Assurant (AIZ) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter results, with GAAP net income up 87% year-over-year to $274.1 million, driven by strong Global Lifestyle performance and lower catastrophe losses.

• Adjusted EBITDA rose 56% to $441.5 million, and Adjusted EPS excluding catastrophes increased 9% to $6.33.

• Global Lifestyle Adjusted EBITDA increased 20%, led by double-digit growth in Connected Living and Global Automotive, including a $13 million real estate JV gain.

• Returned $169 million to shareholders in Q1 2026 through $125 million in share repurchases and $44 million in dividends.

• Continued focus on innovation, operational excellence, and leveraging technology, including AI, to drive growth and efficiency.

Financial highlights

• Total revenues grew 11% year-over-year to $3.42 billion, with net earned premiums up 9% to $2.78 billion and fees and other income up 24% to $499.8 million.

• Adjusted EBITDA excluding catastrophes was $465.9 million, up 6% year-over-year.

• GAAP net income per diluted share increased 91% to $5.41 compared to $2.83 in Q1 2025.

• Net investment income climbed 28% to $159.6 million, aided by a real estate joint venture gain.

• Holding company liquidity stood at $836 million at quarter end.

Outlook and guidance

• 2026 outlook raised: Adjusted EBITDA and Adjusted EPS (excluding catastrophes) expected to grow low single digits, or high single digits on an underlying basis, overcoming $94 million lower favorable prior year reserve development.

• Global Lifestyle Adjusted EBITDA projected to grow ~10% for the year.

• Global Housing earnings expected to decline modestly (excluding catastrophes), with solid underlying growth absent prior year development.

• Share repurchases for 2026 now expected at $300–$350 million, at the upper end of guidance.

• Depreciation expense forecast at ~$180 million, effective tax rate at 19–21%.