# ASSURANT, INC. (AIZ) Informational only - not investment advice. CIK: 0001267238 SIC: 6399 Insurance Carriers, NEC SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6399 Insurance Carriers, NEC](/industry/6399/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=1267238 Filing source: https://www.sec.gov/Archives/edgar/data/1267238/000126723826000010/aiz-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 12814300000 | USD | 2025 | 2026-02-19 | | Net income | 872700000 | USD | 2025 | 2026-02-19 | | Assets | 36289600000 | USD | 2025 | 2026-02-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001267238.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 7,531,800,000 | 6,415,000,000 | 8,057,600,000 | 9,569,100,000 | 9,597,600,000 | 10,187,600,000 | 10,193,000,000 | 11,131,600,000 | 11,877,500,000 | 12,814,300,000 | | Net income | 565,400,000 | 519,600,000 | 251,000,000 | 382,600,000 | 440,800,000 | 1,361,800,000 | 276,600,000 | 642,500,000 | 760,200,000 | 872,700,000 | | Diluted EPS | 9.13 | 9.39 | 3.98 | 5.84 | 6.98 | 22.66 | 5.05 | 11.95 | 14.46 | 16.93 | | Assets | 29,709,100,000 | 31,843,000,000 | 41,089,300,000 | 44,291,200,000 | 44,649,900,000 | 33,920,600,000 | 33,117,300,000 | 33,635,200,000 | 35,020,600,000 | 36,289,600,000 | | Liabilities | 25,611,000,000 | 27,561,500,000 | 35,955,400,000 | 38,609,100,000 | 38,695,100,000 | 28,456,500,000 | 28,888,600,000 | 28,825,700,000 | 29,913,900,000 | 30,418,000,000 | | Stockholders' equity | 4,098,100,000 | 4,270,600,000 | 5,112,000,000 | 5,652,800,000 | 5,951,400,000 | 5,464,100,000 | 4,228,700,000 | 4,809,500,000 | 5,106,700,000 | 5,871,600,000 | | Cash and cash equivalents | 1,032,000,000 | 996,800,000 | 1,254,000,000 | 1,867,100,000 | 2,207,600,000 | 2,040,800,000 | 1,536,700,000 | 1,627,400,000 | 1,807,700,000 | 1,834,100,000 | | Net margin | 7.51% | 8.10% | 3.12% | 4.00% | 4.59% | 13.37% | 2.71% | 5.77% | 6.40% | 6.81% | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.  The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and accompanying notes included elsewhere in this Report. It contains forward-looking statements that involve risks and uncertainties. Our actual results might differ materially from those projected in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Report, particularly under the headings “Item 1A – Risk Factors” and “Forward-Looking Statements.”  General  Segment Information As of December 31, 2025, 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: •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 protection and other related services (referred to as “Global Automotive”); and •Global Housing: includes lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as “Homeowners”); and renters insurance and other products (referred to as “Renters and Other”). In addition, we report the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in our home warranty business. We define Adjusted EBITDA, our 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 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 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, 2024 filed with the SEC on February 20, 2025. Executive Summary Summary of Financial Results Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily due to higher segment earnings in Global Housing, lower reportable catastrophes and growth in Global Lifestyle, partially offset by a higher effective tax rate and restructuring costs. 43 Global Lifestyle Adjusted EBITDA increased $27.9 million, or 4%, to $801.3 million for Twelve Months 2025 from $773.4 million for Twelve Months 2024, primarily driven by Connected Living growth from global mobile programs and higher contributions from financial services. In Global Automotive, improved loss experience led to increased profitability. Global Lifestyle net earned premiums, fees and other income increased $615.2 million, or 7%, to $9.58 billion for the Twelve Months 2025 from $8.97 billion for Twelve Months 2024, primarily due to global mobile programs and from a new program in financial services within Connected Living and modest growth in Global Automotive. Global Housing Adjusted EBITDA increased $187.5 million, or 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024, including $46.4 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 15% mainly due to top-line growth in lender-placed insurance and favorable non-catastrophe loss experience. Global Housing net earned premiums, fees and other income increased $311.8 million, or 13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024, primarily due to growth in policies in-force and higher average premiums within lender-placed insurance, as well as growth in various specialty 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, primarily driven by lower investment income. Critical Factors Affecting Results  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 enhance 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, 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, and tariffs and global supply chain disruptions may have a material adverse effect on our results of operations or financial condition. 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. 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. For more information on these and other factors that could affect our results, see “Item 1A – Risk Factors,” 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 2025, net cash provided by operating activities was $1.83 billion; net cash used in investing activities was $1.46 billion; and net cash used in financing activities was $364.2 million. We had $1.83 billion in cash and cash equivalents as of December 31, 2025. See “ – Liquidity and Capital Resources” below for further details. Revenues  We generate revenues primarily from the sale of our insurance policies, service contracts and related products and services, and from income earned on our investments. Sales of insurance policies are recognized in revenue as earned premiums while sales of administrative services are recognized as fee income.  Our premium and fee income is supplemented by income earned from our investment portfolio. We recognize revenue from interest payments, dividends, change in market value of equity securities and sales of investments. Currently, our investment portfolio is primarily invested in fixed maturity securities. Both investment income and changes in market value on these investments can be significantly affected by changes in interest rates.  