Assurant : Q1 2026 Earnings Call (Presentation)

Published: 2026-05-06 09:10:22 ET AIZ

Published on 05/06/2026 at 09:10 am EDT

First Quarter 2026 Results

Investor Presentation

Keith Demmings

President

& Chief Executive Officer

Keith Meier

Executive Vice President & Chief Financial Officer

Cautionary Statement

Some of the statements in this presentation, including our business and financial plans and any statements regarding our anticipated future financial performance, business prospects, growth, operating strategies, valuation and similar matters, such as performance outlook, financial objectives, business drivers, our ability to gain market share, and the strength, diversity, predictability, resiliency and durability of enterprise and segment earnings, cash flows and other results, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Refer to Exhibit 1 in the Appendix for more information such as factors that could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook, and information on where you can find a more detailed discussion of these factors in our SEC filings.

Assurant uses non-GAAP financial measures to analyze the company's operating performance. These non-GAAP financial measures include consolidated and Global Housing Adjusted EBITDA, excluding reportable catastrophes, each including and excluding prior year reserve development; Adjusted Earnings; Adjusted Earnings, excluding reportable catastrophes; Adjusted Earnings per diluted share, excluding reportable catastrophes; Global Housing non-catastrophe loss ratio; return on equity; and return on tangible equity. Assurant's non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Because Assurant's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant's non-GAAP financial measures to those of other companies. Refer to Exhibit 2 in the Appendix for more information, including a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures.

Assurant, Inc. is an insurance holding company and the ownership of its stock is certain state and foreign insurance law requirements. Refer to

Exhibit 3 in the Appendix for additional detail.

First Quarter: Delivered Strong Start to 2026

Strongest Quarter in History Demonstrating Momentum Across Assurant

Delivered 6% Adjusted EBITDA growth and 9% Adjusted EPS growth, both excl. cats(1)

Record Global Lifestyle Adjusted EBITDA

Increasing our 2026 Enterprise outlook: Adjusted EBITDA and Adjusted EPS, both excl. cats, expected to increase low single digits, or to increase high single digits, excl. PYD(2)

Strong, flexible capital position allowing for accelerated share repurchases

Well-positioned to achieve 10th consecutive year of profitable

growth

$138M

Cash Generated(3)

+6% growth Adjusted EBITDA, excl. cats(1)

$169M

Returned to

Shareholders(4)

+9% growth Adjusted EPS, excl. cats(1)

Information listed is for the year-to-date period ended March 31, 2026. Growth rates are compared to the prior year period.

Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP

measures.

Excludes the impact of $94.3 million of lower favorable prior year reserve development (PYD) in Global Housing. This reflects $113.1 million of favorable PYD in 2025 and $18.8 million of favorable PYD in first quarter 2026.

Consists of dividends or returns of capital from subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.

Includes share repurchases and common stock dividends.

G L O B A L L I F E S T Y L E

Global Lifestyle Highlights

Global Lifestyle Adjusted EBITDA (S millions)

147

S237

Record Earnings with Double-Digit Growth Across Our Businesses

S198

+20%

125

Q1'25 Q1'26

Connected Living Global Automotive

G L O B A L L I F E S T Y L E

Connected Living Highlights

Momentum Driving Attractive Earnings Growth

Connected Living Adjusted EBITDA ($ millions)

S147

S125

+18%

Q1'25

Q1'26

2024-2025 Investments Driving 2026 Earnings Growth

Client Renewals

Key U.S. mobile carrier partner

Both U.S. cable operators within mobile

Largest client in Japan

New Programs

Launched new device protection program with large U.S. carrier

Multi-year agreement to operate a co-located reverse logistics facility with key U.S. carrier

