Strongest Q1 ever: Assurant said record Global Lifestyle results and double‑digit growth in Connected Living (earnings up 18%) plus a 23% rise in Global Automotive powered the quarter, with nearly 69 million devices protected and expanded mobile partnerships (T‑Mobile, Xfinity, Verizon) and planned AI‑driven product rollouts.
Capital return and outlook: Management accelerated buybacks, returned $169 million in Q1 and now targets $300–$350 million of share repurchases for 2026, while guiding to low‑single‑digit adjusted EBITDA and EPS growth excluding catastrophes (high single‑digit underlying growth excluding prior‑year reserve development).
Housing and reinsurance: Global Housing included $24 million of Q1 catastrophes, and Assurant finalized a 2026 catastrophe reinsurance program with a $160 million per‑event retention, roughly $1.6 billion of coverage above retention and lower reinsurance premiums (~$180M vs ~$200M in 2025), supporting a targeted full‑year combined ratio in the low‑to‑mid 80s excluding prior‑year development.
Assurant (NYSE:AIZ) reported what management described as the strongest first-quarter performance in the company’s history, driven by record earnings in its Global Lifestyle segment and continued momentum across mobile device protection and related services.
On the company’s first-quarter 2026 earnings call, President and CEO Keith Demmings said Assurant delivered 6% growth in adjusted EBITDA and 9% growth in adjusted EPS, both excluding reportable catastrophes. He added that, excluding impacts from Global Housing’s prior-year reserve development, adjusted EBITDA and adjusted EPS grew 8% and 12%, respectively.
Demmings said the company used what he called the “strength and flexibility” of its capital position to accelerate share repurchases during the quarter, citing a “compelling valuation.”
Global Lifestyle posts record results as Connected Living expands
Demmings said Global Lifestyle produced record earnings, with double-digit earnings growth in both Connected Living and Global Automotive. In Connected Living, he said earnings increased 18%, driven by expansion with existing clients and optimization of recently added programs.
During prepared remarks, Demmings highlighted four mobile-related announcements and expansions that he said reflect Assurant’s momentum:
T-Mobile: Demmings said Assurant deepened its relationship with T-Mobile following the carrier’s acquisition of UScellular, migrating “another large in-force mobile subscriber base.” He said the company’s total devices protected now stands at nearly 69 million devices globally.
Reverse logistics with another large U.S. carrier: Demmings said a new engagement expands services to support all device return and disposition channels, with devices processed through the company’s automated Nashville Device Care Center.
Xfinity Mobile: Demmings said Assurant expanded its partnership through a new rate plan that includes lifetime device protection for phones, tablets, and watches, plus an “upgrade anytime” benefit embedded in Xfinity’s Mobile Plus plan.
Verizon prepaid brands: Demmings said Verizon’s Total Wireless Protect was expanded to include a more comprehensive loss and theft product, and that Straight Talk Protect was recently launched.
In response to analyst questions, Demmings pointed to three main drivers behind Connected Living’s quarter: growth in device protection subscribers (up 4.3 million year-over-year, he said), maturing non-mobile programs such as relationships with Best Buy and Chase, and higher volumes in devices serviced supported by reverse logistics investments. Both Demmings and CFO Keith Meier said they still see “white space” for growth in Connected Living, including opportunities globally and in extended service contracts and financial services.
Demmings said Global Automotive earnings increased 23% in the quarter, benefiting from higher investment income and continued loss improvement, and said the business is positioned for continued growth in 2026. He also said Assurant plans to introduce new products and capabilities “fueled by AI” during 2026, aimed at enhancing dealership training, streamlining claims processing, and improving customer experience.
Meier provided additional detail, noting Global Lifestyle adjusted EBITDA increased 20% year over year, or $39 million, including a $13 million real estate joint venture gain (with $10 million attributed to Global Automotive). He said Global Automotive adjusted EBITDA increased 23% or $17 million including the gain; excluding it, he said Global Auto earnings increased 9% or $7 million, driven by improved loss experience following prior rate actions, claims process enhancements, product design changes within vehicle service contracts, and improved performance in the company’s guaranteed asset protection (GAP) product.