Interest rate volatility can increase or reduce unrealized gains or losses in our investment portfolios. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political 44 conditions, inflation and other factors beyond our control. Fluctuations in interest rates affect our returns on, and the market value of, fixed maturity and short-term investments.  The fair market value of the fixed maturity securities in our investment portfolio and the investment income from these securities fluctuate depending on general economic and market conditions. The fair market value generally increases or decreases in an inverse relationship with fluctuations in interest rates, while net investment income realized by us from future investments in fixed maturity securities generally increases or decreases with fluctuations in interest rates. We also have investments that are subject to pre-payment risk, such as mortgage-backed and asset-backed securities. Interest rate fluctuations may cause actual net investment income and/or timing of cash flows from such investments to differ from estimates made at the time of investment. In periods of declining interest rates, mortgage prepayments generally increase and mortgage-backed securities, commercial mortgage obligations and bonds are more likely to be prepaid or redeemed as borrowers seek to borrow at lower interest rates. Therefore, in these circumstances we may be required to reinvest those funds in lower interest-earning investments. Please see “Item 7A – Quantitative and Qualitative Disclosures About Market Risk” below for further details. Expenses  Our expenses are primarily policyholder benefits, underwriting, selling, general and administrative expenses and interest expense.  Policyholder benefits are affected by our claims management programs, reinsurance coverage, contractual terms and conditions, regulatory requirements, economic conditions including inflation, and numerous other factors. Benefits paid or reserves required for future benefits could substantially exceed our expectations, causing a material adverse effect on our business, results of operations and financial condition.  Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, amortization of deferred costs, general operating expenses and income taxes.We continue to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which impact our expenses. We also incur interest expense related to our debt.  Critical Accounting Policies and Estimates Certain items in our Consolidated Financial Statements are based on estimates and judgment. Differences between actual results and these estimates and judgments could in some cases have material impacts on our Consolidated Financial Statements. The following critical accounting policies require significant estimates and judgment: •Reserves, Net of Reinsurance •Valuation of Investments •Valuation and Recoverability of Goodwill Reserves, Net of Reinsurance Reserves are established using generally accepted actuarial methods and reflect significant judgment and estimates about expected future claim payments. Factors used in their calculation include experience derived from historical claim payments and actuarial assumptions. Calculations incorporate assumptions about the incidence of incurred claims, the extent to which all claims have been reported, reporting lags, expenses, inflation rates, future investment earnings, internal claims processing costs and other relevant factors. While the methods of making such estimates and establishing the related liabilities are periodically reviewed and updated, the estimation of reserves includes an element of uncertainty given that management is using historical information and methods to project future events and reserve outcomes.  The recorded reserves represent our best estimate at a point in time of the ultimate costs of settlement and administration of a claim or group of claims, based upon actuarial assumptions and projections using facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including: changes in the economic cycle, inflation, changes in repair costs, natural or human-made catastrophes, judicial trends, legislative changes and claims handling procedures. Many of these items are not directly quantifiable and not all future events can be anticipated when reserves are established. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated.  Because establishment of reserves is an inherently complex process involving significant judgment and estimates, there can be no certainty that future settlement amounts for claims incurred through the financial reporting date will not vary from 45 reported claims reserves. Future loss development could require reserves to be increased or decreased, which could have a material effect on our earnings in the periods in which such increases or decreases are made. However, based on information currently available, we believe our reserve estimates are adequate. See “Item 1A – Risk Factors – Financial Risks – Our actual claims losses may exceed our reserves for claims, requiring us to establish additional reserves or to incur additional expense for settling unreserved liabilities, which could have a material adverse effect on our results of operations, profitability and capital” and “ – 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” for more detail on this risk. Reinsurance Recoverables We utilize reinsurance for loss protection and capital management, business dispositions and client risk and profit sharing. Reinsurance premiums paid are amortized as reductions to premium over the terms of the underlying reinsured policies. Amounts recoverable from reinsurers are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves. Reinsurance recoverables include amounts we are owed by reinsurers for claims paid as well as those included in reserve estimates that are subject to the reinsurance. We use a probability of default and loss given default methodology in estimating an expected credit loss allowance, whereby the credit ratings of reinsurers are used in determining the probability of default. The allowance is established for reinsurance recoverables on paid and unpaid future policy benefits and claims and benefits. Prior to applying default factors, the net exposure to credit risk is reduced for any collateral for which the right of offset exists, such as funds withheld, assets held in trust and letters of credit, which are part of the reinsurance arrangements, with adjustments to include consideration of credit exposure