Innovative embedded trade-in and protection programs with U.S. cable operator

New Business Wins

Leading mobile carrier in Australia

World's largest specialty consumer electronics retailer

Large U.S. financial institution - travel and purchase protection card benefits

Q1'26

Migration of large in-force subscriber base for key

U.S. carrier client

New reverse logistics program with large U.S. carrier

New embedded protection and upgrade program with

U.S. cable operator client

Expansion of prepaid partnership with large U.S. carrier

Mobile's Embedded, Scalable Growth Model

Key Advantages Underpin Mobile's Growth

Multiple growth paths

Integrated capabilities across protection, trade-in and repair

Ability to deepen engagement as client needs evolve

Revenue expansion through

adjacencies, not just volume

Deep client partnerships

Embedded partnerships

Transparency in performance

Alignment with clients' own

growth strategies

Innovation-led operating

model

Technology-enabled workflows

AI embedded

Repeatability across geographies

Scalable infrastructure supporting profitability

G L O B A L L I F E S T Y L E

Strong Growth with Continued Loss Improvement

Global Automotive Highlights

Global Automotive

Strong start to the year

Q1'26 earnings growth of 23%, supported by:

Higher investment income, including $10M from a real estate joint venture gain

Improved loss experience

2026 focus on:

Solidifying partnerships and winning new business

Driving AI-enabled innovation

Achieving share gains with existing partners

Global Automotive Adjusted EBITDA (S millions)

S90

+23%

S73

Q1'25 Q1'26

G l o b a l H o u s i n g

$26

Consistent Performance With Solid Underlying Growth

Global Housing Highlights

Global Housing

Adjusted EBITDA, excl. cats(1) (S millions)

Homeowners

Delivered 11% top-line growth

Renewed two key lender-placed clients

S269

-3%

Consistent ex. PYD

S261

$19

Demonstrated differentiated profile of specialized Homeowners business, including compelling underlying combined ratios(3)

Renters and Other

Cover360 platform continues to deliver sustained double-digit written premium growth in our PMC channel

Delivered policy growth of 4% year-over-year

Q1'25 Q1'26

Q1'26 Global Housing

Combined Ratio, incl. cats(2)

75% 78%

Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Equals (i) total benefits, losses and expenses plus depreciation expense and amortization of purchased intangible assets divided by (ii) net earned premiums, fees and other income. Income from processing National Flood Insurance Program claims is reported as a reduction in expenses and is included in the combined ratio.

Combined ratio as defined above, excluding prior year development of $18.8 million.

Q1'26 as reported

Q1'26 excl. PYD(3)

Q1'26 excl. PYD

Track Record of Strong Growth Over the Long Term

Multi-Year Track Record of Strong, Resilient Performance

Adj. EBITDA, excl. cats(1)

11%

5yr CAGR

$1,734

$1,008

2020 2025 +

Adj. EPS, excl. cats(1)

17%

5yr CAGR

$22.81

$10.49

2020 2025

ROE(2)

16%

2025

ROTE(2)

33%

2025

5-Year Track Record

14%

5yr Avg

Total Shareholder Return of 93%(3)

Cumulative Returned

32%

5yr Avg

to Shareholders

~S3B(4)

Measured from full year 2020 through full year 2025. Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Measured from full year 2021 through full year 2025. Refer to Exhibit 2 in the Appendix for more information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Measured from December 31, 2020 through December 31, 2025. Total Shareholder Return reflects the closing price adjusted for cash dividends on the ex-dividend date; based on FactSet data.

Measured from full year 2021 through full year 2025. Includes share repurchases and common stock dividends.

We Have a Track Record of Strong Adj. Earnings and Adj. EPS Growth

Assurant vs. P&C Market Median(1,2)

5-Year CAGR (2020 - 2025)

16.8%

Earnings Growth Comparison

EPS Growth Comparison

13.5%

Adj. earnings, incl. cats(1)

Adj. earnings, excl. cats(1)

12.8%

13.2%

15.2%

Adj. EPS, incl. cats(1)

Adj. EPS, excl. cats(1)

16.8%

19.1%

15.3%

Excludes earnings from Global Preneed and non-core businesses and, if indicated, reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

CAGR listed from December 31, 2020 through December 31, 2025. P&C market is represented by the S&P Composite 1500 Property & Casualty Insurance Index. Source: Capital IQ. Refer to Exhibit 4 in the Appendix for the most comparable peer earnings metric definition for adjusted earnings and adjusted earnings per share, both excluding and including catastrophes.

