With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

See which workplaces made this year's list.

Employees say:"Leaders at Assurant encourage and empower employees, fostering a sense of belonging and value. Managers and senior leaders are approachable and open to innovation, making employees proud of their contributions. The pride I have knowing that I add value, I'm respected and a part of a team is amazing. #assurantproud"

Best Large Workplaces in Financial Services and Insurance

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The 300 companies on this list are transforming industries from the inside out.

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly 100,000 U.S. employees.

GPTW New York 2023-Assurant, Inc._1205926-4

Employees say: 
 
"Assurant's values of common decency, common sense, uncommon thinking, and uncommon results are demonstrated through how the company makes decisions about pay, benefits, policies, practices, and so on. For example, senior leadership has monthly meetings to talk about what's happening at the company. All employees can attend globally, and senior leadership will respond to every and any question asked by employees."

Best Large Workplaces in New York

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

The New York-headquartered insurer offers a wide range of products, including extended service protection on electronic devices and appliances, homeowners and flood insurance, renters insurance, and pre-funded funeral insurance. Over the past 10 years, it has produced an average return to shareholders of some 16% per year.

This year's Fortune 500 marks the 66th running of the list.

F500-2020_315_Assurant

New York City insurance provider Assurant covers homeowners, renters, vehicle-owners, travelers, and even seniors who seek to pre-arrange funeral and final expenses.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Best Workplaces In New York

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Date info provided (companies may opt to keep some data confidential)

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Best Workplaces In Financial Services And Insurance

Key Financials (last Fiscal Year)

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Profits ($M)

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Founded in 1892, Assurant provides protection services to connected devices, homes, and automobiles around the world, and operates in two segments: global lifestyle and global housing. Formerly known as Fortis, Assurant services over 325 million customers around the globe.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Assurant (AIZ): Company Profile, Stock Price, News, Rankings

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Assurant

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Welcome to Assurant's first quarter twenty twenty five conference call and webcast. At this time, all participants have been placed in a listen only mode, and the floor will be open for your questions following management's prepared remarks. If you would like to ask a question at that time, please press 9 to raise your hand and star six to unmute. We ask that you please pick up your handset to allow optimal sound quality. It is now my pleasure to turn the floor over to Sean Moggier, Vice President of Investor Relations.

You may begin. Thank you, operator, and good morning, everyone. We look forward to discussing our first quarter results with you today. Joining me for Assurant's conference call are Keith Demings, our President and Chief Executive Officer and Keith Meyer, our Chief Financial Officer.

Yesterday, after the market closed, we issued an earnings release announcing our results for the first quarter twenty twenty five. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants. Some of the statements made today are forward looking. Forward looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

Additional information regarding these factors can be found in the earnings release, presentation and financial supplement on our website as well as in our SEC reports. During today's call, we will refer to non GAAP financial measures, which we believe are important in analyzing the company's performance. For more details on these measures, the most comparable GAAP measures and a reconciliation of the two, please refer to the earnings release, presentation and financial supplement on our website. We'll start today's call with remarks before moving into Q and A. I will now turn the call over to Keith Demings.

Thanks, Sean, and good morning, everyone. I'm pleased to share that 2025 is off to a strong start. For the first quarter, we continue to demonstrate momentum, delivering 14% growth in adjusted EBITDA and 16% growth in adjusted earnings per share, both excluding reportable catastrophes. This quarter's performance highlights the position of strength from which we continue to operate and is supported by our diversified global operating model where we have market leading businesses across global housing and global lifestyle that are underpinned by our robust capital position. We have a proven track record of delivering through various economic cycles over the long term, and we remain well positioned to achieve our ninth consecutive year of earnings growth.

Our differentiated business to business to consumer distribution strategy attractive markets is reinforced by our world class workforce that enables us to win, build, and scale transparent partnerships with many of the world's leading brands. And our ability to deliver exceptional customer experiences through customized data driven solutions and comprehensive wraparound services reinforces the strength of Assurant's long term fundamentals. Last quarter, we outlined our 2025 priorities, and I'm incredibly proud of our team's progress to date. We're executing, optimizing, and scaling significant partnerships across lifestyle and housing through the foundational investments we made in new programs and clients in 2024. We've continued to make high value incremental investments to support new program launches in our pipeline and accelerate emerging growth opportunities.

