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what it is
Assurant sells insurance, warranties, and support across 3 business lines for homes, phones, and lender programs.
how it gets paid
2025 total revenues were ~$12.81B. Global Lifestyle net earned premiums, fees, and other income were ~$9.58B (~75% of that segment pair with Housing); Global Housing was ~$2.77B.
why it's growing
2025 total revenues rose ~7.9% vs. 2024. Q4 2025 total revenues were ~$3.35B — not $9.5B (that older line mixed periods).
what just happened
Assurant posted $5.61 in EPS and beat the $3.60 estimate by 55.8%.
At a glance
A balance sheet — strong enough to weather a downturn
50/100 earnings predictability — expect surprises
13.1x trailing p/e — the market's not buying it — or you found a deal
1.4% dividend yield — cash in your pocket every quarter
10.6% return on capital — nothing to write home about
xvary composite: 79/100 — average
What they do
Assurant sells insurance, warranties, and support across 3 business lines for homes, phones, and lender programs.
Assurant runs 3 segments and employs 14,200 people. That is a paperwork machine, not a sexy story. Your phone claim, roof claim, or landlord form is hard to unwind once a partner has built it into the workflow.
How they make money
$12.8B
annual revenue · their business grew +7.9% last year
Global Lifestyle (premiums, fees & other)
$9.6B
+7%
Global Housing (premiums, fees & other)
$2.8B
+13%
Other consolidated revenue (incl. investment income, eliminations)
$0.5B
The products that matter
device protection programs
Device & Appliance Protection
~60% of revenue
It sits inside the $7.7B Global Lifestyle segment, which is roughly 60% of company revenue. When phone upgrade activity rises, this engine usually gets louder.
60% of revenue
lender-placed housing coverage
Lender-Placed Home Insurance
~$2.8B segment revenue (FY2025)
Lender‑placed and specialty housing products — earnings swing with cats, prior‑period development, and policy growth.
housing stack
financial services programs
Card Benefits Programs
revenue not broken out
Management flagged this as a growth driver inside a $12.8B company, but this page does not have segment dollars for it. Thin disclosure means you should treat the upside story as real but unproven.
watch disclosure
Key numbers
$20.00
fy2026 eps est
$12.8B
fy rev est
SEC filings point to roughly $12.8B in annual sales.
13.1x
trailing p/e
1.4%
dividend yield
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 85 / 100
- long-term debt $2.2B (16% of capital)
- return on equity 11% — $0.11 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in AIZ 3 years ago → it's now worth $19,140.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Q4 2025: adjusted EPS $5.61; GAAP EPS $4.41.
Total revenues were ~$3.35B in Q4 2025 and ~$12.81B for the full year (vs. ~$3.10B / ~$11.88B in 2024). Global Lifestyle and Global Housing premiums and fees grew; cats and prior‑year development still move the print.
$3.35B
Q4 revenues
$5.61
adj. EPS
$4.41
GAAP EPS
the number that mattered
~$12.8B FY revenue proves scale; the adjusted vs. GAAP gap tells you how much noise sits in amortization, cats, and one‑offs.
-
we think assurant will post solid results for 2025.
-
premium income will likely advance around 7%, supported by pipeline innovations, benefits from prior premium rate hikes, and the inclusion of several recent partnership wins.the global lifestyle segment appears poised to benefit from continued commercial momentum in the connected living arm and improvement in the global automotive sector.
-
moreover, expanding mobile programs and the latest iphone upgrade cycle likely lifted trade-in volumes in the holiday season.
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too, a new card benefits program drove strength within financial services.meanwhile, international oem relationships and u.s. dealership wins (i.e., the expanded partnership with the largest privately-owned u.s. dealership holman automotive) likely helped to improve loss experience in the global automotive sector.
-
further, the global housing unit likely benefited from lower catastrophe losses than in 2024, higher lender-placed policy activity, and ongoing disruptions in the voluntary homeowners insurance markets that benefit assurant.
source: Assurant Q4 & FY2025 results (Feb 10, 2026) — Business Wire · ir.assurant.com
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What could go wrong
the #1 risk is renewal risk with major wireless carrier and bank partners.
med
partner concentration
A few large relationships drive a meaningful share of the business. That is the trade-off in a model built on embedded programs rather than direct customer acquisition.
Global Lifestyle is 60% of revenue. If one major carrier or bank cuts terms or walks, the hit shows up fast.
med
catastrophe loss volatility
Global Housing is $4.6B of revenue, or 36% of the company. It benefits from policy activity, but storms and claims severity can take the same segment the other way.
Lower catastrophe losses helped the latest quarter. The next weather-heavy period can reverse that help without warning.
low
earnings snapback after an unusually strong quarter
A 50 / 100 earnings predictability score tells you smooth compounding is not the promise here. The latest EPS jump was big enough that the next comparison gets harder.
If EPS falls back toward ordinary growth while the stock stays at $234, the multiple can look fair instead of cheap.
With 60% of revenue in Global Lifestyle and 36% in Global Housing, the story is concentrated in two questions: do the big partners stay, and does claims experience stay tame enough for housing to cooperate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
thesis
a low-multiple compounder hiding inside an insurer label
13.1x earnings, 14% return on equity, and a quarter with 103% EPS growth is an unusual combination. The market sees insurance. The better read is a partner-embedded protection business with steadier capital returns than the label implies.
the quiet part
Global Lifestyle is the stock
At $7.7B, Global Lifestyle is 60% of revenue and grew 9%, faster than housing at 6%. If you think AIZ is mainly a housing insurer, you are underwriting the wrong business.
what would change our mind
renewals crack or lifestyle loses its pace
We would get colder fast if a major partner renewal weakens, if Global Lifestyle loses momentum, or if earnings depend too heavily on lower catastrophe losses for more than a quarter. That's the kill criteria. If the main segment slows and housing stops helping, the cheap multiple is probably accurate.
next check-in
separate cycle help from structural improvement
You want to see whether the next quarter still shows healthy earnings without needing the same mix of trade-in strength and lighter catastrophe losses. If both engines contribute again, the rerating case gets stronger. If only one does, the story stays partial.
Analyst rankings
short-term outlook
top 20%
outlook rank 2 — analysts expect above-average price performance in the year ahead. in human-speak: they like it.
risk profile
above average
risk rank 2 — safer than roughly 80% of stocks. Not risk-free. Just sturdier than most.
chart momentum
average
momentum rank 3 — the chart is acting normal. No panic, no stampede.
earnings predictability
50 / 100
Results can surprise you. That is the trade-off with a business tied to upgrade cycles, claims, and catastrophe exposure.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 267 buyers vs. 263 sellers in 3q2025. total institutional holdings: 47.1M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$193
$365
$234
current price
$279
target midpoint · +19% from current · 3-5yr high: $380 (+60% · 14% ann'l return)
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