimated costs to sell. We do not anticipate that any such gain will impact our capital deployment priorities. There can be no assurance that the transaction will be consummated.

Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries, such as payments under our tax allocation agreement and under management agreements with our subsidiaries. Our subsidiaries’ ability to pay such dividends and make such other payments is regulated by the states and territories in which our subsidiaries are domiciled. These dividend regulations vary from jurisdiction toby jurisdiction and by type of insurance provided by the applicable subsidiary, but generally require our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends they can pay to the holding company. See “Item 1A – Risk Factors – Legal and Regulatory Risks – Changes in insurance regulation may reduce our profitability and limit our growth.” Along with solvency regulations, the primary driver in determining the amount of capital used for dividends from insurance subsidiaries is the level of capital needed to maintain desired financial strength ratings from A.M. Best. For the year ending December 31, 2025, the maximum amount of dividends our regulated U.S. domiciled insurance subsidiaries could pay us, under applicable laws and regulations without prior regulatory approval, is approximately $524.2 million. Our international and non-insurance subsidiaries provide additional sources of dividends.

As of December 31, 2024,2025, we had approximately $673.0$887.4 million in holding company liquidity, $448.0$662.4 million above our targeted minimum level of $225.0 million. The target minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is an internal minimum level calibrated based on approximately one year of pre-tax corporate operating losses and interest expenses. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc. (out of a total of $760.1$985.4 million as of December 31, 20242025) which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use such assets for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.

During Twelve Months 2024,2025, we repurchased 1,548,5201,432,302 shares of our outstanding common stock at a cost of $299.9 million, exclusive of commissions. In November 2023, the Board authorized an additionala share repurchase program for up to $600.0 million of our outstanding common stock. In November 2025, the Board authorized an additional share repurchase program for up to $700.0 million of our outstanding common stock. As of December 31, 2024,2025, $374.5$774.6 million aggregate cost at purchase remained unused under the repurchase authorization.authorizations. The timing and the amount of future repurchases will depend on various factors, including those listed above.

In the next five years, we have two debt maturities in FebruaryMarch 20262028 and MarchFebruary 20282030 when the 20262028 Senior Notes and the 20282030 Senior Notes,Notes (each as defined below), respectively, become due and payable.

WeIn haveJune 2025, we entered into a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with acertain syndicatelenders ofparty banks arranged bythereto, JPMorgan Chase Bank, N.A.N.A., as administrative agent, and Wells Fargo Bank, National Association.Association, as syndication agent. The Credit Facility replaced our prior $500.0 million five-year senior unsecured revolving credit facility (the “Prior Credit Facility”), which terminated upon the effectiveness of the Credit Facility. The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $500.0 million, which may be increased up to $700.0$750.0 million. The Credit Facility is available until DecemberJune 2026,2030, provided we are in compliance with all covenants. The Credit Facility has a sublimit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes.

We made no borrowings usingunder the Credit Facility or our Prior Credit Facility during Twelve Months 20242025 and no loans were outstanding under the Credit Facility as of December 31, 2024.2025.

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $500.0 million was available as of December 31, 2024.2025.

LettersIn the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which we are the ordinary course of business.reinsurer. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $1.8$1.7 million and $2.9$1.8 million of letters of credit outstanding as of December 31, 20242025 and 2023,2024, respectively.

In 2024, Assurantwe entered into a financing arrangement pursuant to which itwe isare able to issue a $100 million limited recourse note and, in return, obtain a $100 million asset-backed note from a Delaware master trust. As of December 31, 20242025, no notes have been issued under this arrangement.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2025 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three and six months ended MarchJune 31,30, 2026 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”). The following discussion and analysis covers the three and six months ended MarchJune 31,30, 2026 (“FirstSecond Quarter 2026” and “Six Months 2026”) and the three and six months ended MarchJune 31,30, 2025 (“FirstSecond Quarter 2025” and “Six Months 2025”).

