ASSURANT, INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 02, 2025
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-31978  
Entity Registrant Name Assurant, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 39-1126612  
Entity Address, Address Line One 260 Interstate North Circle SE  
Entity Address, City or Town Atlanta  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30339  
City Area Code 770  
Local Phone Number 763-1000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   50,702,324
Entity Central Index Key 0001267238  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock, $0.01 Par Value    
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $0.01 Par Value  
Trading Symbol AIZ  
Security Exchange Name NYSE  
5.25% Subordinated Notes due 2061    
Entity Listings [Line Items]    
Title of 12(b) Security 5.25% Subordinated Notes due 2061  
Trading Symbol AIZN  
Security Exchange Name NYSE  
v3.25.1
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost - $7,880.8 and $7,524.8 at March 31, 2025 and December 31, 2024, respectively) $ 7,626.1 $ 7,175.1
Equity securities at fair value 204.3 208.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $5.1 and $6.5 at March 31, 2025 and December 31, 2024, respectively) 346.3 342.5
Short-term investments 301.3 281.6
Other investments 565.6 536.8
Total investments 9,043.6 8,544.5
Cash and cash equivalents 1,669.6 1,807.7
Premiums and accounts receivable (net of allowances for credit losses of $7.1 and $7.2 at March 31, 2025 and December 31, 2024, respectively) 1,842.7 2,054.0
Reinsurance recoverables (net of allowances for credit losses of $5.0 at March 31, 2025 and December 31, 2024) 7,361.4 7,579.5
Accrued investment income 139.1 130.5
Deferred acquisition costs 9,959.8 9,992.8
Property and equipment, net 786.3 768.3
Goodwill 2,620.7 2,616.0
Value of business acquired 6.9 8.0
Other intangible assets, net 552.5 535.6
Other assets (net of allowances for credit losses of $0.6 at March 31, 2025 and December 31, 2024) 1,005.8 983.7
Total assets 34,988.4 35,020.6
Liabilities    
Future policy benefits and expenses 507.1 536.7
Unearned premiums 20,132.5 20,211.4
Claims and benefits payable 2,570.1 2,914.2
Commissions payable 585.7 559.6
Funds held under reinsurance 275.1 277.7
Accounts payable and other liabilities (including allowances for credit losses of $1.1 and $1.4 at March 31, 2025 and December 31, 2024, respectively, for the unsecured portion of the high deductible recoverables) 3,600.0 3,331.2
Debt 2,083.7 2,083.1
Total liabilities 29,754.2 29,913.9
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,114,645 and 53,129,838 shares issued and 50,818,556 and 50,833,749 shares outstanding at March 31, 2025 and December 31, 2024, respectively 0.5 0.5
Additional paid-in capital 1,673.9 1,686.8
Retained earnings 4,431.1 4,378.3
Accumulated other comprehensive loss (748.5) (836.1)
Treasury stock, at cost; 2,296,089 shares at March 31, 2025 and December 31, 2024 (122.8) (122.8)
Total equity 5,234.2 5,106.7
Total liabilities and equity $ 34,988.4 $ 35,020.6
v3.25.1
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Fixed maturity securities available for sale, amortized cost $ 7,880.8 $ 7,524.8
Commercial mortgage loans on real estate, allowances for expected credit losses 5.1 6.5
Premiums and accounts receivable, allowances for expected credit losses 7.1 7.2
Reinsurance recoverables, allowances for expected credit losses 5.0 5.0
Other assets, allowances for expected credit losses 0.6 0.6
Accounts payable and other liabilities, allowances for credit losses $ 1.1 $ 1.4
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock, shares, issued (in shares) 53,114,645 53,129,838
Common stock, shares outstanding (in shares) 50,818,556 50,833,749
Treasury stock, at cost (in shares) 2,296,089 2,296,089
v3.25.1
Consolidated Statements of Operations (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Net earned premiums $ 2,562.3 $ 2,376.5
Fees and other income 402.9 385.7
Net investment income 124.8 126.7
Net realized losses on investments (including $3.0 and $8.0 of impairment-related losses for the three months ended March 31, 2025 and 2024, respectively) and fair value changes to equity securities (16.0) (8.8)
Total revenues 3,074.0 2,880.1
Benefits, losses and expenses    
Policyholder benefits 779.7 623.1
Underwriting, selling, general and administrative expenses 2,083.8 1,937.3
Interest expense 26.8 26.8
Total benefits, losses and expenses 2,890.3 2,587.2
Income before income tax expense 183.7 292.9
Income tax expense 37.1 56.5
Net income $ 146.6 $ 236.4
Earnings Per Common Share    
Basic (in dollars per share) $ 2.86 $ 4.50
Diluted (in dollars per share) $ 2.83 $ 4.47
Share Data    
Weighted average common shares outstanding used in basic per common share calculations (in shares) 51,281,419 52,531,865
Plus: Dilutive securities (in shares) 449,697 340,389
Weighted average common shares outstanding used in diluted per common share calculations (in shares) 51,731,116 52,872,254
v3.25.1
Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net realized losses on investments $ 3.0 $ 8.0
v3.25.1
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 146.6 $ 236.4
Other comprehensive income (loss):    
Change in unrealized losses on securities, net of taxes of $(18.2) and $4.2 for the three months ended March 31, 2025 and 2024, respectively 75.2 (32.2)
Change in unrealized gains on derivative transactions, net of taxes of $(0.4) and $0.9 for the three months ended March 31, 2025 and 2024, respectively 1.4 (3.2)
Change in foreign currency translation, net of taxes of $(2.4) and $(0.1) for the three months ended March 31, 2025 and 2024, respectively 8.8 (8.5)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $(0.6) and $0.7 for the three months ended March 31, 2025 and 2024, respectively 2.2 (2.3)
Total other comprehensive income (loss) 87.6 (46.2)
Total comprehensive income $ 234.2 $ 190.2
v3.25.1
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Change in unrealized losses on securities, tax $ (18.2) $ 4.2
Change in unrealized gains on derivative transactions, tax (0.4) 0.9
Change in foreign currency translation, tax (2.4) (0.1)
Change in pension and postretirement unrecognized net periodic benefit cost, tax $ (0.6) $ 0.7
v3.25.1
Consolidated Statements of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance at Dec. 31, 2023 $ 4,809.5 $ 0.6 $ 1,668.5 $ 4,028.2 $ (765.0) $ (122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock plan exercises 7.3   7.3      
Stock plan compensation expense 14.5   14.5      
Common stock dividends (37.4)     (37.4)    
Acquisition of common stock (64.1)   (31.1) (33.0)    
Net income 236.4     236.4    
Other comprehensive income (loss) (46.2)       (46.2)  
Ending balance at Mar. 31, 2024 4,920.0 0.6 1,659.2 4,194.2 (811.2) (122.8)
Beginning balance at Dec. 31, 2024 5,106.7 0.5 1,686.8 4,378.3 (836.1) (122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock plan exercises 7.6   7.6      
Stock plan compensation expense 15.1   15.1      
Common stock dividends (40.9)     (40.9)    
Acquisition of common stock (88.5)   (35.6) (52.9)    
Net income 146.6     146.6    
Other comprehensive income (loss) 87.6       87.6  
Ending balance at Mar. 31, 2025 $ 5,234.2 $ 0.5 $ 1,673.9 $ 4,431.1 $ (748.5) $ (122.8)
v3.25.1
Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Common stock dividends (in dollars per share) $ 0.80 $ 0.72
v3.25.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 146.6 $ 236.4
Noncash revenues, expenses, gains and losses included in net income from operations:    
Deferred tax (benefit) expense (12.9) 19.6
Depreciation and amortization 56.7 50.6
Net realized losses on investments, including impairment losses 16.0 8.8
Stock based compensation expense 15.1 14.5
Restructuring costs (1.1) 0.0
Changes in operating assets and liabilities:    
Insurance policy reserves and expenses (465.1) (36.2)
Premiums and accounts receivable 241.7 265.2
Commissions payable 21.0 (41.2)
Reinsurance recoverable 190.4 93.6
Funds withheld under reinsurance (2.6) (80.3)
Deferred acquisition costs and value of business acquired 56.2 16.8
Taxes payable (receivable) 31.5 (129.3)
Other assets and other liabilities 98.0 (314.4)
Other 0.9 (21.6)
Net cash provided by operating activities 392.4 82.5
Sales of:    
Fixed maturity securities available for sale 270.5 320.8
Equity securities 15.4 3.8
Other invested assets 13.3 42.2
Maturities, calls, prepayments, and scheduled redemption of:    
Fixed maturity securities available for sale 233.2 103.6
Commercial mortgage loans on real estate 11.1 5.0
Purchases of:    
Fixed maturity securities available for sale (842.6) (766.1)
Equity securities (10.6) (18.5)
Commercial mortgage loans on real estate (13.8) (9.9)
Other invested assets (26.6) (13.3)
Property and equipment and other (53.4) (50.8)
Subsidiaries, net of cash transferred 0.0 (10.2)
Change in short-term investments (18.2) 65.2
Other 0.1 0.0
Net cash used in investing activities (421.6) (328.2)
Financing activities    
Acquisition of common stock (64.3) (46.1)
Common stock dividends paid (40.9) (37.4)
Employee stock purchases and withholdings (13.5) (12.7)
Net cash used in financing activities (118.7) (96.2)
Effect of exchange rate changes on cash and cash equivalents 9.8 (3.6)
Change in cash and cash equivalents (138.1) (345.5)
Cash and cash equivalents at beginning of period 1,807.7 1,627.4
Cash and cash equivalents at end of period $ 1,669.6 $ 1,281.9
v3.25.1
Nature of Operations
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Assurant, Inc. (the “Company”) is a premier global protection company that partners with the world’s leading brands to safeguard and service connected devices, homes and automobiles. The Company leverages data-driven technology solutions to provide exceptional customer experiences. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment services and other related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as “Homeowners”); and renters insurance and other products (referred to as “Renters and Other”).