And we remain focused on achieving our 2025 outlook by driving operational excellence and financial performance. Next, I wanna share a few segment highlights that support our attractive position. Starting with global lifestyle, we're laser focused on achieving our growth objectives across Connected Living and Global Automotive. In Connected Living, we continuously enhance the customer and client experience by investing in innovative products and services while providing differentiated value to our clients with integrity and transparency. This has allowed us to build relationships with every major US mobile operator along with many global leaders in the telecom industry.

As mobile and cable operators continue to innovate and compete in the wireless space, Assurance strengthened partnerships, enhance our market position and support long term growth. Our approach continues to generate momentum and through key investments in leading edge technology, including automation, robotics and AI at our device care centers, we anticipate meaningful opportunities to offer additional value added services to our key mobile clients in the near future. During the first quarter, we continue to build on our track record of deepening relationships with key clients, reinforcing our position as a preferred partner. Recently, we partnered with Verizon to launch a new mobile device protection plan from Total Wireless, Verizon's fast growing no contract wireless provider. The program, Total Wireless Protect, will allow new and existing customers affordable replacement and repair against accidents and mechanical breakdowns, supported by our more than 900 Assurant authorized repair centers nationwide.

This provides an opportunity to continue building deeper relationships with another US mobile carrier. In global automotive, earnings remain stable, supported by a year over year improvement in loss experience. Our leadership team is quickly making progress to enable further success, including a unified, consistent branding approach in our go to market strategy, allowing us to better leverage our scale as a market leader. This has contributed to new wins within our US and international distribution channels with runway to gain additional share with large national dealers. And we're launching several new products within Global Auto this year.

We recently launched Assurant Vehicle Care Technology Plus, which provides coverage for high-tech vehicle components, wear and tear items, and smartphone repairs. Moving to housing. Shifts in the voluntary insurance market throughout The US have increased demand for lender placed insurance products within homeowners. Our product helps lenders, investors, and homeowners remove the risk of uninsured loss. Through the exceptional efforts of our claims team, we remain committed to supporting our policyholders when they need us most.

We're proud to be honored by the American Red Cross as a 2025 disaster relief hero, recognizing our support for those impacted by 2024 storms, including Hurricanes Helene and Milton and the wildfires in California. As we look at results, our strong performance continued in the first quarter, driven by 17% top line growth within homeowners, primarily due to the addition of 70,000 lender placed policies. We've achieved significant expense leverage, resulting in a compelling combined ratio. Even with elevated cats in the first quarter, we delivered a combined ratio of 90%. For 2025, we're on track to deliver a combined ratio around the mid eighties, including our full year cat assumption of $300,000,000 We continue to extend the tenure of our client base, renewing two lender placed clients in the first quarter, and we see meaningful opportunity to expand with new clients by leveraging our existing infrastructure.

In renters, we're executing our strategy to scale our technology enabled services and recently added a new renter's book with over 250,000 policies. Our Cover three sixty platform continues to support double digit written premium growth in our property management company or PMC channel, demonstrating our competitive edge in a distribution channel with further growth potential. The strength of our combined lifestyle and housing businesses has enabled us to grow significantly. Over the last five years, we've delivered a compound annual adjusted EPS growth rate of 18% and a 12% adjusted EBITDA growth rate, both excluding cats. Since we successfully placed our twenty twenty five cat reinsurance program in April, which Keith Meyer will cover, I wanna take a moment to highlight how Assurant compares to certain large cat exposed P and C peers.

When we look over the past six years, Assurant ranks among the lowest in terms of cat exposure as a percentage of net earned premiums and as a percentage of shareholders' equity. Since 2019, we had the lowest average cat losses as a percentage of net earned premiums as well as the third lowest as a percentage of shareholders' equity. Equally compelling, our volatility across both metrics is among the lowest in the group. Over the last ten years, our increased scale and efficiency within housing has driven a ten year average combined ratio of 89% compared to the broader P and C market of 95%. This data illustrates the power of Assurant's unique and advantaged business portfolio as global lifestyle and global housing have delivered strong growth and returns with lower volatility.

