Assurant Q3 Earnings & Revenues Top Estimates on Higher Premiums

Assurant, Inc. AIZ reported third-quarter 2025 net operating income of $5.73 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line surged 91% year over year.

The quarterly results reflected solid performance at Global Housing and Global Lifestyle segments with higher revenues and improved net investment income. These were partially offset by higher expenses and weakness in the Corporate & Other segment.

Total revenues increased 8.6% year over year to nearly $3.2 billion, driven by higher net earned premiums, fees and other income and net investment income. The top line beat the Zacks Consensus Estimate by 2.6%.

Assurant, Inc. Price, Consensus and EPS Surprise

Assurant, Inc. price-consensus-eps-surprise-chart | Assurant, Inc. Quote

Net earned premiums, fees and other income increased 8.9% year over year to $3.1 billion. Our estimate was $3 billion.

Net investment income was up 2.9% year over year to $133.5 million. Our estimate was $125.1 million. The Zacks Consensus Estimate was pegged at $131 million.

Total benefits, loss and expenses increased 3% to $2.9 billion, mainly due to higher underwriting, selling, general and administrative expenses and interest expense. Our estimate was $2.8 billion.

Adjusted EBITDA, excluding reportable catastrophes, increased 13% to $433.5 million. Our estimate was $439.4 million.

Segmental Performance

Revenues at Global Housing increased 16.2% year over year to $738.9 million, primarily driven by higher net earned premiums, fees and other income and net investment income. The figure was higher than our estimate of $703.1 million. The Zacks Consensus Estimate was $711 million.

Net earned premiums, fees, and other income increased 16% year over year to $702.9 million. The increase is driven by the run-rate adjustment from the prior- year period, growth in policies in-force, and higher average premiums within lender-placed, as well as growth in Renters and Other and across various specialty products within Homeowners.

Adjusted EBITDA, excluding catastrophes, increased 13% year over year to $259.2 million. The growth is driven by the previously disclosed $27.5 million unfavorable non-run rate adjustment in third- quarter 2024. The figure was lower than our estimate of $273.1 million. The Zacks Consensus Estimate was $240 million.

Revenues at Global Lifestyle increased 6.8% year over year to $2.5 billion, primarily driven by higher net earned premiums, fees and other income and net investment income. The figure was higher than our estimate of $2.4 billion. Revenues matched the Zacks Consensus Estimate.

Adjusted EBITDA, of $206.8 million increased 12% year over year. The improvement was driven by double-digit earnings growth across both Connected Living and Global Automotive. In Connected Living, quarterly results benefited from contributions from a new financial services program, global subscriber growth, and trade-in performance in mobile. In Global Automotive, results included a non-run rate benefit of $6.1 million as well as improved loss experience. The figure was higher than our estimate of $195.4 million. The Zacks Consensus Estimate was pegged at $197 million.

Adjusted EBITDA loss at Corporate & Other was $31.6 million, wider than the year-ago quarter’s adjusted EBITDA loss of $29.8 million. The wider loss was due to lower investment income. The Zacks Consensus Estimate was pegged at a loss of $28.6 million.

Financial Position

Liquidity was $613 million as of Sept. 30, 2025, which was $388 million higher than the company’s current targeted minimum level of $225 million.

Total assets increased 2.2% to $35.7 billion as of Sept. 30, 2025, from the end of 2024. Total shareholders’ equity came in at $5.7 billion, up 12.7% from the end of 2024.

Debt-to-total capital ratio of 27.7 improved 130 bps from the 2024 end level.

Share Repurchase and Dividend Update

In third- quarter 2025, Assurant repurchased shares for $81 million and paid $41 million in dividends. From Oct.ober 1 through Oct. 31, 2025, AIZ repurchased shares for $27 million. Assurant has $141 million remaining under the current repurchase authorization.

2025 Guidance Raised

Assurant expects adjusted EBITDA, excluding reportable catastrophes, to approach 10% growth.

Global Lifestyle adjusted EBITDA is projected to increase from growth in Connected Living and Global Automotive. 

Global Housing adjusted EBITDA, excluding reportable catastrophes, is anticipated to deliver strong growth. 

Corporate and Other adjusted EBITDA loss is expected to be $120 million. 

Adjusted earnings, excluding reportable catastrophes, per diluted share, are expected to deliver low double-digit growth. 

AIZ expects depreciation expense of approximately $150 million and interest expense of around $110 million.

AIZ continues to expect an effective tax rate of approximately 19% to 21% and amortization of purchased intangible assets of nearly $65 million.

Zacks Rank

AIZ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Some Other Insurers

CNA Financial Corporation CNA reported third-quarter 2025 core earnings of $1.50 per share, which beat the Zacks Consensus Estimate by 20%. The bottom line increased 39% year over year. Total operating revenues of CNA Financial were $3.4 billion, up 6.3% year over year. The top line missed the Zacks Consensus Estimate by 0.05%.

Net written premiums of Property & Casualty Operations increased 3.2% year over year to $2.4 billion, driven by P&C renewal premium change of more than 4% with a written rate of more than 3% and exposure change of more than 1%. Net investment income rose 2% year over year to $638 million. The Zacks Consensus Estimate and our estimate for net investment were both pegged at $690.5 million.

Unum Group’s UNM third-quarter 2025 operating net income of $2.09 per share missed the Zacks Consensus Estimate by 2.7%. The bottom line decreased 1.8% year over year. Total operating revenues of Unum Group were $3.4 billion, up 5% year over year, driven by higher premium income and other income. The top line beat the Zacks Consensus Estimate by 2.5%.

Premium increased 2.2% from the prior-year quarter to $2.7 billion, which matched our estimate as well as the Zacks Consensus Estimate. Total benefits and expenses increased 38.3% year over year to $3.3 billion. Our estimate for the same was $2.8 billion.

Chubb Limited CB reported third-quarter 2025 core operating income of $7.49 per share, which beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year. Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Our estimate was $14.4 billion while the Zacks Consensus Estimate was pegged at $14.5 billion. 

Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Our estimate and the Zacks Consensus Estimate were both pegged at $1.8 billion. Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year. Property and casualty underwriting income was $2.2 billion, up 55% year over year. The Zacks Consensus Estimate was pegged at $1.4 billion. 

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