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- **Q3 2025 Strong Performance:** Adjusted EBITDA and EPS (excl. cats) up 13% YoY, with Global Lifestyle and Housing segments leading growth.
- **2025 Outlook Upgraded:** EPS growth now low double digits vs. prior mid-single digits; EBITDA growth ~10% (excl. cats).
- **Strategic Investments Paying Off:** $15M in new programs driving Connected Living and Auto growth; 2026 reverse logistics facility to add EBITDA.
- **Capital Flexibility:** $613M liquidity supports $300M+ buybacks and M&A pipeline execution.
- **Future Growth Catalysts:** New Corporate program (Feb 2026 update), lender-placed housing expansion, and global auto margin stability.

**【CEO Opening Remarks】**
- Assurant delivered strong Q3 2025 results with double-digit earnings growth across Global Housing and Global Lifestyle. Adjusted EBITDA and EPS (excluding catastrophes) grew 13% YoY, driven by operational excellence and strategic investments.
- 2025 outlook revised upward: Full-year adjusted EPS growth now expected in low double digits, with adjusted EBITDA growth approaching 10% (excluding cats), up from prior expectations.
- Global Lifestyle highlights:
  - Connected Living EBITDA up 12% YoY, driven by new mobile carrier partnership and Best Buy collaboration.
  - Global Auto EBITDA up 15% YoY, supported by improved loss experience and stable run rates.
- Global Housing momentum continues with Homeowners and Renters businesses benefiting from lender-placed policy growth and PMC partnerships.

**【CFO Financial Commentary】**
- Q3 2025 Financial Highlights:
  - Global Lifestyle: Adjusted EBITDA up 12% YoY, with Connected Living (+11%) and Global Auto (+15%) leading growth.
  - Global Housing: Adjusted EBITDA (excluding cats) up 13% YoY to $259 million, driven by Homeowners policy expansion and lower claims frequency.
- Liquidity strong at $613 million, enabling $122 million in shareholder returns (Q3) and $234 million YTD.
- Updated 2025 Outlook:
  - Adjusted EPS growth: Low double digits (vs. prior mid-single digits).
  - Adjusted EBITDA growth: ~10% (excluding cats).
  - Strategic investments: $15 million in new programs and partnerships.

**【Q&A Highlights】**
- **Connected Living Expansion:**
  - New mobile carrier partnership to launch state-of-the-art reverse logistics facility in 2026, with EBITDA contribution expected in '26.
  - Best Buy Geek Squad partnership to expand device repair and claims fulfillment services.
- **Capital Allocation:**
  - Share buybacks: Targeting $300 million for 2025 (top end of $200-300M range).
  - M&A pipeline active, with recent acquisitions in Brazil (Gestauto) and Japan (U-Solutions).
- **2026 Growth Drivers:**
  - New adjacent business program in Corporate segment (details to be shared in Feb 2026 call).
  - Global Housing: Lender-placed policies and PMC partnerships to sustain policy growth.
  - Global Auto: Rate increases and claims process improvements to maintain margin stability.

Assurant, Inc. (AIZ) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

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Income Tax Adjustments

Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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