The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.
v3.25.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The consolidated balance sheet as of March 31, 2025, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three months ended March 31, 2025 and 2024 and the consolidated statements of cash flows for the three months ended March 31, 2025 and 2024 are unaudited. In the opinion of management, the interim data includes all normal recurring adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.
Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Restricted Cash
Restricted cash and cash equivalents of $145.5 million and $122.4 million as of March 31, 2025 and December 31, 2024, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.
v3.25.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted
There were no ASUs adopted by the Company during the quarterly period ended March 31, 2025.
Not Yet Adopted
ASUs issued but not yet adopted as of March 31, 2025, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
StandardSummary of the Standard
Effective date
Method of Adoption
Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.Annual periods starting December 31, 2025 The Company is assessing the adoption of this standard as of December 31, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
The guidance improves disclosures of specified information about certain costs and expenses for each interim and annual reporting period. The new disclosure requirements include:
• Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
December 31, 2027 and for interim periods thereafterThe Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
As of March 31, 2025, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses and activities of the holding company.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA defined below is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA, and then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget and forecast for each segment. The individual operating segment’s performance is one of the considerations when determining the compensation of certain employees.
The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (defined below), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.
The following tables provide information about the segments’ Adjusted EBITDA.
Three Months Ended March 31,
20252024
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living$1,233.4 $1,140.3 
Global Automotive1,073.2 1,047.5 
Net investment income84.0 90.2 
Total revenues2,390.6 2,278.0 
Policyholder benefits442.4 417.7 
Selling and underwriting expense (1)1,265.8 1,182.5 
Cost of sales (2)184.8 186.0 
General expenses (3)299.8 284.1 
Segment Adjusted EBITDA$197.8 $207.7 
Global Housing:
Net earned premiums, fees and other income:
Homeowners$522.9 $447.4 
Renters and Other133.9 124.8 
Net investment income33.7 28.5 
Total revenues690.5 600.7 
Policyholder benefits333.0 200.3 
Selling and underwriting expense (1)39.5 38.1 
General expenses (4)205.6 169.8 
Segment Adjusted EBITDA$112.4 $192.5 
Corporate:
Fees and other income$0.4 $0.2 
Net investment income5.8 5.6 
Total revenues6.2 5.8 
Policyholder benefits— — 
General expenses (3)34.2 35.3 
Segment Adjusted EBITDA$(28.0)$(29.5)
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Three Months Ended March 31,
20252024
Adjusted EBITDA by segment:
Global Lifestyle$197.8 $207.7 
Global Housing112.4 192.5 
Corporate and Other(28.0)(29.5)
Reconciling items to consolidated net income:
Interest expense(26.8)(26.8)
Depreciation expense(35.1)(30.6)
Amortization of purchased intangible assets(18.4)(17.6)
Net realized losses on investments and fair value changes to equity securities(16.0)(8.8)
Non-core operations (1)(1.8)(2.6)
Restructuring costs1.1 — 
Other adjustments(1.5)8.6 
Total reconciling items(98.5)(77.8)
Income before income tax expense183.7 292.9 
Income tax expense37.1 56.5 
Net income$146.6 $236.4 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and will no longer be included in non-core operations commencing with first quarter 2025.

The following table presents total assets by segment:
March 31, 2025December 31, 2024
Global Lifestyle (1)$27,932.0 $27,468.0 
Global Housing (1)5,444.7 5,773.4 
Corporate and Other (2)1,611.7 1,779.2 
Segment assets $34,988.4 $35,020.6 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of March 31, 2025 and December 31, 2024, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated.
v3.25.1
Contract Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract Revenues Contract Revenues
The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $349.7 million and $345.2 million for Global Lifestyle and $30.7 million and $20.6 million for Global Housing for the three months ended March 31, 2025 and 2024, respectively.
Global Lifestyle
In the Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile service providers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.
Global Housing
In the Global Housing segment, revenues from service contracts and sales of products are primarily from the Homeowners business. As part of the Homeowners business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
Contract Balances
The receivables and unearned revenue under these contracts were $178.9 million and $146.7 million, respectively, as of March 31, 2025, and $171.3 million and $153.8 million, respectively, as of December 31, 2024. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended March 31, 2025 and 2024 that was included in unearned revenue as of December 31, 2024 and 2023 was $17.4 million and $17.3 million, respectively.
In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of March 31, 2025 and December 31, 2024, the Company had approximately $80.0 million and $83.4 million, respectively, of such intangible assets that will be expensed over the term of the client contracts.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 March 31, 2025
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.3 $— $0.4 $(2.5)$52.2 
States, municipalities and political subdivisions122.5 — 0.9 (8.3)115.1 
Foreign governments509.0 — 5.3 (16.8)497.5 
Asset-backed888.2 — 4.8 (10.2)882.8 
Commercial mortgage-backed394.4 — 1.6 (31.2)364.8 
Residential mortgage-backed785.9 — 4.3 (42.6)747.6 
U.S. corporate3,546.2 — 41.1 (170.7)3,416.6 
Foreign corporate1,580.3 — 25.7 (56.5)1,549.5 
Total fixed maturity securities$7,880.8 $— $84.1 $(338.8)$7,626.1 
 December 31, 2024
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.5 $— $0.1 $(3.4)$51.2 
States, municipalities and political subdivisions128.7 — 0.6 (10.2)119.1 
Foreign governments484.6 — 2.6 (25.1)462.1 
Asset-backed940.3 — 6.5 (9.5)937.3 
Commercial mortgage-backed371.8 — 1.0 (36.4)336.4 
Residential mortgage-backed690.0 — 1.6 (50.5)641.1 
U.S. corporate3,364.3 — 26.9 (203.8)3,187.4 
Foreign corporate1,490.6 — 19.0 (69.1)1,440.5 
Total fixed maturity securities$7,524.8 $— $58.3 $(408.0)$7,175.1 
The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2025
Cost or Amortized Cost
Fair Value
Due in one year or less$158.1 $158.2 
Due after one year through five years1,392.3 1,389.2 
Due after five years through ten years3,136.0 3,089.9 
Due after ten years1,125.9 993.6 
Total5,812.3 5,630.9 
Asset-backed888.2 882.8 
Commercial mortgage-backed394.4 364.8 
Residential mortgage-backed785.9 747.6 
Total$7,880.8 $7,626.1 
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 
 Three Months Ended March 31,
 20252024
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities $(17.0)$(14.4)
Equity securities (1)2.8 10.1 
Commercial mortgage loans on real estate1.4 (1.0)
Other investments(0.2)4.5 
Total net realized losses on investments related to sales and other and fair value changes to equity securities (13.0)(0.8)
Net realized losses related to impairments:
Fixed maturity securities— (0.3)
Other investments(3.0)(7.7)
Total net realized losses related to impairments(3.0)(8.0)
Total net realized losses on investments and fair value changes to equity securities$(16.0)$(8.8)
(1)Upward adjustments of $2.5 million and $3.8 million for the three months ended March 31, 2025 and 2024, respectively, and impairments of $3.0 million and $7.7 million for the three months ended March 31, 2025 and 2024, respectively, were realized on equity investments accounted for under the measurement alternative.
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Three Months Ended March 31,
20252024
Net gains (losses) recognized on equity securities$2.8 $10.1 
Less: Net realized gains (losses) related to sales of equity securities(0.5)(0.1)
Total fair value changes to equity securities held$3.3 $10.2 
Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:
March 31, 2025December 31, 2024
Initial cost$76.4 $74.8 
Cumulative upward adjustments60.3 57.9 
Cumulative downward adjustments (including impairments)(28.5)(24.4)
Carrying value$108.2 $108.3 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$8.3 $(0.2)$21.5 $(2.3)$29.8 $(2.5)
States, municipalities and political subdivisions17.2 (0.9)65.8 (7.4)83.0 (8.3)
Foreign governments115.7 (6.3)150.9 (10.5)266.6 (16.8)
Asset-backed277.8 (3.5)81.7 (6.7)359.5 (10.2)
Commercial mortgage-backed70.2 (1.8)178.1 (29.4)248.3 (31.2)
Residential mortgage-backed136.1 (2.4)208.1 (40.2)344.2 (42.6)
U.S. corporate756.3 (19.4)881.4 (151.3)1,637.7 (170.7)
Foreign corporate294.8 (6.7)355.6 (49.8)650.4 (56.5)
Total fixed maturity securities$1,676.4 $(41.2)$1,943.1 $(297.6)$3,619.5 $(338.8)
 December 31, 2024
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$25.8 $(0.6)$21.4 $(2.8)$47.2 $(3.4)
States, municipalities and political subdivisions20.4 (1.5)66.1 (8.7)86.5 (10.2)
Foreign governments164.8 (10.9)171.3 (14.2)336.1 (25.1)
Asset-backed59.0 (3.5)87.6 (6.0)146.6 (9.5)
Commercial mortgage-backed65.7 (1.3)195.8 (35.1)261.5 (36.4)
Residential mortgage-backed223.4 (4.8)209.7 (45.7)433.1 (50.5)
U.S. corporate1,083.8 (29.9)954.3 (173.9)2,038.1 (203.8)
Foreign corporate368.1 (9.9)431.4 (59.2)799.5 (69.1)
Total fixed maturity securities$2,011.0 $(62.4)$2,137.6 $(345.6)$4,148.6 $(408.0)
Total gross unrealized losses represented approximately 9% of the aggregate fair value of the related securities as of March 31, 2025 and 10% as of December 31, 2024. Approximately 12% and 15% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of March 31, 2025 and December 31, 2024, respectively. The total gross unrealized losses are comprised of 2,464 and 2,712 individual securities as of March 31, 2025 and December 31, 2024, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of March 31, 2025 and December 31, 2024 were related to non-credit factors and therefore, did not recognize credit-related losses during the three months ended March 31, 2025. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.
The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of March 31, 2025, approximately 36% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $5.0 million as of March 31, 2025 and December 31, 2024.
Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s annual net operating income to its
annual debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.
The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2025 and December 31, 2024.
