Assurant Increases Full-Year Outlook, Delivers Double-Digit Earnings and EPS Growth Year-to-Date
ASSURANT, INC. (AIZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Assurant Increases Full-Year Outlook, Delivers Double-Digit Earnings and EPS Growth Year-to-Date 2026 Outlook Increased to Deliver Low Double-Digit Adjusted EPS Growth, Led by Mid-to-High Teens Global Lifestyle Adjusted EBITDA Growth (Unaudited) Q3'26 Q3'25 Change 9M
How this was made
The 30-second read
Why it matters
The guidance raise and buyback indicate stronger profitability and cash generation, likely attracting income‑focused investors.
Market read
The new guidance and repurchase plan provide fresh, material information that can move the stock in the short term.
What to watch
Higher catastrophe losses and investment losses could offset some of the earnings upside if adverse events materialize.
Assurant Increases Full-Year Outlook, Delivers Double-Digit Earnings and EPS Growth Year-to-Date
Third-quarter adjusted EBITDA increased 8% to $464.4 million and adjusted earnings per diluted share increased 7% to $6.15, while adjusted EBITDA excluding reportable catastrophes increased 12% to $484.1 million. Both operating segments grew, and the company increased its 2026 outlook for adjusted EBITDA excluding reportable catastrophes and adjusted earnings per diluted share.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesGAAP | $3.53B | – | 10% |
| 9M 2026 total revenuesGAAP | $10.40B | – | – |
| Q3 2026 net earned premiumsGAAP | $2.83B | – | – |
| 9M 2026 net earned premiumsGAAP | $8.38B | – | – |
| Q3 2026 fees and other incomeGAAP | $579.7M | – | – |
| 9M 2026 fees and other incomeGAAP | $1.63B | – | – |
| Q3 2026 net investment incomeGAAP | $147.2M | – | – |
| 9M 2026 net investment incomeGAAP | $449.2M | – | – |
| Q3 2026 net realized losses on investments and fair value changes to equity securitiesGAAP | −$25.3M | – | – |
| 9M 2026 net realized losses on investments and fair value changes to equity securitiesGAAP | −$56.7M | – | – |
| Q3 2026 policyholder benefitsGAAP | $782.4M | – | – |
| 9M 2026 policyholder benefitsGAAP | $2.30B | – | – |
| Q3 2026 underwriting, selling, general and administrative expensesGAAP | $2.37B | – | – |
| 9M 2026 underwriting, selling, general and administrative expensesGAAP | $6.96B | – | – |
| Q3 2026 interest expenseGAAP | $28.3M | – | – |
| 9M 2026 interest expenseGAAP | $85M | – | – |
| Q3 2026 total benefits, losses and expensesGAAP | $3.18B | – | – |
| 9M 2026 total benefits, losses and expensesGAAP | $9.34B | – | – |
| Q3 2026 income before provision for income taxesGAAP | $350.4M | – | – |
| 9M 2026 income before provision for income taxesGAAP | $1.06B | – | – |
| Q3 2026 provision for income taxesGAAP | $75.2M | – | – |
| 9M 2026 provision for income taxesGAAP | $215M | – | – |
| Q3 2026 GAAP net incomeGAAP | $275.2M | – | 4% |
| 9M 2026 GAAP net incomeGAAP | $847.9M | – | 31% |
| Q3 2026 GAAP net income per diluted shareGAAP | $5.49 | – | 6% |
| 9M 2026 GAAP net income per diluted shareGAAP | $16.82 | – | 34% |
| Q3 2026 adjusted EBITDAnon-GAAP | $464.4M | – | 8% |
| 9M 2026 adjusted EBITDAnon-GAAP | $1.39B | – | 26% |
| Q3 2026 reportable catastrophesnon-GAAP | $19.7M | – | – |
| 9M 2026 reportable catastrophesnon-GAAP | $56.3M | – | – |
| Q3 2026 adjusted EBITDA, excluding reportable catastrophesnon-GAAP | $484.1M | – | 12% |
| 9M 2026 adjusted EBITDA, excluding reportable catastrophesnon-GAAP | $1.44B | – | 12% |
| Q3 2026 adjusted earningsnon-GAAP | $308M | – | – |
| 9M 2026 adjusted earningsnon-GAAP | $931M | – | – |
| Q3 2026 adjusted earnings per diluted sharenon-GAAP | $6.15 | – | 7% |
| 9M 2026 adjusted earnings per diluted sharenon-GAAP | $18.47 | – | 30% |
| Q3 2026 adjusted earnings, excluding reportable catastrophes, per diluted sharenon-GAAP | $6.46 | – | 12% |
| 9M 2026 adjusted earnings, excluding reportable catastrophes, per diluted sharenon-GAAP | $19.36 | – | 13% |
| Q3 2026 common stock dividends per shareGAAP | $0.88 | – | – |
| 9M 2026 common stock dividends per shareGAAP | $2.64 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Global LifestyleNet earned premiums, fees and other income growth was driven primarily by Connected Living mobile supply chain volumes and global device protection programs, plus higher contributions from extended service contracts and financial services. Global Automotive increased from growth from global partnerships. | $2.66B | – | 11% |