Given our demonstrated resilience over time through various economic environments, balanced risk management, and compelling growth path ahead, it's our belief that we should be valued at a premium to the S and P composite 1,500 P and C index median. Our strategy is centered around our powerful b to b to c distribution model across lifestyle and housing, which bolsters our competitive advantage and financial performance. In the attractive markets where we operate, we see expanding opportunities to continue profitable growth through the scale and efficiency of our service delivery networks. We expect to continue extending our track record of winning new clients and solidifying relationships across the enterprise. Our business model has created diversified sources of earnings and capital while generating strong returns, cash flow, and growth.

Looking toward the future, we believe there are expanding growth opportunities, including increasing investments in our core markets, continue to expand offerings with existing clients and winning new global partnerships, and entering attractive adjacent sectors through new product launches. Before handing it over to Keith, I wanna spend a moment on the evolving economic landscape and Assurant's position. 2024 marked an exceptional year of outperformance, representing our eighth consecutive year of earnings growth. Given the strong start to the year and the strength of our businesses, we remain on track to deliver our ninth consecutive year of profitable growth in 2025, reaffirming our enterprise outlook. We are closely monitoring the impact of macroeconomic conditions and tariff policies on our claims cost and consumer demand.

We are also taking action to remain well positioned and stay ahead of future developments. While there remains significant uncertainty, our outlook considers the impact of tariffs. The differentiated features of our business model positions us to navigate the dynamic macroeconomic environment. In lifestyle, our alignment of financial interests with our partners enables us to work side by side to help mitigate risk. This includes client risk sharing contracts that allow us to manage financial exposure through Connected Living and Global Auto.

Our partnerships with leading brands provides us access to diverse supply chains across the world as our clients partner with us to optimize claims costs. Within housing, our inflation guard product feature includes quarterly state by state rate adjustments and will allow us to react quickly to higher materials cost in our lender placed business. In addition, lender placed may also serve as a countercyclical hedge in the event of a broader market downturn, differentiating us from other P and C companies. Overall, the attributes that unify our lifestyle and housing segments also position Assurant to deliver shareholder value over time through growth and disciplined capital management. I'll now turn it over to Keith Meyer.

Thanks, Keith, and good morning, everyone. Let me begin by sharing some key highlights we saw in the first quarter. '20 '20 '5 is off to a strong start with double digit growth across our primary performance metrics. Achieving mid teens growth for adjusted EBITDA and adjusted earnings per share, both excluding catastrophes. Our first quarter performance was driven by double digit earnings growth in Global Housing, led by our lender placed business.

Within Global Lifestyle, we were pleased to see improved loss experience within Global Automotive as well as solid contributions from our card benefits business in Connected Living. Looking at capital, our holding company liquidity position remained solid at over $500,000,000 at quarter end. Our cash generation allowed us to return over $100,000,000 of cash to our shareholders, including $62,000,000 of share repurchases. Through May 2, we've repurchased an additional $25,000,000 of shares. As we look ahead to the remainder of 2025, we continue to expect our buybacks will remain more balanced throughout the year due to the ability of our businesses to generate significant cash flow.

Our ultimate level of repurchases will depend on M and A opportunities and other market conditions. Turning to our segment results, Let's begin with Global Lifestyle. First quarter adjusted EBITDA was down 5% compared to last year and included a $6,000,000 impact from unfavorable foreign exchange. As a reminder, first quarter of twenty twenty four included a $7,000,000 onetime client contract benefit that was previously disclosed. Excluding this benefit, Global Lifestyle's underlying adjusted EBITDA was up modestly on a constant currency basis.

In Connected Living, earnings declined 6%. Excluding the one time benefit from the prior year, Connected Living EBITDA also increased modestly on a constant currency basis. Results benefited from a newly launched card benefits program within the financial services business, where we continue to be encouraged by the growth of a new client. The increase was partially offset by lower results in domestic mobile from device protection and trade in programs. First quarter results also included approximately $3,000,000 of incremental investments related to new capabilities and client partnerships, including Verizon's total wireless prepaid protection program.