March 31, 2025
Origination Year
20252024202320222021PriorTotal% of Total
Loan to value ratios (1):
70% and less$13.6 $52.4 $41.2 $29.5 $15.9 $56.7 $209.3 59.6 %
71% to 80%— 1.8 6.9 20.8 61.2 2.7 93.4 26.6 %
81% to 95%— — — 14.4 8.5 5.9 28.8 8.2 %
Greater than 95%— — 3.8 9.9 6.2 — 19.9 5.6 %
Total$13.6 $54.2 $51.9 $74.6 $91.8 $65.3 $351.4 100.0 %
March 31, 2025
Origination Year
20252024202320222021PriorTotal% of Total
Debt-service coverage ratios (2):
Greater than 2.0$— $6.4 $0.5 $17.9 $10.8 $42.8 $78.4 22.3 %
1.5 to 2.0— 20.8 12.2 10.8 24.9 13.7 82.4 23.4 %
1.0 to 1.513.6 26.0 16.4 20.3 22.4 7.3 106.0 30.2 %
Less than 1.0— 1.0 22.8 25.6 33.7 1.5 84.6 24.1 %
Total$13.6 $54.2 $51.9 $74.6 $91.8 $65.3 $351.4 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Loan to value ratios (1):
70% and less$51.9 $43.2 $29.6 $16.0 $— $57.9 $198.6 56.9 %
71% to 80%3.8 4.9 22.8 65.5 2.8 — 99.8 28.6 %
81% to 95%— — 12.6 8.6 — 9.5 30.7 8.8 %
Greater than 95%— 3.8 9.9 6.2 — — 19.9 5.7 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Debt-service coverage ratios (2):
Greater than 2.0$6.4 $0.6 $18.0 $10.8 $— $43.4 $79.2 22.7 %
1.5 to 2.020.9 12.2 10.9 25.0 — 14.0 83.0 23.8 %
1.0 to 1.527.4 18.8 20.4 22.5 2.8 4.8 96.7 27.7 %
Less than 1.01.0 20.3 25.6 38.0 — 5.2 90.1 25.8 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
(1)Loan-to-value ratio derived from current principal amount of the loan divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)Debt-service coverage ratio calculated using most recently reported annual net operating income from property operators divided by annual debt service payments.
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures
The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.
The levels of the fair value hierarchy are described below:
•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, the Retiree Medical Pension 401(h), and other derivatives. Other liabilities are comprised of investments in the AIP,
contingent considerations related to business combinations, and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.  
 March 31, 2025 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$52.2 $—   $52.2   $—   
States, municipalities and political subdivisions115.1 —   115.1   —   
Foreign governments497.5 —   497.5   —   
Asset-backed882.8 —   760.9   121.9 
Commercial mortgage-backed364.8 —   364.8   —   
Residential mortgage-backed747.6 —   747.6   —   
U.S. corporate3,416.6 — 3,368.5 48.1 
Foreign corporate1,549.5 —   1,541.5   8.0   
Equity securities:
Mutual funds34.3 13.9 — 20.4 
Common stocks3.9 3.9   —   — 
Non-redeemable preferred stocks166.1 —   165.7   0.4   
Short-term investments255.2 251.2 (2)4.0 (3)—   
Other investments87.5 87.4 (1)— 0.1 
Cash equivalents1,171.8 1,160.3 (2)11.5 (3)—   
Other assets8.0 — — 8.0 (4)
Assets held in separate accounts10.9 9.9 (1)1.0 (3)—   
Total financial assets$9,363.8 $1,526.6   $7,630.3   $206.9   
Financial Liabilities
Other liabilities$89.2 $67.4 (1)$— $21.8 (5)
Liabilities related to separate accounts10.9 9.9 (1)1.0 (3)— 
  
Total financial liabilities$100.1 $77.3   $1.0 
  
$21.8 
  
 December 31, 2024 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$51.2 $—  $51.2  $—  
States, municipalities and political subdivisions119.1 —  119.1  —  
Foreign governments462.1 —  462.1  —  
Asset-backed937.3 —  823.7  113.6  
Commercial mortgage-backed336.4 —  336.4  —  
Residential mortgage-backed641.1 —  641.1  —  
U.S. corporate3,187.4 — 3,139.9 47.5 
Foreign corporate1,440.5 —  1,432.5  8.0  
Equity securities:
Mutual funds28.8 13.6 — 15.2 
Common stocks3.5 3.5  —  — 
Non-redeemable preferred stocks176.2 —  176.2  —  
Short-term investments237.1 230.1 (2)7.0 (3)—  
Other investments66.1 66.0 (1)— 0.1 
Cash equivalents1,325.6 1,312.0 (2)13.6 (3)—  
Other assets6.3 —   — 6.3 (4)
Assets held in separate accounts11.3 8.7 (1)2.6 (3)—  
Total financial assets$9,030.0 $1,633.9  $7,205.4  $190.7  
Financial Liabilities
Other liabilities$66.0 $66.0 (1)$— (4)$— 
Liabilities related to separate accounts11.3 8.7 (1)2.6 (3)—  
Total financial liabilities$77.3 $74.7  $2.6  $—  
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivatives.
(5)Includes contingent consideration liabilities.
The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 March 31, 2025
  Fair Value
 Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$346.3 $341.3 $— $— $341.3 
Other investments20.5 20.5 1.3 — 19.2 
Other assets42.2 42.2 — — 42.2 
Total financial assets$409.0 $404.0 $1.3 $— $402.7 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.8 $— $— $6.8 
Funds withheld under reinsurance275.1 275.1 275.1 — — 
Debt2,083.7 2,003.8 — 2,003.8 — 
Total financial liabilities$2,365.3 $2,285.7 $275.1 $2,003.8 $6.8 
 December 31, 2024
  Fair Value
  
Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$342.5 $333.3 $— $— $333.3 
Other investments23.2 23.2 1.3 — 21.9 
Other assets26.3 26.3 — — 26.3 
Total financial assets$392.0 $382.8 $1.3 $— $381.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.9 $— $— $6.9 
Funds withheld under reinsurance277.7 277.7 277.7 — — 
Debt2,083.1 1,998.1 — 1,998.1 — 
Total financial liabilities$2,367.3 $2,282.7 $277.7 $1,998.1 $6.9 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.
v3.25.1
Deferred Acquisition Costs
 3 Months Ended
Mar. 31, 2025
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Acquisition Costs Deferred Acquisition Costs
The following table discloses information about deferred acquisition costs as of the dates indicated:
For the Three Months Ended March 31,
 20252024
Beginning balance$9,992.8 $9,967.2 
Costs deferred1,163.9 1,034.4 
Amortization(1,196.9)(1,022.7)
Ending balance$9,959.8 $9,978.9 
v3.25.1
Reserves
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Reserves Reserves
Reserve Roll Forward
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
For the Three Months Ended March 31,
20252024
Claims and benefits payable, at beginning of period$2,914.2 $1,989.2 
Less: Reinsurance ceded and other(1,669.8)(886.6)
Net claims and benefits payable, at beginning of period1,244.4 1,102.6 
Incurred losses and loss adjustment expenses related to:
Current year841.0 664.7 
Prior years(61.3)(41.6)
Total incurred losses and loss adjustment expenses779.7 623.1 
Paid losses and loss adjustment expenses related to:
Current year350.2 245.5 
Prior years389.7 341.4 
Total paid losses and loss adjustment expenses739.9 586.9 
Net claims and benefits payable, at end of period1,284.2 1,138.8 
Plus: Reinsurance ceded and other (1) 1,285.9 876.6 
Claims and benefits payable, at end of period (1)$2,570.1 $2,015.4 
(1)Includes reinsurance recoverables and claims and benefits payable of $492.4 million and $108.6 million as of March 31, 2025 and 2024, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
The Company experienced net favorable loss development of $61.3 million and $41.6 million for the three months ended March 31, 2025 and 2024, respectively, as presented in the roll forward table above.
Global Lifestyle contributed $31.7 million and $20.8 million in net favorable loss development for the three months ended March 31, 2025 and 2024, respectively. The net favorable loss development in both periods was attributable to nearly all lines of business in Global Lifestyle across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience. Connected Living contributed $18.5 million of net favorable development, of which $8.5 million was from mobile, $7.7 million was from extended service contracts and $2.3 million was from credit and other insurance. For mobile, the favorable development is primarily attributable to reserve releases as a new client’s actual loss experience replaced initial pricing assumptions. For extended service contracts, reserve releases and favorable development are primarily attributable to fewer claims as inforce contract counts decrease slightly and lower severity from new pricing agreements with servicers. For credit and other insurance, the favorable development is attributable to administrative closure of claims with no offsetting settlements. Global Automotive contributed $13.2 million of net favorable development primarily attributable to favorability in the frequency assumptions in the U.S. service contract products. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable.
Global Housing contributed $27.6 million and $22.0 million of net favorable loss development for the three months ended March 31, 2025 and 2024, respectively. The net favorable loss development for the three months ended March 31, 2025
consisted of favorable non-catastrophe development of $26.4 million and $1.2 million of net favorable development from prior catastrophe events. The favorable non-catastrophe development was driven by $24.7 million from lender-placed hazard due to easing inflation and lower frequency as observed by favorable actual loss emergence data compared to prior estimates. The net favorable loss development for the three months ended March 31, 2024 was primarily attributable to favorable frequency, easing inflation and legislative reform changes in Florida.
The sharing economy and small commercial businesses, reported within non-core operations, contributed $3.0 million and $3.4 million in net unfavorable loss development during the three months ended March 31, 2025 and 2024, respectively. The $3.0 million in net unfavorable loss development was primarily attributable to sharing economy due to the deterioration in the anticipated portion and amount of claims exceeding the per policy deductible. The net unfavorable loss development for the three months ended March 31, 2024 was attributable primarily to more newly reported claims than expected and an increase in the portion and amount of claims anticipated to exceed the per policy deducible.
All others contributed $5.0 million and $2.2 million of net favorable loss development for the three months ended March 31, 2025 and 2024 respectively.
Long-Duration Contracts
The Company adopted the targeted improvements accounting guidance for long-duration insurance contracts as of January 1, 2023, using a modified retrospective method on liabilities for future policy benefits and expenses to January 1, 2021 for long-term care insurance contracts that have been fully reinsured. The Company also elected to not apply the amended accounting guidance to long-duration contracts of legal entities sold and derecognized before the January 1, 2023 effective date as the Company has no significant continuing involvement with them.
