Assurant AIZ · USD

Segment Information As of December 31, 2025, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in the home warranty business. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA, as defined below, is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA, and then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget and forecast for each segment. The individual operating segment’s performance is one of the considerations when determining the compensation of certain employees.The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including restructuring costs, the loss on the pending subsidiary sale and non-core operations, each as described elsewhere in this Report).The following tables provide information about the segments’ Adjusted EBITDA.Years Ended December 31,202520242023Global Lifestyle:Net earned premiums, fees and other income:Connected Living$5,378.7 $4,807.9 $4,376.8 Global Automotive4,203.8 4,159.4 4,184.6 Net investment income357.5 356.6 347.5 Total revenues9,940.0 9,323.9 8,908.9 Policyholder benefits1,901.7 1,738.6 1,607.9 Selling and underwriting expense (1)4,986.8 4,770.4 4,789.3 Cost of sales (2)982.5 841.6 564.2 General expenses (3)1,267.7 1,199.9 1,155.2 Segment Adjusted EBITDA$801.3 $773.4 $792.3 Global Housing:Net earned premiums, fees and other income:Homeowners$2,192.4 $1,958.9 $1,663.4 Renters and Other576.4 498.1 479.5 Net investment income141.8 127.3 109.7 Total revenues2,910.6 2,584.3 2,252.6 Policyholder benefits1,018.4 1,010.2 862.0 Selling and underwriting expense (1)201.6 158.1 137.1 General expenses (4)831.9 744.8 679.3 Segment Adjusted EBITDA$858.7 $671.2 $574.2 Corporate:Fees and other income$1.7 $0.4 $0.2 Net investment income23.9 27.2 21.4 Total revenues25.6 27.6 21.

Contract RevenuesThe Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $1.64 billion, $1.41 billion and $1.16 billion for Global Lifestyle and $139.6 million, $127.8 million and $84.3 million for Global Housing for the years ended December 31, 2025, 2024 and 2023, respectively. Global Lifestyle In the Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with the mobile eco-system, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold.

Commitments and Contingencies LeasesThe Company and its subsidiaries lease office space and equipment under operating lease arrangements. Certain facility leases contain escalation clauses based on increases in the lessors’ operating expenses. As of December 31, 2025 and 2024, the lease liability was $73.9 million and $62.4 million, respectively, included in accounts payable and other liabilities in the consolidated balance sheets. As of December 31, 2025 and 2024, the right-of-use asset was $59.2 million and $54.1 million, respectively, included in other assets in the consolidated balance sheets. For the years ended December 31, 2025, 2024 and 2023 the operating lease cost recognized for leases with terms in excess of 12 months was $19.0 million, $23.2 million and $19.0 million respectively, and related cash outflows reducing the lease liability were $20.3 million, $23.4 million and $19.4 million, respectively. As of December 31, 2025, the weighted average remaining lease term and discount rate was 5.7 years and 5.5%, respectively. As of December 31, 2024, the weighted average remaining lease term and discount rate was 5.2 years and 5.6%, respectively. For the years ended December 31, 2025, 2024 and 2023 the short-term lease cost recognized for leases with terms of 12 months or less was $3.3 million, $1.1 million and $1.1 million, respectively. At December 31, 2025, the lease liability by maturity is as follows:2026$20.3 202716.7 202813.3 202911.7 20308.8 Thereafter16.3 Total future lease payments87.1 Less: Imputed interest(13.2)Total lease liability$73.9 Letters of CreditIn the normal course of business, letters of credit are issued for various purposes. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $1.7 million and $1.8 million of letters of credit outstanding as of December 31, 2025 and 2024, respectively. Legal and Regulatory MattersThe Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.

Debt The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized discount and issuance costs as applicable, as of December 31, 2025 and 2024:December 31, 2025December 31, 2024Principal AmountCarrying ValuePrincipal AmountCarrying Value6.10% Senior Notes due February 2026$— $— $175.0 $174.3 4.90% Senior Notes due March 2028300.0 299.0 300.0 298.6 3.70% Senior Notes due February 2030350.0 348.5 350.0 348.2 2.65% Senior Notes due January 2032350.0 347.7 350.0 347.3 6.75% Senior Notes due February 2034275.0 273.1 275.0 272.8 5.55% Senior Notes due February 2036300.0 296.1 — — 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (1)400.0 398.3 400.0 397.7 5.25% Subordinated Notes due January 2061250.0 244.2 250.0 244.2 Total Debt$2,206.9 $2,083.1 (1)Bears a 7.00% annual interest rate from March 2018 to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter. Under the terms of the debt agreement, a substitute or successor base rate will be used since the LIBOR base rate has been discontinued. For the years ended December 31, 2025, 2024 and 2023, interest expense was $109.7 million, $107.0 million and $108.0 million, respectively. Interest expense includes derivative-related activities described in the interest rate derivatives section below. There was $36.0 million and $33.5 million of accrued interest as of December 31, 2025 and 2024, respectively. Interest paid on debt was $107.2 million, $107.4 million and $107.4 million for the years ended December 31, 2025, 2024 and 2023. Debt IssuancesSenior Notes2036 Senior Notes: In August 2025, the Company issued senior notes due February 2036 with an aggregate principal amount of $300.0 million, which bear interest at a rate of 5.55% per year and were issued at a 0.322% discount to the public (the “2036 Senior Notes”). Interest on the 2036 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2026. Prior to November 15, 2035, the Company may redeem all or part of the 2036 Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the 2036 Senior Notes to be redeemed, plus a make-whole premium as described in the 2036 Senior Notes and accrued and unpaid interest up to the redemption date.

