Assurant (AIZ) FY2025 results: revenue $12.8 billion, up 7.9% on the year

Assurant sells protection products through the brands its customers already deal with: mobile carriers and electronics retailers, car dealers, mortgage servicers and property managers. It underwrites the cover and runs the administration behind it. It was incorporated in Delaware in 2004 and operates in North America, Latin America, Europe and Asia Pacific.

The two segments

Global Lifestyle is the larger of the two. It covers mobile devices, consumer electronics and appliances, credit card and travel benefits, and vehicles. Global Housing covers property: lender-placed and voluntary homeowners insurance, manufactured housing, flood and renters. A third reporting line, Corporate and Other, holds the holding company's own costs and an investment in a home warranty business.

Connected Living, and the phone business inside it

Connected Living is the bigger line within Global Lifestyle, and mobile is the bigger part of it. In 2025, mobile device solutions were 53.0 percent of that line's net earned premiums, fees and other income, extended service contracts on consumer electronics and appliances 34.4 percent, and financial services and other insurance products 12.6 percent. Assurant partners with carriers, handset makers and cable operators to sell device protection, then handles the whole life of a claim: the filing, the receipt and inspection of the device, the repair or refurbishment, and the eventual disposal through sale to a third party or reuse against another claim. It runs in-store, same-day repairs through a network of about 1,150 repair and partner locations, and it operates device care centres of its own, including one in Nashville. It also sells repaired or refurbished mobile and other electronic devices, and certified pre-owned devices, to clients to meet their insurance and consumer needs. In the mobile business it carries inventory of devices to meet the delivery requirements of certain clients.

The financial services piece of Connected Living sells credit card benefits, packaged bank account benefits, travel cover and credit insurance through banks and other financial institutions.

Global Automotive

The other line in Global Lifestyle underwrites and administers vehicle service contracts, which pay the cost of repairing a customer's vehicle after a mechanical breakdown. The cover extends past cars and trucks to recreational vehicles, powersports, and construction, forestry and agricultural equipment. Alongside them sit ancillary products, including guaranteed asset protection. These are sold through dealers, agents, third-party administrators, manufacturers and the banks and finance companies that fund the purchase. Assurant also runs risk management for commercial equipment lenders: insurance tracking, physical damage cover and service contracts.

Lender-placed insurance, which works differently from ordinary home cover

The buyer here is the mortgage servicer, not the homeowner. Assurant's tracking systems are linked to its clients' mortgage systems and check that every mortgaged property carries insurance. Where coverage may have lapsed, it begins up to ninety days of outreach to the homeowner and the last known insurer or agent. If cover still cannot be verified at the end of that, the servicer places a policy, which protects both the lender's interest and the borrower's equity. The placement rate, the ratio of policies placed to loans tracked, is the measure of that process. The homeowner can obtain or renew insurance in the ordinary market at any point. The same method runs for manufactured housing and flood. Next to it Assurant writes voluntary manufactured housing, condominium and homeowners insurance in selected states, and renters insurance sold through property managers, which covers the tenant's belongings and the owner's liability for tenant-caused damage. The company says it is the second largest administrator for the US government under the National Flood Insurance Program, where it earns fees for collecting premiums and processing claims and the risk is reinsured entirely to the government.

How it reaches the buyer

The model is business to business to consumer: Assurant partners with the brands, and the brands carry its products to their own customers. Many of the agreements are exclusive, they generally run three to five years, and its administrative and technology systems are integrated with the client's. Global Lifestyle earned about 80.7 percent of its revenue in North America in 2025, 7.7 percent in Latin America, 5.9 percent in Europe and 5.7 percent in Asia Pacific. The filing states plainly that both segments depend on a small number of clients, naming the mobile carriers and cable operators in particular.

From Assurant's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.