A remeasurement of the ending reporting period future policy benefits and expenses reserve is calculated using the current upper medium grade fixed-income corporate bond instrument yield as of the consolidated balance sheet ending period (the “current discount rate”). The current discount rate used is an externally published U.S. corporate A index weighted average spot rate that is updated quarterly and effectively matches the duration of the expected cash flow streams of the long-term care reserves. The difference between the ending period future policy benefits and expenses reserve measured using the original discount rate and the future policy benefits and expenses reserve measured using the current discount rate is recorded in accumulated other comprehensive income (“AOCI”) in the Company’s consolidated statements of comprehensive income.
The long-term care insurance contracts are fully reinsured and there is no impact to consolidated stockholders’ equity or net income as the reserves are fully reinsured.
The following table presents the balances and changes in the long-term care future policy benefits and expenses reserve:
March 31, 2025December 31, 2024
Present value of expected net premiums
Balance, beginning of period$36.4 $36.4 
Beginning balance at original discount rate34.0 36.5 
Effect of changes in cash flow assumptions— (1.0)
Effect of actual variances from expected experience— 0.9 
Adjusted beginning of period balance34.0 36.4 
Experience variance (1)— 0.1 
Interest accrual0.9 3.4 
Net premiums collected(1.5)(5.9)
Ending balance at original discount rate33.4 34.0 
Effect of changes in discount rate assumptions1.1 2.4 
Balance, end of period$34.5 $36.4 
Present value of expected future policy benefits
Balance, beginning of period$506.4 $450.6 
Beginning balance at original discount rate452.9 453.0 
Effect of actual variances from expected experience— 1.5 
Adjusted beginning of period balance452.9 454.5 
Experience variance (1)(1.1)(1.3)
Interest accrual6.5 26.2 
Benefit payments(7.3)(26.5)
Ending balance at original discount rate451.0 452.9 
Effect of changes in discount rate assumptions25.5 53.5 
Balance, end of period$476.5 $506.4 
Net future policy benefits and expenses$442.0 $470.0 
Related reinsurance recoverable442.0 470.0 
Net future policy benefits and expenses, after reinsurance recoverable$— $— 
Weighted-average liability duration of the future policy benefits and expenses (in years)11.311.4
(1)Experience variance includes adverse development resulting from the allocation of the premium deficiency reserve to the cohort level for issue years where net premiums exceed gross premiums.

The following table presents a reconciliation of the long-term care net future policy benefits and expenses to the future policy benefits and expenses reserve in the consolidated balance sheet:
March 31, 2025December 31, 2024
Long-term care$442.0 $470.0 
Other65.1 66.7 
Total$507.1 $536.7 
The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for the long-term care insurance contracts:
March 31, 2025December 31, 2024
Expected future benefits payments$794.9 $804.4 
Expected future gross premiums$60.3 $61.9 
The following table presents the amount of long-term care revenue and interest recognized in the consolidated statements of operations:
March 31, 2025March 31, 2024
Gross premiums$1.5 $1.5 
Interest expense (original discount rate)$5.6 $5.6 
The following table presents the weighted-average interest rate for long-term care insurance contracts:
March 31, 2025March 31, 2024
Interest expense (original discount rate)5.95 %5.95 %
Current discount rate5.28 %5.05 %
v3.25.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Three Months Ended March 31, 2025
 Foreign currency translation adjustmentNet unrealized losses on investmentsNet unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated other comprehensive loss
Balance at December 31, 2024$(415.2)$(291.9)$2.2 $(131.2)$(836.1)
Change in accumulated other comprehensive income (loss) before reclassifications8.8 61.8 1.7 — 72.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 13.4 (0.3)2.2 15.3 
Net current-period other comprehensive income (loss)8.8 75.2 1.4 2.2 87.6 
Balance at March 31, 2025$(406.4)$(216.7)$3.6 $(129.0)$(748.5)
 Three Months Ended March 31, 2024
 Foreign currency translation adjustmentNet unrealized losses on investmentsNet unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated other comprehensive loss
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
Change in accumulated other comprehensive income (loss) before reclassifications(8.5)(43.8)(0.1)— (52.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 11.6 (3.1)(2.3)6.2 
Net current-period other comprehensive income (loss)(8.5)(32.2)(3.2)(2.3)(46.2)
Balance at March 31, 2024$(360.4)$(337.7)$5.3 $(118.4)$(811.2)
The following tables summarize the reclassifications out of AOCI for the periods indicated:
Details about accumulated other comprehensive income componentsAmount reclassified from accumulated other comprehensive incomeAffected line item in the statement where net income is presented
 Three Months Ended March 31, 
 20252024 
Net unrealized losses on investments$17.0 $14.7 Net realized losses on investments and fair value changes to equity securities
(3.6)(3.1)Provision for income taxes
$13.4 $11.6 Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives$(0.7)$(0.7)Interest expense
Foreign exchange derivatives0.3 (3.2)Underwriting, selling, general and administrative expenses
(0.4)(3.9)
0.1 0.8 Provision for income taxes
$(0.3)$(3.1)Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$0.3 $0.3 (1)
Amortization of prior service credit— (3.3)(1)
Settlement loss2.5 — (1)
2.8 (3.0)
(0.6)0.7 Provision for income taxes
$2.2 $(2.3)Net of tax
Total reclassifications for the period$15.3 $6.2 Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 12.
v3.25.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Three Months Ended March 31,
 20252024
Numerator
Net income$146.6 $236.4 
Less: Common stock dividends paid(40.9)(37.4)
Undistributed earnings$105.7 $199.0 
Denominator
Weighted average common shares outstanding used in basic per common share calculations51,281,419 52,531,865 
Incremental common shares from:
PSUs449,697 340,389 
Weighted average common shares outstanding used in diluted per common share calculations51,731,116 52,872,254 
Earnings per common share – Basic
Distributed earnings$0.80 $0.71 
Undistributed earnings2.06 3.79 
Net income$2.86 $4.50 
Earnings per common share – Diluted
Distributed earnings$0.79 $0.71 
Undistributed earnings2.04 3.76 
Net income$2.83 $4.47 
Average PSUs totaling 15,279 and 16,553 for the three months ended March 31, 2025 and 2024, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.
v3.25.1
Retirement and Other Employee Benefits
 3 Months Ended
Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Retirement and Other Employee Benefits Retirement and Other Employee Benefits
The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. The Pension Benefits were frozen on March 1, 2016.
In addition, the Company provides certain health care benefits (“Retirement Health Benefits”) and life benefits (together, “Plan Benefits”) for retired employees and their dependents. Retirement Health Benefits were terminated effective December 31, 2024 (the “Termination Date”). Benefits were paid through the Termination Date.
The following tables present the components of net periodic benefit cost for the Pension Benefits and Plan Benefits for the three months ended March 31, 2025 and 2024: 
 Qualified Pension Benefits
Unfunded Non-qualified 
Pension Benefits
Plan
Benefits
 For the Three Months Ended March 31,For the Three Months Ended March 31,For the Three Months Ended March 31,
 202520242025202420252024
Interest cost$6.3 $6.7 $0.6 $0.6 $— $— 
Expected return on plan assets(9.7)(10.0)— — — (0.3)
Amortization of prior service credit— — — — — (3.3)
Amortization of net loss— — 0.3 0.3 — — 
Settlement loss— — — — 2.5 — 
Net periodic benefit cost$(3.4)$(3.3)$0.9 $0.9 $2.5 $(3.6)
The Assurant Pension Plan funded status was $85.6 million at March 31, 2025 and $84.1 million at December 31, 2024 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 117% funded status at March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2025.
v3.25.1
Restructuring and Related Impairment Charges
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Impairment Charges Restructuring and Related Impairment Charges
In December 2022, the Company finalized its plan to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. This included realigning its organizational structure and talent to support its business strategy (the “transformational plan”). The Company also accelerated its ongoing real estate consolidation to support work-from-home arrangements given its increasingly hybrid workforce (the “return to work strategy”).
In September 2023, the Company amended and extended the December 2022 plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. The Company now expects to be substantially complete with these actions in 2026.
The following table summarizes the costs by major type that are recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations for the three months ended March 31, 2025 and 2024, the estimated remaining costs to be incurred and the estimated total costs. Substantially all of the charges are expected to be cash. Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
Costs Incurred for Three Months Ended March 31,
Estimated Remaining CostsEstimated Total Costs
20252024
Transformational plan:
Severance and other employee benefits$1.9 $— $— $59.1 
Total transformational plan1.9 — — 59.1 
Return to work strategy:
Contract exit costs(3.0)— — 19.9 
Fixed asset impairment— — — 2.3 
Right-of-use asset impairment— — — 10.2 
Total return to work strategy(3.0)— — 32.4 
Total restructuring and impairment charges$(1.1)$— $— $91.5 
The following table shows the rollforward of the accrued liability by major type.
Transformational PlanReturn to Work Strategy (contract exit costs)
Balance at January 1, 2025
$13.4 $11.2 
Charges incurred2.3 0.5 
Non-cash adjustment(0.4)(3.5)
Cash payments(1.2)(4.6)
Balance at March 31, 2025
$14.1 $3.6 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $1.6 million and $1.8 million of letters of credit outstanding as of March 31, 2025 and December 31, 2024, respectively.
Legal and Regulatory Matters
The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.
The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 146.6 $ 236.4
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 10, 2025, Keith W. Demmings, our President and Chief Executive Officer, and a director on our Board, adopted a plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “Plan”). Mr. Demmings’s Plan provides for the sale of up to 18,000 shares of our common stock, and terminates on the earlier of: (i) February 27, 2026, (ii) the date all shares are sold thereunder or (iii) such date that the Plan is otherwise terminated according to its terms.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Keith W. Demmings [Member]  
Trading Arrangements, by Individual  
Name Keith W. Demmings
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2025
Expiration Date February 27, 2026
Arrangement Duration 354 days
Aggregate Available 18,000
v3.25.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The consolidated balance sheet as of March 31, 2025, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three months ended March 31, 2025 and 2024 and the consolidated statements of cash flows for the three months ended March 31, 2025 and 2024 are unaudited. In the opinion of management, the interim data includes all normal recurring adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.
Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Restricted Cash
Restricted Cash
Restricted cash and cash equivalents of $145.5 million and $122.4 million as of March 31, 2025 and December 31, 2024, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.
Recent Accounting Pronouncements Adopted and Not Yet Adopted Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted
There were no ASUs adopted by the Company during the quarterly period ended March 31, 2025.
Not Yet Adopted
ASUs issued but not yet adopted as of March 31, 2025, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
StandardSummary of the Standard
Effective date
Method of Adoption
Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.Annual periods starting December 31, 2025 The Company is assessing the adoption of this standard as of December 31, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
The guidance improves disclosures of specified information about certain costs and expenses for each interim and annual reporting period. The new disclosure requirements include:
• Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
December 31, 2027 and for interim periods thereafterThe Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following tables provide information about the segments’ Adjusted EBITDA.
Three Months Ended March 31,
20252024
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living$1,233.4 $1,140.3 
Global Automotive1,073.2 1,047.5 
Net investment income84.0 90.2 
Total revenues2,390.6 2,278.0 
Policyholder benefits442.4 417.7 
Selling and underwriting expense (1)1,265.8 1,182.5 
Cost of sales (2)184.8 186.0 
General expenses (3)299.8 284.1 
Segment Adjusted EBITDA$197.8 $207.7 
Global Housing:
Net earned premiums, fees and other income:
Homeowners$522.9 $447.4 
Renters and Other133.9 124.8 
Net investment income33.7 28.5 
Total revenues690.5 600.7 
Policyholder benefits333.0 200.3 
Selling and underwriting expense (1)39.5 38.1 
General expenses (4)205.6 169.8 
Segment Adjusted EBITDA$112.4 $192.5 
Corporate:
Fees and other income$0.4 $0.2 
Net investment income5.8 5.6 
Total revenues6.2 5.8 
Policyholder benefits— — 
General expenses (3)34.2 35.3 
Segment Adjusted EBITDA$(28.0)$(29.5)
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents total assets by segment:
March 31, 2025December 31, 2024
Global Lifestyle (1)$27,932.0 $27,468.0 
Global Housing (1)5,444.7 5,773.4 
Corporate and Other (2)1,611.7 1,779.2 
Segment assets $34,988.4 $35,020.6 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of March 31, 2025 and December 31, 2024, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated.
Schedule of Segment Adjusted EBITDA with Reconciliation to Net income
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Three Months Ended March 31,
20252024
Adjusted EBITDA by segment:
Global Lifestyle$197.8 $207.7 
Global Housing112.4 192.5 
Corporate and Other(28.0)(29.5)
Reconciling items to consolidated net income:
Interest expense(26.8)(26.8)
Depreciation expense(35.1)(30.6)
Amortization of purchased intangible assets(18.4)(17.6)
Net realized losses on investments and fair value changes to equity securities(16.0)(8.8)
Non-core operations (1)(1.8)(2.6)
Restructuring costs1.1 — 
Other adjustments(1.5)8.6 
Total reconciling items(98.5)(77.8)
Income before income tax expense183.7 292.9 
Income tax expense37.1 56.5 
Net income$146.6 $236.4 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and will no longer be included in non-core operations commencing with first quarter 2025.
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value of Fixed Maturity Security
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 March 31, 2025
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.3 $— $0.4 $(2.5)$52.2 
States, municipalities and political subdivisions122.5 — 0.9 (8.3)115.1 
Foreign governments509.0 — 5.3 (16.8)497.5 
Asset-backed888.2 — 4.8 (10.2)882.8 
Commercial mortgage-backed394.4 — 1.6 (31.2)364.8 
Residential mortgage-backed785.9 — 4.3 (42.6)747.6 
U.S. corporate3,546.2 — 41.1 (170.7)3,416.6 
Foreign corporate1,580.3 — 25.7 (56.5)1,549.5 
Total fixed maturity securities$7,880.8 $— $84.1 $(338.8)$7,626.1 
 December 31, 2024
 Cost or Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.5 $— $0.1 $(3.4)$51.2 
States, municipalities and political subdivisions128.7 — 0.6 (10.2)119.1 
Foreign governments484.6 — 2.6 (25.1)462.1 
Asset-backed940.3 — 6.5 (9.5)937.3 
Commercial mortgage-backed371.8 — 1.0 (36.4)336.4 
Residential mortgage-backed690.0 — 1.6 (50.5)641.1 
U.S. corporate3,364.3 — 26.9 (203.8)3,187.4 
Foreign corporate1,490.6 — 19.0 (69.1)1,440.5 
Total fixed maturity securities$7,524.8 $— $58.3 $(408.0)$7,175.1 
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity
The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2025
Cost or Amortized Cost
Fair Value
Due in one year or less$158.1 $158.2 
Due after one year through five years1,392.3 1,389.2 
Due after five years through ten years3,136.0 3,089.9 
Due after ten years1,125.9 993.6 
Total5,812.3 5,630.9 
Asset-backed888.2 882.8 
Commercial mortgage-backed394.4 364.8 
Residential mortgage-backed785.9 747.6 
Total$7,880.8 $7,626.1 
Schedule of Gain (Loss) on Securities
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: 
 Three Months Ended March 31,
 20252024
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:
Fixed maturity securities $(17.0)$(14.4)
Equity securities (1)2.8 10.1 
Commercial mortgage loans on real estate1.4 (1.0)
Other investments(0.2)4.5 
Total net realized losses on investments related to sales and other and fair value changes to equity securities (13.0)(0.8)
Net realized losses related to impairments:
Fixed maturity securities— (0.3)
Other investments(3.0)(7.7)
Total net realized losses related to impairments(3.0)(8.0)
Total net realized losses on investments and fair value changes to equity securities$(16.0)$(8.8)
(1)Upward adjustments of $2.5 million and $3.8 million for the three months ended March 31, 2025 and 2024, respectively, and impairments of $3.0 million and $7.7 million for the three months ended March 31, 2025 and 2024, respectively, were realized on equity investments accounted for under the measurement alternative.
Schedule of Fair Value Changes to Equity Securities
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Three Months Ended March 31,
20252024
Net gains (losses) recognized on equity securities$2.8 $10.1 
Less: Net realized gains (losses) related to sales of equity securities(0.5)(0.1)
Total fair value changes to equity securities held$3.3 $10.2 
Schedule of Equity Securities without Readily Determinable Fair Value The following table summarizes information related to these investments:
March 31, 2025December 31, 2024
Initial cost$76.4 $74.8 
Cumulative upward adjustments60.3 57.9 
Cumulative downward adjustments (including impairments)(28.5)(24.4)
Carrying value$108.2 $108.3 
Schedule of Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$8.3 $(0.2)$21.5 $(2.3)$29.8 $(2.5)
States, municipalities and political subdivisions17.2 (0.9)65.8 (7.4)83.0 (8.3)
Foreign governments115.7 (6.3)150.9 (10.5)266.6 (16.8)
Asset-backed277.8 (3.5)81.7 (6.7)359.5 (10.2)
Commercial mortgage-backed70.2 (1.8)178.1 (29.4)248.3 (31.2)
Residential mortgage-backed136.1 (2.4)208.1 (40.2)344.2 (42.6)
U.S. corporate756.3 (19.4)881.4 (151.3)1,637.7 (170.7)
Foreign corporate294.8 (6.7)355.6 (49.8)650.4 (56.5)
Total fixed maturity securities$1,676.4 $(41.2)$1,943.1 $(297.6)$3,619.5 $(338.8)
 December 31, 2024
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$25.8 $(0.6)$21.4 $(2.8)$47.2 $(3.4)
States, municipalities and political subdivisions20.4 (1.5)66.1 (8.7)86.5 (10.2)
Foreign governments164.8 (10.9)171.3 (14.2)336.1 (25.1)
Asset-backed59.0 (3.5)87.6 (6.0)146.6 (9.5)
Commercial mortgage-backed65.7 (1.3)195.8 (35.1)261.5 (36.4)
Residential mortgage-backed223.4 (4.8)209.7 (45.7)433.1 (50.5)
U.S. corporate1,083.8 (29.9)954.3 (173.9)2,038.1 (203.8)
Foreign corporate368.1 (9.9)431.4 (59.2)799.5 (69.1)
Total fixed maturity securities$2,011.0 $(62.4)$2,137.6 $(345.6)$4,148.6 $(408.0)
Schedule of Credit Quality Indicators for Commercial Mortgage Loans
The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2025 and December 31, 2024.
March 31, 2025
Origination Year
20252024202320222021PriorTotal% of Total
Loan to value ratios (1):
70% and less$13.6 $52.4 $41.2 $29.5 $15.9 $56.7 $209.3 59.6 %
71% to 80%— 1.8 6.9 20.8 61.2 2.7 93.4 26.6 %
81% to 95%— — — 14.4 8.5 5.9 28.8 8.2 %
Greater than 95%— — 3.8 9.9 6.2 — 19.9 5.6 %
Total$13.6 $54.2 $51.9 $74.6 $91.8 $65.3 $351.4 100.0 %
March 31, 2025
Origination Year
20252024202320222021PriorTotal% of Total
Debt-service coverage ratios (2):
Greater than 2.0$— $6.4 $0.5 $17.9 $10.8 $42.8 $78.4 22.3 %
1.5 to 2.0— 20.8 12.2 10.8 24.9 13.7 82.4 23.4 %
1.0 to 1.513.6 26.0 16.4 20.3 22.4 7.3 106.0 30.2 %
Less than 1.0— 1.0 22.8 25.6 33.7 1.5 84.6 24.1 %
Total$13.6 $54.2 $51.9 $74.6 $91.8 $65.3 $351.4 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Loan to value ratios (1):
70% and less$51.9 $43.2 $29.6 $16.0 $— $57.9 $198.6 56.9 %
71% to 80%3.8 4.9 22.8 65.5 2.8 — 99.8 28.6 %
81% to 95%— — 12.6 8.6 — 9.5 30.7 8.8 %
Greater than 95%— 3.8 9.9 6.2 — — 19.9 5.7 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Debt-service coverage ratios (2):
Greater than 2.0$6.4 $0.6 $18.0 $10.8 $— $43.4 $79.2 22.7 %
1.5 to 2.020.9 12.2 10.9 25.0 — 14.0 83.0 23.8 %
1.0 to 1.527.4 18.8 20.4 22.5 2.8 4.8 96.7 27.7 %
Less than 1.01.0 20.3 25.6 38.0 — 5.2 90.1 25.8 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
(1)Loan-to-value ratio derived from current principal amount of the loan divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)Debt-service coverage ratio calculated using most recently reported annual net operating income from property operators divided by annual debt service payments.
v3.25.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, the Retiree Medical Pension 401(h), and other derivatives. Other liabilities are comprised of investments in the AIP,
contingent considerations related to business combinations, and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.  