| Global HousingNet earned premiums, fees and other income growth was driven primarily by Homeowners specialty-product growth, lower catastrophe reinsurance costs, and higher average insured values within lender-placed. | $744.9M | – | 6% |
2026 outlook
- Tax rateapproximately 19 to 21 percent
- NoteAdjusted EBITDA, excluding reportable catastrophes: approximately 10% growth
- NoteAdjusted EBITDA, excluding reportable catastrophes, excluding prior year reserve development: Low-to-Mid Teens
- NoteAdjusted earnings, excluding reportable catastrophes, per diluted share: Low Double Digits growth
- NoteAdjusted earnings, excluding reportable catastrophes, per diluted share, excluding prior year reserve development: Mid Teens
- NoteGlobal Lifestyle Adjusted EBITDA: mid-to-high teens growth
- NoteGlobal Housing Adjusted EBITDA, excluding reportable catastrophes: mid single digits growth
- NoteCorporate and Other Adjusted EBITDA loss: approximate $150 million
- NoteDepreciation expense: approximately $180 million
- NoteInterest expense: approximately $113 million
- NoteAmortization of purchased intangible assets: approximately $70 million
- NoteShare repurchases: $350 million
Capital returns
- Share repurchases and common stock dividends totaled $119 million in third quarter 2026.
- Assurant repurchased approximately 268 thousand shares of common stock for $75 million during third quarter 2026.
- Assurant paid $44 million in common stock dividends during third quarter 2026.
- From October 1 through October 31, 2026, the company repurchased approximately 108 thousand shares for $30 million.
- As of October 31, 2026, $469 million remained under the current repurchase authorization.
- The company now expects share repurchases of $350 million.
What drove it
- Global Lifestyle adjusted EBITDA increased 15%, driven by 23% earnings growth within Connected Living, reflecting mobile growth across global supply chain and device protection programs and higher contributions from financial services.
- Global Automotive results were slightly above the prior-year period, which included a previously disclosed non-run rate benefit of $6.1 million. Excluding this benefit, Global Automotive increased 9%, driven by improved loss experience and continued growth from global partnerships.
- Global Housing adjusted EBITDA excluding reportable catastrophes increased 11%, mainly driven by favorable non-catastrophe loss experience, primarily from lower claims frequency, and lower catastrophe reinsurance costs.
- The third-quarter increase in GAAP net income was primarily driven by higher Global Lifestyle and Global Housing earnings and the impact of share repurchases.
Concerns
- Third-quarter reportable catastrophes were $19.7 million, compared with $2.0 million in the prior-year period.
- Global Housing results were partially offset by $16.8 million of higher pre-tax reportable catastrophes.
- Global Housing growth was partially offset by the impact of $7.9 million of lower favorable prior period reserve development.
- Corporate and Other adjusted EBITDA loss was $(40.8) million, compared with $(31.6) million, mainly driven by higher employee-related expenses and investments to support the Home Warranty business.
- GAAP net income was partially offset by higher net realized losses on investments and fair value changes to equity securities and higher Corporate and Other expenses.
What to watch
- Delivery of the approximately 10% 2026 adjusted EBITDA growth outlook excluding reportable catastrophes.
- Delivery of low double-digit 2026 adjusted earnings per diluted share growth excluding reportable catastrophes.
- Global Lifestyle adjusted EBITDA growth expected in the mid-to-high teens, including contributions from Connected Living and Global Automotive.
- Global Housing adjusted EBITDA growth excluding reportable catastrophes expected in the mid single digits.
- The effect of prior year reserve development, as 2026 outlook does not contemplate prior year reserve development in fourth quarter 2026.
- Corporate and Other adjusted EBITDA loss, expected to approximate $150 million.
- The company’s planned $350 million of share repurchases and remaining $469 million authorization as of October 31, 2026.
Balance sheet and cash flow
- Holding company liquidity totaled $954 million as of September 30, 2026, or $729 million above the company’s minimum level of $225 million.
