Revenue growth accelerated to 9.4% year-over-year in Q2 2026, reaching $3.5B, while the combined ratio improved to 89.1%, down from 90.8% a year earlier, reflecting strong underwriting discipline.
Assurant, Inc. (AIZ) annual income statement — 24-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 13.46B | 12.81B | 11.88B | 11.13B | 10.19B | 10.19B | 9.61B | 9.53B | 8B | 6.31B | 7.11B | 10.31B | 10.38B | 9.03B | 8.49B | 8.25B | 8.53B | 8.7B | 8.6B | 8.45B | 8.07B | 7.5B | 7.41B | 7.08B | 6.53B |
| Revenue Growth % | 9.36% | 7.89% | 6.7% | 9.21% | 0.05% | 6% | 0.85% | 19.11% | 26.77% | -11.21% | -31.08% | -0.68% | 14.97% | 6.38% | 2.88% | -3.23% | -1.99% | 1.15% | 1.75% | 4.74% | 7.64% | 1.17% | 4.73% | 8.33% | - |
| Medical Costs & Claims | 2.94B | 2.93B | 2.77B | 2.52B | 2.36B | 6.04B | 5.95B | 5.62B | 4.64B | 3.21B | 0 | 0 | 5.89B | 5.15B | 5.06B | 5.08B | 3.64B | 3.87B | 4.02B | 5.14B | 4.72B | 4.63B | 4.66B | 4.49B | 4.17B |
| Medical Cost Ratio % | 21.88% | 22.85% | 23.29% | 22.65% | 23.15% | 59.27% | 61.88% | 59% | 58.04% | 50.87% | 0% | 0% | 56.74% | 56.98% | 59.58% | 61.53% | 42.7% | 44.46% | 46.73% | 60.83% | 58.49% | 61.79% | 62.88% | 63.49% | 63.79% |
| Gross Profit | 10.51B | 9.89B | 9.11B | 8.61B | 7.83B | 4.15B | 3.66B | 3.91B | 3.36B | 3.1B | 7.11B | 10.31B | 4.49B | 3.89B | 3.43B | 3.17B | 4.89B | 4.83B | 4.58B | 3.31B | 3.35B | 2.87B | 2.75B | 2.58B | 2.37B |
| Gross Margin % | 78.12% | 77.15% | 76.71% | 77.35% | 76.85% | 40.73% | 38.12% | 41% | 41.96% | 49.13% | 100% | 100% | 43.26% | 43.02% | 40.42% | 38.47% | 57.3% | 55.54% | 53.27% | 39.17% | 41.51% | 38.21% | 37.12% | 36.51% | 36.21% |
| Gross Profit Growth % | - | 8.51% | 5.82% | 9.91% | 88.76% | 13.28% | -6.24% | 16.37% | 8.28% | -56.38% | -31.08% | 129.56% | 15.62% | 13.24% | 8.08% | -35.03% | 1.12% | 5.47% | 38.39% | -1.16% | 16.92% | 4.17% | 6.45% | 9.25% | - |
| Operating Expenses | 9.19B | 8.8B | 8.18B | 7.8B | 7.48B | 3.38B | 3.09B | 3.45B | 3.02B | 2.66B | 6.68B | 10.12B | 3.75B | 3.1B | 2.67B | 2.47B | 4.28B | 4.12B | 4.02B | 2.3B | 2.25B | 2.21B | 2.21B | 2.32B | 1.99B |
| OpEx / Revenue % | 68.26% | 68.67% | 68.9% | 70.1% | 73.42% | 33.16% | 32.1% | 36.23% | 37.79% | 42.08% | 94.02% | 98.17% | 36.1% | 34.28% | 31.49% | 29.92% | 50.19% | 47.39% | 46.72% | 27.21% | 27.93% | 29.47% | 29.88% | 32.85% | 30.54% |