 March 31, 2025 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$52.2 $—   $52.2   $—   
States, municipalities and political subdivisions115.1 —   115.1   —   
Foreign governments497.5 —   497.5   —   
Asset-backed882.8 —   760.9   121.9 
Commercial mortgage-backed364.8 —   364.8   —   
Residential mortgage-backed747.6 —   747.6   —   
U.S. corporate3,416.6 — 3,368.5 48.1 
Foreign corporate1,549.5 —   1,541.5   8.0   
Equity securities:
Mutual funds34.3 13.9 — 20.4 
Common stocks3.9 3.9   —   — 
Non-redeemable preferred stocks166.1 —   165.7   0.4   
Short-term investments255.2 251.2 (2)4.0 (3)—   
Other investments87.5 87.4 (1)— 0.1 
Cash equivalents1,171.8 1,160.3 (2)11.5 (3)—   
Other assets8.0 — — 8.0 (4)
Assets held in separate accounts10.9 9.9 (1)1.0 (3)—   
Total financial assets$9,363.8 $1,526.6   $7,630.3   $206.9   
Financial Liabilities
Other liabilities$89.2 $67.4 (1)$— $21.8 (5)
Liabilities related to separate accounts10.9 9.9 (1)1.0 (3)— 
  
Total financial liabilities$100.1 $77.3   $1.0 
  
$21.8 
  
 December 31, 2024 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$51.2 $—  $51.2  $—  
States, municipalities and political subdivisions119.1 —  119.1  —  
Foreign governments462.1 —  462.1  —  
Asset-backed937.3 —  823.7  113.6  
Commercial mortgage-backed336.4 —  336.4  —  
Residential mortgage-backed641.1 —  641.1  —  
U.S. corporate3,187.4 — 3,139.9 47.5 
Foreign corporate1,440.5 —  1,432.5  8.0  
Equity securities:
Mutual funds28.8 13.6 — 15.2 
Common stocks3.5 3.5  —  — 
Non-redeemable preferred stocks176.2 —  176.2  —  
Short-term investments237.1 230.1 (2)7.0 (3)—  
Other investments66.1 66.0 (1)— 0.1 
Cash equivalents1,325.6 1,312.0 (2)13.6 (3)—  
Other assets6.3 —   — 6.3 (4)
Assets held in separate accounts11.3 8.7 (1)2.6 (3)—  
Total financial assets$9,030.0 $1,633.9  $7,205.4  $190.7  
Financial Liabilities
Other liabilities$66.0 $66.0 (1)$— (4)$— 
Liabilities related to separate accounts11.3 8.7 (1)2.6 (3)—  
Total financial liabilities$77.3 $74.7  $2.6  $—  
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivatives.
(5)Includes contingent consideration liabilities.
Schedule of Carrying Value and Fair Value of the Financial Instruments That are Not Recognized or are Not Carried at Fair Value
The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 March 31, 2025
  Fair Value
 Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$346.3 $341.3 $— $— $341.3 
Other investments20.5 20.5 1.3 — 19.2 
Other assets42.2 42.2 — — 42.2 
Total financial assets$409.0 $404.0 $1.3 $— $402.7 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.8 $— $— $6.8 
Funds withheld under reinsurance275.1 275.1 275.1 — — 
Debt2,083.7 2,003.8 — 2,003.8 — 
Total financial liabilities$2,365.3 $2,285.7 $275.1 $2,003.8 $6.8 
 December 31, 2024
  Fair Value
  
Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$342.5 $333.3 $— $— $333.3 
Other investments23.2 23.2 1.3 — 21.9 
Other assets26.3 26.3 — — 26.3 
Total financial assets$392.0 $382.8 $1.3 $— $381.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.9 $— $— $6.9 
Funds withheld under reinsurance277.7 277.7 277.7 — — 
Debt2,083.1 1,998.1 — 1,998.1 — 
Total financial liabilities$2,367.3 $2,282.7 $277.7 $1,998.1 $6.9 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.
v3.25.1
Deferred Acquisition Costs (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Schedule of Deferred Acquisition Costs
The following table discloses information about deferred acquisition costs as of the dates indicated:
For the Three Months Ended March 31,
 20252024
Beginning balance$9,992.8 $9,967.2 
Costs deferred1,163.9 1,034.4 
Amortization(1,196.9)(1,022.7)
Ending balance$9,959.8 $9,978.9 
v3.25.1
Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Roll Forward of Claims and Benefits Payable
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
For the Three Months Ended March 31,
20252024
Claims and benefits payable, at beginning of period$2,914.2 $1,989.2 
Less: Reinsurance ceded and other(1,669.8)(886.6)
Net claims and benefits payable, at beginning of period1,244.4 1,102.6 
Incurred losses and loss adjustment expenses related to:
Current year841.0 664.7 
Prior years(61.3)(41.6)
Total incurred losses and loss adjustment expenses779.7 623.1 
Paid losses and loss adjustment expenses related to:
Current year350.2 245.5 
Prior years389.7 341.4 
Total paid losses and loss adjustment expenses739.9 586.9 
Net claims and benefits payable, at end of period1,284.2 1,138.8 
Plus: Reinsurance ceded and other (1) 1,285.9 876.6 
Claims and benefits payable, at end of period (1)$2,570.1 $2,015.4 
(1)Includes reinsurance recoverables and claims and benefits payable of $492.4 million and $108.6 million as of March 31, 2025 and 2024, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
Schedule of Balances and Changes in Long-Term Care Future Policy Benefits and Expenses Reserve
The following table presents the balances and changes in the long-term care future policy benefits and expenses reserve:
March 31, 2025December 31, 2024
Present value of expected net premiums
Balance, beginning of period$36.4 $36.4 
Beginning balance at original discount rate34.0 36.5 
Effect of changes in cash flow assumptions— (1.0)
Effect of actual variances from expected experience— 0.9 
Adjusted beginning of period balance34.0 36.4 
Experience variance (1)— 0.1 
Interest accrual0.9 3.4 
Net premiums collected(1.5)(5.9)
Ending balance at original discount rate33.4 34.0 
Effect of changes in discount rate assumptions1.1 2.4 
Balance, end of period$34.5 $36.4 
Present value of expected future policy benefits
Balance, beginning of period$506.4 $450.6 
Beginning balance at original discount rate452.9 453.0 
Effect of actual variances from expected experience— 1.5 
Adjusted beginning of period balance452.9 454.5 
Experience variance (1)(1.1)(1.3)
Interest accrual6.5 26.2 
Benefit payments(7.3)(26.5)
Ending balance at original discount rate451.0 452.9 
Effect of changes in discount rate assumptions25.5 53.5 
Balance, end of period$476.5 $506.4 
Net future policy benefits and expenses$442.0 $470.0 
Related reinsurance recoverable442.0 470.0 
Net future policy benefits and expenses, after reinsurance recoverable$— $— 
Weighted-average liability duration of the future policy benefits and expenses (in years)11.311.4
(1)Experience variance includes adverse development resulting from the allocation of the premium deficiency reserve to the cohort level for issue years where net premiums exceed gross premiums.
The following table presents a reconciliation of the long-term care net future policy benefits and expenses to the future policy benefits and expenses reserve in the consolidated balance sheet:
March 31, 2025December 31, 2024
Long-term care$442.0 $470.0 
Other65.1 66.7 
Total$507.1 $536.7 
The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for the long-term care insurance contracts:
March 31, 2025December 31, 2024
Expected future benefits payments$794.9 $804.4 
Expected future gross premiums$60.3 $61.9 
The following table presents the amount of long-term care revenue and interest recognized in the consolidated statements of operations:
March 31, 2025March 31, 2024
Gross premiums$1.5 $1.5 
Interest expense (original discount rate)$5.6 $5.6 
The following table presents the weighted-average interest rate for long-term care insurance contracts:
March 31, 2025March 31, 2024
Interest expense (original discount rate)5.95 %5.95 %
Current discount rate5.28 %5.05 %
v3.25.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income, Net of Tax The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Three Months Ended March 31, 2025
 Foreign currency translation adjustmentNet unrealized losses on investmentsNet unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated other comprehensive loss
Balance at December 31, 2024$(415.2)$(291.9)$2.2 $(131.2)$(836.1)
Change in accumulated other comprehensive income (loss) before reclassifications8.8 61.8 1.7 — 72.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 13.4 (0.3)2.2 15.3 
Net current-period other comprehensive income (loss)8.8 75.2 1.4 2.2 87.6 
Balance at March 31, 2025$(406.4)$(216.7)$3.6 $(129.0)$(748.5)
 Three Months Ended March 31, 2024
 Foreign currency translation adjustmentNet unrealized losses on investmentsNet unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated other comprehensive loss
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
Change in accumulated other comprehensive income (loss) before reclassifications(8.5)(43.8)(0.1)— (52.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 11.6 (3.1)(2.3)6.2 
Net current-period other comprehensive income (loss)(8.5)(32.2)(3.2)(2.3)(46.2)
Balance at March 31, 2024$(360.4)$(337.7)$5.3 $(118.4)$(811.2)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following tables summarize the reclassifications out of AOCI for the periods indicated:
Details about accumulated other comprehensive income componentsAmount reclassified from accumulated other comprehensive incomeAffected line item in the statement where net income is presented
 Three Months Ended March 31, 
 20252024 
Net unrealized losses on investments$17.0 $14.7 Net realized losses on investments and fair value changes to equity securities
(3.6)(3.1)Provision for income taxes
$13.4 $11.6 Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives$(0.7)$(0.7)Interest expense
Foreign exchange derivatives0.3 (3.2)Underwriting, selling, general and administrative expenses
(0.4)(3.9)
0.1 0.8 Provision for income taxes
$(0.3)$(3.1)Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$0.3 $0.3 (1)
Amortization of prior service credit— (3.3)(1)
Settlement loss2.5 — (1)
2.8 (3.0)
(0.6)0.7 Provision for income taxes
$2.2 $(2.3)Net of tax
Total reclassifications for the period$15.3 $6.2 Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 12.
