Revenue growth has been consistent, climbing to $3.4 billion in 2026Q1 while underwriting discipline improved the combined ratio from 94.9% in 2024Q3 to 90.2% in 2026Q1.
| 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 |
Claims severity and inflation
As indicated by the quarterly financial data, Assurant has demonstrated a consistent revenue growth trajectory, with top-line figures climbing from $2.9 billion in 2024Q1 to $3.4 billion by 2026Q1, reflecting a steady expansion in its core lifestyle and housing service-based insurance segments over the observed period.
The revenue expansion appears driven by the company's deep integration into mobile and mortgage ecosystems, which provides a recurring fee-based revenue stream. Investors should monitor whether this growth remains sustainable as mobile device replacement cycles lengthen, potentially impacting the volume of trade-in and protection services.
Based on reported figures, the company maintained a disciplined combined ratio, which improved from a peak of 94.9% in 2024Q3 to 90.2% in 2026Q1, suggesting that management is successfully managing loss ratios despite the inherent volatility associated with catastrophe exposure in the global housing segment.
The consistent ability to keep the combined ratio comfortably below the 100% threshold indicates that Assurant is generating meaningful underwriting profit. This performance suggests that the company's operational focus on service-based logistics effectively mitigates the impact of claims volatility compared to traditional, pure-play insurance carriers.
According to the provided income statement data, the company has successfully scaled its operating income from $151.5 million in 2024Q3 to $335.6 million in 2026Q1, demonstrating an improved ability to leverage its existing infrastructure and distribution partnerships to drive bottom-line results without proportional increases in overhead.
The significant growth in operating income relative to revenue suggests that the company is benefiting from operating leverage within its service-heavy business model. Further investigation is warranted to determine if this efficiency is sustainable or if it remains vulnerable to rising costs in repair labor and electronic components.
While the company reports strong profitability, the recent fluctuation in loss ratios, which spiked to 26.2% in 2024Q3, warrants caution regarding the impact of social and economic inflation on the cost of home repairs and mobile device replacements, which may challenge future underwriting margins.
The reliance on third-party repair networks and parts suppliers creates a structural exposure to inflationary pressures that may not be immediately offset by premium adjustments. Investors should monitor whether the company's pricing power is sufficient to pass these rising costs to consumers without sacrificing market share.
Quick answers to the most common questions about buying AIZN stock.
For fiscal year 2025, Assurant, Inc. 5.25% Subordinat (AIZN) reported total revenue of $12.81B. This represents a 96.2% increase compared to $6.53B in 2002.
Assurant, Inc. 5.25% Subordinat (AIZN) is profitable, generating $872.7M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Assurant, Inc. 5.25% Subordinat (AIZN) 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. 5.25% Subordinat (AIZN) 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.