- Assurant delivered strong Q2 2025 results with adjusted EBITDA up 13% and adjusted EPS up 17%, excluding reportable catastrophes.
- Global Automotive earnings were modestly up, supported by improved loss experience and an 8% increase in net written premiums year-to-date.
- Global Housing segment showed robust growth with adjusted EBITDA up 25% year-to-date excluding catastrophes and 18% growth in Q2 excluding cats.
- Global Lifestyle segment earnings increased 2% year-to-date on a constant currency basis, with Connected Living adjusted EBITDA up 4% year-to-date.
- Year-to-date adjusted EBITDA increased 14% and adjusted EPS rose 16%, excluding catastrophes.
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- Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
- Core community-based rental income increased 5.5% for the quarter and year-to-date.
- Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
- Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
- Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
- Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
- NOI increased 5% year-to-date compared to last year.
- Normalized per share FFO growth year-to-date is 5.7%.
- Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
- Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
- Year-to-date expense growth was 70 basis points including insurance renewal impact.
- Commercial Lines also showed consistent profitability, beating industry combined ratios by 8 to 20 points over the last 20 years despite a challenging commercial auto market.
- Expense ratios, including loss adjustment expenses (LAE), have been reduced over the last decade, contributing to maintaining competitive pricing and profitability.
- Personal auto saw a less than 1% rate decline in the quarter, with increased marketing spend of $2.5 billion year-to-date, up $900 million from last year, supporting growth despite competitive pressures.
- Progressive delivered strong profitability in the first half of 2025, adding over $5 billion in premiums written and nearly 2.4 million additional policies in force (PIFs) compared to the first half of 2024.
- The company outperformed the industry combined ratio by more than 7 points in 2024 and gained over 1.5 points in personal auto market share, the largest share gain by any carrier in 15 years.
- The company’s combined ratio target remains at or below 96, balancing growth and underwriting profit.
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