Income Taxes The components of income tax expense (benefit) were as follows for the periods indicated: Years Ended December 31, 202520242023Pre-tax income:Domestic$1,001.6 $819.2 $700.9 Foreign85.8 108.1 105.9 Total pre-tax income$1,087.4 $927.3 $806.8 Years Ended December 31, 202520242023Current expense (benefit):Federal and state$74.7 $(124.3)$220.9 Foreign38.6 46.5 51.9 Total current expense (benefit) 113.3 (77.8)272.8 Deferred expense (benefit):Federal and state112.1 262.3 (80.4)Foreign(10.7)(17.4)(28.1)Total deferred expense (benefit) 101.4 244.9 (108.5)Total income tax expense (benefit)$214.7 $167.1 $164.3 The provision for foreign taxes includes amounts attributable to income from U.S. possessions that are considered foreign under U.S. tax laws. International operations of the Company are subject to income taxes imposed by the jurisdiction in which they operate. A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows for the year ended December 31, 2025, reflecting the adoption of ASU 2023-09:Years Ended December 31,2025AmountPercentU.S. federal statutory income tax rate:$228.4 21.0 %Domestic federal:Effect of cross-border tax lawsForeign-derived intangible income(15.5)(1.4)Tax creditsRenewable energy tax credits (1)(12.5)(1.1)Other(7.1)(0.7)Change in valuation allowance— — Nontaxable and nondeductible items, net6.8 0.6 Changes in unrecognized tax benefits1.0 0.1 Other(7.6)(0.7)Domestic state and local income tax, net of federal income tax effect (2)12.1 1.1 Foreign tax effects (3)9.1 0.8 Effective income tax rate$214.7 19.7 %(1)Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits during 2025 from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded during the years ended December 31, 2025. Amounts owed to counterparties for the purchased credits are recorded within accounts payable and accrued expenses within the consolidated balance sheets.(2)In 2025, state and local income taxes in Florida comprised the majority of the domestic state and local income tax, net of federal income tax effect.(3)Results for 2025 primarily include the impact of foreign earnings taxed at different rates.

Deferred Acquisition Costs Information about deferred acquisition costs is as follows as of the dates indicated: December 31, 202520242023Beginning balance$9,992.8 $9,967.2 $9,677.1 Costs deferred4,292.8 3,991.2 4,409.8 Amortization(4,098.0)(3,965.6)(4,119.7)Ending balance$10,187.6 $9,992.8 $9,967.

Risk Management Policies and ProceduresWe have implemented cybersecurity policies and standards based on leading industry frameworks, including the ISO 27001 standard and the National Institute of Standards and Technology Cybersecurity Framework, and we regularly assess our policies and practices, including through tabletop exercises with senior management (and periodically with members of the Board), aimed at mitigating cybersecurity risks. In the event of a cybersecurity incident, we follow our Enterprise Information Security Incident Response Plan (the “IRP”), which outlines steps from incident detection to assessment, response, mitigation, recovery and notification, including to key functional areas such as Global Risk Management, Corporate Law, Privacy and Compliance, senior leadership, and the Information Technology Committee of the Board and the full Board, as appropriate. The IRP includes quantitative and qualitative incident assessment guidance and promotes engagement with multidisciplinary teams across the enterprise to facilitate real-time information-sharing during a cybersecurity incident. Employees outside of our information security team as well as third-party cybersecurity experts have an important role in our cybersecurity defenses. We require employees to participate in annual cybersecurity training and provide them with additional optional training and awareness materials, and we regularly engage our employees in phishing exercises, reporting results to the Information Technology Committee. In addition, we regularly engage assessors, consultants, auditors and other third parties in our management of cybersecurity risk. For example, third parties are engaged to conduct evaluations of the maturity and effectiveness of our security program, including testing the design and operational effectiveness of security controls, penetration testing, engaging in independent audits, reviewing our policies and standards, and consulting on best practices to address new challenges. We also receive threat intelligence from government agencies, information sharing and analysis centers, and cybersecurity associations.We assess third-party cybersecurity controls through a cybersecurity questionnaire and a review of independent cybersecurity rating assessments. Our vendor risk management process includes a review of the information security policies of our key vendors against our standards, and ongoing monitoring for compliance.

Goodwill The Company has assigned goodwill to its reporting units for impairment testing purposes. The Company has three reporting units consisting of two reporting units within the Global Lifestyle operating segment, Connected Living and Global Automotive, and Global Housing (whereby the reporting unit for impairment testing was at the operating segment level). Qualitative Impairment TestingFor the annual October 1, 2024 goodwill impairment test, the Company performed a qualitative assessment for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing) due to high margins between fair value and book value based on quantitative impairment testing in 2023. In conducting a qualitative assessment, the Company analyzed changes in the book value and the financial performance of each reporting unit, including analyzing the historical performance versus plan and the results of quantitative impairment testing performed in 2023. Additionally, the Company assessed critical areas that may impact the reporting units, including macroeconomic and industry trends and market information for the reporting units and their peer companies that could impact the reporting units’ fair value. Based on this assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their respective book values and therefore quantitative impairment testing was not necessary for Connected Living, Global Automotive and Global Housing.Quantitative Impairment TestingFor the annual October 1, 2025 goodwill impairment test, the Company performed quantitative tests for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing), consistent with its standard practice following a qualitative test in the prior year. The following describes the various valuation methodologies used in the quantitative test which were weighted using our judgment as to which were the most representative in determining the estimated fair value of the reporting units.A Dividend Discount Method (“Income Approach”) was used to value each of the reporting units based upon the present value of expected cash flows available for distribution over future periods.