v3.25.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Three Months Ended March 31,
 20252024
Numerator
Net income$146.6 $236.4 
Less: Common stock dividends paid(40.9)(37.4)
Undistributed earnings$105.7 $199.0 
Denominator
Weighted average common shares outstanding used in basic per common share calculations51,281,419 52,531,865 
Incremental common shares from:
PSUs449,697 340,389 
Weighted average common shares outstanding used in diluted per common share calculations51,731,116 52,872,254 
Earnings per common share – Basic
Distributed earnings$0.80 $0.71 
Undistributed earnings2.06 3.79 
Net income$2.86 $4.50 
Earnings per common share – Diluted
Distributed earnings$0.79 $0.71 
Undistributed earnings2.04 3.76 
Net income$2.83 $4.47 
v3.25.1
Retirement and Other Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Periodic Benefit Cost
The following tables present the components of net periodic benefit cost for the Pension Benefits and Plan Benefits for the three months ended March 31, 2025 and 2024: 
 Qualified Pension Benefits
Unfunded Non-qualified 
Pension Benefits
Plan
Benefits
 For the Three Months Ended March 31,For the Three Months Ended March 31,For the Three Months Ended March 31,
 202520242025202420252024
Interest cost$6.3 $6.7 $0.6 $0.6 $— $— 
Expected return on plan assets(9.7)(10.0)— — — (0.3)
Amortization of prior service credit— — — — — (3.3)
Amortization of net loss— — 0.3 0.3 — — 
Settlement loss— — — — 2.5 — 
Net periodic benefit cost$(3.4)$(3.3)$0.9 $0.9 $2.5 $(3.6)
v3.25.1
Restructuring and Related Impairment Charges (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs Related to Strategic Exit Activities Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
Costs Incurred for Three Months Ended March 31,
Estimated Remaining CostsEstimated Total Costs
20252024
Transformational plan:
Severance and other employee benefits$1.9 $— $— $59.1 
Total transformational plan1.9 — — 59.1 
Return to work strategy:
Contract exit costs(3.0)— — 19.9 
Fixed asset impairment— — — 2.3 
Right-of-use asset impairment— — — 10.2 
Total return to work strategy(3.0)— — 32.4 
Total restructuring and impairment charges$(1.1)$— $— $91.5 
Schedule of Rollforward of Accrued Liability
The following table shows the rollforward of the accrued liability by major type.
Transformational PlanReturn to Work Strategy (contract exit costs)
Balance at January 1, 2025
$13.4 $11.2 
Charges incurred2.3 0.5 
Non-cash adjustment(0.4)(3.5)
Cash payments(1.2)(4.6)
Balance at March 31, 2025
$14.1 $3.6 
v3.25.1
Nature of Operations (Details)
 3 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 2
v3.25.1
Basis of Presentation (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Restricted cash and cash equivalents $ 145.5 $ 122.4
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.1
Segment Information - Schedule of Segment Adjusted EBITDA Disclosure (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Fees and other income $ 402.9 $ 385.7
Net investment income 124.8 126.7
Total revenues 3,074.0 2,880.1
Policyholder benefits 779.7 623.1
Operating Segments | Global Lifestyle    
Segment Reporting Information [Line Items]    
Net investment income 84.0 90.2
Total revenues 2,390.6 2,278.0
Policyholder benefits 442.4 417.7
Selling and underwriting expense 1,265.8 1,182.5
Cost of sales 184.8 186.0
General expenses 299.8 284.1
Segment Adjusted EBITDA 197.8 207.7
Operating Segments | Global Housing    
Segment Reporting Information [Line Items]    
Net investment income 33.7 28.5
Total revenues 690.5 600.7
Policyholder benefits 333.0 200.3
Selling and underwriting expense 39.5 38.1
General expenses 205.6 169.8
Segment Adjusted EBITDA 112.4 192.5
Operating Segments | Connected Living | Global Lifestyle    
Segment Reporting Information [Line Items]    
Net earned premiums, fees, and other income 1,233.4 1,140.3
Operating Segments | Global Automotive | Global Lifestyle    
Segment Reporting Information [Line Items]    
Net earned premiums, fees, and other income 1,073.2 1,047.5
Operating Segments | Homeowners | Global Housing    
Segment Reporting Information [Line Items]    
Net earned premiums, fees, and other income 522.9 447.4
Operating Segments | Renters and Other | Global Housing    
Segment Reporting Information [Line Items]    
Net earned premiums, fees, and other income 133.9 124.8
Corporate and Other    
Segment Reporting Information [Line Items]    
Fees and other income 0.4 0.2
Net investment income 5.8 5.6
Total revenues 6.2 5.8
Policyholder benefits 0.0 0.0
General expenses 34.2 35.3
Segment Adjusted EBITDA $ (28.0) $ (29.5)
v3.25.1
Segment Information - Segment Adjusted EBITDA Disclosure (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciling items to consolidated net income:    
Net realized losses on investments and fair value changes to equity securities $ (16.0) $ (8.8)
Other adjustments (1.5) 8.6
Income before income tax expense 183.7 292.9
Income tax expense 37.1 56.5
Net income 146.6 236.4
Corporate and Other    
Segment Reporting Information [Line Items]    
Adjusted EBITDA (28.0) (29.5)
Other Reconciling Items    
Reconciling items to consolidated net income:    
Interest expense (26.8) (26.8)
Depreciation expense (35.1) (30.6)
Amortization of purchased intangible assets (18.4) (17.6)
Net realized losses on investments and fair value changes to equity securities (16.0) (8.8)
Non-core operations (1.8) (2.6)
Restructuring costs 1.1 0.0
Total reconciling items (98.5) (77.8)
Global Lifestyle | Operating Segments    
Segment Reporting Information [Line Items]    
Adjusted EBITDA 197.8 207.7
Global Housing | Operating Segments    
Segment Reporting Information [Line Items]    
Adjusted EBITDA $ 112.4 $ 192.5
v3.25.1
Segment Information - Schedule of Assets by Segment (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Segment assets $ 34,988.4 $ 35,020.6
Disposal Group, Held-for-Sale, Not Discontinued Operations    
Segment Reporting Information [Line Items]    
Proceeds from sale of VIE 126.0  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Property In Miami, Florida    
Segment Reporting Information [Line Items]    
Held-for-sale property 46.0 46.0
Corporate and Other    
Segment Reporting Information [Line Items]    
Segment assets 1,611.7 1,779.2
Global Lifestyle | Operating Segments    
Segment Reporting Information [Line Items]    
Segment assets 27,932.0 27,468.0
Global Housing | Operating Segments    
Segment Reporting Information [Line Items]    
Segment assets $ 5,444.7 $ 5,773.4
v3.25.1
Contract Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Service contracts and sales      
Disaggregation of Revenue [Line Items]      
Receivables from contracts with customers $ 178.9   $ 171.3
Unearned revenue from contracts with customers 146.7   153.8
Contract with customer, liability, unearned revenue 17.4 $ 17.3  
Deferred upfront commissions and other costs 80.0   $ 83.4
Global Lifestyle      
Disaggregation of Revenue [Line Items]      
Disaggregated fee revenues 349.7 345.2  
Global Housing      
Disaggregation of Revenue [Line Items]      
Disaggregated fee revenues $ 30.7 $ 20.6  
v3.25.1
Investments - Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost $ 7,880.8 $ 7,524.8
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 84.1 58.3
Fixed maturity securities, gross unrealized losses (338.8) (408.0)
Fixed maturity securities, fair value 7,626.1 7,175.1
U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 54.3 54.5
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 0.4 0.1
Fixed maturity securities, gross unrealized losses (2.5) (3.4)
Fixed maturity securities, fair value 52.2 51.2
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 122.5 128.7
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 0.9 0.6
Fixed maturity securities, gross unrealized losses (8.3) (10.2)
Fixed maturity securities, fair value 115.1 119.1
Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 509.0 484.6
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 5.3 2.6
Fixed maturity securities, gross unrealized losses (16.8) (25.1)
Fixed maturity securities, fair value 497.5 462.1
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 888.2 940.3
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 4.8 6.5
Fixed maturity securities, gross unrealized losses (10.2) (9.5)
Fixed maturity securities, fair value 882.8 937.3
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 394.4 371.8
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 1.6 1.0
Fixed maturity securities, gross unrealized losses (31.2) (36.4)
Fixed maturity securities, fair value 364.8 336.4
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 785.9 690.0
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 4.3 1.6
Fixed maturity securities, gross unrealized losses (42.6) (50.5)
Fixed maturity securities, fair value 747.6 641.1
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 3,546.2 3,364.3
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 41.1 26.9
Fixed maturity securities, gross unrealized losses (170.7) (203.8)
Fixed maturity securities, fair value 3,416.6 3,187.4
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 1,580.3 1,490.6
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 25.7 19.0
Fixed maturity securities, gross unrealized losses (56.5) (69.1)
Fixed maturity securities, fair value $ 1,549.5 $ 1,440.5
v3.25.1
Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Cost or Amortized Cost    
Due in one year or less, cost or amortized cost $ 158.1  
Due after one year through five years, cost or amortized cost 1,392.3  
Due after five years through ten years, cost or amortized cost 3,136.0  
Due after ten years, cost or amortized cost 1,125.9  
Total, cost or amortized cost 5,812.3  
Fixed maturity securities available for sale, amortized cost 7,880.8 $ 7,524.8
Fair Value    
Due in one year or less, fair value 158.2  
Due after one year through five years, fair value 1,389.2  
Due after five years through ten years, fair value 3,089.9  
Due after ten years, fair value 993.6  
Total, fair value 5,630.9  
Fixed maturity securities, fair value 7,626.1 7,175.1
Commercial mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 394.4  
Fair Value    
Fair value 364.8  
