ASSURANT, INC. (AIZ)

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AI: Fair-priced

Price checkThe shares look reasonably priced, with a modest earnings multiple offset by insurance volatility.

At $282.38, the last four quarters’ reported diluted earnings total $20.90 per share, so investors pay 13.5 times earnings. Applying 5% growth to management’s 2025 adjusted base of $22.81 gives roughly $23.95 for 2026, or 11.8 times; adjusted earnings remove catastrophes and selected items. June book value—accounting net assets—was $123.49 per share, making the price 2.29 times book. The earnings multiple is modest, but the book premium and claims volatility limit the margin of safety. Fair-priced fits this balance.

Big pictureProfits and cash have strengthened, but past swings warn against treating recent gains as permanent.

Revenue rose from $9.60 billion in 2020 to $12.81 billion in 2025, while net income reached $872.7 million. Yet profit ranged from $1.36 billion in 2021 to $276.6 million in 2022, showing real volatility. Operating cash flow recovered from $596.9 million in 2022 to $1.83 billion in 2025; after $235.5 million of capital spending, simplified free cash flow—cash left after operations and investment in the business—was about $1.60 billion. First-half 2026 operating cash improved to $694.7 million, though insurers must retain resources for claims.

Business strengthStrong holding-company cash and steady buybacks support resilience without eliminating insurance balance-sheet limits.

At June 30, cash was $1.70 billion against $2.21 billion of debt, while stockholders’ equity reached $6.10 billion. More important for dividends and buybacks, the parent held $911.5 million of liquid funds, $686.5 million above its internal minimum, plus an unused $500 million credit line. The next debt maturities are $300 million in 2028 and $350 million in 2030. Shares fell 14.8% from 2020 to 49.38 million, showing buybacks exceeded stock awards. First-half 2026 buybacks and common dividends totaled $292 million.

What could change the storyContinued lifestyle growth could lift value, while normalizing housing claims could expose optimistic expectations.

Second-quarter results showed the bull case: Global Lifestyle’s company-defined operating profit rose 21%, led by mobile protection and automotive programs, while Global Housing profit excluding catastrophes rose 18%. Management now expects 2026 adjusted earnings to grow mid-single digits, or about 10% after excluding prior-year reserve releases. The bear case is that Housing benefited from lower-than-typical claim frequency, cheaper catastrophe reinsurance and fewer disasters. The price effectively assumes about $24 of adjusted earnings and continued low-double-digit Lifestyle growth; a claims rebound or slower mobile-program growth could erase that progress.

$282.38 price considered

AI: News

Second-quarter outlook raisedRecord second-quarter earnings and higher guidance strengthened expectations for durable growth across both main businesses.

On August 4, Assurant reported second-quarter revenue of $3.45 billion, up 9%, and net income of $298.6 million, up 27%. Adjusted earnings excluding large disasters and selected items rose 19% to $6.60 per share. Management raised 2026 growth guidance to mid-single digits, or about 10% without prior-year reserve benefits, and expects buybacks near the upper end of $300 million to $350 million. Shares gained 7.2% the next session; the timing suggests positive reception but does not prove sole causation.

First-quarter recordA record first quarter began the guidance upgrades, though unusually low catastrophe costs helped results.

On May 5, Assurant reported first-quarter net income of $274.1 million, versus $146.6 million a year earlier. Adjusted earnings excluding large disasters rose 9% to $6.33 per share, and Global Lifestyle’s operating profit increased 20%. Housing’s reported improvement relied heavily on $132.3 million of lower disaster losses. Management raised its outlook to low-single-digit growth, or high-single-digit underlying growth, and targeted $300 million to $350 million of buybacks. MarketChameleon recorded a 3.5% next-session gain, consistent with—but not proof of—a favorable reaction.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$12.81B	$11.88B	$11.13B	$10.19B	$10.19B	$9.60B	$9.57B	$8.06B	$6.42B	$7.53B	$10.33B	$10.38B	$9.05B	$8.51B	$8.27B	$8.53B	$8.70B	$8.60B	$8.45B
Net income	$872.7M	$760.2M	$642.5M	$276.6M	$1.36B	$440.8M	$382.6M	$251.0M	$519.6M	$565.4M	$141.6M	$470.9M	$488.9M	$483.7M	$539.0M	$278.6M	$430.6M	$447.8M	$653.7M
Basic EPSper diluted share	$17.14	$14.55	$12.02	$5.09	$22.95	$7.02	$5.87	$4.00	$9.45	$9.23	$2.08	$6.52	$6.38	$5.74	$5.58	$2.52	$3.65	$3.79	$5.45
Diluted EPSper diluted share	$16.93	$14.46	$11.95	$5.05	$22.66	$6.98	$5.84	$3.98	$9.39	$9.13	$2.05	$6.44	$6.30	$5.67	$5.51	$2.50	$3.63	$3.76	$5.38

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)21$17.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Lonergan RobertEVP, CSTO	SellCommon Stock	7.0K	$262.71	$1.84M	27.4K
May 26, 2026Form 4	DiRienzo DimitrySVP, CAO, Controller	SellCommon Stock	2.0K	$255.68	$511.4K	2.7K
May 15, 2026Form 4 · 10b5-1	MEIER KEITHEVP, Chief Financial Officer	SellCommon Stock	25.0K	$254.31	$6.36M	18.6K
May 14, 2026Form 4	Rosenblum JayEVP, Chief Legal Officer	SellCommon Stock	2.0K	$251.77	$503.5K	12.8K
Mar 20, 2026Form 4	Sengupta SubhashishEVP, Chief People Officer	SellCommon Stock	1.9K	$210.53	$395.8K	2.9K

Review ownership filings at SEC.gov ↗

ASSURANT, INC. (AIZ)

Financial charts

Financial statements

Insider buys & sells