Assurant's quarterly profit rises on global housing business strength

Reuters
Aug 06
Assurant's quarterly profit rises on global housing business strength

Aug 5 (Reuters) - Insurer Assurant AIZ.N posted a 25% jump in second-quarter profit on Tuesday, driven by strength in its global housing business.

Insurance spending has remained relatively stable even as carriers raise premiums and tighten underwriting standards, reflecting the essential nature of coverage for both consumers and businesses.

Analysts say this resilience stems from the non-discretionary role insurance plays in areas such as health, property and auto, where coverage is often mandatory or deeply embedded in financial planning.

The company's global housing unit — which offers lender-placed homeowner insurance, manufactured housing insurance and flood coverage — posted net earned premiums, fees and other income of $697.7 million, a 10% jump from last year.

The specialty insurance industry is expanding as traditional coverage models adapt to changing consumer needs, rising asset values and evolving technology.

Meanwhile, insurers also benefited from higher investment returns in the second quarter as markets rebounded in June, shrugging off tariff concerns.

Assurant's net investment income rose to $128.7 million in the quarter ended June 30, from $124.7 million a year earlier.

Quarterly adjusted profit came in at $5.10 per share, compared to $4.08 per share last year.

(Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Alan Barona)

((Manya.Saini@thomsonreuters.com; X: manya__saini))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10