Assurant (AIZ) stock price is $280.73, down 0.91% on the day, as of Oct 19, 2026. It has a market cap of $13.90Bn and a P/E ratio of 13.07, and is classified in the Property and Casualty Insurance industry (Financial Services sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap13.90 Bn
P/E13.07
P/S1.03
Div. Yield0.01
Total Debt (Qtr)2.21 Bn
Revenue Growth (1y) (Qtr)9.37
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About
Assurant, Inc. is a premier global protection company that partners with leading brands to safeguard and service connected devices, homes and automobiles. The company leverages data driven technology solutions to deliver exceptional customer experiences across its two operating segments, Global Lifestyle and Global Housing. It operates in North America, Latin America, Europe and Asia Pacific, serving a broad base of clients that rely on its risk management and service…
Assurant, Inc. is a premier global protection company that partners with leading brands to safeguard and service connected devices, homes and automobiles. The company leverages data driven technology solutions to deliver exceptional customer experiences across its two operating segments, Global Lifestyle and Global Housing. It operates in North America, Latin America, Europe and Asia Pacific, serving a broad base of clients that rely on its risk management and service capabilities. Assurant’s focus on innovation and integrated solutions helps it maintain long term relationships with its partners while addressing evolving consumer needs.
Assurant generates revenue primarily from insurance premiums, service contract fees and related service charges for its protection and specialty products. In 2025 the Global Lifestyle segment reported net earned premiums, fees and other income of $9,582.5 million, while the Global Housing segment reported $2,768.8 million. Within Global Lifestyle, the Connected Living business contributed $5,378.7 million and the Global Automotive business contributed $4,203.8 million. Within Global Housing, the Homeowners line generated $2,192.4 million and the Renters and Other line generated $576.4 million. The company follows a business to business to consumer model, earning fees from partners such as wireless carriers, retailers, financial institutions, mortgage lenders and property management firms.
The company operates through the following segments: Global Lifestyle and Global Housing.
Global Lifestyle: This segment provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, credit and other insurance products (referred to as Connected Living), and vehicle protection services, commercial equipment protection and other related services (referred to as Global Automotive).
Global Housing: This segment offers lender placed homeowners, manufactured housing and flood insurance, voluntary manufactured housing, condominium and homeowners insurance (referred to as Homeowners), and renters insurance and other products (referred to as Renters and Other).
Assurant holds a strong position in the protection insurance industry due to its diversified product suite, deep partnerships with leading global brands and a robust balance sheet that supports steady cash flow generation. Its competitive advantages include a data driven technology platform, end to end value chain capabilities, and a business to business to consumer distribution model that creates barriers to entry and fosters long term contracts with key clients. While it faces competition from various insurance, warranty and technology firms, no single competitor matches its breadth across connected devices, homes and automobiles.
The company’s customer base consists of major wireless carriers, original equipment manufacturers, retailers, financial institutions, mortgage lenders, servicers, property management companies and auto dealers that rely on Assurant to protect their customers’ devices, homes and vehicles. By serving these intermediaries, Assurant reaches millions of end consumers who purchase protection plans through their everyday transactions. Its relationships are often governed by multi year exclusive agreements that allow deep integration of its technology and service platforms with those of its partners.
Sector:Financial ServicesSector rationaleAssurant generates its revenue primarily from insurance premiums and service contract fees, operating as a protection company that manages risk for devices, homes, and automobiles. Its core business activities—providing homeowners, renters, and vehicle insurance—fall squarely within the insurance industries listed under Financial Services.Industries:Property and Casualty InsuranceProperty and Casualty InsurancePrimaryAssurant underwrites property and casualty insurance, including homeowners, renters, flood, and vehicle protection services. It generates significant revenue from insurance premiums across its Global Housing and Global Automotive lines.Specialty FinanceSpecialty FinanceSecondaryThe company provides extended service contracts and protection for consumer electronics, appliances, and commercial equipment, which constitutes a material part of its Global Lifestyle segment revenue.Classified using BQ-MICSCIK: 0001267238
Bull & bear
Investment Thesis
▲ Bull case
Assurant's Global Lifestyle segment is positioned for sustained double-digit EBITDA growth beyond the current quarter, driven by deepening strategic partnerships with major U.S. carriers and retailers that create high switching costs and recurring revenue streams. The successful migration of T-Mobile's U.S. Cellular subscriber base—adding nearly 4 million protected devices in Q1 alone—demonstrates Assurant's unique ability to execute large-scale, low-churn device protection integrations, a capability that serves as a durable competitive advantage in winning future carrier contracts. This is further reinforced by the expansion of its relationship with Xfinity Mobile, which now includes lifetime device protection and anytime phone upgrade benefits embedded in a bundled offering, directly increasing customer lifetime value and reducing churn. The company's pipeline includes new prepaid brand collaborations with Verizon (Straight Talk Protect) and international expansions with Telstra, indicating geographic diversification beyond saturated U.S. postpaid markets. Management's emphasis on AI-driven personalization in customer experience and claims processing—particularly in Global Automotive and Housing—suggests operational leverage opportunities that are not yet reflected in current margins but could unlock significant expense efficiency over the next 24–36 months. The Home Warranty business, while still early in its rollout with Compass International Holdings, leverages Assurant's existing contractor network from appliance service relationships with Best Buy and Lowe's, creating a scalable, asset-light entry into a fragmented $15B+ U.S. market with strong real estate sector integration potential. Given that Connected Living EBITDA grew 18% YoY on a $22 million base and Global Automotive ex-real-estate gain grew 9% on a $7 million base, the cumulative impact of these high-margin, scalable services could drive sustained mid-to-high single-digit underlying growth in adjusted EBITDA even if Global Housing remains flat, supported by the company's historical 11% CAGR in adjusted EBITDA since 2020 excluding catastrophes.