on the collateral. Our methodology incorporates historical default factors for each reinsurer based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon our ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing and other relevant factors. In the ordinary course of business, we are involved in both the assumption and cession of reinsurance with non-affiliated companies. The following table provides details of the reinsurance recoverables balance as of December 31, 2025 and 2024: 2025 2024 Ceded future policyholder benefits and expense $ 4.2  $ 340.7  Ceded unearned premium 5,062.9  5,188.5  Ceded claims and benefits payable 899.0  1,808.9  Ceded paid losses 505.2  241.4  Total $ 6,471.3  $ 7,579.5  For additional information regarding our reserves and reinsurance recoverables, see Notes 2, 4, 16 and 17 to the Consolidated Financial Statements included elsewhere in this Report. Short Duration Contracts  Claims and benefits payable reserves for short duration contracts include (1) case reserves for known claims which are unpaid as of the balance sheet date; (2) IBNR reserves for claims where the insured event has occurred but has not been reported to us as of the balance sheet date; and (3) loss adjustment expense reserves for the expected handling costs of settling the claims. Periodically, we review emerging experience and make adjustments to our reserves and assumptions where necessary. Ultimate loss and loss adjustment expenses are estimated utilizing generally accepted actuarial loss reserving methods. Both paid claims development as well as case incurred development are typically analyzed at the product or product grouping level, considering product size and data credibility. The reserving methods widely employed by us include the Chain Ladder, Munich Chain Ladder and Bornhuetter-Ferguson methods. For Global Housing, reportable catastrophes are analyzed and reserved for separately using a frequency and severity approach. The methods all involve aggregating paid and case-incurred loss data by accident 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. 46 Each of these methods applied to the data groupings produces an estimate of the loss reserves for the product grouping. The best estimate is generally selected from a blend of the different methods. The determination of the best estimate is based on many factors, including:   •the nature and extent of the underlying assumptions; •the quality and applicability of historical data - whether internal or industry data; •current and expected future economic and market conditions; •regulatory, legislative, and judicial considerations; •the extent of data segmentation - data should be homogeneous yet credible enough for loss development methods to apply; •trends in loss frequency and severity for various causes of loss; •consideration of the distribution of loss reserves, management’s selection of the best estimate that may exceed an estimate based on median values, suggesting that favorable development may be more likely than unfavorable development; and •hindsight testing of prior loss estimates - the loss estimates on some product lines will vary from actual loss experience more than others. When employing the reserving methods, consideration is given to contractual requirements, historical utilization trends and payment patterns, coverage changes, seasonality, product mix, the legislative and regulatory environment, economic factors, natural catastrophes and other relevant factors. We consistently apply reserving principles and methodologies from year to year, while also giving due consideration to the potential variability of these factors. While management has used judgment in establishing its best estimate of required reserves, different assumptions and variables could lead to significantly different reserve estimates. Two key measures of loss activity are loss frequency, which is a measure of the number of claims per unit of insured exposure, and loss severity, which is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls, changes in economic activity and weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations.  If the actual level of loss frequency and severity are higher or lower than expected, the ultimate reserves required will be different than management’s estimate. The effect of higher and lower levels of loss frequency and severity on our ultimate costs for claims occurring in 2025 would be as follows: Change in both loss frequency and severity for all Global Lifestyle and Global Housing Ultimate cost of claims occurring in 2025 Change in cost of claims occurring in 2025 3% higher $ 1,981.2  $ 113.7  2% higher $ 1,942.9  $ 75.4  1% higher $ 1,905.0  $ 37.5  Base scenario (1) $ 1,867.5  $ —  1% lower $ 1,830.3  $ (37.2) 2% lower $ 1,793.5  $ (74.0) 3% lower $ 1,757.1  $ (110.4) (1)Represents the sum of the case reserves and incurred but not reported reserves as of December 31, 2025 for Global Lifestyle and Global Housing. Non-Core Operations Short duration contracts in non-core operations primarily consist of the sharing economy and small commercial products previously reported within Global Housing. While the contracts are classified as short duration, the coverages were predominantly commercial liability and have a long reporting and settlement tail compared to property coverages which make up most of our core operations. The reserving methodology described for other short duration contacts is applicable for non-core operations. Given the nature of commercial liability coverages and its relatively long claim runoff duration, additional emphasis is placed on elevated loss activity from increasing attorney involvement and analysis of individual case reserve adequacy on known claims. This is done through use of average cost per claim methods that include an allowance for future inflation impacts, detailed open claim inventory analysis, and leveraging industry development patterns to supplement our own historical claims experience. Long Duration Contracts, including Disposed and Runoff Long Duration Lines Reserves for future policy benefits represent the present value of future benefits to policyholders and related expenses less the present value of future net premiums. Reserve assumptions reflect best estimates for expected investment yield, inflation, 47 mortality, morbidity, expenses and withdrawal rates. These assumptions are based on our experience to the extent it is credible, modified where appropriate to reflect current trends, industry