Turning to Global Auto. Adjusted EBITDA was stable as lower investment income, mainly from lower real estate joint venture income and unfavorable foreign exchange, was offset by improved loss experience. We were pleased to see improved loss experience both year over year and sequentially as program changes and rate increases continue to earn through our book. In terms of revenue, our net earned premiums, fees, and other income for Global Lifestyle grew 5% or 7% on a constant currency basis, led by Connected Living. Moving to Global Housing.

First quarter adjusted EBITDA was $112,000,000 which included $157,000,000 of cat losses. Impacts from the California wildfires were $125,000,000 which includes estimated recoveries from subrogation. We saw another quarter of strong double digit growth as adjusted EBITDA increased 31% to $269,000,000 excluding CATs. Our homeowners business continued to benefit from significant policy growth from higher placement rates, including impacts from voluntary insurance market pressure. Non catastrophe loss experience was also favorable year over year due to lower claims frequency.

Looking at housing reserves. In the first quarter, favorable prior year reserve development was $26,000,000 which is modestly higher than the $22,000,000 in the first quarter of twenty twenty four. Within our renters business, we continue to benefit from results in our PMC channel, which achieved its eleventh consecutive quarter of double digit written premium growth. Moving to catastrophe reinsurance. We are very pleased with the outcome of our 2025 program placement, which was finalized on April 1.

We increased coverage at more attractive terms while maintaining a one in five year probable maximum loss or PML for our per event retention level, which is now $160,000,000 This is slightly above the $150,000,000 program retention in 2024 due to growth in the business but maintains the same PML. Our main US program provides nearly $1,800,000,000 in loss coverage in excess of our retention, protecting Assurant and its policyholders against severe events or up to a one in two sixty five year PML. We continue to partner with a diversified group of over 40 highly rated reinsurers. In terms of cost, our 2025 catastrophe reinsurance premiums are estimated to be approximately $225,000,000 compared to a normalized view of $2.00 $3,000,000 in 2024, which adjusts for the timing impact of our program placement change in the first quarter of last year. The increase in costs reflects the growth of the business, partially offset by lower rates, where we believe we priced on the lower end compared to the broader market.

With the placement of our 2025 program, our expected annual catastrophe load is now $175,000,000 excluding the California wildfires. Including the wildfire impacts in the first quarter, our expected full year 2025 catastrophe load is $300,000,000 Moving to our outlook for 2025. I want to reinforce that we continue to operate from a position of strength across the company. As we've demonstrated in previous macro cycles, strong cash flow is one of the hallmarks of our company. The ongoing cash generation from our businesses is supported by our large base of customers across our diverse lifestyle and housing segments.

Our balance sheet is in a strong position. Our over $10,000,000,000 investment portfolio is well diversified across industries, and 93% of our fixed income assets are investment grade. And from a growth perspective, despite macro uncertainty, we continue to prioritize targeted investing across our businesses as we look to scale and win across the globe. Turning to our enterprise outlook, we remain on track to deliver on the objectives we outlined at the start of the year, to grow adjusted EBITDA and adjusted EPS modestly in 2025, both excluding CATS. Keep in mind that the outlook includes growing off of a very strong 2024, including favorable prior year reserve development of $107,000,000 last year.

Given our first quarter results and the resiliency of our business model over the long term, we are well positioned to navigate the dynamic environment. We have considered the impacts of tariffs within our outlook and continue to monitor macroeconomic conditions, including inflation, foreign exchange, and interest rate levels, which may impact the pace and timing of growth. In lifestyle, growth in connected living and global automotive is expected to be partially offset by unfavorable foreign exchange as well as investments in new partnerships and programs in 2025. Combined, we continue to expect foreign exchange and incremental investments to mute lifestyle growth by a few percentage points. Turning to housing.

