Assurant achieved an 11.3% year-over-year revenue increase to $3.4 billion in 2026Q1, while maintaining a resilient 90.2% combined ratio despite periodic underwriting volatility.
| 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 | 13.16B | 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 % | 9.02% | 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 | 2.92B | 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 % | 22.17% | 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 | 10.24B | 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 % | 77.83% | 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 | 9B | 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 % | 68.42% | 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 | 193.3M | 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 % | 90.58% | 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 | 1.24B | 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 % | 9.42% | 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 | 1.43B | 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 % | 10.89% | 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 | 111.2M | 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 | -111.2M | -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 | 1.24B | 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 % | 9.42% | 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 | 239.1M | 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 % | 19.29% | 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 | 1B | 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 % | 7.6% | 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 % | 49.19% | 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) | 19.93 | 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 % | 53.39% | 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 | 50.2M | 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 |
Catastrophic loss volatility
According to recent quarterly filings, Assurant has demonstrated a consistent revenue growth trajectory, reaching $3.4 billion in 2026Q1, which represents an 11.3% year-over-year increase and suggests that the company's mobile and housing protection segments are successfully capturing market share despite broader macroeconomic headwinds.
The acceleration in top-line growth appears to be driven by the recurring nature of mobile protection plans and the strategic integration of service-based revenue streams. Investors should monitor whether this growth remains sustainable as the company navigates potential saturation in its core North American mobile carrier partnerships.
As reported in financial statements, the company maintained a combined ratio of 90.2% in 2026Q1, indicating a healthy underwriting profit margin that reflects the firm's ability to effectively manage claims costs relative to earned premiums across its diversified specialty insurance portfolio.
The consistent sub-100% combined ratio suggests that Assurant is successfully pricing its risk, even during periods of elevated claims activity. The ability to keep the loss ratio near the 22% mark implies that the company's logistical advantages in device repair and replacement are effectively mitigating the impact of inflationary pressures on claims severity.
Based on historical data, the 2025Q1 period marked a significant inflection point where the loss ratio spiked to 25.4% and the combined ratio reached 94.0%, highlighting the sensitivity of the Global Housing segment to seasonal catastrophic events and the resulting impact on quarterly earnings volatility.
This period serves as a reminder that while the company's service-oriented model provides stability, it remains susceptible to weather-related shocks that can temporarily compress margins. The subsequent recovery in profitability suggests that management's risk-mitigation strategies and reinsurance programs are functioning as intended to stabilize the bottom line.
Data from recent periods suggests that while underwriting margins appear strong, the potential for increased regulatory scrutiny on lender-placed insurance pricing and rising repair costs for modern mobile devices may pose a structural threat to the company's long-term profitability and competitive positioning.
Investors should investigate whether the current underwriting success is masking potential long-term liabilities related to the evolving complexity of mobile hardware and potential legislative caps on housing premiums. The reliance on specific distribution partners warrants further investigation into the potential for margin compression if these partners renegotiate their commission structures.
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.