| Depreciation & Amortization | 263.5M | 250M | 223.5M | 196.4M | 182M | 171.6M | 142.3M | 125.5M | 126.9M | 115.7M | 86.49M | 137.1M | 132.22M | 124.85M | 124.39M | 129.39M | 116.2M | 91.34M | 62.2M | 61.17M | 93.31M | 83.17M | 3.13M | 48.12M | 46.87M |
| Combined Ratio % | 90.14% | 91.51% | 92.19% | 92.75% | 96.57% | 92.43% | 93.98% | 95.23% | 95.83% | 92.96% | 94.02% | 98.17% | 92.83% | 91.26% | 91.07% | 91.44% | 92.89% | 91.84% | 93.45% | 88.04% | 86.42% | 91.26% | 92.77% | 96.33% | 94.33% |
| Operating Income | 1.33B | 1.09B | 927.3M | 806.8M | 349.9M | 771.3M | 578.1M | 454.7M | 333.5M | 444.5M | 906.21M | 256.3M | 744.14M | 789.7M | 757.75M | 706.13M | 606.44M | 709.61M | 563.28M | 1.01B | 1.1B | 655.61M | 535.93M | 259.36M | 370.4M |
| Operating Margin % | 9.86% | 8.49% | 7.81% | 7.25% | 3.43% | 7.57% | 6.02% | 4.77% | 4.17% | 7.04% | 12.75% | 2.49% | 7.17% | 8.74% | 8.93% | 8.56% | 7.11% | 8.16% | 6.55% | 11.96% | 13.58% | 8.74% | 7.23% | 3.67% | 5.67% |
| Operating Income Growth % | - | 17.27% | 14.94% | 130.58% | -54.63% | 33.42% | 27.14% | 36.34% | -24.97% | -50.95% | 253.58% | -65.56% | -5.77% | 4.22% | 7.31% | 16.44% | -14.54% | 25.98% | -44.29% | -7.73% | 67.13% | 22.33% | 106.64% | -29.98% | - |
| EBITDA | 1.59B | 1.34B | 1.15B | 1B | 531.9M | 942.9M | 720.4M | 580.2M | 460.4M | 560.2M | 992.7M | 393.4M | 876.35M | 914.55M | 882.14M | 835.52M | 722.64M | 800.94M | 625.48M | 1.07B | 1.19B | 738.78M | 539.05M | 307.47M | 417.26M |
| EBITDA Margin % | 11.82% | 10.44% | 9.69% | 9.01% | 5.22% | 9.26% | 7.5% | 6.09% | 5.75% | 8.88% | 13.97% | 3.81% | 8.44% | 10.13% | 10.39% | 10.12% | 8.47% | 9.21% | 7.27% | 12.68% | 14.73% | 9.85% | 7.27% | 4.35% | 6.39% |
| Interest Expense | 112.9M | 109.7M | 107M | 108M | 108.3M | 111.8M | 104.5M | 110.6M | 100.3M | 49.5M | 57.62M | 55.12M | 58.4M | 77.73M | 60.31M | 60.36M | 60.65M | 60.67M | 60.95M | 61.18M | 61.24M | 61.26M | 56.42M | 1.18M | 0 |
| Non-Operating Income | -112.9M | -109.7M | -107M | -108M | -108.3M | -111.8M | -104.5M | -110.6M | -100.3M | -49.5M | -906.2M | -256.3M | -58.4M | -77.73M | -60.31M | -60.36M | -60.65M | -60.67M | -60.95M | -61.18M | -61.24M | -61.26M | -56.42M | -1.18M | 0 |
| Pretax Income | 1.33B | 1.09B | 927.3M | 806.8M | 349.9M | 771.3M | 578.1M | 454.7M | 333.5M | 444.5M | 848.59M | 201.18M | 744.14M | 789.7M | 757.75M | 706.13M | 606.44M | 709.61M | 563.28M | 1.01B | 1.1B | 655.61M | 535.93M | 259.36M | 370.4M |
