ASSURANT, INC.

Assurant, Inc. is a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes and automobiles, leveraging data-driven technology solutions to provide exceptional customer experiences. The company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. The mobile protection market is a large and growing global market with evolving wireless standards, and the worldwide used and refurbished smartphone market is growing, driven by the cost, perceived lack of innovation and availability of new devices, and by sustainability-conscious customers. In the lender-placed market, placement rates have increased in certain areas, due to reduced availability within the voluntary homeowners' insurance market, including in California and Texas. The U.S. renters insurance market is a growing market with new building development, high occupancy and favorable relocation trends. Consumers are becoming increasingly connected across their mobile devices, vehicles and homes, which is creating a global market for smart home devices and related services.

The company competes for business, clients, customers, agents and other distribution relationships with many insurance companies, warranty and protection companies, financial services companies, mobile device repair and logistics companies, technology and software companies and specialized competitors that focus on one market, product or service. The company's competitive strengths include its financial strength and business model, with $36.29 billion ¹ in total assets and a debt to total capital of 27.3% ² as of December 31, 2025. The company believes its insights and capabilities enable innovation and solutions to meet evolving consumer needs, and its value chain and technology integration and customer experience create a differentiated position. In the mobile business, the company believes it maintains a differentiated position through its combination of robust administrative capabilities, digital platforms, supply chain management, technical support infrastructure, insurance underwriting capabilities, access to a large base of secondary market devices and a suite of adjacent value-added services. The company is the second largest administrator for the U.S. government under the voluntary National Flood Insurance Program.

The company generates revenue primarily from the sale of insurance policies, service contracts and related products and services, and from income earned on its investments. The business model in the Global Lifestyle and Global Housing segments focuses on business-to-business-to-consumer (B2B2C) distribution, partnered with some of the world's leading brands. The company earns premiums on its insurance and extended service contracts and fees for its other services, and for a portion of its contracts, it shares in the underwriting risk with clients through reinsurance or profit-sharing arrangements. The company owns or manages multiple pieces of the value chain, which enables it to create products and service offerings based on client and consumer needs and provide a seamless customer experience. Many of the company's agreements in Global Lifestyle are exclusive and multi-year with terms generally between three and five years and allow the company to integrate its administrative and technology systems with those of its clients.

Through the Global Lifestyle segment, the company provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit 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). For the year ended December 31, 2025, Global Lifestyle net earned premiums, fees and other income totaled $9,582.5 million ³, with Connected Living contributing $5,378.7 million ⁴ and Global Automotive contributing $4,203.8 million ⁵. Within Connected Living, 53.0% ⁶ of net earned premiums, fees and other income was from mobile device solutions, 34.4% ⁷ was from extended service contracts and related services for consumer electronics and appliances, and 12.6% ⁸ was from financial services and other insurance products. The company provides in-store, same-day, same-unit device repairs to customers through its global network of approximately 1,150 ⁹ repair and partner locations. Global Lifestyle operates globally, with approximately 80.7% ¹⁰ of its revenue from North America, 7.7% ¹¹ from Latin America, 5.9% ¹² from Europe and 5.7% ¹³ from Asia Pacific for the year ended December 31, 2025.

Through the Global Housing segment, the company provides 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). For the year ended December 31, 2025, Global Housing net earned premiums, fees and other income totaled $2,768.8 million ¹⁴, with Homeowners contributing $2,192.4 million ¹⁵ and Renters and Other contributing $576.4 million ¹⁶. The lender-placed program provides collateral protection to lenders, mortgage servicers and investors in mortgaged properties. The company also offers renters insurance for a wide variety of single and multi-family rental properties, providing content protection for renters' personal belongings and liability protection for property owners. The company is the second largest administrator for the U.S. government under the voluntary National Flood Insurance Program, for which it earns fees for collecting premiums and processing claims, and this business is 100% reinsured to the U.S. government. The company's 2025 reinsurance premiums for the total program were $203.2 million ¹⁷ pre-tax, compared to $188.9 million ¹⁸ pre-tax for 2024, and the U.S. per-occurrence catastrophe coverage included a main reinsurance program providing $1.76 billion ¹⁹ of coverage in excess of a $160.0 million ²⁰ retention for a first event.