experience and provisions for possible unfavorable deviation. We also record an unearned revenue reserve which represents premiums received which have not yet been recognized in our consolidated statements of operations. Risks related to the reserves recorded for certain discontinued individual life, annuity and long-term care insurance policies have been fully ceded via reinsurance. The insurance subsidiary that includes these fully ceded insurance policies was classified as held for sale as of December 31, 2025. See Note 3 to the Consolidated Financial Statements included elsewhere in this Report for more information. Valuation of Investments In determining the estimated fair value of our investments, fair values are primarily based on unadjusted quoted prices for identical investments in active markets that are readily and regularly obtainable. When such unadjusted quoted prices are not available, estimated fair values are based on quoted prices for identical or similar investments in markets that are not active, or other observable inputs. If these observable inputs are not available, or observable inputs are not determinable, unobservable inputs or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of investments. The methodologies, assumptions and inputs utilized are described in Note 9 to the Consolidated Financial Statements. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. Our ability to sell investments and the price ultimately realized for investments depends upon the demand and liquidity in the market. See also Notes 2, 7 and 9 to the Consolidated Financial Statements included elsewhere in this Report, “Item 1A – Risk Factors – Financial Risks – Our investment portfolio is subject to credit, liquidity and other risks that may adversely affect our results of operations and financial condition” and “ – Investments” contained in this Item 7.  Valuation and Recoverability of Goodwill Our goodwill related to acquisitions of businesses was $2.65 billion and $2.62 billion as of December 31, 2025 and 2024, respectively. We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist. Such indicators include: a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on our Consolidated Financial Statements.  Goodwill is tested for impairment at the reporting unit level, which is either at the operating segment or one level below, if that component is a business for which discrete financial information is available and segment management regularly reviews such information. Components within an operating segment can be aggregated into one reporting unit if they have similar economic characteristics. A goodwill impairment loss is measured as the excess of the carrying value, including goodwill, of the reporting unit over its fair value. An impairment loss is limited to the amount of goodwill allocated to the reporting unit. Our Global Lifestyle operating segment is disaggregated into two reporting units: Connected Living and Global Automotive. Our reporting unit for goodwill testing was at the same level as the operating segment for Global Housing. The following table illustrates the amount of goodwill carried by operating segment as of the dates indicated: December 31, 2025 2024 Global Lifestyle (1) $ 2,329.6  $ 2,299.3  Global Housing 316.7  316.7  Total $ 2,646.3  $ 2,616.0  (1)As of December 31, 2025, $807.7 million and $1,521.9 million of goodwill was assigned to the Connected Living and Global Automotive reporting units, respectively. As of December 31, 2024, $793.6 million and $1,505.7 million of goodwill was assigned to the Connected Living (including Global Financial Services which was aggregated with Connected Living in 2023) and Global Automotive reporting units, respectively. Quantitative Impairment Testing In the fourth quarter of 2025, we performed a quantitative assessment for the Global Lifestyle and Global Housing reporting units, consistent with our standard practice following a qualitative test in 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 48 carrying amounts and that there was no impairment for the Global Lifestyle and Global Housing reporting units as of October 1, 2025. The determination of fair value of the reporting units requires many estimates and assumptions. These estimates and assumptions include earnings and required capital projections, discount rates, terminal growth rates, operating income and dividend forecasts for each reporting unit and the weighting assigned to the results of each valuation method included in the fair value calculation. Changes in certain assumptions could have a significant impact on the goodwill impairment assessment. Should the operating results of these reporting units decline substantially compared to projected results, or changes to macroeconomic conditions having a potential impact of substantially reducing future profitability of the reporting units, we could determine that we need to perform an updated impairment test due to the potential impairment indicators, which may require the recognition of a goodwill impairment loss in any of the reporting units. Refer to Note 14 to the Consolidated Financial Statements included elsewhere in this Report for further detail. Recent Accounting Pronouncements See Note 2 to the Consolidated Financial Statements included elsewhere in this Report. 49 Results of Operations Assurant Consolidated The table below presents information regarding our consolidated results of operations: For the Years Ended December 31, 2025 2024 Revenues: Net earned premiums $ 10,482.9  $ 9,795.8  Fees and other income 1,875.9  1,638.6  Net investment income 527.3  518.9  Net realized losses on investments and fair value changes to equity securities (71.8) (75.8) Total revenues 12,814.3  11,877.5  Benefits, losses and expenses: Policyholder benefits 2,927.8  2,766.5  Underwriting, selling, general and administrative expenses 8,688.1  8,076.7  Interest expense 109.7  107.0  Loss on extinguishment of debt 1.3  —  Total benefits, losses and expenses 11,726.9  10,950.2  Income before provision for income taxes 1,087.4  927.3  Provision for income taxes 214.7  167.1  Net income $ 872.7  $ 760.2  Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Net Income Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily driven by higher earnings in Global Housing, a $38.7 million decrease in after-tax reportable catastrophes, higher earnings in Global Lifestyle and a $7.1 million after-tax decline in losses related to our non-core operations. The increase in net income was partially offset by a 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 restructuring costs related to a new restructuring plan in fourth quarter 2025 related to optimizing operational efficiencies and higher after-tax depreciation expense of $13.4 million, mainly due to higher software assets placed into service. 