Assurant Represents an Attractive Investment with Meaningful Upside

Powerful Business Model

Focus on B2B2C distribution, partnered with the world's leading brands

Unique competitive advantages across Lifestyle & Housing deliver strong returns

Diversity of capital sources drives capital efficiencies, improving risk-ratings and growth potential

Track Record of Winning

Long-tenured client base driven by winning and delivering for the world's leading brands

Significant client renewals and wins with market leaders & disruptors, a product of transparency, innovation and customized solutions

Advantages from scale and efficiency of our service delivery networks and robust technology platforms

Strong Performance with Less Volatility

Delivered 9 consecutive years of profitable earnings growth(1) across various macro environments

Combined, Global Lifestyle and Global Housing create earnings and capital diversification and drive resiliency

Stronger earnings growth than P&C peers(2)

Compelling Growth Opportunities Ahead

Reinforce position in core fragmented markets

Expand offerings with existing clients while winning new partnerships globally

Launch new products and enter attractive adjacent sectors

Track record of strong earnings and EPS growth

Measured from full year 2016 through 2025.

Refer to slide 11 of this presentation.

Significant cash generation

Strong balance

sheet

E N T E R P R I S E

Enterprise Q1'26 Financial

Highlights

Adjusted EBITDA, excl. cats(1) (S millions)

Increased Momentum in Global Lifestyle and Consistent Underlying

Performance in Global Housing

Delivered Growth in Adjusted EBITDA and Adjusted EPS, both excl. cats(1)

Growth led by Global Lifestyle

S439

+6%

Growth

S466

Continued Strong Balance Sheet and Liquidity

Ended the quarter with $836 million in HoldCo liquidity

Q1'25 Q1'26

Adjusted EPS, excl. cats(1) (S per share)

Disciplined Capital Return

Share repurchases of $125 million; additional $30 million between April 1 and May 1

Common stock dividends of $44 million

S5.79

+9%

Growth

S6.33

Unless otherwise indicated, information listed is for the quarter ended March 31, 2026, other than liquidity, which is as of March 31, 2026.

(1) Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Q1'25 Q1'26

Q1'26 Segment Financial

Highlights

Global Lifestyle Adjusted EBITDA (S millions)

147

$237

Q1 2026 Global Lifestyle Highlights

Adjusted EBITDA increased 20% or $39 million

Connected Living Adjusted EBITDA increased 18% from optimization of new programs, expansion with existing clients, and contributions from recently announced new programs and capabilities

Global Automotive Adjusted EBITDA up 23%, with higher investment income and

improved loss experience

$198

+20%

Q1 2026 Global Housing Highlights

Adjusted EBITDA, excl. cats(1), decreased 3%; consistent with prior year when excluding lower PYD of $8 million

Non-cat loss ratio(1) of 34.9%

- Excluding prior year development of $19 million, non-cat loss ratio(1) of 37.7%

Q1'25 Q1'26

125

Global Automotive Connected Living

Global Housing

Adjusted EBITDA, excl. cats(1) (S millions)

Expense ratio(2) of 38.7%

Combined ratio(3) of 74.9%

- Excluding prior year development of $19 million, combined ratio was 77.5%

Net earned premiums, fees and other income grew by 11%

Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Expense ratio is defined as (i) underwriting, selling, general and administrative expenses plus depreciation expense and amortization of purchased intangible assets, divided by (ii) net earned premiums, fees and other income.

Equals (i) total benefits, losses and expenses plus depreciation expense and amortization of purchased intangible

S269

-3%

S261

Consistent ex. PYD

$19

$26

assets divided by (ii) net earned premiums, fees and other income. Income from processing National Flood Insurance Program claims is reported as a reduction in expenses and is included in the combined ratio.

