Operating cash flow remains sensitive to seasonal claims, evidenced by a wide variance between the $82.5 million low in 2024Q1 and the $710.9 million peak in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 1.68B | 1.83B | 1.33B | 1.14B | 596.9M | 781.7M | 1.34B | 1.41B | 656.7M | 530.4M | 134.53M | 254.57M | 393.82M | 1.03B | 679.7M | 855.3M | 540.74M | 269.93M | 999.13M | 1.2B | 923M | 1.02B | 834.16M | 741.23M | 364.96M |
| Operating CF Growth % | 467% | 37.61% | 17.1% | 90.67% | -23.64% | -41.75% | -5.05% | 115.23% | 23.81% | 294.27% | -47.16% | -35.36% | -61.67% | 51.18% | -20.53% | 58.17% | 100.33% | -72.98% | -16.99% | 30.4% | -9.52% | 22.3% | 12.54% | 103.1% | - |
| Operating CF / Revenue % | 12.78% | 14.31% | 11.22% | 10.22% | 5.86% | 7.67% | 13.96% | 14.83% | 8.21% | 8.4% | 1.89% | 2.47% | 3.79% | 11.38% | 8.01% | 10.36% | 6.34% | 3.1% | 11.62% | 14.24% | 11.44% | 13.61% | 11.26% | 10.47% | 5.59% |
| Net Income | 1B | 872.7M | 760.2M | 642.5M | 276.6M | 1.37B | 441.8M | 382.6M | 251M | 519.6M | 565.35M | 141.56M | 470.91M | 488.91M | 483.7M | 545.84M | 279.18M | 430.57M | 447.8M | 653.75M | 717.42M | 479.36M | 350.56M | 185.65M | -1B |
| Depreciation & Amortization | 259.8M | 250M | 223.5M | 196.4M | 182M | 171.6M | 144.3M | 125.8M | 126.9M | 115.7M | 125.14M | 137.1M | 132.22M | 124.85M | 124.39M | 108.93M | 116.2M | 91.34M | 62.2M | 94.31M | 93.31M | 7.39M | 45.67M | 48.12M | 46.87M |
| Stock-Based Compensation | 63.2M | 0 | 81.1M | 75.1M | 62.6M | 66.7M | 57.9M | 55.9M | 57.1M | 35.5M | 41.61M | 38.77M | 49.35M | 50M | 37.59M | 36.89M | 34.59M | 30.29M | 24.13M | 19.53M | 17.57M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 117.2M | 0 | 244.9M | -108.5M | 63.8M | 131.7M | 191.6M | 89.5M | 20.4M | -4.2M | -182.89M | 88.66M | -66.96M | -35.66M | -74.65M | 3.27M | 305.59M | 0 | 428.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 45.6M | 298.2M | 24M | 71.6M | 230.2M | -717.4M | 134.3M | 130.7M | 49.6M | -233.2M | -574.59M | 152M | -497.62M | -120.77M | -85.13M | 29.43M | 376.42M | 136.6M | 378.57M | -835.32M | -454.69M | 49.29M | 174.87M | -300.7M | 1.46B |
| Working Capital Changes | 195.8M | 413M | -1M | 261M | -218.3M | -243.3M | 372.1M | 628.9M | 151.7M | 97M | -22.99M | -214.86M | 238.95M | 484.57M | 119.15M | 130.95M | -265.64M | -418.87M | 86.44M | 1.29B | 566.96M | 484.11M | 263.06M | 808.15M | -141.84M |
| Cash from Investing | -1.32B | -1.46B | -657.8M | -637.7M | -262.1M | 157.6M | -735.2M | -619.8M | -2.2B | -541.2M | 725.62M | 264.29M | 63.89M | -392.74M | -449.88M | -196.59M | -8.88M | 141.47M | -329M | -1.21B | -84.51M | -668.02M | -643.73M | -711.23M | -379.43M |
| Capital Expenditures | -182.1M | -235.5M | -221.3M | -202.5M | -186.3M | -187.4M | -121.2M | -110.3M | -82.8M | -62.1M | -85.23M | -114.9M | -83.6M | -52.33M | -56.46M | -35.75M | -51.21M | -55.88M | -56.07M | -58.68M | -74.71M | -55.2M | -58.41M | -81.75M | -74.67M |
| Acquisitions | -23.5M | -23.5M | -17.9M | -300K | -67.7M | 1.3B | -531.9M | -7.6M | -1.05B | -129.1M | 810.68M | 33.06M | -173.81M | -273.29M | -2.14M | 5.71M | -11.56M | 4.92M | -333.55M | -161.99M | -47.51M | 14.23M | 3.54M | 2.98M | 12M |
| Purchase of Investments | -2.44B | -3.38B | -2.48B | -2.29B | -3.2B | -3.2B | -2.59B | -4.34B | -6.32B | -4.34B | -4.56B | -3.16B | -2.65B | -3.84B | -3.96B | -2.83B | -2.94B | -2.19B | -3.03B | -3.81B | -3.32B | -2.9B | -3.31B | -3.52B | -4.92B |
