Assurant, Inc.

Assurant said second-quarter adjusted EBITDA increased 18% and adjusted EPS increased 19%, both excluding reportable catastrophes. In Global Lifestyle, second-quarter adjusted EBITDA rose 21% or $43 million versus last year; Connected Living EBITDA increased 29% or $39 million, including about $10 million of non-run-rate benefits, and normalized growth was 22%. Global Automotive EBITDA increased 6% or $4 million. In Global Housing, second-quarter adjusted EBITDA was $275 million including $12 million of reportable catastrophes; excluding cats, it was $287 million, up $43 million or 18%, with a non-cat loss ratio of approximately 35% excluding prior period reserve development. Liquidity at quarter end was $911 million, and the company returned $123 million to shareholders in the quarter, including $75 million of repurchases and $48 million of dividends. For 2026, management now expects full-year adjusted EBITDA and adjusted EPS to grow mid-single digits excluding cats, or about 10% underlying growth excluding the $71 million impact of lower favorable prior-year reserve development. Lifestyle is now expected to grow low double digits, and Housing is expected to grow modestly, excluding cats. Share repurchases are expected to be toward the upper end of the $300 million to $350 million range.

Keith Demmings framed the quarter as proof of Assurant’s durable model, saying the company delivered its second straight quarter of record earnings and is on track for a 10th consecutive year of profitable growth. He emphasized that prior investments in 2024 and 2025 are now scaling, especially in mobile, financial services, and housing, and said the company still sees “great momentum” heading into 2027. His tone was confident and upbeat, with repeated emphasis on disciplined execution, client partnerships, and long-term investment in data, automation, and AI.

Keith Meier highlighted the core numbers: adjusted EBITDA up 18% and adjusted EPS up 19% in Q2 excluding cats, with Global Lifestyle up 21% and Global Housing up $43 million excluding cats. He called out the $275 million reported Housing EBITDA figure, the $911 million holding-company liquidity balance, and $123 million returned to shareholders in the quarter, then said year-to-date repurchases reached $230 million after an additional $30 million through July 31. He also said the 2026 outlook was raised to mid-single-digit growth excluding cats, or about 10% underlying growth excluding the $71 million drag from prior-year reserve development, and that buybacks are now expected near the top of the $300 million to $350 million range.

Analysts focused on whether the first-half momentum is mostly the result of prior investments finally scaling or whether more upside remains into 2027. Management said it is both: the company is benefiting from investments made in 2024 and 2025, but still sees additional opportunities, including 4 new Connected Living programs announced last quarter and a new Housing client win with Freedom Mortgage. Questions also centered on Housing placement rates, claims inflation, and auto frequency; management said the placement-rate dip was driven by a loan transfer from a small, high-placement-rate block, that inflation is manageable, and that auto frequency changes have not been significant. On capital allocation, management reiterated flexibility for M&A and said it remains disciplined, rather than signaling a change beyond the higher buyback target.