- Dividends paid by the operating segments to the holding company in third quarter 2026 totaled $226 million.
- Investments and cash and cash equivalents were $12,264.4 million at September 30, 2026, compared with $11,896.1 million at December 31, 2025.
- Debt was $2,208.7 million at September 30, 2026, compared with $2,206.9 million at December 31, 2025.
- Total assets were $36,493.5 million at September 30, 2026, compared with $36,289.6 million at December 31, 2025.
- Total stockholders’ equity was $5,991.9 million at September 30, 2026, compared with $5,871.6 million at December 31, 2025.
Analysis
Assurant reported a stronger third quarter, with GAAP net income increasing 4% to $275.2 million and GAAP diluted EPS increasing 6% to $5.49. Total revenues increased 10% to $3,529.5 million. Adjusted EBITDA increased 8% to $464.4 million, while adjusted EBITDA excluding reportable catastrophes increased 12% to $484.1 million. Adjusted earnings per diluted share increased 7% to $6.15, and adjusted earnings excluding reportable catastrophes per diluted share increased 12% to $6.46.
Global Lifestyle was the larger growth contributor. Its net earned premiums, fees and other income increased 11% to $2,661.1 million and adjusted EBITDA increased 15% to $236.9 million. Connected Living generated 23% earnings growth, supported by mobile growth across global supply chain and device protection programs and higher financial-services contributions. Global Automotive was slightly above the prior-year period, despite the prior-year period including a $6.1 million non-run rate benefit.
Global Housing revenue increased 6% to $744.9 million and reported adjusted EBITDA increased 5% to $268.3 million. Excluding reportable catastrophes, adjusted EBITDA increased 11% to $288.0 million. Favorable non-catastrophe loss experience, primarily lower claims frequency, and lower catastrophe reinsurance costs supported the result. These factors were partly offset by $16.8 million of higher pre-tax reportable catastrophes and $7.9 million of lower favorable prior period reserve development.
Capital allocation remained active. Holding company liquidity was $954 million as of September 30, 2026, compared with the company’s minimum level of $225 million. The company repurchased approximately 268 thousand shares for $75 million and paid $44 million in common dividends during the quarter. It also repurchased approximately 108 thousand shares for $30 million through October 31, with $469 million remaining under the authorization.
Management increased its 2026 outlook. It now expects adjusted EBITDA excluding reportable catastrophes to increase approximately 10% and adjusted earnings excluding reportable catastrophes per diluted share to increase low double digits. The outlook calls for mid-to-high teens Global Lifestyle adjusted EBITDA growth, mid-single-digit Global Housing adjusted EBITDA growth excluding reportable catastrophes, and a Corporate and Other adjusted EBITDA loss of approximately $150 million. The outlook does not contemplate prior year reserve development in the fourth quarter of 2026.
Management, verbatim
Our exceptional third quarter results reflect strong momentum across Assurant, positioning us for a record year and our 10th consecutive year of profitable growth.
Keith Demmings, President and CEO
Given our strong performance and broad-based earnings growth across Assurant, we are increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA growth of approximately 10% and Adjusted earnings per share growth of low double digits, both excluding reportable catastrophes.
Keith Demmings, President and CEO
Not in the filing
stated, not guessed- Prior-period outlook was not provided; therefore, no comparison of reported results with prior guidance is available.
- GAAP revenue guidance was not reported.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Operating cash flow and free cash flow were not reported.
- Cash and cash equivalents as a standalone balance-sheet line were not reported; the filing reported investments and cash and cash equivalents together.
- Quarter-over-quarter comparisons were not reported for the listed operating metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Assurant reported Q3 2026 results, showing modest profit growth and announced an increased full‑year outlook with double‑digit EPS growth expectations.
Ticker impact
Assurant issued guidance raising its 2026 outlook to low double‑digit adjusted EPS growth and announced a $350 million share‑repurchase plan.
likely upward pressure as investors price in higher earnings growth and buyback support
The company’s own filing lifts full‑year EPS expectations and adds a sizable repurchase, which typically drives demand for the stock.
Market effects
Strengthens the insurance and protection services sector outlook, suggesting peers may benefit from similar growth trends.
Positive for U.S. insurers and related financial services stocks.
Reinforces confidence in global lifestyle protection businesses, potentially boosting related international players.
Counterpoint
If the guidance increase is already priced in, the stock may face limited upside and could be vulnerable to earnings miss.
Key entities
- companyAssurant, Inc.
U.S. insurer providing protection products for devices, homes, automobiles and commercial equipment.
