second quarter 2026
Filed Aug 4, 2026Assurant Increases Full Year Outlook, Delivers Record Second Quarter Results
Second-quarter GAAP net income increased 27 percent to $298.6 million, Adjusted EBITDA increased 24 percent to $479.2 million, and both Global Lifestyle and Global Housing delivered double-digit Adjusted EBITDA growth. The company increased its 2026 outlook to mid-single-digit growth in Adjusted EBITDA and adjusted earnings per share excluding reportable catastrophes.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| GAAP net incomeGAAP | $298.6 million | – | 27% |
| GAAP net income, six monthsGAAP | $572.7 million | – | 50% |
| GAAP net income per diluted shareGAAP | $5.95 | – | 30% |
| GAAP net income per diluted share, six monthsGAAP | $11.34 | – | 54% |
| Adjusted EBITDAnon-GAAP | $479.2 million | – | 24% |
| Adjusted EBITDA, six monthsnon-GAAP | $920.7 million | – | 38% |
| Adjusted EBITDA, excluding reportable catastrophesnon-GAAP | $491.4 million | – | 18% |
| Adjusted EBITDA, excluding reportable catastrophes, six monthsnon-GAAP | $957.3 million | – | 12% |
| Adjusted earnings per diluted sharenon-GAAP | $6.41 | – | 26% |
| Adjusted earnings per diluted share, six monthsnon-GAAP | $12.34 | – | 46% |
| Adjusted earnings, excluding reportable catastrophes, per diluted sharenon-GAAP | $6.60 | – | 19% |
| Adjusted earnings, excluding reportable catastrophes, per diluted share, six monthsnon-GAAP | $12.91 | – | 14% |
| Total revenuesGAAP | $3,454.2 million | – | – |
| Total revenues, six monthsGAAP | $6,874.3 million | – | – |
| Net earned premiumsGAAP | $2,767.4 million | – | – |
| Fees and other incomeGAAP | $554.6 million | – | – |
| Net investment incomeGAAP | $142.4 million | – | – |
| Net realized losses on investments and fair value changes to equity securitiesGAAP | $(10.2) million | – | – |
| Policyholder benefitsGAAP | $748.3 million | – | – |
| Underwriting, selling, general and administrative expensesGAAP | $2,300.6 million | – | – |
| Interest expenseGAAP | $28.4 million | – | – |
| Income before provision for income taxesGAAP | $376.9 million | – | – |
| Provision for income taxesGAAP | $78.3 million | – | – |
| GAAP net income per basic shareGAAP | $5.98 | – | – |
| Common stock dividends per shareGAAP | $0.88 | – | – |
| Reportable catastrophesnon-GAAP | $12.2 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Global LifestyleNet earned premiums, fees and other income growth was driven primarily by Connected Living growth from global supply chain volumes and device protection programs, as well as higher contributions from extended service contracts and financial services programs. | $2,572.9 million | – | 9% |
| Global HousingNet earned premiums, fees and other income increased primarily in Homeowners due to growth in specialty products and lender-placed and lower catastrophe reinsurance costs. | $747.8 million | – | 7% |
2026 outlook
- Tax rateapproximately 19 to 21 percent
- NoteAdjusted EBITDA, excluding reportable catastrophes, now expected to increase mid single digits.
- NoteAdjusted EBITDA, excluding reportable catastrophes, excluding the impact of $71 million of lower favorable PYD in Global Housing: Approximately 10%.
- NoteGlobal Lifestyle Adjusted EBITDA now expected to increase low double digits.
- NoteGlobal Housing Adjusted EBITDA, excluding reportable catastrophes, now expected to grow modestly.
- NoteCorporate and Other Adjusted EBITDA loss now expected to approximate $145 million.
- NoteAdjusted earnings, excluding reportable catastrophes, per diluted share, now expected to increase mid single digits.
- NoteAdjusted earnings, excluding reportable catastrophes, per diluted share, excluding the impact of $71 million of lower favorable PYD in Global Housing: Approximately 10%.
- NoteDepreciation expense of approximately $180 million.
- NoteInterest expense of approximately $113 million.
- NoteAmortization of purchased intangible assets of approximately $70 million.
- NoteShare repurchases toward the upper end of the $300 million to $350 million range.
Capital returns
- Share repurchases and common stock dividends totaled $123 million in second quarter 2026.
- Assurant repurchased approximately 310 thousand shares of common stock for $75 million during second quarter 2026.
- Assurant paid $48 million in common stock dividends during second quarter 2026.
- From July 1 through July 31, 2026, the company repurchased approximately 108 thousand shares for $30 million.
- $544 million remains under the current repurchase authorization.
- The company now expects share repurchases toward the upper end of its $300 million to $350 million range.
What drove it
- Global Lifestyle Adjusted EBITDA increased 21 percent, driven by earnings growth across Connected Living and Global Automotive.
- Connected Living increased 29 percent, including $10 million of favorable non-run rate benefits in second quarter 2026. Excluding this, earnings grew 22 percent, primarily driven by global mobile growth, including global supply chain and device protection programs, as well as higher contributions from financial services.
- Global Automotive results increased from growth within global partnerships.
- Global Housing Adjusted EBITDA increased 28 percent and included $17.6 million of lower pre-tax reportable catastrophes.
- Excluding reportable catastrophes, Global Housing Adjusted EBITDA increased 18 percent, mainly driven by favorable non-catastrophe loss experience, primarily from lower than typical claims frequency.
- Homeowners results benefited from lower catastrophe reinsurance costs and growth in specialty products and lender-placed.