50 Global Lifestyle The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated: For the Years Ended December 31, 2025 2024 Revenues: Net earned premiums $ 7,892.8  $ 7,506.0  Fees and other income 1,689.7  1,461.3  Net investment income 357.5  356.6  Total revenues 9,940.0  9,323.9  Benefits, losses and expenses: Policyholder benefits 1,901.7  1,738.6  Selling and underwriting expenses 4,986.8  4,770.4  Cost of sales 982.5  841.6  General expenses 1,267.7  1,199.9  Total benefits, losses and expenses 9,138.7  8,550.5  Global Lifestyle Adjusted EBITDA $ 801.3  $ 773.4  Net earned premiums, fees and other income: Connected Living $ 5,378.7  $ 4,807.9  Global Automotive 4,203.8  4,159.4  Total $ 9,582.5  $ 8,967.3  Net earned premiums, fees and other income: Domestic $ 7,334.3  $ 6,970.2  International 2,248.2  1,997.1  Total $ 9,582.5  $ 8,967.3  Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Adjusted EBITDA increased $27.9 million, or 4%, to $801.3 million for Twelve Months 2025 from $773.4 million for Twelve Months 2024, primarily due to Connected Living growth, mainly from global mobile device protection programs and U.S. financial services, and improved loss experience in Global Automotive. The increase in Adjusted EBITDA was partially offset by a $7.0 million non-run rate inventory adjustment recorded for U.S. mobile during the fourth quarter of 2025 and the unfavorable impact of foreign exchange. Total revenues increased $616.1 million, or 7%, to $9.94 billion for Twelve Months 2025 from $9.32 billion for Twelve Months 2024. Net earned premiums increased $386.8 million, or 5%, primarily driven by growth in Connected Living from global mobile subscriber growth and higher contributions from financial services from a new program, partially offset by a decline in domestic extended service contracts 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 $0.9 million, primarily due to higher yields and asset balances on fixed maturity securities. Total benefits, losses and expenses increased $588.2 million, or 7%, to $9.14 billion for Twelve Months 2025 from $8.55 billion for Twelve Months 2024. Selling and underwriting expenses increased $216.4 million, or 5%, 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 $163.1 million, or 9%, primarily due to financial services in Connected Living, partially offset by lower losses within Global Automotive. Cost of sales increased $140.9 million, or 17%, driven by growth in global mobile trade-in programs and a non-run rate inventory adjustment noted above. General expenses increased $67.8 million, or 6%, primarily due to higher employee-related and information technology expenses to support growth initiatives. 51 52 Global Housing The table below presents information regarding the Global Housing segment’s results of operations for the periods indicated: For the Years Ended December 31, 2025 2024 Revenues: Net earned premiums $ 2,584.4  $ 2,281.0  Fees and other income 184.4  176.0  Net investment income 141.8  127.3  Total revenues 2,910.6  2,584.3  Benefits, losses and expenses: Policyholder benefits 1,018.4  1,010.2  Selling and underwriting expenses 201.6  158.1  General expenses 831.9  744.8  Total benefits, losses and expenses 2,051.9  1,913.1  Global Housing Adjusted EBITDA $ 858.7  $ 671.2  Impact of reportable catastrophes $ 198.8  $ 245.2  Net earned premiums, fees and other income: Homeowners $ 2,192.4  $ 1,958.9  Renters and Other 576.4  498.1  Total $ 2,768.8  $ 2,457.0  Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Adjusted EBITDA increased $187.5 million, or 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024, mainly due to continued growth from higher lender-placed policies in-force and average premiums within Homeowners, and favorable non-catastrophe loss experience driven by lower frequency from weather and water claims, $46.4 million of lower pre-tax reportable catastrophes, the previously disclosed $27.5 million unfavorable non-run rate adjustment from Twelve Months 2024, and higher net investment income and fee income. The increase in Adjusted EBITDA was partially offset by higher costs associated with growth, lower Renters and Other results mainly from unfavorable non-catastrophe loss experience and overall higher catastrophe reinsurance premiums from the 2024 program restructuring. Total revenues increased $326.3 million, or 13%, to $2.91 billion for Twelve Months 2025 from $2.58 billion for Twelve Months 2024. Net earned premiums increased $303.4 million, or 13%, primarily driven by Homeowners from higher lender-placed policies in-force and average premiums, as well as growth across various specialty products, growth in Renters and Other, primarily from a block of newly acquired renters policies, as previously disclosed, and the non-run rate adjustment described above, partially offset by higher catastrophe reinsurance premiums. Net investment income increased $14.5 million, or 11%, primarily due to higher invested asset balances and yields. Fees and other income increased $8.4 million, or 5%, primarily driven by continued growth in service fees within Homeowners. Total benefits, losses and expenses increased $138.8 million, or 7%, to $2.05 billion for Twelve Months 2025 from $1.91 billion for Twelve Months 2024. General expenses increased $87.1 million, or 12%, and selling and underwriting expenses increased $43.5 million, or 28%, both primarily due to higher costs associated with growth. Policyholder benefits increased $8.2 million, or 1%, primarily due to higher non-catastrophe losses from exposure growth and severity, partially offset 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. 