Assurant, Inc.

Welcome to Assurance Fourth 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 Rozier, Vice President of Investor Relations. You may begin.

Thank you, operator, and good morning, everyone. We look forward to discussing our fourth quarter and full year 2025 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 a news release announcing our results for the fourth quarter and full year 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 performance and current expectations and subject to risk 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 evaluating the company's performance For more details on these measures, the most comparable gap measures, and a reconciliation of the two, please refer to the news release and supporting materials. We'll start today's call with remarks before moving into Q&A. I will now turn the call over to Keith Demings.

Good morning, and thank you for joining us. 2025 was an exceptional year for Assurant, marking our ninth consecutive year of profitable growth. Our business model continues to outperform, supported by disciplined investment in innovation across lifestyle and housing businesses. These investments are delivering simpler, faster, and more consistent outcomes for clients and are reinforcing a strong foundation for long-term value creation. In 2025, we delivered another year of double-digit growth, including 11% for adjusted EBITDA and 12% for adjusted earnings per share, both excluding catastrophes. Including catastrophes, adjusted EBITDA and adjusted EPS grew 16% and 19%, underscoring the strength and resiliency of Assurant. At the core of that performance and what truly differentiates us is our people. Around the world, our teams show up every day with a relentless commitment to clients and customers. Their dedication continues to elevate our market leadership. I'm proud we were recognized on Forbes' World's Best Employers list, and we continue to be named amongst Fortune's America's Most Innovative Companies. These recognitions reflect a culture grounded in collaboration, accountability, and a drive to make a meaningful impact. Our results this year build on a multi-year track record of strong, resilient performance. highlighting earnings durability. Since 2020, adjusted EBITDA excluding CATS has increased by well over $700 million, representing an 11% compound annual growth rate. At the same time, adjusted EPS excluding CATS grew to $22.81 per share, delivering a high teens compound annual growth rate. Over the last five years, we generated an average ROE of approximately 14% and a return on tangible equity over 30%. Together, our strong growth and financial return profile delivered a total shareholder return of 93% over this period. Turning to our operating segment highlights. In 2025, Global Lifestyle delivered mid-single-digit adjusted EBITDA growth, reflecting increased momentum in connected living and global automotives. We are positioning the business for additional growth by investing in innovation to expand programs and product capabilities for clients and end consumers. Across Connected Living and Global Automotive, we are transforming operations through our intense focus on technology, including artificial intelligence, to support clients, deliver efficiencies, and improve the customer experience. In Connected Living, adjusted EBITDA grew mid-single digits. Over the last two years, we prioritized investments that are delivering earnings growth and supporting expansion across client programs. In mobile, we added nearly 2 million protected devices over the past year through new programs and strategic wins. Today, we protect over 66 million devices globally. Subscriber growth remains strong, supported by the expansion of device protection programs globally. including with U.S. device protection clients who continue to win in the market. We also deepened key carrier partnerships this year. Early in 2025, we launched a new device protection plan with Verizon's fast-growing, no-contract wireless provider, Total Wireless. As previewed on our third quarter call, we expanded our T-Mobile relationship through a multi-year reverse logistics agreement and opened a dedicated, state-of-the-art logistics facility. Looking to 2026, we see additional opportunities to grow with T-Mobile. We continue to be excited about the additional near-term opportunities within the reverse logistics space with other large US mobile carriers. Together, these examples reinforce our role as a long-term strategic partner within the carrier ecosystem. In retail extended service contracts, we continue to build momentum across appliances and consumer electronics. including the expansion of our partnership with Best Buy to support their Geek Squad protection program. Following our third quarter announcement of this new program, we're now servicing the back book of existing protection policies, meaningfully increasing our scale as we focus on optimizing the program in the coming quarters. We also saw strong progress in financial services as we scaled our card benefits business with the completion of the first full year of our partnership with Chase Card Services, supporting benefits for millions of cardholders nationwide, and also recently expanding our relationship in the UK. This past year, Global Automotive also delivered mid-single-digit earnings growth in what was a significant year for the business. We