- Net earned premiums, fees and other income from Global Lifestyle and Global Housing totaled $3.32 billion, up 9 percent.
Concerns
- Global Housing growth was partially offset by $12 million of lower favorable prior period reserve development.
- Second quarter 2026 had $22.3 million of favorable non-catastrophe prior period reserve development, compared to $33.9 million in second quarter 2025.
- Corporate and Other Adjusted EBITDA loss increased to $(40.0) million, mainly driven by higher employee-related expenses and organic investments to support the Home Warranty business.
- The company expects the Corporate and Other Adjusted EBITDA loss to approximate $145 million, from higher employee-related expenses.
- The 2026 outlook does not contemplate prior year reserve development in second half 2026.
What to watch
- Whether Global Lifestyle delivers the outlook for low double-digit Adjusted EBITDA growth from Connected Living and Global Automotive.
- Whether Global Housing can grow modestly in Adjusted EBITDA excluding reportable catastrophes without prior year reserve development in the second half of 2026.
- Non-catastrophe loss experience and reportable catastrophe losses in Global Housing.
- The effect of higher employee-related expenses and Home Warranty organic investments on Corporate and Other results.
- Execution of share repurchases toward the upper end of the $300 million to $350 million range.
Balance sheet and cash flow
- Holding company liquidity totaled $911 million as of June 30, 2026, or $686 million above the company’s minimum level of $225 million.
- Dividends paid by the operating segments to the holding company in second quarter 2026 totaled $235 million.
- Investments and cash and cash equivalents were $12,156.2 million as of June 30, 2026, compared with $11,896.1 million as of December 31, 2025.
- Debt was $2,208.1 million as of June 30, 2026, compared with $2,206.9 million as of December 31, 2025.
- Total assets were $36,081.4 million as of June 30, 2026, compared with $36,289.6 million as of December 31, 2025.
- Total liabilities were $29,983.5 million as of June 30, 2026, compared with $30,418.0 million as of December 31, 2025.
- Total stockholders’ equity was $6,097.9 million as of June 30, 2026, compared with $5,871.6 million as of December 31, 2025.
Analysis
Assurant reported strong second-quarter results, with GAAP net income increasing 27 percent to $298.6 million and GAAP diluted EPS increasing 30 percent to $5.95. Adjusted EBITDA increased 24 percent to $479.2 million, while Adjusted EBITDA excluding reportable catastrophes increased 18 percent to $491.4 million. The difference reflects lower reportable catastrophes of $12.2 million versus $29.8 million in the prior-year quarter. Adjusted earnings excluding reportable catastrophes per diluted share increased 19 percent to $6.60, with share repurchases contributing to per-share growth.
Global Lifestyle was the principal operating-growth contributor. Segment Adjusted EBITDA increased 21 percent to $244.4 million and net earned premiums, fees and other income increased 9 percent to $2,572.9 million. Connected Living increased 29 percent, including $10 million of favorable non-run rate benefits. Excluding those benefits, Connected Living earnings grew 22 percent, supported by global mobile, global supply chain and device protection programs, plus higher financial-services contributions. Global Automotive also benefited from growth within global partnerships.
Global Housing delivered Adjusted EBITDA growth of 28 percent to $274.8 million, while Adjusted EBITDA excluding reportable catastrophes rose 18 percent to $287.0 million. Favorable non-catastrophe loss experience, lower catastrophe reinsurance costs, and specialty-products and lender-placed growth supported the result. The segment's reported performance also benefited from $17.6 million of lower pre-tax reportable catastrophes. The comparison included less favorable reserve development, as the quarter had $22.3 million of favorable non-catastrophe prior period reserve development versus $33.9 million in the prior-year quarter.
Corporate and Other was a partial offset, with its Adjusted EBITDA loss expanding to $(40.0) million from $(29.8) million. The company attributed the increase primarily to higher employee-related expenses and organic investments supporting Home Warranty, partially offset by higher investment income from higher assets. At the consolidated level, total revenues were $3,454.2 million, compared with $3,158.4 million, while underwriting, selling, general and administrative expenses were $2,300.6 million compared with $2,121.2 million.
Management increased its 2026 outlook, now expecting mid-single-digit growth in Adjusted EBITDA excluding reportable catastrophes and adjusted earnings excluding reportable catastrophes per diluted share. On an outlook basis excluding the impact of $71 million of lower favorable prior year reserve development in Global Housing, the company cited approximately 10% growth. The company expects Global Lifestyle Adjusted EBITDA to increase low double digits, Global Housing Adjusted EBITDA excluding reportable catastrophes to grow modestly, and the Corporate and Other Adjusted EBITDA loss to approximate $145 million. Holding company liquidity was $911 million, and the company returned $123 million through second-quarter share repurchases and common stock dividends while signaling repurchases toward the upper end of its $300 million to $350 million range.
Management, verbatim
Assurant delivered another quarter of record earnings, reinforcing our focus on building businesses that generate sustainable growth, create differentiated market positions, and deliver long-term value for shareholders.
Keith Demmings, President and CEO
Driven by our strong first-half, we are once again increasing our 2026 enterprise outlook. We now expect Adjusted EBITDA and Adjusted earnings per share growth of mid single digits or approximately 10% on an underlying basis, both excluding reportable catastrophes.
Keith Demmings, President and CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported metrics
- Gross margin
- Operating income
- Operating margin
- Operating cash flow
- Free cash flow
- Cash flow statement
- Revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Previous-release outlook for comparison with actual results
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.