Q1'25 Q1'26

2026 Catastrophe Reinsurance Program

$1,750M

U.S. Catastrophe Reinsurance Program

1-265-year PML

Program Highlights

Layer 5 - 700M xs 1,050M

U.S. program provides ~$1.6 billion of coverage in excess of $160

Layer 4 - 450M xs 600M

million retention(1)

When combined with the Florida Hurricane Catastrophe Fund, the U.S. program protects against gross Florida losses of up to

~$1.8 billion(2) in excess of $160 million retention

Total program coverage protects against a projected Probable Maximum Loss ("PML") of approximately a 1-in-265-year storm(3)

2026 reinsurance premiums are estimated to be approximately

$180 million pre-tax based on current estimated exposure(4)

Layers 1 through 5 allow for one automatic reinstatement

Coverage was placed with a diverse panel of reinsurers that are all rated A- or better by A.M. Best

Program finalized with April 1, 2026 effective date.

The risk retained by the Company after inuring recoveries from the Florida Hurricane Catastrophe Fund ("FHCF") is applied to the main U.S. program retention. Once exhausted, there is no reinstatement of the FHCF coverage. FHCF displayed as the combined total of the American Bankers Ins Co of FL and American Security Ins Co layers. Coverage is estimated and subject to change.

Probable maximum loss is projected based on estimated September 30, 2026 exposures and a blend of industry modeling tools. Actual losses may differ materially from projections.

Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.

$1,050M

$600M

$350M

$190M

$160M

Layer 2 - 160M xs 190M

Layer 3 - 250M xs 350M

1-5-year PML

Estimated Florida Hurricane Catastrophe Fund(2)

90% of 228M xs 121M

$349M

$121M

Retention

Layer 1 - 30M xs 160M

Our Significant Cash Generation and Balanced Capital Allocation Create Shareholder Value

Returned S169 million to Shareholders in Q1'26

Significant Cash Generation

Business Segment Dividends (2020-Q1'2026)(1)

Common Stock Dividends

21 consecutive years

Repurchases

~70%

S2.6B

Organic Investment and M&A

of common stock dividend increases

$3.28

shares outstanding repurchased

since IPO

shares repurchased since 2020

Investments

AI & automation

New client partnerships

2020 2021 2022

2023 2024 2025

Q1'26

$2.55

Common stock dividends per share

$844

$568

$300

$300 $300

$200

$125

2021 and 2022 include $900M of contributions from the sale of Preneed

Home Warranty

M&A

Disciplined M&A approach

Consists of dividends or returns of capital from subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures.

2026 Enterprise Outlook

2026 Enterprise Outlook: Adj. EBITDA, excl. cats(1)

Ex. PYD(2),

high single

$22.81

Adjusted EPS,

excl. cats(1)

Adjusted EBITDA, excl. cats(1)

$1.734B

Low single digits

High single digits

$1,734

digits

Low single digits

High single digits

Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Consists of dividends or returns of capital from operating subsidiaries to the holding company, net of infusions of liquid assets, and excluding acquisitions and divestitures. Segment dividend conversion expected to be consistent with recent levels.

Subject to M&A opportunities, market conditions and other conditions.

2025 2026 Outlook

$1,621

$113

Global Lifestyle to increase approx. 10%

Global Housing to decline only modestly

Corporate loss of $140 million, reflecting Home Warranty investment

Strong segment cash generation(3)

Share repurchases of $300 - $350 million(4)

2025

Results

2026

Outlook

2026

Ou ex.

PYD(2)

tlook

Rebekah Biondo

Deputy Chief Financial Officer

Sean Moshier

Head of Investor Relations

Questions? Contact: [email protected]

Appendix

2026 Outlook: Adjusted EBITDA to Adjusted Earnings Walk

2025

Actuals

2026

Outlook

Adjusted EBITDA, excl. cats(1) (millions)

$1,734

Low Single Digits

(-) Depreciation Expense

$(156)

~$(180)

(-) Interest Expense

$(110)

~$(113)

(-) Taxes

$(293)

~19-21%

Adjusted Earnings, excl. cats(1) (millions)

$1,175

Weighted Average Diluted Shares Outstanding (millions)

Impact of ~$300 - $350M in share

repurchases(2)

Adj. EPS, excl. cats(1) $22.81 Low Single Digits

51.1

Excludes reportable catastrophes. Refer to Exhibit 2 in the Appendix for information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures.

Subject to M&A opportunities, market conditions and other conditions.

Disclaimer

Assurant Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 13:09 UTC.