As of MarchJune 31,30, 2026, we had two reportable operating segments which are defined based on the manner in which the Company’s chief operating decision maker, our CEO, reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered:

Consolidated net income increased $127.5$63.3 million, or 87%,27%, to $274.1$298.6 million for FirstSecond Quarter 2026 from $146.6$235.3 million for FirstSecond Quarter 2025, primarily driven by lower reportable catastrophes and higher Global Lifestyle earnings.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.

Global Lifestyle Adjusted EBITDA increased $38.9$43.0 million, or 20%,21%, to $236.7$244.4 million for FirstSecond Quarter 2026 from $197.8$201.4 million for FirstSecond Quarter 2025, driven by double-digit earnings growth across both Connected Living and Global Automotive. ResultsConnected includedLiving $13.2increased million29%, from a real estate joint venture gain, of whichincluding $10.2 million wasof favorable non-run rate benefits in GlobalSecond Automotive.Quarter Connected2026. LivingExcluding resultsthis, benefittedearnings grew 22%, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from subscriberfinancial growth in mobile protection programs and trade-in performance.services. Global Automotive results increased from highergrowth investmentwithin income,global including the gain described above, and improved loss experience.partnerships.

Global Lifestyle net earned premiums, fees and other income increased $244.4$222.1 million, or 11%,9%, to $2.55$2.57 billion for FirstSecond Quarter 2026 from $2.31$2.35 billion for FirstSecond Quarter 2025, driven primarily by Connected Living growth from higherglobal trade-insupply chain volumes and global mobiledevice protection programs, as well as higher contributions from extended service contractcontracts programs,and includingfinancial aservices recently launched U.S. program.programs.

Global Housing Adjusted EBITDA increased $124.3$60.4 million, or 111%,28%, to $236.7$274.8 million for FirstSecond Quarter 2026 from $112.4$214.4 million for FirstSecond Quarter 2025,2025. mainlyResults fromincluded $132.3$17.6 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA decreasedincreased $8.0$42.8 million, or 3%,18%, includingmainly $7.6driven 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 insurance. Global Housing growth was partially offset by $11.6 million of lower favorable prior yearperiod reserve development. First Quarter 2026 had $18.8 million of favorable non-catastrophe prior year reserve development, compared to $26.4 million of favorable non-catastrophe prior year reserve development in First Quarter 2025. Underlying results, excluding prior year reserve development, were flat, with unfavorable non-catastrophe loss experience offset by growth within Homeowners from higher lender-placed policies in-force and increased contributions from specialty products. Higher investment income also supported results.

Global Housing net earned premiums, fees and other income increased $72.3$50.1 million, or 11%,7%, to $729.1$747.8 million for FirstSecond Quarter 2026 from $656.8$697.7 million for FirstSecond Quarter 2025, primarily driven by higherHomeowners policiesdue in-forceto andgrowth average premiums within lender-placed, and increases across variousin specialty products and Renterslender-placed insurance, and Other.lower catastrophe reinsurance costs.

Corporate and Other Adjusted EBITDA decreased $3.9$10.2 million, or 14%,34%, to $(31.940.0) million for FirstSecond Quarter 2026 from $(28.029.8) million for FirstSecond Quarter 2025, mainly driven by higher employee-related expenses and organic investments to support our home warranty business,business. This increase was partially offset by higher investment income from higher assets.asset balances.

Our results may also be impacted by our ability to capitalize on opportunities for further growth, including within adjacent markets such as home warranty. Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences and client forecasts and demands. Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market. In addition, across many of our businesses, we must respond to competitive pressures, including the threat of disruption and competition for talent. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors—Business, Strategic and Operational Risks—Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations”, “—Our mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks” and “—The success of our business depends on the execution of our strategy, including through the continuing service of key executives, senior leaders, highly-skilled personnel and a high-performing workforce” in our 2025 Annual Report.

Our 2025 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2025 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for FirstSecond Quarter 2026.