| Pretax Margin % | 9.86% | 8.49% | 7.81% | 7.25% | 3.43% | 7.57% | 6.02% | 4.77% | 4.17% | 7.04% | 11.94% | 1.95% | 7.17% | 8.74% | 8.93% | 8.56% | 7.11% | 8.16% | 6.55% | 11.96% | 13.58% | 8.74% | 7.23% | 3.67% | 5.67% |
| Income Tax | 263.7M | 214.7M | 167.1M | 164.3M | 73.3M | 168.4M | 58.7M | 148.3M | 80.9M | -75.1M | 283.24M | 59.63M | 273.23M | 300.79M | 274.05M | 167.17M | 327.27M | 279.03M | 115.48M | 357.29M | 379.87M | 176.25M | 185.37M | 73.7M | 110.66M |
| Effective Tax Rate % | 19.87% | 19.74% | 18.02% | 20.36% | 20.95% | 21.83% | 10.15% | 32.61% | 24.26% | -16.9% | 33.38% | 29.64% | 36.72% | 38.09% | 36.17% | 23.67% | 53.96% | 39.32% | 20.5% | 35.34% | 34.67% | 26.88% | 34.59% | 28.42% | 29.88% |
| Net Income | 1.06B | 872.7M | 760.2M | 642.5M | 276.6M | 1.36B | 440.8M | 382.6M | 251M | 519.6M | 565.35M | 141.56M | 470.91M | 488.91M | 483.7M | 538.96M | 279.18M | 430.57M | 447.8M | 653.75M | 717.42M | 479.36M | 350.56M | 185.65M | -1B |
| Net Margin % | 7.9% | 6.81% | 6.4% | 5.77% | 2.71% | 13.37% | 4.59% | 4.01% | 3.14% | 8.23% | 7.95% | 1.37% | 4.54% | 5.41% | 5.7% | 6.53% | 3.27% | 4.95% | 5.21% | 7.73% | 8.89% | 6.39% | 4.73% | 2.62% | -15.33% |
| Net Income Growth % | 48.33% | 14.8% | 18.32% | 132.28% | -79.69% | 208.94% | 15.21% | 52.43% | -51.69% | -8.09% | 299.39% | -69.94% | -3.68% | 1.08% | -10.25% | 93.05% | -35.16% | -3.85% | -31.5% | -8.88% | 49.66% | 36.74% | 88.83% | 118.54% | - |
| EPS (Diluted) | 21.34 | 17.39 | 14.46 | 11.95 | 5.05 | 10.20 | 6.70 | 6.14 | 4.22 | 9.39 | 9.13 | 2.05 | 6.44 | 6.30 | 5.67 | 5.58 | 2.50 | 3.63 | 3.77 | 5.38 | 5.57 | 3.50 | 2.53 | 1.70 | -9.17 |
| EPS Growth % | 52.86% | 20.26% | 21% | 136.63% | -50.49% | 52.24% | 9.12% | 45.5% | -55.06% | 2.85% | 345.37% | -68.17% | 2.22% | 11.11% | 1.61% | 123.2% | -31.13% | -3.71% | -29.93% | -3.41% | 59.14% | 38.34% | 48.82% | 118.54% | - |
| EPS (Basic) | - | 17.29 | 14.55 | 12.02 | 5.09 | 10.37 | 7.04 | 6.18 | 4.24 | 9.45 | 9.23 | 2.08 | 6.52 | 6.38 | 5.74 | 5.65 | 2.52 | 3.65 | 3.80 | 5.46 | 5.66 | 3.53 | 2.53 | 1.70 | -9.17 |
| Diluted Shares Outstanding | 49.83M | 50.2M | 52.58M | 53.78M | 54.78M | 60.12M | 63.18M | 62.31M | 59.55M | 55.31M | 61.93M | 69.02M | 73.15M | 77.65M | 85.31M | 97.8M | 111.47M | 118.5M | 118.84M | 121.44M | 128.81M | 136.95M | 138.47M | 109.22M | 109.22M |
Quick answers to the most common questions about buying AIZ stock.