53 Corporate and Other The table below presents information regarding the Corporate and Other segment’s results of operations for the periods indicated: For the Years Ended December 31, 2025 2024 Revenues: Net earned premiums $ —  $ —  Fees and other income 1.7  0.4  Net investment income 23.9  27.2  Total revenues 25.6  27.6  Benefits, losses and expenses Policyholder benefits —  —  General expenses 149.4  149.8  Total benefits, losses and expenses 149.4  149.8  Corporate and Other Adjusted EBITDA $ (123.8) $ (122.2) Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Adjusted EBITDA decreased $1.6 million, or 1%, to $(123.8) million for Twelve Months 2025 from $(122.2) million for Twelve Months 2024. The change in results was primarily due to lower net investment income as explained below. Total revenues decreased $2.0 million, or 7%, to $25.6 million for Twelve Months 2025 from $27.6 million for Twelve Months 2024, primarily driven by a decrease in net investment income of $3.3 million, or 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 the sale of Internet Protocol addresses. Total benefits, losses and expenses decreased $0.4 million, to $149.4 million for Twelve Months 2025 from $149.8 million for Twelve Months 2024, primarily due to a decrease in general expenses of $0.4 million, mostly driven by lower third-party expenses, partially offset by higher investments in our home warranty business and employee-related expenses. 54 Investments  We had total investments of $10.06 billion and $8.54 billion as of December 31, 2025 and 2024, respectively. Net unrealized losses on our fixed maturity securities portfolio decreased $294.0 million during Twelve Months 2025, from a $349.7 million unrealized loss at December 31, 2024 to a $55.7 million unrealized loss at December 31, 2025, primarily due to a reduction in U.S. Treasury rates. The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated: Fair Value as of Fixed Maturity Securities by Credit Quality December 31, 2025 December 31, 2024 Aaa / Aa / A $ 4,710.9  54.9  % $ 3,987.5  55.6  % Baa 3,257.9  38.0  % 2,699.7  37.6  % Ba 527.6  6.2  % 415.7  5.8  % B and lower 81.3  0.9  % 72.2  1.0  % Total $ 8,577.7  100.0  % $ 7,175.1  100.0  % The following table shows the major categories of net investment income for the periods indicated: Years Ended December 31, 2025 2024 Fixed maturity securities $ 434.8  $ 385.9  Equity securities 11.9  13.2  Commercial mortgage loans on real estate 18.6  19.2  Short-term investments 18.1  18.4  Other investments 2.9  21.3  Cash and cash equivalents 58.4  77.0  Total investment income 544.7  535.0  Investment expenses (17.4) (16.1) Net investment income $ 527.3  $ 518.9  Net investment income increased $8.4 million, or 2%, to $527.3 million for Twelve Months 2025 from $518.9 million for Twelve Months 2024. The increase was primarily driven by higher asset balances and yields in fixed maturity securities, partially offset by reduced income due to lower yields and balances in cash and cash equivalents and reduced income in real estate joint ventures and other partnerships. Net realized losses on investments and fair value changes to equity securities were $71.8 million for Twelve Months 2025 compared to net realized losses on investments and fair value changes to equity securities of $75.8 million for Twelve Months 2024. The change in Twelve Months 2025 was primarily driven by realized losses in equity securities, partially offset by fewer impairments in other investments. As of December 31, 2025, we owned $14.7 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $13.8 million of municipal securities, whose credit rating was A+ with the guarantee, but would have had a rating of AA- without the guarantee. For more information on our investments, see Notes 7 and 9 to the Consolidated Financial Statements included elsewhere in this Report. Liquidity and Capital Resources  The following section discusses our ability to generate cash flows from each of our subsidiaries, borrow funds at competitive rates and raise new capital to meet our operating and growth needs. Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common stock. 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 December 31, 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. 55 Regulatory Requirements  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. 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 by 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, 2026, 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 $791.9 million. Our international and non-insurance subsidiaries provide additional sources of dividends. Regulators or rating agencies could become more conservative in their methodology and criteria, increasing capital requirements for our insurance subsidiaries or the enterprise. For further information on our ratings and the risks of ratings downgrades, see “Item 1 – Business – Ratings” and “Item 1A – Risk Factors – Financial Risks – A decline in the financial strength ratings of our insurance subsidiaries could adversely affect our results of operations and financial condition.” Holding Company As of December 31, 2025, we had approximately $887.4 million in holding company liquidity, $662.4 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 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 $985.4 million as of December 31, 2025) 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 $925.1 million and $804.7 million for Twelve Months 2025 and Twelve Months 2024, 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. Dividends and Repurchases During Twelve Months 2025 and Twelve Months 2024, we made common stock repurchases and paid dividends to our common stockholders of $468.3 million and $455.8 million, respectively. On January 29, 2026, the Board declared a quarterly dividend of $0.88 per common share payable on March 30, 2026 to stockholders of record as of February 17, 2026. We paid dividends of $0.88 per common share on December 29, 2025 to stockholders of record as of December 1, 2025. This represented a 10% increase to the quarterly dividend of $0.80 per common share paid on September 29, June 30, and March 31, 2025. Any determination to declare and pay future dividends is at the sole discretion of the Board and depends upon various factors. See “Item 5 – Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities – Dividend Policy.” During Twelve Months 2025, we repurchased 1,432,302 shares of our outstanding common stock at a cost of $299.9 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 an additional share repurchase program for up to $700.0 million of our outstanding common stock. As of December 31, 2025, $774.6 million aggregate cost at purchase remained unused under the repurchase authorizations. The timing and the amount of future repurchases will depend on various factors, including those listed above. Assurant Subsidiaries The primary sources of funds for our subsidiaries consist of premiums and fees collected, proceeds from the sales and maturity of investments and net investment income. Cash is primarily used to pay insurance claims, agent commissions, operating expenses and taxes. We generally invest our subsidiaries’ funds in order to generate investment income. 