Net income increased $127.5$63.3 million, or 87%,27%, to $274.1$298.6 million for FirstSecond Quarter 2026 from $146.6$235.3 million for FirstSecond Quarter 2025, primarily due to $104.8higher earnings in Global Lifestyle and Global Housing, $13.8 million of lower after-tax reportable catastrophes, higher Global Lifestyle earnings,catastrophes and a lower annualizednet effectiverealized tax rate, mainly driven by transferrable tax credits recorded in First Quarter 2026 and higher tax benefitslosses on stock-based compensation.investments. The increase in net income was partially offset by $6.5a higher annualized effective tax rate, mainly driven by higher transferrable tax credits reported in the prior year, higher Corporate and Other expenses and $7.0 million of higher after-tax depreciation expense, mainly due to higher software assets placed into service, and lower Global Housing earnings, excluding the impact of reportable catastrophes.service.

Total revenues increased $269.3$231.7 million, or 11%,10%, to $2.66$2.67 billion for FirstSecond Quarter 2026 from $2.39$2.44 billion for FirstSecond Quarter 2025. Net earned premiums increased $148.7$129.7 million, or 8%,7%, primarily driven by Connected Living growth from global mobile device protection programs, extended service contracts, including a recently launched U.S. program, and financial services, including a card benefits programs in financial services.program. Fees and other income increased $95.7$92.4 million, or 27%,22%, primarily driven by higher volumes in domestic mobilesupply trade-inchain programs within Connected Living. Net investment income increased $24.9$9.6 million, or 30%,11%, primarily driven by fixed maturity securities due to a gain on the sale of a real estate joint venture in the First Quarter of 2026 and higher asset balances and yields in fixed maturity securities.yields.

Total benefits, losses and expenses increased $230.4$188.7 million, or 11%,8%, to $2.42$2.43 billion for FirstSecond Quarter 2026 from $2.19$2.24 billion for FirstSecond Quarter 2025. Cost of sales increased $80.2$71.2 million, or 43%,31%, mainly driven by higher volumes in domestic supply chain programs. Policyholder benefits increased $51.0 million, or 11%, primarily due to Connected Living, mainly driven by growth in domesticextended mobileservice trade-incontracts, programs.including a recently launched U.S. program. Selling and underwriting expenses increased $61.4$37.5 million, or 5%,3%, primarily due to an increase in commission expenses in Connected Living, mainly related to the growth from global mobile device protection programs in line with the increase in net earned premiums. Policyholder benefits increased $61.3 million, or 14%, primarily due to growth in extended service contracts, including a recently launched U.S. program, and higher losses within financial services,premiums, partially offset by improveda loss experiencedecline in Global Automotive. General expenses increased $27.5$29.0 million, or 9%, primarily due to higher employee-related expenses to support growth initiatives.

Total revenues increased $79.3$51.3 million, or 11%,7%, to $769.8$783.4 million for FirstSecond Quarter 2026 from $690.5$732.1 million for FirstSecond Quarter 2025. Net earned premiums increased $70.7$50.3 million, or 11%,8%, primarily driven by Homeowners from higher lender-placed policies in-force and average premiums and growth acrossin various specialty products, lower catastrophe reinsurance premiums, higher average premiums in Homeowners, as well as growth in Renters and Other, primarily from the priorprivate yearflood acquisition of a block of renters policies.business. Net investment income increased $7.0$1.2 million, or 21%,3%, primarily due to a gain on the sale of a real estate joint venture along with higher invested asset balances.balances and yields. Fees and other income increaseddecreased $1.6$0.2 million, or 4%, primarily driven by continued growth in service fees within Homeowners.million.

Total benefits, losses and expenses decreased $45.0$9.1 million, or 8%,2%, to $533.1$508.6 million for FirstSecond Quarter 2026 from $578.1$517.7 million for FirstSecond Quarter 2025. Policyholder benefits decreased $69.1$23.3 million, or 21%,9%, primarily due to lower frequency for non-catastrophe losses and lower reportable catastrophe losses, partially offset by higherexposure growth for non-catastrophe losses from severity and exposure growth, as well as $7.6$11.6 million of lower favorable year-over-year non-catastrophe prior yearperiod reserve development. FirstSecond Quarter 2026 had $18.8$22.3 million of favorable non-catastrophe prior yearperiod reserve development compared to $26.4$33.9 million in FirstSecond Quarter 2025. Selling and underwriting expenses increased $20.4$8.0 million, or 52%,15%, primarily driven by lower National Flood Insurance Program commission income and higher Renters and Other commissions related to thegrowth prioracross yearvarious acquisition of a block of renters policies.products. General expenses increased $3.7$6.2 million, or 2%,3%, primarily due to higher costs associated with net earned premium growth.

