Assurant NYSE: AIZ reported a second consecutive quarter of record earnings in the second quarter of 2026, supported by growth in its Global Lifestyle and Global Housing businesses. Management raised its full-year outlook, citing program expansion, improving operating performance and continued capital returns.
President and Chief Executive Officer Keith Demmings said adjusted EBITDA and adjusted earnings per share each grew at high-teen rates during the quarter excluding reportable catastrophes. For the first half of 2026, adjusted EBITDA increased 12% and adjusted EPS rose 14%, also excluding catastrophes.
“In a dynamic operating environment, Assurant continues to deliver as we balance near-term execution with long-term investments, including within data, automation, and AI,” Demmings said. He said those investments are intended to improve decision-making, operating speed and customer support.
Global Lifestyle Leads Earnings Growth
Global Lifestyle adjusted EBITDA increased 21% from a year earlier in the second quarter, or $43 million, according to Chief Financial Officer Keith Meier. Connected Living was the principal contributor, with adjusted EBITDA rising 29%, or $39 million.
Connected Living results included approximately $10 million of non-run-rate benefits, including a client adjustment in extended service contracts and an international tax benefit in mobile. Excluding those items, Connected Living adjusted EBITDA grew 22%, Meier said.
The business benefited from mobile-device protection subscriber growth, supply-chain services and financial-services program optimization. Assurant added more than 4 million protected devices across U.S. and international partnerships over the past year. Its supply-chain operations, including reverse logistics, trade-ins, upgrades and claims fulfillment, serviced more than 7 million devices during the quarter, up approximately 1.8 million from a year earlier.
Demmings said the company expanded its relationship with T-Mobile, including the migration of U.S. Cellular’s in-force business and the launch of a reverse-logistics program through a co-located facility. He also cited program wins and optimization efforts involving Telstra, Best Buy and Chase Card Services.
Global Automotive adjusted EBITDA rose 6%, or $4 million, as the company expanded global partnerships, particularly in Latin America and Europe. Meier said results also reflected improving loss experience. Year-to-date, Global Automotive adjusted EBITDA increased 15%.
During the question-and-answer session, Demmings said Assurant has implemented 26 rate increases since 2022 across a limited number of client programs where it had risk exposure. He said those actions are contributing to financial performance, alongside international expansion and opportunities with larger U.S. dealers.
Housing Results Benefit From Lower Losses and New Mortgage Partner
Global Housing generated second-quarter adjusted EBITDA of $275 million, including $12 million of reportable catastrophes. Excluding catastrophes, adjusted EBITDA was $287 million, up $43 million, or 18%, from the prior-year period.
Meier said the segment benefited from a lower-than-typical non-catastrophe loss ratio of about 35%, excluding prior-period reserve development. The favorable result was driven by fewer weather events and reduced claims frequency during the quarter. On a year-to-date basis, the non-catastrophe loss ratio was relatively consistent with 2025, he said.
Lower catastrophe reinsurance costs following the April 1 placement of the company’s 2026 program, specialty-products growth and higher average lender-placed premiums also aided results. These gains were partly offset by $12 million less favorable prior-period reserve development compared with the prior year.
Assurant began providing lender-placed insurance services to Freedom Mortgage during the second quarter. Freedom Mortgage has approximately 2.6 million loans, according to management. Assurant’s total tracked loans increased 9% to more than 34 million, driven by the new relationship.
The company’s lender-placed insurance placement rate was 2.02% in the quarter, roughly flat from a year earlier but down sequentially. Management said the sequential decline was entirely due to a client transferring a portion of its loan portfolio to a servicer that is not an Assurant client; the transferred loans had a higher-than-average placement rate.
Demmings said that excluding this portfolio movement, the underlying placement rate remained stable and was still higher year over year. He said policy volume associated with the Freedom Mortgage program is expected to ramp over the next 12 months.
Within renters insurance, Assurant’s Cover360 platform added a new partner during the quarter. The company now serves seven of the 10 largest property management companies, Demmings said.
Outlook Raised; Capital Returns Accelerate
Assurant increased its 2026 outlook and now expects full-year adjusted EBITDA and adjusted EPS to grow at a mid-single-digit rate excluding catastrophes, despite an expected $71 million reduction in favorable prior-year reserve development. The company expects approximately 10% underlying growth in both measures when excluding the impact of prior-year reserve development and catastrophes.
Global Lifestyle is expected to post low-double-digit earnings growth for the year, while Global Housing is expected to grow modestly excluding catastrophes. Management said the Housing outlook would reflect solid underlying growth absent lower favorable reserve development.
At quarter-end, Assurant had $911 million in holding-company liquidity. It returned $123 million to shareholders during the second quarter, including $75 million in share repurchases and $48 million in dividends. Through July 31, the company had repurchased $230 million of stock year to date.
Meier said Assurant now expects 2026 repurchases to be toward the upper end of its previously stated $300 million to $350 million range. Management said it also intends to retain flexibility for organic investment and potential mergers and acquisitions.
Demmings said the company sees continued momentum heading into 2027, as programs launched and investments made in 2024 and 2025 continue to scale. “We’re very well-positioned to deliver our 10th consecutive year of profitable growth,” he said.
About Assurant (NYSE:AIZ)
Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.
Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.
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