In 2025, the company delivered another year of profitable growth and reinforced its solid foundation for the future by prioritizing disciplined investments in innovation across its diversified Global Lifestyle and Global Housing businesses. In Connected Living, the company made progress in expanding and supporting partnerships across mobile, extended service contracts and financial services, including by signing a new agreement with a large U.S. mobile carrier and expanding its reverse logistics business in mobile through a multi-year reverse logistics agreement and a dedicated logistics facility. In Global Automotive, the company continued to expand and protect its position through new and renewed partnerships across distribution channels, including large dealer groups. In Global Housing, the company continued to outperform through policy growth in lender-placed, supported by a hardened voluntary homeowners' insurance market and its success renewing key clients and winning new partnerships. In August 2025, the company issued $300.0 million ²¹ of 5.55% senior notes due 2036 and used the net proceeds to redeem all of the $175.0 million ²² outstanding aggregate principal amount of its 6.10% senior notes due 2026. The company generated $925.1 million ²³ in dividends or returns of capital from its subsidiaries (net of infusions of liquid assets and excluding amounts used for acquisitions or received from dispositions) and returned $468.3 million ²⁴ to shareholders through share repurchases and common stock dividends. In November 2025, the Board authorized an additional share repurchase program for up to $700.0 million ²⁵ aggregate cost at purchase of outstanding common stock. As of December 31, 2025, $774.6 million ²⁶ aggregate cost at purchase remained unused under the repurchase authorizations.

Consolidated net income increased $112.5 million ²⁷, or 15% ²⁸, to $872.7 million ²⁹ for the year ended December 31, 2025 from $760.2 million ³⁰ for the year ended December 31, 2024. Global Lifestyle Adjusted EBITDA increased $27.9 million ³¹, or 4% ³², to $801.3 million ³³ for the year ended December 31, 2025 from $773.4 million ³⁴ for the year ended December 31, 2024. Global Housing Adjusted EBITDA increased $187.5 million ³⁵, or 28% ³⁶, to $858.7 million ³⁷ for the year ended December 31, 2025 from $671.2 million ³⁸ for the year ended December 31, 2024, including $46.4 million ³⁹ of lower pre-tax reportable catastrophes. Net cash provided by operating activities was $1.83 billion ⁴⁰ for the year ended December 31, 2025.

In Global Lifestyle, the company intends to grow its businesses by strengthening partnerships with major clients and prospects globally, through expanded offerings and attachment with clients and by winning new clients, and by entering into attractive adjacent markets (such as home warranty), while continuing to invest in talent, capabilities and technology. In Connected Living, the company believes there are growth opportunities in bundled protection products, which support customers as they take full advantage of the features and functions of their mobile devices through their daily interaction. In the financial services business, the company's focus is on expanding its partnerships with leading financial institutions to offer travel, purchase protection, and other credit card benefits, including underwriting and claims processing, and packaged bank account offerings to their customers. In Global Automotive, the company is accelerating progress in heavy equipment and its leased and financed business.

In Global Housing, the company believes there is opportunity to increase attachment rates with new and existing clients through its investments in digital platforms designed to deliver superior customer experience and its expanded offerings to provide end-to-end solutions. The company acquired a new renters book in 2025 and continues to monitor the state of the overall housing market and the potential impact of loan modifications, forbearances and foreclosure delays, including the impact to REO volumes. The company's ability to capitalize on opportunities for growth, including within home warranty, depends on, among other things, its ability to deliver on customer expectations and provide a positive customer experience, successfully execute large-scale, critical programs and projects, identify and successfully enter and scale its services in new geographic markets and market segments, recruit and retain qualified personnel, and offer new products and services.

The company continues to undertake various expense savings initiatives while also making investments in talent, capabilities and technology, among other things, which impact its expenses. In 2025, the company made a series of strategic leadership appointments, including Michael Campbell as Chief Operating Officer, responsible for leading efforts to enhance operational efficiency, accelerate the company's technology roadmap, and fully leverage its global scale and capabilities across all product lines. The company also incurred a $17.3 million ⁴¹ increase in after-tax restructuring costs related to a new restructuring plan in fourth quarter 2025 related to optimizing operational efficiencies.

