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AIZN

Assurant, Inc. 5.25% Subordinat

AIZN

Assurant, Inc. 5.25% Subordinat • NYSE
$19.76 ▼ -0.20% (-0.04)
Market Cap $10.42 B
52w High $22.28
52w Low $18.01
Dividend Yield 1.31%
P/E 0
Volume 7.82K
Outstanding Shares 520.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.232B ▲ $2.191B ▲ $265.6M ▲ 8.219% ▲ $5.22 ▲ $421.4M ▲
Q2-2025 $3.158B ▲ $2.148B ▲ $235.3M ▲ 7.45% ▲ $4.6 ▲ $374.7M ▲
Q1-2025 $3.074B ▼ $2.111B ▼ $146.6M ▼ 4.769% ▼ $2.86 ▼ $267.2M ▼
Q4-2024 $3.105B ▲ $2.184B ▲ $201.3M ▲ 6.484% ▲ $3.89 ▲ $340.7M ▲
Q3-2024 $2.968B $2.039B $133.8M 4.509% $2.56 $236.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $35.782B ▲ $30.024B ▼ $5.758B ▲
Q2-2025 $9.559B ▲ $35.526B ▲ $30.027B ▲ $5.498B ▲
Q1-2025 $4.124B ▼ $34.988B ▼ $29.754B ▼ $5.234B ▲
Q4-2024 $4.187B ▼ $35.021B ▼ $29.914B ▼ $5.107B ▼
Q3-2024 $4.26B $35.332B $30.077B $5.255B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $265.6M ▲ $505M ▲ $-269.5M ▲ $-5M ▲ $225.8M ▲ $442.1M ▲
Q2-2025 $235.3M ▲ $265.5M ▼ $-362.9M ▲ $-104.3M ▲ $-182.9M ▼ $205.6M ▼
Q1-2025 $146.6M ▼ $392.4M ▲ $-421.6M ▼ $-118.7M ▲ $-138.1M ▼ $339M ▲
Q4-2024 $201.3M ▲ $102.8M ▼ $71M ▲ $-159.7M ▼ $-5.7M ▼ $34.8M ▼
Q3-2024 $133.8M $436.5M $-207.2M $-140.8M $100.3M $542.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Global Housing
Global Housing
 $30.00M ▲$2.53Bn ▲$690.00M ▼$730.00M ▲
Global Lifestyle
Global Lifestyle
 $380.00M ▲$8.60Bn ▲$2.39Bn ▼$2.44Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Assurant shows a business that has grown steadily over the last several years, with revenue moving upward almost every year. Profitability has improved meaningfully since the low point in 2022, with both operating profit and net income recovering and now sitting at healthier levels than earlier in the period. Earnings per share have climbed strongly, helped by better margins and disciplined cost control. There does appear to have been at least one unusual year earlier in the period that likely reflects a one‑off gain or accounting item, but ignoring that, the underlying pattern is of a solid, gradually improving earnings engine rather than a volatile one.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative for an insurer. Total assets have been broadly stable to slightly higher over time, while debt levels have stayed fairly flat and do not appear to be growing aggressively. Shareholders’ equity dipped mid‑period but has been rebuilding in recent years, suggesting that retained profits and capital management have strengthened the company’s financial base. Cash on hand is modest but consistent, typical for a diversified insurance group that holds most of its value in investment portfolios and policy assets rather than raw cash. Overall, leverage seems contained and capital support looks adequate and improving.

Cash Flow

Cash Flow Cash generation has been a quiet strength. Operating cash flow has remained positive throughout the period, even in weaker earnings years, which is important for both creditors and equity holders in an insurance business. Free cash flow has also been positive every year, with only moderate spending on technology and other long‑term investments. The trend in cash flow mirrors the income statement: a soft patch around 2021–2022, followed by a clear recovery in 2023 and 2024. The business appears capable of consistently funding its obligations and investments from internal cash generation without relying heavily on new borrowing.

Competitive Edge

Competitive Edge Assurant operates in specialized corners of the insurance world rather than in broad, heavily commoditized lines. Its strategy is built around “embedded” protection products that are sold directly at the point of purchase of phones, electronics, vehicles, or housing services. Deep, long‑term partnerships with major consumer brands and retailers give it preferred access to customers and create high switching costs for partners. Its expertise in niche areas like mobile device protection, extended service contracts, and lender‑placed insurance further reinforces this position. Together, these factors form a meaningful competitive moat that is not easy for new entrants to replicate quickly.

Innovation and R&D

Innovation and R&D Innovation is a central part of Assurant’s strategy. The company invests in artificial intelligence, automation, and data analytics to streamline claims, detect fraud, and personalize products. Its APEX platform allows partners to plug Assurant’s insurance offerings directly into their own digital journeys, strengthening the embedded model. The firm is also expanding into areas like certified pre‑owned devices and tech support for connected homes, often through targeted partnerships and acquisitions. While this technology‑heavy approach carries the usual execution risks, it positions Assurant well for a world where more products, vehicles, and homes are connected and require ongoing protection and support services.

Summary

Viewed through the lens of the parent company behind the AIZN subordinated notes, Assurant shows a pattern of steady growth, improving profitability, and reliable cash generation after a mid‑cycle soft patch. The balance sheet appears disciplined, with stable debt and rebuilding equity, which is important for a financial services firm that must maintain confidence and regulatory capital. Competitively, Assurant stands out through its embedded insurance model, niche focus, and long‑standing partner relationships, all supported by substantial investment in digital platforms and AI‑driven processes. Key opportunities lie in deepening these embedded partnerships and scaling new tech‑enabled offerings, while main risks include execution on innovation, partner concentration, and the usual exposure to insurance cycles and claim volatility. Overall, the company looks like a mature, specialized insurer leaning heavily on technology and partnerships to drive its next phase of growth.