We are increasing our outlook and now expect growth, reflecting our first quarter results as well as the expected continuation of lender placed policy growth in our homeowners business. Our capital objectives for 2025 remain consistent as we focus on maintaining balance and flexibility to support new business growth while returning excess capital to shareholders. From a share repurchase perspective, our expected range for 2025 continues to be between $200,000,000 to $300,000,000 subject to M and A as well as market and other conditions. Overall, we are off to a great start in 2025 as we continue to drive long term shareholder value. And with that, operator, please open the call for questions.

Is now open for questions. At this time, if you have a question or comment, please press 9 to raise your hand and 6 to unmute. Thank you. Our first question is coming from Jeff Schmidt with William Blair.

Yeah. Yeah. We got you, Jeff. Good morning.

Alright. Good. So in Global Lifestyle, the loss ratio is still kind of relatively high versus historical levels. You know, I know you've taken a lot of actions there, in Global Auto just in terms of rate increases, process changes, things like that. But could you maybe give us an update on when you expect to see improvement there?

Yeah. And are you speaking specifically to auto, or are you talking more broadly to lifestyle overall?

yeah, I guess lifestyle overall, but I guess global auto may may drive that down.

Yeah. Maybe let me let me provide a few thoughts overall, and then and then Keith can talk a little bit about the progress in auto. We're obviously pleased with with how that business continues to perform. But, you know, when I look at lifestyle in the quarter, you know, came in very much in line with our expectations overall. If you look at Connected Living, you know, there's a couple of adjustments that I would suggest you make relative to the results.

We had, actually grown on a, constant currency sort of normalized basis in the quarter. We had a 7,000,000 onetime client adjustment last year in the first quarter, and then we had about 4,000,000 of foreign exchange. So if I look at connected living, normalized, we're up about $3,000,000 in the quarter. We actually had some benefit, and this will be a question we'll get today at some point. We had about $5,000,000 of EBITDA benefit in the quarter relative to the new programs that we talked about launching last year.

So I'd say we're on track with our one year payback timeline that we expected. A little bit softer results around trading in the quarter, but nothing unexpected. So we're generally pleased with the long term opportunity around connected living, and certainly, we've got a lot of client momentum, which we'll talk about. And then auto, we've certainly seen continued stability in the performance, and maybe Keith can provide a couple highlights just on loss performance and development relative to those rate increases.

Yeah. So, Jeff, in terms of auto, you know, I think we've continued to see the results stabilizing. You know, this is two quarters in a row of increased EBITDA for for that business. We've seen our loss experience in the VSC side of the business improving quarter over quarter, and we've also seen our gap experience level off now as well. So I think, overall, you know, that provides some encouraging trends in terms of how we see the year playing out.

And then I think that also is what enables us to reinforce our outlook for growth for our auto business as we think about the full year ahead. So overall, pleased with the progress that's taking place so far.

Okay. Great. And then in Connected Living, could you give us an update on the size and cadence of higher investments for, I guess, new partnerships, program launches, things like that? And when do you expect that to kind of roll off this year?

Yeah. So, you know, we talked about the the 25,000,000 that we invested in 2024. And if you'll remember, we said about 15,000,000 was relative to new client launches, and then 10,000,000 was related to investments in our device care centers. And that would yield a a full one year payback this year embedded in our results and our outlook. As I think about the '25 investments, we had about $3,000,000 of incremental invest in the first quarter.

And I would say we're still in that, you know, zone of a similar amount relative to the client launches. So last year was 15. It's probably in that order of magnitude for the full year. We'll see how things progress. And, again, very excited about being able to announce what that all relates to as we get further through the year.

You saw, you know, in our prepared remarks, launching a relationship with, with Total Wireless by Verizon. We're obviously incredibly proud and excited about the opportunity, to become a device protection partner with such an important client. And there'll be more things we'll talk about as the year goes on, and I think we're still on track for that type of investment level this year.

next question is coming from John Barnidge with Piper Sandler.

Good morning. Thanks for the opportunity. Hope you're both well. My first question is about tariffs. I believe 25 guidance now assumes impact from tariffs.

What range of impacts are you assuming? And how do you view the new versus used car dynamic playing out within that?