| Sale/Maturity of Investments | 1.94B | 2.17B | 2.07B | 1.89B | 3.23B | 2.5B | 2.45B | 3.88B | 5.34B | 4B | 4.28B | 3.3B | 2.96B | 3.75B | 3.56B | 2.77B | 2.81B | 2.27B | 2.89B | 2.37B | 3.36B | 2.34B | 2.71B | 3.85B | 4.59B |
| Other Investing | -611.6M | 6M | -16.5M | -32.8M | -39.2M | -256.1M | 58.5M | -44M | -92.2M | -11.4M | 278.08M | 207.87M | 11.62M | 24.87M | 4.69M | -100.58M | 189.69M | 111.86M | 192.87M | 452.43M | -7.56M | -61.1M | 17.63M | -959.05M | 20.98M |
| Cash from Financing | -245.5M | -364.2M | -477.5M | -403.9M | -818.4M | -1.09B | -264.8M | -179.2M | 1.84B | -26.7M | -1.11B | -487.13M | -776.2M | 196.7M | -480.64M | -636.85M | -699.47M | -142.56M | -412.13M | -186.58M | -717.54M | -303.64M | -341.56M | 317.5M | -43.43M |
| Dividends Paid | -127.5M | -168.4M | -155.9M | -152.3M | -150.2M | -162.3M | -173.3M | -170M | -148M | -119M | -125.35M | -94.17M | -77.5M | -74.13M | -69.39M | -67.39M | -69.62M | -69.6M | -63.67M | -55.04M | -48.16M | -42.05M | -29.68M | -181.19M | -41.88M |
| Share Repurchases | -239.4M | -303.7M | -307.4M | -193.1M | -572.8M | -839.3M | -297M | -271.8M | -139.3M | -388.9M | -863.1M | -292.9M | -215.18M | -393.01M | -412.2M | -538.85M | -525.71M | -34.95M | -59M | -316.57M | -424.45M | -342.15M | -259.85M | -1.25B | -500K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 276.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.73M | 5.4M | 725.49M | 2.47B | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 0 | -1000K | 1000K | 0 | 0 | 0 | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 0 |
| Other Financing | -300K | -13.8M | -14.2M | -6.7M | -19.5M | 0 | -37M | 27.1M | 25M | 30.4M | 5.65M | -100.06M | -16.19M | -620K | 948K | -30.61M | -104.15M | -1.79M | 15.68M | 9.38M | 2.56M | 2.13M | 196.22M | -963K | -1.05M |
| Net Change in Cash | 164.5M | 26.4M | 180.3M | 90.7M | -518.1M | -173.8M | 361.5M | 613.1M | 257.2M | -35.2M | -256.33M | -30.35M | -398.53M | 807.78M | -257.31M | 16.2M | -168.04M | 277.87M | 235.72M | -182.71M | 132.1M | 48.49M | -151.12M | 347.5M | -57.89M |
| Exchange Rate Effect | 4.7M | 14.5M | -17.1M | -5.8M | -34.5M | -23.3M | 19.5M | -1.3M | -35M | 2.3M | -16.15M | -56.23M | -28.13M | -23.74M | -6.48M | -5.67M | -429K | 9.04M | -22.28M | 8.89M | 11.16M | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 1.81B | 1.63B | 1.54B | 2.05B | 2.23B | 1.87B | 1.25B | 996.8M | 1.03B | 1.29B | 1.32B | 1.72B | 909.4M | 1.17B | 1.15B | 1.32B | 1.04B | 804.96M | 987.67M | 855.57M | 807.08M | 958.2M | 610.69M | 668.58M |
| Cash at End | 0 | 1.83B | 1.81B | 1.63B | 1.54B | 2.05B | 2.23B | 1.87B | 1.25B | 996.8M | 1.03B | 1.29B | 1.32B | 1.72B | 909.4M | 1.17B | 1.15B | 1.32B | 1.04B | 804.96M | 987.67M | 855.57M | 807.08M | 958.2M | 610.69M |
| Free Cash Flow | 1.5B | 1.6B | 1.11B | 935.6M | 410.6M | 594.3M | 1.22B | 1.3B | 573.9M | 468.3M | 49.29M | 139.68M | 310.21M | 975.24M | 623.24M | 819.56M | 489.53M | 214.04M | 943.07M | 1.14B | 848.29M | 964.95M | 775.76M | 659.48M | 290.3M |
| FCF Growth % | -4.6% | 43.82% | 18.79% | 127.86% | -30.91% | -51.32% | -6.32% | 127.06% | 22.55% | 850.03% | -64.71% | -54.97% | -68.19% | 56.48% | -23.95% | 67.42% | 128.71% | -77.3% | -17.63% | 34.96% | -12.09% | 24.39% | 17.63% | 127.17% | - |
| FCF Margin % | 11.4% | 12.47% | 9.36% | 8.4% | 4.03% | 5.83% | 12.7% | 13.67% | 7.17% | 7.42% | 0.69% | 1.35% | 2.99% | 10.8% | 7.34% | 9.93% | 5.74% | 2.46% | 10.96% | 13.54% | 10.51% | 12.87% | 10.47% | 9.32% | 4.44% |
