Assurant (NYSE:AIZ) reported broad-based earnings growth in the third quarter, led by gains in its Global Lifestyle and Global Housing segments, and raised its outlook for full-year 2026 adjusted EBITDA and adjusted earnings per share growth.
President and Chief Executive Officer Keith Demmings said third-quarter adjusted EBITDA and adjusted EPS each increased 12% from a year earlier, excluding reportable catastrophes. Through the first nine months of 2026, adjusted EBITDA rose 12% and adjusted EPS increased 13%, also excluding reportable catastrophes.
“Our third quarter results reflect broad-based earnings growth across Assurant, supporting a record year and demonstrating the financial and operational momentum behind our strategy,” Demmings said. The company said it is positioned to deliver its 10th consecutive year of profitable earnings growth.
Global Lifestyle Leads Growth
Global Lifestyle adjusted EBITDA increased 15%, or $30 million, in the third quarter. Connected Living adjusted EBITDA rose 23%, also representing a $30 million increase, as Assurant expanded mobile programs, scaled supply-chain services and grew its card-benefits business in financial services.
Chief Financial Officer Keith Meier said Assurant serviced 7.6 million devices through its fee-based global supply-chain solutions during the quarter, up about 2.8 million devices from a year earlier, driven by new reverse-logistics programs. The company added 3.7 million protected devices over the past 12 months.
Demmings said Assurant now protects more than 69 million mobile devices globally. Through the first nine months of the year, the company processed more than 22 million devices through reverse-logistics and trade-in programs.
Management said rising device costs and longer replacement cycles are supporting demand for device protection, trade-in services and refurbished devices. Assurant operates nine global device-care centers that service refurbished devices.
Global Automotive adjusted EBITDA was slightly above the prior-year quarter. Meier noted that third-quarter 2025 results included a previously disclosed $6 million non-recurring benefit. Excluding that item, underlying Auto earnings increased $7 million, or 9%, on improving loss experience and expanding global partnerships.
Net written premium in Auto increased 25%, according to an analyst question. Meier said roughly half of that increase reflected timing associated with a specific client, while the remaining portion came from recurring growth, including expansions with two U.S. clients and growth in global partnerships.
The company renewed two third-party administrator relationships and added partnerships with a large original equipment manufacturer in Mexico and a major used-vehicle retailer in the United Kingdom. Management also cited growth in commercial equipment and lease-and-finance programs.
Housing Earnings Benefit From Lower Claims Frequency
Global Housing generated third-quarter adjusted EBITDA of $268 million, including $20 million of reportable catastrophe losses. Excluding catastrophes, adjusted EBITDA was $288 million, an increase of $29 million, or 11%, from the prior year.
Meier said the segment benefited from a favorable non-catastrophe loss ratio due to lower claim frequency, as well as lower catastrophe reinsurance costs following the April 1 placement of Assurant’s 2026 program. Results were partially offset by $8 million of lower favorable prior-period reserve development.
In lender-placed insurance, Assurant’s placement rate increased modestly during the quarter. The company has begun onboarding approximately 2.6 million loans through its Freedom Mortgage partnership, bringing its total tracked-loan base to 34 million loans. Management said policy placement from Freedom Mortgage is expected to ramp over the next several quarters.
Demmings said the company’s largest lender-placed clients have partnered with Assurant for nearly 20 years on average and account for more than three-quarters of tracked loans. The company also said its Cover360 offering is supporting improved penetration, product mix and customer engagement in renters insurance, contributing to double-digit premium growth in the property-management channel.
AI Investments Target Efficiency and Growth
Management said technology, proprietary data and artificial intelligence remain central to its strategy. Meier said AI is being used to optimize device supply and demand, improve claims outcomes, support customer engagement, streamline vehicle repair decisions, process documents and automate workflows.
He said the company is seeing operational efficiencies in call centers and device-care centers, while also reinvesting some gains into new capabilities and growth initiatives. Assurant said it is applying oversight and controls as it expands AI use cases.
Addressing questions about AI-driven comparison shopping and new competition in wireless, Demmings said Assurant’s business model is embedded within client transaction flows and that clients retain influence over product design, sales processes and customer experiences. He said the company expects evolving technology to drive further innovation in coverage, personalization and customer service.
Outlook and Capital Returns
Assurant raised its full-year 2026 outlook and now expects adjusted EBITDA to grow about 10% and adjusted EPS to increase by the low double digits, excluding reportable catastrophes. The outlook includes an expected $52 million reduction in favorable prior-year reserve development in Global Housing.
- Global Lifestyle adjusted EBITDA is expected to grow in the mid-to-high teens.
- Global Housing earnings are expected to grow in the mid-single digits, excluding catastrophes.
- Excluding the impact of lower prior-year reserve development, Assurant expects low-to-mid-teens adjusted EBITDA growth and mid-teens adjusted EPS growth.
At quarter end, Assurant had $954 million of liquidity. The company returned $119 million to shareholders during the third quarter, including $75 million in share repurchases and $44 million in dividends. Through Oct. 31, it had repurchased an additional $30 million of stock, bringing year-to-date repurchases to $305 million.
Assurant increased its expected 2026 share repurchases to $350 million, the top end of its initial $250 million to $350 million range. Management said capital generation also provides flexibility to invest in growth initiatives and potential mergers and acquisitions.
About Assurant (NYSE:AIZ)
Assurant, Inc (NYSE:AIZ) is a global business services company that provides insurance products and related services. Its offerings are designed to help consumers protect mobile devices, household belongings, vehicles, homes and other significant purchases, while supporting businesses in managing risk and customer relationships.
Assurant operates through three primary business segments: Global Lifestyle, Global Housing and Global Preneed. Global Lifestyle provides mobile device protection, extended service contracts and related services for consumer electronics, appliances and vehicles.