Yes. So maybe I'll provide a few high level thoughts around context. Keith can talk about, you know, where we see we we mentioned we'll see some impact certainly in auto and housing around parts and material. He can walk through our thoughts on, you know, how to think about the impact. We're not gonna size a specific dollar amount, but we will give you a sense of how we think about it.

The first thing I would just say is, obviously, there's still a lot of uncertainty when it comes to the scope and the timing of tariffs, and it will no doubt evolve and change over time throughout the year. We tried to take a really pragmatic approach and worked with really the most current information we had available. We went ahead and assumed tariffs would remain in place throughout the entirety of 2025. And at the end of the day, when we looked at the underlying performance in the business, a really, really strong first quarter, we believe tariffs will be manageable this year and we'll deliver the original guidance that we had laid out. But maybe Keith, just a little bit of color.

We talked about auto and housing having greater impact. How do we think about that flowing through the claims cost?

Yeah. And I think as we think about any potential impact, I think it probably is more in line with higher claims cost potentially in our auto and in our housing business. And and the way we have approached that is, you know, in our housing business we've have a history of navigating potential inflationary aspects, and I think one of the key drivers of our the rigor that we've developed through that process is having our ability to utilize our our inflation guard features. And so I I think us being able to now adjust our rates based on inflation every quarter and by state, whereas a couple years ago it used to be, you know, once a year across the across the board. So overall, I think we're in a good position to navigate those types of impacts in housing.

And then when it comes to auto, you know, think you have to kind of frame it up in terms of the actual impact to our claims. So, you know, probably about two thirds of our business is more risk shared with with our clients and reinsurance arrangements and so forth. So you're already at a third of our business at that point. And then of that third, you know, basically you could think about claims as being half parts and half labor. So now you're down into the, you know, mid to high teens percentage of our business that could be affected.

And then even of those parts, you know, probably half or so is imported. And so now you're talking, you know, single digit kind of impacts on our claims. And so with all the work we're doing with our clients on an ongoing basis just because of the inflationary aspects of the business from the last few years with and we've been putting in 18 rate increases and also working on program designs, I think we're in a good position to navigate impacts in auto as well. So overall, I think we're in a good position to manage through that, and I think that's what also gave us confidence to reinforce our guidance for growth across all of our businesses.

Yeah. And maybe just to pick up the question on new and used, I think, you know, as we've talked about before, we're pretty well positioned across our auto business. We've got very much balanced between new and used. It's in the range of fifty fifty. So should we see, you know, dynamic shift there where there maybe there's more used sales, less new sales?

I think we're well positioned overall from that perspective. You know, we'll obviously monitor that closely. We're working with our partners, but we do feel like we've got muscles built the last couple of years with clients, to make the right adjustments, whether it's rate, product design, claims management. That will continue as we go forward, and we're gonna continue to focus on growth and executing and delivering financial results.

Thank you for that. My follow-up question is on Global Housing. It's about the expense ratio in the quarter. Are you able to identify by how much that expense ratio was impacted by dealing with the catastrophe loss events that occurred in the quarter related to the wildfires that brought it to 39.1% versus 37.9% a year ago? Yes.

It's a great question. I would say that if we sort of made adjustments to normalize, we'd be relatively flat year over year. If you look at the first quarter twenty five, we had reinsurance costs up 11,000,000 over last year. That's a 10 basis points. The balance of the difference is related to the higher, expenses related to managing through the claim, the claims cost from the cat.

So broadly speaking, I would say underlying expenses, as a ratio flat year over year.

And I think you can, you know, think through think about our expense ratio as being that high thirties kind of percentage. And so I think in general, we're we're on track with that. And and like he said, I think you should expect it to be a similar kind of normalized rate year over year.

next question is coming from Mark Hughes with Truist.

I should be here now. Yeah. Good morning.

Yeah. The the total the total wireless by Verizon seems pretty interesting. How many subscribers under that program? I think it the fact that you're extending your relationship or deepening your relationship with Verizon is great.

You know, how much financial impact from that program would you anticipate?

Yeah. I think first thing I would say is it's starting, it's not an existing base of business that's porting across to us. So this is a brand new launch. So we're starting from customer one as we build that book. So it will naturally ramp, you know, probably three or four years to get to its full run rate potential depending on, you know, consumer behavior, etcetera.

