Assurant reported GAAP net income of $872.7 million for 2025, a 15% increase from the prior year, as lower catastrophe losses and gains across its Global Housing and Global Lifestyle segments drove earnings higher.
The New York-based protection company delivered GAAP net income per diluted share of $16.93 for the full year, up 17% from $14.46 in 2024. The increase reflected segment performance and the impact of share repurchases, partially offset by a higher effective tax rate and restructuring costs.
Fourth quarter GAAP net income rose 12% to $225.2 million from $201.3 million in the same period of 2024, with lower reportable catastrophes and higher segment earnings in Global Housing offsetting restructuring expenses.
The 2025 performance represents a deceleration from recent years as growth rates normalize following an exceptional 2023 rebound, company filings indicate. Net income surged 132% in 2023 to $642.5 million from a depressed 2022 base of $277 million, then climbed 18% in 2024 to $760.2 million before posting 15% growth in 2025.
The company has delivered nine consecutive years of profitable growth, data shows, maintaining momentum within or above guidance targets across the period.
Restructuring costs tied to operational efficiency initiatives represented a headwind to 2025 earnings, though the company did not disclose specific dollar amounts. The expenses relate to "strategic exit activities" outside normal periodic restructuring and cost management activities, financial statements reveal.
The 2025 restructuring costs were higher than 2024 levels, when "lower restructuring costs" contributed positively to segment earnings in Global Housing, filings show. The company excludes these costs from Adjusted EBITDA, treating them as non-recurring strategic investments.
Adjusted EBITDA for 2025 increased 16% to $1.54 billion from $1.32 billion in 2024. Excluding reportable catastrophes, adjusted EBITDA grew 11% to $1.73 billion, driven by growth in both Global Housing and Global Lifestyle segments.
Net earned premiums, fees and other income from the Global Lifestyle and Global Housing segments totaled $12.35 billion for 2025, up 8% from $11.42 billion in 2024.
Adjusted earnings per diluted share, excluding reportable catastrophes, increased 12% to $22.81 for the full year from $20.35 in 2024.
"Our 2025 performance underscores the position of strength from which Assurant continues to operate, delivering our ninth consecutive year of profitable growth," said Keith Demmings, president and chief executive (pictured above). He noted that sustained investments in innovation have transformed operations and product offerings.
Demmings said the company launched Assurant Home Warranty and expanded partnerships with global brands. "As we look to 2026, Assurant is well positioned to build on this momentum," he added.