expanded our presence with national dealer groups, third-party administrators, and OEMs, now protecting 57 million vehicles, nearly 2 million more than last year. After several key wins throughout 2025, we launched a new partnership with a top 25 dealer group in the U.S. and renewed a key national dealer partnership. We also accelerated progress in heavy equipment and leased in finance businesses, adding four new partnerships with heavy equipment manufacturers and renewing 10 agreements with key lending partners. Entering 2026, Global Auto is well positioned with momentum across major channels. Turning to global housing, adjusted EBITDA grew double digits, excluding catastrophes, with earnings surpassing $1 billion, more than doubling since 2022. This year demonstrated the differentiated profile of our specialized housing business, achieving a very strong underlying combined ratio of 80%, excluding favorable prior year reserve development. In homeowners, our lender-placed business continued to serve a critical role in the U.S. mortgage market. As the voluntary homeowners market has hardened, more homeowners rely on lender-placed insurance to protect their homes. This drove a 5% increase in in-force policies year over year. During the year, we renewed four major lender-placed partnerships, representing more than 4 million loans tracked. we see clear opportunities to expand our market position in 2026. In renters, our technology-enabled services, including our Cover360 platform, continue to differentiate Assurant in the marketplace. We delivered meaningful top-line growth and increased renters' policies by 15%, supported by onboarding a new portfolio that expanded our footprint and unlocks future growth potential. We reinforced our market position by signing several new PMCs and renewing key partnerships, including three of our top five partners. Overall, our market-leading positions in scale and housing allow continued technology investments, leading to attractive expense and combined ratios, while providing an exceptional experience for both our clients and customers. Across Assurant, we executed against our priorities that remain central to our strategy. This year, we expanded offerings and attachment rates with existing partners, won new clients globally, and continue to invest in core markets where we see long-term value creation. These examples show how leading with insight, challenging convention, and delivering with discipline help us and our clients win and redefine the boundaries of protection in the market. We were excited to announce our new relationship with Compass International Holdings. We recently signed a long-term agreement across six of their U.S. real estate brands. This launch expands our total addressable market in home protection and extends our reach directly into the real estate channel, making a sure home warranty available to hundreds of thousands of affiliated agents across participating Compass International Holdings brands. We see a clear path to long-term leadership in Home Warranty, driven by three core advantages. First, we have a proven track record of executing successful channel expansion by partnering with market-leading clients and building solutions aligned to their strategic objectives. Within Assure and Home Warranty, we're applying the same highly collaborative operating model and senior-level engagement that enabled us to scale and differentiate our mobile business. As a result, we're already seeing growing interest across the broader real estate ecosystem and from existing Assurant partners who view home warranty as a natural extension of their customer relationships. Second, we're leveraging our global capabilities at scale. We bring decades of experience managing service networks, underwriting risk, administering claims, and supporting customers across mobile, auto, and home protections. Our ability to integrate seamlessly into partner workflows reduces friction for agents and delivers more consistent, reliable outcomes for homeowners. Third, and most importantly, we deliver exceptional customer experiences. Historically, home warranty has been defined by complexity and inconsistency, creating friction for both homeowners and agents. We believe the market opportunity will grow by earning trust. Our solution is built around customer-first claims resolution and a nationwide network of service professionals focused on quality and reliability. Ultimately, we're bringing greater clarity, simplicity, and confidence, giving agents a solution they can stand behind and homeowners a reason to renew year after year. Taken together, these strengths reinforce our confidence in our path toward leadership and home warranty, and our ability to scale over the long term. As we begin 2026, we expect increasing momentum in global lifestyle with high single-digit earnings growth anticipated for the year and continued underlying strength in global housing. While we continue investing in home warranty and other strategic priorities, we expect to deliver strong underlying results as we execute our long-term strategy. Before turning the call over to Keith, I want to thank our clients for their trust and partnership and the entire Assurant team for tremendous work throughout the year. Your dedication and commitment to excellence define who we are and position us for another strong year ahead. Keith, over to you.