So I think that's the first thing to recognize. The the second thing, yeah, we're really excited. I mean, we're deepening relationships with clients. We've done an amazing job in the mobile business, and I think we continue to demonstrate that we can add value to to major partners. And this is just another example of that.

And, obviously, they're they're a massive potential client for other things, and we'll look to continue to execute and deliver and prove our value to them so we earn the right to do more over time. So, but it's a big opportunity for us, and we're very, very happy with it.

Yeah. You had mentioned on the homeowners that the shifts in voluntary were increasing demand. How is that trending now? Is there still as much pressure on homeowners that that's benefiting you, or is that starting to taper a little bit?

Yeah. I think we're still seeing and expecting growth in our policies for our lender placed business. You know, I think in in California, we're still seeing a little bit of growth. And also in in the Midwest and in some of the Inland Northeast as well. So, overall, I think the the business is continuing to see that type of progress and and progressive growth.

So I I think our product is only becoming more and more valuable over time.

Yeah. And I think I think to your point, the the year over year placement rate improved pretty significantly. You know, it's definitely slowed down as we look at the sequential view. But to Keith's point, you know, we expect to see, you know, kind of modest growth over the balance of year, and and I think we're really well positioned with how that business is performing and how it's performed through various cycles as well.

And then on the, trade in, anything structural around trade ins, people keeping their phones longer, anything like that, or was it just timing of customer promotional activity that impacted the quarter?

Yeah. I think it's both. Definitely, customers are keeping devices longer, but I think the what stimulates a lot of that demand is the promotional activity, the competitive intensity. I saw a little bit more muted in the first quarter. I don't think it was different than we expected it to be.

We'll see how that plays out. It's a pretty competitive environment today. I think our clients are gonna be looking to drive growth, and and that could ultimately stimulate more competition. I think yet to be seen as we look at q two and the rest of the year, but nothing that is unusual in terms of those dynamics.

And if I could squeeze in one more on the renter's book, you talked about picking up 250,000 policies. Could you talk about that and then maybe the underlying growth in in renters aside from that that new customer pickup?

Sure. I'll I'll talk about the book, and then Keith can cover sort of the growth and how we think about it across the areas within renters. So, again, we we worked with, an insurer who was looking to exit the renters business, really more of a book role. We talk about 250,000 policies, about 50,000,000 of gross written premium annually. This insurance company served a a wide range of Affinity clients, so it fits in incredibly well with with our Affinity business.

It was acquired through reinsurance. We'll convert it to our paper over time. And I would say, as we think about the contribution, you know, I don't expect a massive step change in overall financial performance, but it is a very strategic opportunity. It generates a lot of scale, and it continues to reinforce our market leadership position. And I think we feel good about how we've structured and derisk the, the deal overall.

But, Keith, how would you reflect on the growth for the quarter?

Yeah. And I I would just say on the, on that on that book roll that we had, I think that really just speaks to our executing on our strategy to really scale our technology enabled services that we've been developing over time. And, you know, we've talked about our Cover three sixty product where we track renters policies for the landlords. And so I think those are the types of things where we're able to invest in this business, and I think that's enabling us to, you know, to be able to leverage those capabilities to drive scale where others may not may not see the the benefit of investing the way that we have. So these are these are great opportunities for us to grow.

I think you'll see contributions from from the acquisition as well as through our property management channel, which, again, has has grown for the eleventh consecutive quarter at double digit. So we'll see contribution there. And, you know, we'll we also see, as Keith said, this helps our our affinity business as well. So overall, I think we've got some nice balanced growth as we look ahead for renters.

next question is coming from Tommy McJoint with KBW.

Hey, good morning. A question about the mobile side and the potential impact of tariffs. It doesn't sound like you guys are expecting a significant impact there. Can you talk about why maybe the potential importing of of parts or and and cell phones, you know, might not be impacted? And I think a lot of it has to do with your your role as more of a program administrator than than being on risk.

Assurant (AIZ) Q1 2025 Earnings Call Transcript

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