56 We conduct periodic asset liability studies to measure the duration of our insurance liabilities, to develop optimal asset portfolio maturity structures for our significant lines of business and ultimately to assess that cash flows are sufficient to meet the timing of cash needs. These studies are conducted in accordance with formal company-wide Asset Liability Management guidelines.  To complete a study for a particular line of business, models are developed to project asset and liability cash flows and balance sheet items under a varied set of plausible economic scenarios. These models consider many factors including the current investment portfolio, the required capital for the related assets and liabilities, our tax position and projected cash flows from both existing and projected new business. For risks related to modeling, see “Item 1A – Risk Factors – 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.” Alternative asset portfolio asset allocations are analyzed for significant lines of business. An investment portfolio maturity structure is then selected from these profiles given our return hurdle and risk appetite. Scenario testing of significant liability assumptions and new business projections is also performed. Our liabilities generally do not include policyholder optionality, which means that the timing of payments is generally insensitive to the interest rate environment. In addition, our investment portfolio is largely comprised of highly liquid public fixed maturity securities with a sufficient component of such securities invested that are near maturity which may be sold with minimal risk of loss to meet cash needs. Generally, our subsidiaries’ premiums, fees and investment income, along with planned asset sales and maturities, provide sufficient cash to pay claims and expenses. However, there may be instances when unexpected cash needs arise in excess of that available from usual operating sources. In such instances, we have several options to raise needed funds, including selling assets from the subsidiaries’ investment portfolios, using holding company cash (if available), issuing commercial paper, or drawing funds from the Credit Facility. Senior and Subordinated Notes  The following table shows the principal amount and carrying value of our outstanding debt, less unamortized discount and issuance costs as applicable, as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Principal Amount Carrying Value Principal Amount Carrying Value 6.10% Senior Notes due February 2026 $ —  $ —  $ 175.0  $ 174.3  4.90% Senior Notes due March 2028 300.0  299.0  300.0  298.6  3.70% Senior Notes due February 2030 350.0  348.5  350.0  348.2  2.65% Senior Notes due January 2032 350.0  347.7  350.0  347.3  6.75% Senior Notes due February 2034 275.0  273.1  275.0  272.8  5.55% Senior Notes due February 2036 300.0  296.1  —  —  7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 400.0  398.3  400.0  397.7  5.25% Subordinated Notes due January 2061 250.0  244.2  250.0  244.2  Total Debt $ 2,206.9  $ 2,083.1  2036 Senior Notes: In August 2025, we issued senior notes due February 2036 with an aggregate principal amount of $300.0 million, which bear interest at a rate of 5.55% per year and were issued at a 0.322% discount to the public (the “2036 Senior Notes”). Interest on the 2036 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2026. Prior to November 15, 2035, we may redeem all or part of the 2036 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2036 Senior Notes to be redeemed, plus a make-whole premium as described in the 2036 Senior Notes and accrued and unpaid interest up to the redemption date. On or after that date, we may redeem all or part of the 2036 Senior Notes at any time at a redemption price equal to 100% of the aggregate principal amount of the 2036 Senior Notes to be redeemed, plus accrued and unpaid interest up to the redemption date. In August 2025, we used the net proceeds from the sale of the 2036 Senior Notes to redeem all of the $175.0 million outstanding aggregate principal amount of our 6.10% Senior Notes due February 2026 (the “2026 Senior Notes”) at a make-whole premium plus accrued and unpaid interest up to the redemption date, to pay related fees and expenses, and for general corporate purposes. In connection with the redemption, we recognized a net loss from the extinguishment of the debt of $1.3 million, which included the make-whole premium and the remaining deferred debt issuance costs for the 2026 Senior Notes, partially offset by a gain from the termination of a hedge of the interest rate risk associated with the redeemed notes. 57 In the next five years, we have two debt maturities in March 2028 and February 2030 when the 2028 Senior Notes and the 2030 Senior Notes (each as defined below), respectively, become due and payable. For additional information, see Note 18 to the Consolidated Financial Statements included elsewhere in this Report. Credit Facility and Commercial Paper Program In June 2025, we entered into a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with certain lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Wells Fargo Bank, National 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 $750.0 million. The Credit Facility is available until June 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 under the Credit Facility or our Prior Credit Facility during Twelve Months 2025 and no loans were outstanding under the Credit Facility as of December 31, 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 backed up by the Credit Facility, of which $500.0 million was available as of December 31, 2025.  We did not use the commercial paper program during Twelve Months 2025 and there were no amounts relating to the commercial paper program outstanding as of December 31, 2025.   For additional information, see Note 18 to the Consolidated Financial Statements included elsewhere in this Report. Letters of Credit  In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which we are the 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 $1.7 million and $1.8 million of letters of credit outstanding as of December 31, 2025 and 2024, respectively.  