For fiscal year 2025, Assurant, Inc. (AIZ) reported total revenue of $12.81B. This represents a 96.2% increase compared to $6.53B in 2002.
Assurant, Inc. (AIZ) is profitable, generating $872.7M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Assurant, Inc. (AIZ) reported an operating income of $1.09B, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Assurant, Inc. (AIZ) generated $9.89B in gross profit for the year, representing a gross profit margin of 77.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Catastrophe loss volatility in housing
Metrics are mathematically derived from official filings.
Premium Growth Accelerates on Lifestyle Strength
Revenue growth accelerated to 9.4% year-over-year in Q2 2026, reaching $3.5B, driven by robust Global Lifestyle performance, as reported in the latest quarterly filings.
The sequential acceleration from 8.0% in Q2 2025 to 9.4% in Q2 2026, coupled with a 31.4% EPS surge, suggests that the mobile protection and trade-in programs are gaining traction. This trend appears to be supported by management's raised guidance, indicating sustained demand for device lifecycle services. However, investors should monitor whether this growth rate is sustainable as smartphone upgrade cycles mature.
Underwriting Discipline Drives Margin Expansion
The combined ratio improved to 89.1% in Q2 2026, down from 90.8% a year earlier, reflecting disciplined underwriting and favorable loss trends, according to the income statement data.
The consistent sub-90% combined ratio in recent quarters indicates strong underwriting profitability, with the loss ratio remaining stable around 22%. This suggests that the company's fee-based service model is reducing exposure to traditional insurance risk, while operational leverage is improving. The 8.49% operating margin, though lower than some peers, appears to be expanding as revenue scales.
Reserve Releases Bolster Earnings Quality
Prior-year reserve releases appear to have contributed to the strong combined ratio, as evidenced by the low loss ratios in 2026, but the exact magnitude remains undisclosed in the provided data.
The reported loss ratios of 21.7% and 22.5% in Q2 and Q1 2026 are notably lower than the 25-26% levels seen in some 2024 quarters, which may indicate favorable development in the housing segment. While this could signal conservative reserving practices, investors should be cautious about the sustainability of such releases. The absence of detailed reserve data warrants further investigation into the quality of earnings.
Investment Income Supports Bottom Line
Investment income data is unavailable for the reported periods, but the $1.83B cash pile suggests a meaningful contribution to net income, as per the company's balance sheet.
Given the low interest rate environment, the yield on investments is likely modest, but the scale of the portfolio provides a stable income stream. The lack of explicit investment income figures in the income statement data limits a precise assessment, but the overall net margin of 6.81% indicates that investment income is supplementing underwriting profits. Investors should monitor the impact of rate changes on this income source.
Expense Ratio Reflects Service-Heavy Model
The expense ratio, derived from the combined ratio and loss ratio, averaged around 68% in 2026, reflecting the high administrative costs of managing global repair networks, as per the income statement data.
This elevated expense ratio is consistent with the company's logistics-intensive operations, which require significant investment in technology and service infrastructure. While this reduces operating leverage compared to pure insurers, it also creates barriers to entry. The reported gross margin of 77.15% suggests that the service fees are priced to cover these costs, but any inefficiency in the repair network could pressure margins.
Catastrophe Risk and Insider Selling Cloud Outlook
Despite strong earnings, elevated catastrophe risk in the housing segment and persistent insider selling present potential headwinds, as noted in recent SEC filings and market data.
The Q2 2026 beat was driven by Lifestyle, but the housing segment remains exposed to weather-related losses, which could introduce volatility in future quarters. Additionally, significant open-market selling by executives may indicate a cautious internal view on valuation, despite the positive fundamentals. These factors warrant monitoring as they could offset the current momentum.