Adjusted EBITDA decreased $3.9$10.2 million, or 14%,34%, to $(31.940.0) million for FirstSecond Quarter 2026 from $(28.029.8) million for FirstSecond Quarter 2025. The change in results was2025, primarily due to higher general expenses, primarily from investments in our home warranty business, partially offset by higher net investment income, each as explained below.

Total revenues increased $3.1$1.9 million, or 50%,28%, to $9.3$8.8 million for FirstSecond Quarter 2026 from $6.2$6.9 million for FirstSecond Quarter 2025, primarily driven by an increase in net investment income of $3.5$3.2 million, or 60%,57%, mostly due to higher assetsasset balances and yields on fixed maturities.maturity securities and higher cash levels, partially offset by a decrease in fees and other income of $1.3 million, mostly due to the absence of proceeds on the sale of Internet Protocol addresses from Second Quarter 2025.

Total benefits, losses and expenses increased $7.0$12.1 million, or 20%,33%, to $41.2$48.8 million for FirstSecond Quarter 2026 from $34.2$36.7 million for FirstSecond Quarter 2025, primarily driven by an increase in general expenses of $7.0$12.1 million, mostly due to higher employee-related expenses and higher investments in our home warranty business and higher employee-related expenses.business.

We had total investments of $10.22$10.46 billion and $10.06 billion as of MarchJune 31,30, 2026 and December 31, 2025, respectively. Net unrealized losses on our fixed maturity securities portfolio increased $114.4$87.9 million during FirstSix QuarterMonths 2026, from a $55.7 million unrealized loss at December 31, 2025 to a $170.1$143.6 million unrealized loss as of MarchJune 31,30, 2026, primarily due to an increase in Treasury rates.

Net investment income increased $34.8$13.7 million, or 28%,11%, to $159.6$142.4 million for FirstSecond Quarter 2026 from $124.8$128.7 million for FirstSecond Quarter 2025. The increase was2025, primarily driven by increased income in other investments due to a gain on the sale of a real estate joint venture, and increased income from fixed maturitiesmaturity securities related to higher yields and assets,asset balances, partially offset by lower income from short-term investments and cash and cash equivalents due to lower yields.

Net realized losses on investments and fair value changes to equity securities increaseddecreased $5.2$11.5 million, or 33%,53%, to $21.2$10.2 million for FirstSecond Quarter 2026 from $16.0$21.7 million for FirstSecond Quarter 2025. The increase was2025, primarily driven by $5.6 million in impairments in other investments and fixed maturities and $2.7 million in fair value changes in equity securities that was primarily driven by increased losses on preferred stocks mostly related to an increase in interest rates and a decrease in valuation adjustments in the measurement alternatives portfolio. This was partially offset by reduced losses on sales of fixed maturity and equity securities.

As of MarchJune 31,30, 2026, we owned $14.5$14.3 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.6$13.5 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee.

In January 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to certain adjustments and to the buyer receiving the requisite development approvals. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of $46.0 million as of MarchJune 31,30, 2026, less estimated costs to sell. We do not anticipate that any such gain will impact our capital deployment priorities. There can be no assurance that the transaction will be consummated.

As of MarchJune 31,30, 2026, we had approximately $836.0$911.5 million in holding company liquidity, $611.0$686.5 million above our minimum level of $225.0 million. The minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is an internal minimum level we seek to maintain, calibrated based on approximately one year of pre-tax corporate operating losses and interest expenses. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc. (out of a total of $928.9$1.04 millionbillion as of MarchJune 31,30, 2026) which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use such assets for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.

