Assurant, Inc.

Welcome to Assurance second quarter 2025 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. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. It is now my pleasure to turn the floor over to Sean Mosier, Vice President of Investor Relations. You may begin.

Thank you, Operator, and good morning, everyone. We look forward to discussing our second quarter results with you today. Joining me for assurance 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 second quarter 2025. 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 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&A. I will now turn the call over to Keith Demings.

Thanks, Sean, and good morning, everyone. We delivered a very strong second quarter with double-digit growth in both adjusted EBITDA and earnings per share, excluding reportable catastrophes. Our results were fueled by continued outperformance in global housing and growth in global lifestyle, reinforcing a strong first half of 2025. Through the first six months, adjusted EBITDA increased by 14%, and adjusted EPS rose 16%, both excluding CATS. Given our year-to-date performance, we're meaningfully increasing Assurance full-year 2025 growth expectations. Excluding catastrophes, we now expect full-year adjusted EPS growth to approach 10%, driven by mid to high single-digit growth in adjusted EBITDA. When excluding prior year reserve development, we expect to deliver double-digit underlying growth for both metrics. Additionally, our significant cash generation and balanced capital allocation continue to support long-term shareholder value. This year's performance reinforces our long-standing track record of success, driven by our powerful business model and the dedication of our global team. By combining innovative services with our protection and specialty insurance products, we deliver differentiated value through our unique B2B2C distribution channels in attractive lifestyle and housing markets. Our partnerships with the world's leading brands are powered by transparency, data-driven protection solutions, and value-added services. We've continued to be a leader in our markets by embedding technology into our client systems, enabling exceptional customer experiences, and optimizing performance. We are well positioned to achieve our ninth consecutive year of profitable growth in 2025. Our diversified business model enables us to perform consistently across a range of economic environments, often diverging from the broader industry trends. We believe this strength and resilience continue to differentiate Assurant from the broader P&C industry. Since 2019, we've delivered a compound annual growth rate of 12% in adjusted EBITDA and 18% in adjusted EPS, both excluding reportable CATs. Now, let me share some specific examples of the momentum we're seeing within our lifestyle and housing segments. Within global lifestyle, adjusted EBITDA growth accelerated in the second quarter, supporting our year-to-date performance. Through the first six months of the year, lifestyle earnings increased 2% on a constant currency basis, which was in line with our expectations. We're well positioned to deliver growth for the full year. In connected living, adjusted EBITDA increased 4% year-to-date on a constant currency basis. Sustained investments in our device care centers, automation, and technology platforms enhance our end-to-end solutions across the value chain. These capabilities add scale, simplicity, and flexibility tapping into new profit pools and accelerating growth and value creation for Assurant and our partners. This has enabled our success in growing mobile subscribers globally. Over the last year, we've added 2.4 million devices protected, bringing our total to 65 million subscribers. Our growth is led by new client programs and the continued expansion of our partner relationships. We continue to make investments related to new products, services, and programs, which we expect to roll out in the second half of this year. Following our acquisitions of cell phone repair, or CPR, in the U.S. and iSmash in the U.K., we recently acquired U Solutions in Japan to expand our local walk-in repair capability in the world's second largest mobile market. This acquisition strengthens our customer experience in the local market and unlocks future growth opportunities. In global automotive, earnings were up modestly, supported by year-over-year improvements in loss experience. Net written premiums have increased 8% year-to-date, achieved through rate increases over the last two years and new business wins driven by our scale and critical dealer services business. A key highlight is our recent partnership with Sioka Automotive, a fast-growing automotive group with more than 50 dealerships in New Jersey and Pennsylvania. Through Assurant Vehicle Care, we deliver vehicle protection products and comprehensive dealership operational support, including in-dealership training. Internationally, we recently completed the acquisition of Gestato in Brazil, expanding our automotive distribution network. diversifying our product portfolio, and reinforcing our presence in Latin America. Gestato's expertise aligns with our commitment to delivering excellent service and seeking continuous improvement. The acquisition presents exciting opportunities for future growth. Beyond new business wins and our expanding presence, we're renewing relationships across distribution channels, including dealership groups, OEMs, and other affinity partners. further reinforcing our client base and market position. We're driving innovation in automotive by investing in AI technologies. These advancements are transforming key areas from enhancing dealership training to enabling seamless digital claim processing. Turning to global housing, following two years of exceptional growth, the segment continues to outperform in 2025. Through the first six months of the year, adjusted EBITDA was up 25%, excluding reportable CATs. Our business continues to benefit from multiple growth levers, including increased demand for lender-placed insurance within homeowners, driven by hardening of the voluntary insurance market across the U.S., significant expense leverage across global housing, which has improved by over 700 basis points over the last two years, an increased scale from new business wins, including the third quarter rollout of a new mortgage servicing partner, which will add approximately 300,000 loans to our portfolio. In homeowners, we see meaningful opportunities to expand with new clients by leveraging our existing infrastructure. Ongoing technology investments further enhance efficiency as we process and digitize millions of insurance documents each year through our market-leading loan tracking solution. In renters, our tech-enabled services remain a key driver of growth. Our Covers 360 Plus platform in the Property Management Company, or PMC Channel, has delivered three consecutive years of double-digit premium growth. The platform continues to deliver higher penetration rates, client renewals, and new business wins. During the second quarter, we signed a top 15 PMC partner with over 100,000 units nationwide and completed multi-year renewals with two of our top four PMC partners. We've also increased our renters policies by 11% year to date, including a new renters book we added earlier this year. Overall, our growth within housing is underpinned by our attractive combined ratios, excluding prior year development we've achieved a year-to-date combined ratio of 87% with cats. We remain on track to deliver a mid-80s combined ratio for the full year, including our full-year cat assumption of $300 million. Innovation is deeply embedded in assurance DNA, and it continues to underpin our ability to generate future growth. As we look over the long term, we see significant opportunities across clients, products, and geographies, including expanding offerings and increasing attachment rates with existing partners, winning new clients across the globe by executing on opportunities already in our pipeline, increasing investments in core markets, including launching new products and services across the lifestyle and housing businesses, and entering attractive adjacent sectors through new product offerings. We're laser focused on executing on each of these opportunities as we continue to position Assurant for long-term growth, creating value for our partners and consumers and shareholders. I'll now turn it over to Keith Meyer to highlight our second quarter results and expectations for the remainder of the year.