ASSURANT, INC.AIZ
ASSURANT, INC. Segments Disclosure
Segment Information
As of December 31, 2025, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in the home warranty business.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA, as defined below, is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA, and then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget and forecast for each segment. The individual operating segment’s performance is one of the considerations when determining the compensation of certain employees.
The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including restructuring costs, the loss on the pending subsidiary sale and non-core operations, each as described elsewhere in this Report).
The following tables provide information about the segments’ Adjusted EBITDA.
Years Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Global Lifestyle: | |||||||||||||||||
Net earned premiums, fees and other income: | |||||||||||||||||
Connected Living | $ | 5,378.7 | $ | 4,807.9 | $ | 4,376.8 | |||||||||||
Global Automotive | 4,203.8 | 4,159.4 | 4,184.6 | ||||||||||||||
Net investment income | 357.5 | 356.6 | 347.5 | ||||||||||||||
Total revenues | 9,940.0 | 9,323.9 | 8,908.9 | ||||||||||||||
Policyholder benefits | 1,901.7 | 1,738.6 | 1,607.9 | ||||||||||||||
Selling and underwriting expense (1) | 4,986.8 | 4,770.4 | 4,789.3 | ||||||||||||||
Cost of sales (2) | 982.5 | 841.6 | 564.2 | ||||||||||||||
General expenses (3) | 1,267.7 | 1,199.9 | 1,155.2 | ||||||||||||||
Segment Adjusted EBITDA | $ | 801.3 | $ | 773.4 | $ | 792.3 | |||||||||||
Global Housing: | |||||||||||||||||
Net earned premiums, fees and other income: | |||||||||||||||||
Homeowners | $ | 2,192.4 | $ | 1,958.9 | $ | 1,663.4 | |||||||||||
Renters and Other | 576.4 | 498.1 | 479.5 | ||||||||||||||
Net investment income | 141.8 | 127.3 | 109.7 | ||||||||||||||
Total revenues | 2,910.6 | 2,584.3 | 2,252.6 | ||||||||||||||
Policyholder benefits | 1,018.4 | 1,010.2 | 862.0 | ||||||||||||||
Selling and underwriting expense (1) | 201.6 | 158.1 | 137.1 | ||||||||||||||
General expenses (4) | 831.9 | 744.8 | 679.3 | ||||||||||||||
Segment Adjusted EBITDA | $ | 858.7 | $ | 671.2 | $ | 574.2 | |||||||||||
Corporate: | |||||||||||||||||
Fees and other income | $ | 1.7 | $ | 0.4 | $ | 0.2 | |||||||||||
Net investment income | 23.9 | 27.2 | 21.4 | ||||||||||||||
Total revenues | 25.6 | 27.6 | 21.6 | ||||||||||||||
Policyholder benefits | — | — | 0.1 | ||||||||||||||
General expenses (3) | 149.4 | 149.8 | 130.5 | ||||||||||||||
Segment Adjusted EBITDA | $ | (123.8) | $ | (122.2) | $ | (109.0) | |||||||||||
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Years Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Adjusted EBITDA by segment: | |||||||||||||||||
Global Lifestyle | $ | 801.3 | $ | 773.4 | $ | 792.3 | |||||||||||
Global Housing | 858.7 | 671.2 | 574.2 | ||||||||||||||
Corporate and Other | (123.8) | (122.2) | (109.0) | ||||||||||||||
Reconciling items to consolidated net income: | |||||||||||||||||
Interest expense | (109.7) | (107.0) | (108.0) | ||||||||||||||
Depreciation expense | (156.4) | (139.4) | (109.3) | ||||||||||||||
Amortization of purchased intangible assets | (67.4) | (69.1) | (77.9) | ||||||||||||||
Net realized losses on investments and fair value changes to equity securities | (71.8) | (75.8) | (68.7) | ||||||||||||||
Non-core operations (1) (2) | (0.8) | (14.2) | (43.5) | ||||||||||||||
Restructuring costs (3) | (27.3) | (5.4) | (34.3) | ||||||||||||||
Loss on subsidiary held for sale (Note 3) | (10.7) | — | — | ||||||||||||||
Other adjustments | (4.7) | 15.8 | (9.0) | ||||||||||||||
Total reconciling items | (448.8) | (395.1) | (450.7) | ||||||||||||||
Income before income tax expense | 1,087.4 | 927.3 | 806.8 | ||||||||||||||
Income tax expense | 214.7 | 167.1 | 164.3 | ||||||||||||||
Net income | $ | 872.7 | $ | 760.2 | $ | 642.5 | |||||||||||
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), Assurant Health runoff operations, certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and were no longer included in non-core operations commencing with first quarter 2025.
(2)In first quarter 2023, the Company recorded income of $7.5 million related to a payment it received from Time Insurance Company (“TIC”) pursuant to a participation agreement that the Company had with TIC in connection with its sale by the Company in 2018. The payment related to the Company’s prior participation in the risk adjustment program introduced by the Patient Protection and Affordable Care Act of 2010.
(3)Relates to strategic exit activities (outside of normal periodic restructuring and cost management activities). Refer to Note 25 for more information.
The Company principally operates in the U.S., as well as Europe, Latin America, Canada and Asia Pacific. The following table summarizes selected financial information by geographic location for the years ended or as of December 31, 2025, 2024 and 2023:
Location | Revenues | Long-lived Assets | |||||||||
2025 | |||||||||||
United States | $ | 10,549.0 | $ | 759.3 | |||||||
Foreign countries | 2,265.3 | 82.4 | |||||||||
Total | $ | 12,814.3 | $ | 841.7 | |||||||
2024 | |||||||||||
United States | $ | 9,815.5 | $ | 681.1 | |||||||
Foreign countries | 2,062.0 | 87.2 | |||||||||
Total | $ | 11,877.5 | $ | 768.3 | |||||||
2023 | |||||||||||
United States | $ | 9,295.7 | $ | 654.6 | |||||||
Foreign countries | 1,835.9 | 31.2 | |||||||||
Total | $ | 11,131.6 | $ | 685.8 | |||||||
Revenue is based in the country where the product was sold and the physical location of long-lived assets, which are primarily property and equipment.
The following table presents total assets by segment:
December 31, 2025 | December 31, 2024 | ||||||||||
Global Lifestyle (1) | $ | 28,846.7 | $ | 27,468.0 | |||||||
Global Housing (1) | 5,159.2 | 5,773.4 | |||||||||
Corporate and Other (2) | 2,283.7 | 1,779.2 | |||||||||
Segment assets | $ | 36,289.6 | $ | 35,020.6 | |||||||
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the assets held for sale of $512.4 million as of December 31, 2025 related to the pending subsidiary sale and $46.0 million of assets related to the Miami, Florida property as of December 31, 2025 and 2024, which met held-for-sale criteria and was included in other assets. Refer to Notes 3 and 13, respectively, for more information.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 16, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.