Assurant Raises 2026 Outlook as Q3 Adjusted EPS Ex-Catastrophes Jumps 12.2% to $6.46
Assurant raised its 2026 outlook after third-quarter adjusted earnings per share excluding catastrophes jumped 12.2% to $6.46, led by a 23% earnings gain in its Connected Living mobile device protection business.
Net income rose 3.6% to $275.2 million, or $5.49 per diluted share, up 6.2% from $5.17 a year earlier, according to the earnings release Assurant filed with an 8-K on Tuesday. Adjusted EPS, which includes catastrophe losses, climbed 7.3% to $6.15.
Total revenues increased 9.2% to $3.530 billion from $3.232 billion.
"Our exceptional third quarter results reflect strong momentum across Assurant, positioning us for a record year and our 10th consecutive year of profitable growth," President and CEO Keith Demmings said in the release.
Outlook raised
Assurant now expects 2026 adjusted EBITDA excluding reportable catastrophes to grow an estimated 10%, the company said, from a 2025 base of $1.734 billion. It expects adjusted EPS excluding catastrophes to grow by a low-double-digit percentage from $22.81 last year.
Demmings said the company now expects share repurchases of $350 million this year, while preserving flexibility to invest in growth.
Lifestyle leads
Global Lifestyle adjusted EBITDA rose 14.6% to $236.9 million from $206.8 million. Connected Living earnings grew 23%, which Assurant tied to mobile growth across global supply chain and device protection programs and higher contributions from financial services. Global Automotive results were slightly above the prior-year period, which had included a $6.1 million non-run-rate benefit. Segment net earned premiums, fees and other income rose 10.6% to $2.661 billion.
Housing steady despite storms
Global Housing adjusted EBITDA rose 4.7% to $268.3 million despite $19.7 million of reportable catastrophes, up from $2.9 million a year earlier. Excluding catastrophes, segment adjusted EBITDA grew 11.1% to $288.0 million, mainly on favorable non-catastrophe loss experience from lower claims frequency and lower catastrophe reinsurance costs. Segment net earned premiums, fees and other income rose 6.0% to $744.9 million, driven by Homeowners.
Corporate and Other posted an adjusted EBITDA loss of $40.8 million, wider than the $31.6 million loss a year ago, on higher employee-related expenses and investments in its Home Warranty business.
Buybacks
Assurant repurchased an estimated 268,000 shares for $75 million in the third quarter, the company said, and paid $44 million in common dividends. From Oct. 1 through Oct. 31, it bought back an estimated 108,000 shares for $30 million. As of Oct. 31, $469 million remained under its repurchase authorization, and holding company liquidity stood at $954 million at quarter-end.
Management will host a conference call on Wednesday, Nov. 4, at 8:00 a.m. ET.
By the numbers
- Adjusted EPS ex-catastrophes: $6.46, up 12.2%
- GAAP EPS: $5.49, up 6.2%
- Adjusted EBITDA: $464.4 million, up 7.6%
- Adjusted EBITDA ex-catastrophes: $484.1 million, up 11.7%
- Total revenues: $3.530 billion, up 9.2%
- 2026 share repurchase plan: $350 million
Sources
- Assurant Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0001267238-26-000043)
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