Overview

• US protection solutions provider's Q1 adjusted EPS beat analyst expectations

• Q1 net income rose 87% yr/yr, driven by lower catastrophe losses and Global Lifestyle earnings

• Company raised 2026 outlook and accelerated share repurchases after record quarter

Outlook

• Assurant raises 2026 outlook, now sees adj EBITDA and adjusted earnings per share, both ex-catastrophes up low single digits

• Company expects Global Lifestyle adj EBITDA to rise about 10% in 2026

• Assurant expects Global Housing adj EBITDA ex-catastrophes to decline modestly in 2026

Result Drivers

• LOWER CATASTROPHE LOSSES - Q1 net income and adjusted EBITDA rose mainly due to a sharp reduction in reportable catastrophe losses in Global Housing

• GLOBAL LIFESTYLE GROWTH - Double-digit earnings growth in Global Lifestyle, led by Connected Living subscriber growth, higher trade-in volumes, and gains in Global Automotive

• SHARE REPURCHASES AND TAX RATE - Higher adjusted EPS reflected a lower effective tax rate and share repurchases, partly offset by higher depreciation expense

Company press release: ID:nBw6fJx4ca

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS	Beat	$5.95	$5.29 (7 Analysts)
Q1 EPS		$5.41
Q1 Net Income		$274.10 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "hold."

• Wall Street's median 12-month price target for Assurant Inc is $261.00, about 13.9% above its May 4 closing price of $229.12

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

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