The company continues to invest in technology, including digital, robotics and AI, and seeks to integrate technology platforms with its clients, to create superior customer experiences. The company has established Global Capability Centers, which are global talent hubs in key markets, to leverage its global scale and access best-in-class talent. The company continued its ongoing real estate consolidation to support work-from-home arrangements given its increasingly hybrid workforce, while investing in key facilities (such as its Nashville Innovation and Device Care Center that opened in 2024) and markets to support the long-term strategy of the Company. As of December 31, 2025, Assurant had approximately 14,800 ⁴² employees, representing more than 80 nationalities, with a presence in 21 markets globally.

The company generally deploys capital to support business growth by funding investments and through acquisitions, to pay dividends and to repurchase shares. The company targets new businesses and capabilities, organically and through acquisitions, that complement or accelerate its strategy, including in adjacent markets. In November 2025, the Board authorized an additional share repurchase program for up to $700.0 million ⁴³ aggregate cost at purchase of outstanding common stock. As of December 31, 2025, $774.6 million ⁴⁴ aggregate cost at purchase remained unused under the repurchase authorizations. The company paid dividends of $0.88 ⁴⁵ per common share on December 29, 2025, representing a 10% ⁴⁶ increase to the quarterly dividend of $0.80 ⁴⁷ per common share paid on September 29, June 30, and March 31, 2025. For the year ending December 31, 2026, the maximum amount of dividends the company's regulated U.S. domiciled insurance subsidiaries could pay under applicable laws and regulations, without prior regulatory approval, is approximately $791.9 million ⁴⁸.

The company's 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. The value and availability of devices may also be impacted by adverse foreign trade relationships and an escalation of U.S.-China and China-Taiwan trade tensions. The company's 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 business performance. General inflationary pressures and supply chain disruptions, including within the current environment, has and may continue to increase the costs of paying claims, including for materials and labor, particularly in the Global Housing and Global Automotive businesses.

The company faces the risk that clients, distributors and other parties may face financial difficulties (including as a result of macroeconomic challenges), reputational issues, problems with respect to their own products and services, or regulatory restrictions or compliance issues that may lead to lower than expected or cessation of sales of its products and services. The company is subject to the risk that its clients or distributors, for example in the mobile, automotive or mortgage servicing markets, may consolidate or align themselves with other companies with whom the company does not do business, which has occurred from time to time and could materially reduce its revenues and profits. The company must respond to the threat of disruption by traditional players, such as insurers, from new entrants, such as 'Insurtech' companies, and from their use of technologies such as AI.

The company's revenues and profits may decline if it is unable to maintain relationships with significant clients, distributors and other parties, or renew contracts with them on favorable terms, as each of its Global Lifestyle and Global Housing segments receives a substantial portion of its revenues from a few clients. Catastrophe and non-catastrophe losses, including as a result of climate change and the current inflationary environment, could materially reduce profitability, and the company's U.S. per-occurrence catastrophe coverage includes a main reinsurance program providing $1.76 billion ⁴⁹ of coverage in excess of a $160.0 million ⁵⁰ retention for a first event. The company's mobile business is subject to the risk of declines in the value and availability of mobile devices, and to regulatory compliance and other risks, including risks relating to corruption, sanctions and export control laws. A decline in the financial strength ratings of the company's insurance subsidiaries could adversely affect its results of operations and financial condition, and as of December 31, 2025, the company's operations had a significant number of contracts that contain provisions requiring minimum financial strength ratings, typically from A.M. Best, ranging from 'A' or better to 'B+' or better. The company's investment portfolio is subject to market risk, including changes in interest rates, and as of December 31, 2025, fixed maturity securities represented approximately 85% ⁵¹ of total investments and full year 2025 gross investment income from fixed maturity securities totaled $434.8 million ⁵².

Management's message to shareholders emphasizes that in 2025, the company delivered another year of profitable growth and reinforced its solid foundation for the future by prioritizing disciplined investments in innovation across its diversified Global Lifestyle and Global Housing businesses. The strategic priorities emphasized for the period ahead include growing the portfolio of market-leading businesses by strengthening partnerships with major clients and prospects globally, through expanded offerings and attachment with clients and by winning new clients, and by entering into attractive adjacent markets (such as home warranty); providing integrated offerings to deliver additional value for a superior customer experience, leveraging data-driven insights, technology, robotics and AI; deploying capital strategically to support business growth by funding investments and through acquisitions, to pay dividends and to repurchase shares; and investing in talent and technology, including digital, robotics and AI, and seeking to integrate technology platforms with clients to create superior customer experiences.