Limited Recourse Note 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 December 31, 2025, no notes have been issued under this arrangement. Cash Flows We monitor cash flows at the consolidated, holding company and subsidiary levels. Cash flow forecasts at the consolidated and subsidiary levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs making adjustments to the forecasts when needed.  The table below shows our recent net cash flows for the periods indicated: For the Years Ended December 31, 2025 2024 Net cash provided by (used in): Operating activities $ 1,833.9  $ 1,332.7  Investing activities (1,457.8) (657.8) Financing activities (364.2) (477.5) Effect of exchange rate changes on cash and cash equivalents 14.5  (17.1) Net change in cash $ 26.4  $ 180.3  58 Cash Flows for the Years Ended December 31, 2025 and 2024 Operating Activities  We typically generate operating cash inflows from premiums collected from our insurance products, fees received for services and income received from our investments while outflows consist of policy acquisition costs, benefits paid and operating expenses. These net cash flows are then invested to support the obligations of our insurance products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees, and investment income received and expenses paid. Net cash provided by operating activities was $1.83 billion and $1.33 billion for Twelve Months 2025 and Twelve Months 2024, respectively. The change in net operating cash flows was largely attributable to growth in our lender-placed and Connected Living businesses, cash payments related to the assumption of a new block of business in Connected Living and lower outflows for inventory in our mobile business. These increases were partially offset by higher net paid claims and the timing of tax payments as we received a refund during Twelve Months 2024. Investing Activities  Net cash used in investing activities was $1,457.8 million and $657.8 million for Twelve Months 2025 and Twelve Months 2024, respectively. The change in net investing cash flows was primarily driven by the increased investment of net cash provided by operating activities and the reinvestment of proceeds from the sale of fixed maturity securities. Financing Activities  Net cash used in financing activities was $364.2 million and $477.5 million for Twelve Months 2025 and Twelve Months 2024, respectively. The change in net financing cash flows was primarily due to the issuance of the 2036 Senior Notes, partially offset by the redemption of the 2026 Senior Notes. For additional information, see Note 18 in the Consolidated Financial Statements included elsewhere in this Report. The table below shows our cash outflows for taxes, interest and dividends for the periods indicated: For the Years Ended December 31, 2025 2024 2023 Income taxes paid $ 271.6  $ 126.6  $ 232.9  Interest paid on debt 107.2  107.4  107.4  Common stock dividends 168.4  155.9  152.3  Total $ 547.2  $ 389.9  $ 492.6  59 Contractual Obligations and Commitments We have contractual obligations and commitments to third parties as a result of our operations, as detailed in the table below by maturity date as of December 31, 2025:  As of December 31, 2025 Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Contractual obligations: Insurance liabilities (1) $ 2,012.3  $ 1,502.6  $ 369.6  $ 87.3  $ 52.8  Debt and related interest 3,703.2  107.2  507.0  529.3  2,559.7  Operating leases 87.1  20.3  30.0  20.5  16.3  Pension obligations and postretirement benefits (2) 455.3  50.7  97.6  96.7  210.3  Commitments: Investment purchases outstanding: Commercial mortgage loans on real estate 7.8  7.8  —  —  —  Capital contributions to non-consolidated VIEs 252.4  252.4  —  —  —  Liability for unrecognized tax benefits 22.8  —  22.8  —  —  Total obligations and commitments $ 6,540.9  $ 1,941.0  $ 1,027.0  $ 733.8  $ 2,839.1  (1)Insurance liabilities reflect undiscounted estimated cash payments to be made to policyholders, net of expected future premium cash receipts on in-force policies and excluding fully reinsured runoff operations. The total gross reserve for fully reinsured runoff operations that was excluded was $632.0 million which, if the reinsurers defaulted, would be payable over a 30+ year period with the majority of the payments occurring after 5 years. $489.4 million of these reinsurance recoverables were included in assets held for sale on the consolidated balance sheet. Additional information on the assets held for sale and the reinsurance arrangements can be found in Note 3 and Note 17, respectively, to the Consolidated Financial Statements included elsewhere in this Report. These liabilities also do not include recoverable amounts related to certain high deductible policies in our sharing economy business, included in our non-core operations, for which we are responsible for paying the entirety of the claim and are subsequently reimbursed by the insured for the deductible portion of the claim. As of December 31, 2025, we had exposure to $86.8 million of reserves below the deductible that we would be responsible for if the clients were to default on their contractual obligation to pay us the deductible. See Note 4 to the Consolidated Financial Statements included elsewhere in this Report for more information on our evaluation of the credit risk exposure from these recoverables. As a result, the amounts presented in this table do not agree to the future policy benefits and expenses and claims and benefits payable in the consolidated balance sheets. (2)Our pension obligations and postretirement benefits include an Assurant Pension Plan, various non-qualified pension plans (including an Executive Pension Plan) and certain life and health care benefits for retired employees and their dependents (“Retirement Health Benefits”), all of which were frozen in 2016. In February 2020, we amended the Retirement Health Benefits to terminate such plan benefits to retirees effective December 31, 2024. Due to the Assurant Pension Plan’s current overfunded status, no contributions were made during 2025 and none are expected to be made in 2026. See Note 23 to the Consolidated Financial Statements included elsewhere in this Report for more information. Liabilities for future policy benefits and expenses have been included in the commitments and contingencies table. Significant uncertainties relating to these liabilities include mortality, morbidity, expenses, persistency, investment returns, inflation, contract terms and the timing of payments.