Dividends or returns of capital paid by our subsidiaries, net of infusions of liquid assets and excluding amounts used for or as a result of acquisitions or received from dispositions, were $137.6$372.9 million and $925.1 million for FirstSix QuarterMonths 2026 and Twelve Months 2025, respectively. We use these cash inflows primarily to pay holding company operating expenses, to make interest payments on indebtedness, to make dividend payments to our common stockholders, to fund investments and acquisitions, and to repurchase our common stock. From time to time, we may also seek to purchase outstanding debt in open market repurchases or privately negotiated transactions.

During FirstSix QuarterMonths 2026, we made common stock repurchases and paid dividends to our common stockholders of $169.0$292.0 million. We paid dividends of $0.88 per common share on MarchJune 30,29, 2026 to stockholders of record as of FebruaryJune 17,8, 2026. Any determination to declare and pay future dividends is at the sole discretion of the Board of Directors (the “Board”) and depends upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; any legal, tax, regulatory and contractual restrictions on the payment of dividends; and any other factors the Board deems relevant. Payments of dividends on shares of common stock will be restricted if an event of default has occurred or if the proposed common stock dividend payment would cause an event of default under the Credit Facility (as defined below); or if we defer the payment of interest on our 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 or our 5.25% Subordinated Notes due January 2061 (refer to “—Senior and Subordinated Notes” below).

During FirstSix QuarterMonths 2026, we repurchased 556,137866,226 shares of our outstanding common stock at a cost of $125.0$200.1 million, exclusive of commissions. In November 2023, the Board authorized a share repurchase program for up to $600.0 million of our outstanding common stock. In November 2025, the Board authorized a share repurchase program for up to $700.0 million of our outstanding common stock. As of MarchJune 31,30, 2026, $649.7$574.5 million aggregate cost at purchase remained unused under the November 2025 repurchase authorization. The timing and the amount of future repurchases will depend on various factors, including those listed above.

The following table shows the principal amount and carrying value of our outstanding debt, less unamortized discount and issuance costs as applicable, as of MarchJune 31,30, 2026 and December 31, 2025:

We made no borrowings under the Credit Facility during FirstSix QuarterMonths 2026, and no loans were outstanding under the Credit Facility as of MarchJune 31,30, 2026.

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is backed up by the Credit Facility, of which $500.0 million was available as of MarchJune 31,30, 2026.

We did not use the commercial paper program during FirstSix QuarterMonths 2026 and there were no amounts relating to the commercial paper program outstanding as of MarchJune 31,30, 2026.

Net cash provided by operating activities was $240.3$694.7 million for FirstSix QuarterMonths 2026 compared to net cash provided by operating activities of $392.4$657.9 million for FirstSix QuarterMonths 2025. The change in net operating cash flows was largely attributable to growth in our Homeowners and Connected Living businesses and the timing of collections of premiums and fees in our mobile business.business in Connected Living.

Net cash used in investing activities was $282.3$506.4 million for FirstSix QuarterMonths 2026 compared to net cash used in investing activities of $421.6$784.5 million for FirstSix QuarterMonths 2025. The change in net investing cash flows was primarily driven by thehigher reductionsales inof investmentsfixed purchasedmaturity duesecurities toduring lowerSix netMonths cash2026 providedand by operating activities. Also contributing to the change was thean increase in sales of short-term investments due to the timing of working capital needs.

Net cash used in financing activities was $202.6$325.9 million for FirstSix QuarterMonths 2026 compared to net cash used in financing activities of $118.7$223.0 million for FirstSix QuarterMonths 2025. The change in net financing cash flows was primarily due to higher share repurchases forduring FirstSix QuarterMonths 2026.

In the normal course of business, letters of credit are issued primarilyfor tovarious support reinsurance arrangements in which we are the reinsurer.purposes. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $1.4 million and $1.7 million of letters of credit outstanding as of MarchJune 31,30, 2026 and December 31, 2025.2025, respectively.

In 2024, we entered into a financing arrangement pursuant to which we are able to issue a $100 million limited recourse note and, in return, obtain a $100 million asset-backed note from a Delaware master trust. As of MarchJune 31,30, 2026, no notes have been issued under this arrangement.