| FCF per Share | 29.88 | 31.84 | 21.14 | 17.4 | 7.5 | 9.88 | 19.32 | 20.91 | 9.64 | 8.47 | 0.8 | 2.02 | 4.24 | 12.56 | 7.31 | 8.38 | 4.39 | 1.81 | 7.94 | 9.43 | 6.59 | 7.05 | 5.6 | 6.04 | 2.66 |
Catastrophic loss volatility
As reported in recent financial disclosures, Assurant's operating cash flow exhibits significant quarterly variance, ranging from a low of $82.5 million in 2024Q1 to a peak of $710.9 million in 2024Q2, reflecting the inherent sensitivity of its underwriting float to seasonal catastrophic loss events and claims timing.
The wide fluctuations in operating cash flow suggest that the company's underwriting engine is heavily influenced by the timing of claims settlements in the Global Housing segment. Investors should monitor whether the current cash generation capacity is sufficient to absorb potential spikes in loss frequency without necessitating portfolio liquidations.
Based on historical cash flow data, the company frequently rotates its investment portfolio, evidenced by significant purchase and sale activity, such as the $873.7 million in purchases and $530.1 million in sales recorded during 2025Q4, indicating an active approach to managing yield and liquidity requirements.
This high level of portfolio turnover appears to be a strategic response to balancing the need for investment income with the liquidity demands of the insurance business. The consistent recycling of capital suggests that management is actively positioning the portfolio to capture yield while maintaining sufficient cash buffers for claims.
According to quarterly filings, claims and loss payments have remained relatively elevated, consistently hovering between $600 million and $780 million per quarter, which highlights the persistent cash outflow pressure inherent in the company's specialty property and mobile protection business models.
The stability of these outflows relative to the volatility of operating cash suggests that claims payments are a predictable, albeit substantial, drag on liquidity. The company's ability to maintain a positive OCF/NI ratio in most periods indicates that premium inflows are generally sufficient to cover these obligations.
Data from the last ten quarters indicates that Assurant maintains a disciplined capital return program, with buybacks reaching as high as $126 million in 2023Q4, suggesting that management prioritizes shareholder distributions when operating cash flow provides sufficient headroom above the requirements of the insurance underwriting business.
The variability in buyback activity appears to correlate with the strength of quarterly cash generation, implying that capital returns are managed conservatively relative to underwriting risks. Investors should monitor whether future capital returns remain sustainable if catastrophic loss events continue to pressure the company's operating cash flow.
Quick answers to the most common questions about buying AIZ stock.
Assurant, Inc. (AIZ) generated $1.83B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Assurant, Inc. (AIZ) generated $1.60B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Assurant, Inc. (AIZ) spent $235.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Assurant, Inc. (AIZ) returned $168.4M to shareholders via cash dividends and spent $303.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.