Assurant's Global Lifestyle segment is positioned for sustained double-digit EBITDA growth beyond the current quarter, driven by deepening strategic partnerships with major U.S. carriers and retailers that create high switching costs and recurring revenue streams. The successful migration of T-Mobile's U.S. Cellular subscriber base—adding nearly 4 million protected devices in Q1 alone—demonstrates Assurant's unique ability to execute large-scale, low-churn device protection integrations, a capability that serves as a durable competitive advantage in winning future carrier contracts. This is further reinforced by the expansion of its relationship with Xfinity Mobile, which now includes lifetime device protection and anytime phone upgrade benefits embedded in a bundled offering, directly increasing customer lifetime value and reducing churn. The company's pipeline includes new prepaid brand collaborations with Verizon (Straight Talk Protect) and international expansions with Telstra, indicating geographic diversification beyond saturated U.S. postpaid markets. Management's emphasis on AI-driven personalization in customer experience and claims processing—particularly in Global Automotive and Housing—suggests operational leverage opportunities that are not yet reflected in current margins but could unlock significant expense efficiency over the next 24–36 months. The Home Warranty business, while still early in its rollout with Compass International Holdings, leverages Assurant's existing contractor network from appliance service relationships with Best Buy and Lowe's, creating a scalable, asset-light entry into a fragmented $15B+ U.S. market with strong real estate sector integration potential. Given that Connected Living EBITDA grew 18% YoY on a $22 million base and Global Automotive ex-real-estate gain grew 9% on a $7 million base, the cumulative impact of these high-margin, scalable services could drive sustained mid-to-high single-digit underlying growth in adjusted EBITDA even if Global Housing remains flat, supported by the company's historical 11% CAGR in adjusted EBITDA since 2020 excluding catastrophes.
Assurant's Global Housing segment faces structural headwinds that could persist beyond 2026, as the company's reliance on lender-placed insurance (LPI) growth is increasingly vulnerable to a softening voluntary homeowners market and potential regulatory scrutiny, despite management's confidence in placement rate stability. While Q1 showed 11% net earned premium growth in Housing driven by higher in-force policies and average premiums, the underlying adjusted EBITDA excluding catastrophes and prior year reserve development was flat year-over-year, revealing that top-line growth is being offset by a normalized non-cat loss ratio of 38%—up from unusually low levels in Q1 2025—indicating that pricing discipline and risk selection may not be sufficient to maintain profitability as market conditions normalize. The company's placement rate growth, cited as a key driver, is contingent on the continued hardening of the voluntary homeowners market; however, recent trends in states like California and Texas show early signs of market loosening, which could reduce LPI conversion rates and force Assurant to compete more aggressively on price in a crowded market. Furthermore, the Home Warranty business, though highlighted as a growth opportunity, remains unprofitable and is currently dragging Corporate and Other adjusted EBITDA by $32 million in Q1, with no clear timeline for breakeven or scalability beyond the Compass partnership; early-stage investments in contractor network and agent education suggest this could become a prolonged capital sink rather than a near-term contributor. Catastrophe reinsurance costs, while down $20 million YoY to $180 million due to favorable pricing and lower Florida exposure, are now based on a higher cat loss assumption of $185 million (up from $175 million), reflecting business growth that may not materialize if economic slowdown reduces new policy volumes in high-risk regions. Finally, the company's shareholder return strategy—featuring $300–$350 million in annual repurchases—relies on sustained free cash flow generation, yet the flattening of Housing earnings ex-cat and the ongoing drag from Home Warranty investments create uncertainty about the durability of cash flow levels needed to support both aggressive buybacks and dividend growth without increasing leverage or constraining reinvestment in core segments.
Assurant's Global Housing segment faces structural headwinds that could persist beyond 2026, as the company's reliance on lender-placed insurance (LPI) growth is increasingly vulnerable to a softening voluntary homeowners market and potential regulatory scrutiny, despite management's confidence in placement rate stability. While Q1 showed 11% net earned premium growth in Housing driven by higher in-force policies and average premiums, the underlying adjusted EBITDA excluding catastrophes and prior year reserve development was flat year-over-year, revealing that top-line growth is being offset by a normalized non-cat loss ratio of 38%—up from unusually low levels in Q1 2025—indicating that pricing discipline and risk selection may not be sufficient to maintain profitability as market conditions normalize. The company's placement rate growth, cited as a key driver, is contingent on the continued hardening of the voluntary homeowners market; however, recent trends in states like California and Texas show early signs of market loosening, which could reduce LPI conversion rates and force Assurant to compete more aggressively on price in a crowded market. Furthermore, the Home Warranty business, though highlighted as a growth opportunity, remains unprofitable and is currently dragging Corporate and Other adjusted EBITDA by $32 million in Q1, with no clear timeline for breakeven or scalability beyond the Compass partnership; early-stage investments in contractor network and agent education suggest this could become a prolonged capital sink rather than a near-term contributor. Catastrophe reinsurance costs, while down $20 million YoY to $180 million due to favorable pricing and lower Florida exposure, are now based on a higher cat loss assumption of $185 million (up from $175 million), reflecting business growth that may not materialize if economic slowdown reduces new policy volumes in high-risk regions. Finally, the company's shareholder return strategy—featuring $300–$350 million in annual repurchases—relies on sustained free cash flow generation, yet the flattening of Housing earnings ex-cat and the ongoing drag from Home Warranty investments create uncertainty about the durability of cash flow levels needed to support both aggressive buybacks and dividend growth without increasing leverage or constraining reinvestment in core segments.