On written premium trends and loss costs in auto, Demmings said the company has seen continued favorable loss experience, aided by prior rate increases and changes to claims processes and product design, and said management feels good about where the business stands.
Global Housing: catastrophes, renewals, and reinsurance update
In Global Housing, Meier said first-quarter adjusted EBITDA was $237 million, including $24 million of reportable catastrophes. Excluding catastrophes, adjusted EBITDA was $261 million. He said that absent the impacts of lower favorable prior-period reserve development, underlying results were level year over year.
Meier said first-quarter results included a “more normalized” non-catastrophe loss ratio of approximately 38%, excluding prior-year development, and that strong growth from higher enforced policies and average premiums in lender-placed insurance helped offset the more normalized loss ratio. He also cited growth from specialty products and higher investment income.
Demmings said homeowners results were supported by double-digit top-line growth and reiterated the company’s expectation for a full-year combined ratio in the low-to-mid 80s, excluding prior-year development and based on a full-year catastrophe assumption of $185 million. He also said the company completed two long-term renewals with large lender-placed partners representing more than 5 million loans.
Meier said the company finalized its 2026 catastrophe reinsurance program on April 1 and secured “more favorable terms” than the prior year. He said Assurant’s per-event retention of $160 million is consistent with 2025 and represents a 1-in-5-year probable maximum loss (PML). He added that the main U.S. program provides nearly $1.6 billion of coverage above retention up to a 1-in-265-year PML, while Florida coverage totals $1.8 billion above retention.
On costs, Meier said 2026 catastrophe reinsurance premiums are expected to be about $180 million versus about $200 million in 2025, citing favorable market pricing, portfolio strength, and lower Florida exposures. In Q&A, management said catastrophe losses are typically weighted toward the latter half of the year due to hurricane season.
Capital return and updated 2026 outlook
Meier said Assurant ended the quarter with $836 million of liquidity. During the first quarter, he said the company returned $169 million to shareholders, including $125 million in share repurchases and $44 million in dividends, and added that Assurant repurchased an additional $30 million through May 1.
Meier said Assurant now expects full-year adjusted EBITDA and adjusted EPS to grow low single digits excluding catastrophes, despite what he described as $94 million of lower favorable prior-year reserve development (including $113 million in 2025 and $19 million in the first quarter of 2026). Excluding prior-year development, he said the company expects high single-digit underlying growth in both adjusted EBITDA and adjusted EPS excluding catastrophes.
For segment expectations, Meier said Global Lifestyle is expected to lead growth and that the company increased its Lifestyle outlook to approximately 10% growth, reflecting strong first-quarter results. For Global Housing, he said the outlook improved and the company now expects earnings to decline only modestly excluding catastrophes, while still expecting solid underlying growth absent prior-year development. Meier emphasized that the 2026 outlook does not assume additional prior-year reserve development for the rest of the year.
Meier also updated the company’s capital return expectations, saying Assurant now expects 2026 share repurchases of $300 million to $350 million, at the high end of its initial range, subject to M&A and market conditions.
Home warranty ramp continues with Compass partnership
Demmings provided an update on Assurant Home Warranty, saying the company remains early in the launch of its relationship with Compass International Holdings spanning six U.S. real estate brands. He said the rollout is progressing and that Assurant is working with Compass on agent education, marketing, product penetration, and customer experience.
In Q&A, Demmings said Assurant is in conversations with potential long-term partners beyond Compass, including both current affinity clients and additional opportunities in the real estate sector. Meier said Assurant can leverage an existing service network built through relationships including Best Buy and Lowe’s, adding that the company has been working on the rollout for “well over 1 year” including product development and service network preparation.
About Assurant (NYSE:AIZ)
Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.
Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.
Assurant logo Key Points Strongest Q1 ever: Assurant said record Global Lifestyle results and double‑digit growth in Connected Living (earnings up 18%) plus a 23% rise in Global Automotive powered the quarter, with nearly 69 million devices protected and expanded…
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