Residential mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 785.9  
Fair Value    
Fair value 747.6  
Asset-backed    
Cost or Amortized Cost    
Cost or amortized cost 888.2  
Fixed maturity securities available for sale, amortized cost 888.2 940.3
Fair Value    
Fair value 882.8  
Fixed maturity securities, fair value $ 882.8 $ 937.3
v3.25.1
Investments - Net Realized Gains (Losses), Including Impairment, Recognized in the Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:    
Total net realized losses on investments related to sales and other and fair value changes to equity securities $ (13.0) $ (0.8)
Net realized losses related to impairments:    
Total net realized losses related to impairments (3.0) (8.0)
Total net realized losses on investments and fair value changes to equity securities (16.0) (8.8)
Equity securities, realized gain 2.5 3.8
Equity investment, impairment loss 3.0 7.7
Fixed maturity securities    
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:    
Total net realized losses on investments related to sales and other and fair value changes to equity securities (17.0) (14.4)
Net realized losses related to impairments:    
Total net realized losses related to impairments 0.0 (0.3)
Equity securities    
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:    
Total net realized losses on investments related to sales and other and fair value changes to equity securities 2.8 10.1
Commercial mortgage loans on real estate    
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:    
Total net realized losses on investments related to sales and other and fair value changes to equity securities 1.4 (1.0)
Other investments    
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities:    
Total net realized losses on investments related to sales and other and fair value changes to equity securities (0.2) 4.5
Net realized losses related to impairments:    
Total net realized losses related to impairments $ (3.0) $ (7.7)
v3.25.1
Investments - Fair Value Changes to Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Net gains (losses) recognized on equity securities $ 2.8 $ 10.1
Less: Net realized gains (losses) related to sales of equity securities (0.5) (0.1)
Total fair value changes to equity securities held $ 3.3 $ 10.2
v3.25.1
Investments - Equity Securities without Readily Determinable Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Initial cost $ 76.4 $ 74.8
Cumulative upward adjustments 60.3 57.9
Cumulative downward adjustments (including impairments) (28.5) (24.4)
Carrying value $ 108.2 $ 108.3
v3.25.1
Investments - Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value $ 1,676.4 $ 2,011.0
Fixed maturity securities, less than 12 months, unrealized losses (41.2) (62.4)
Fixed maturity securities, 12 months or more, fair value 1,943.1 2,137.6
Fixed maturity securities, 12 months or more, unrealized losses (297.6) (345.6)
Fixed maturity securities, total, fair value 3,619.5 4,148.6
Fixed maturity securities, total, unrealized losses (338.8) (408.0)
U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 8.3 25.8
Fixed maturity securities, less than 12 months, unrealized losses (0.2) (0.6)
Fixed maturity securities, 12 months or more, fair value 21.5 21.4
Fixed maturity securities, 12 months or more, unrealized losses (2.3) (2.8)
Fixed maturity securities, total, fair value 29.8 47.2
Fixed maturity securities, total, unrealized losses (2.5) (3.4)
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 17.2 20.4
Fixed maturity securities, less than 12 months, unrealized losses (0.9) (1.5)
Fixed maturity securities, 12 months or more, fair value 65.8 66.1
Fixed maturity securities, 12 months or more, unrealized losses (7.4) (8.7)
Fixed maturity securities, total, fair value 83.0 86.5
Fixed maturity securities, total, unrealized losses (8.3) (10.2)
Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 115.7 164.8
Fixed maturity securities, less than 12 months, unrealized losses (6.3) (10.9)
Fixed maturity securities, 12 months or more, fair value 150.9 171.3
Fixed maturity securities, 12 months or more, unrealized losses (10.5) (14.2)
Fixed maturity securities, total, fair value 266.6 336.1
Fixed maturity securities, total, unrealized losses (16.8) (25.1)
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 277.8 59.0
Fixed maturity securities, less than 12 months, unrealized losses (3.5) (3.5)
Fixed maturity securities, 12 months or more, fair value 81.7 87.6
Fixed maturity securities, 12 months or more, unrealized losses (6.7) (6.0)
Fixed maturity securities, total, fair value 359.5 146.6
Fixed maturity securities, total, unrealized losses (10.2) (9.5)
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 70.2 65.7
Fixed maturity securities, less than 12 months, unrealized losses (1.8) (1.3)
Fixed maturity securities, 12 months or more, fair value 178.1 195.8
Fixed maturity securities, 12 months or more, unrealized losses (29.4) (35.1)
Fixed maturity securities, total, fair value 248.3 261.5
Fixed maturity securities, total, unrealized losses (31.2) (36.4)
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 136.1 223.4
Fixed maturity securities, less than 12 months, unrealized losses (2.4) (4.8)
Fixed maturity securities, 12 months or more, fair value 208.1 209.7
Fixed maturity securities, 12 months or more, unrealized losses (40.2) (45.7)
Fixed maturity securities, total, fair value 344.2 433.1
Fixed maturity securities, total, unrealized losses (42.6) (50.5)
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 756.3 1,083.8
Fixed maturity securities, less than 12 months, unrealized losses (19.4) (29.9)
Fixed maturity securities, 12 months or more, fair value 881.4 954.3
Fixed maturity securities, 12 months or more, unrealized losses (151.3) (173.9)
Fixed maturity securities, total, fair value 1,637.7 2,038.1
Fixed maturity securities, total, unrealized losses (170.7) (203.8)
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 294.8 368.1
Fixed maturity securities, less than 12 months, unrealized losses (6.7) (9.9)
Fixed maturity securities, 12 months or more, fair value 355.6 431.4
Fixed maturity securities, 12 months or more, unrealized losses (49.8) (59.2)
Fixed maturity securities, total, fair value 650.4 799.5
Fixed maturity securities, total, unrealized losses $ (56.5) $ (69.1)
v3.25.1
Investments - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
investment
Dec. 31, 2024
USD ($)
investment
Investment [Line Items]    
Percentage of securities representing gross unrealized losses 9.00% 10.00%
Percentage of gross unrealized losses in a continuous loss position less than twelve months 12.00% 15.00%
Individual securities comprising total gross unrealized losses | investment 2,464 2,712
Approximate percentage, outstanding principal balance of commercial mortgage loans 36.00%  
Minimum    
Investment [Line Items]    
Outstanding balance of commercial mortgage loans (less than) $ 0.1 $ 0.1
Maximum    
Investment [Line Items]    
Outstanding balance of commercial mortgage loans (less than) $ 5.0 $ 5.0
v3.25.1
Investments - Credit Quality Indicators (Details) - Commercial Portfolio Segment
$ in Millions
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Greater than 2.0    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 6.4
Financing receivable, originated year one 6.4 0.6
Financing receivable, originated year two 0.5 18.0
Financing receivable, originated year three 17.9 10.8
Financing receivable, originated year four 10.8 0.0
Prior 42.8 43.4
Total $ 78.4 $ 79.2
% of Total 0.223 0.227
1.5 to 2.0    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 20.9
Financing receivable, originated year one 20.8 12.2
Financing receivable, originated year two 12.2 10.9
Financing receivable, originated year three 10.8 25.0
Financing receivable, originated year four 24.9 0.0
Prior 13.7 14.0
Total $ 82.4 $ 83.0
% of Total 0.234 0.238
1.0 to 1.5    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 13.6 $ 27.4
Financing receivable, originated year one 26.0 18.8
Financing receivable, originated year two 16.4 20.4
Financing receivable, originated year three 20.3 22.5
Financing receivable, originated year four 22.4 2.8
Prior 7.3 4.8
Total $ 106.0 $ 96.7
% of Total 0.302 0.277
Less than 1.0    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 1.0
Financing receivable, originated year one 1.0 20.3
Financing receivable, originated year two 22.8 25.6
Financing receivable, originated year three 25.6 38.0
Financing receivable, originated year four 33.7 0.0
Prior 1.5 5.2
Total $ 84.6 $ 90.1
% of Total 0.241 0.258
Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 13.6 $ 55.7
Financing receivable, originated year one 54.2 51.9
Financing receivable, originated year two 51.9 74.9
Financing receivable, originated year three 74.6 96.3
Financing receivable, originated year four 91.8 2.8
Prior 65.3 67.4
Total $ 351.4 $ 349.0
% of Total 1.000 1.000
70% and less    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 13.6 $ 51.9
Financing receivable, originated year one 52.4 43.2
Financing receivable, originated year two 41.2 29.6
Financing receivable, originated year three 29.5 16.0
Financing receivable, originated year four 15.9 0.0
Prior 56.7 57.9
Total $ 209.3 $ 198.6
% of Total 0.596 0.569
71% to 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 3.8
Financing receivable, originated year one 1.8 4.9
Financing receivable, originated year two 6.9 22.8
Financing receivable, originated year three 20.8 65.5
Financing receivable, originated year four 61.2 2.8
Prior 2.7 0.0
Total $ 93.4 $ 99.8
% of Total 0.266 0.286
81% to 95%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 0.0
Financing receivable, originated year one 0.0 0.0
Financing receivable, originated year two 0.0 12.6
Financing receivable, originated year three 14.4 8.6
Financing receivable, originated year four 8.5 0.0
Prior 5.9 9.5
Total $ 28.8 $ 30.7
% of Total 0.082 0.088
Greater than 95%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 0.0 $ 0.0
Financing receivable, originated year one 0.0 3.8
Financing receivable, originated year two 3.8 9.9
Financing receivable, originated year three 9.9 6.2
Financing receivable, originated year four 6.2 0.0
Prior 0.0 0.0
Total $ 19.9 $ 19.9
% of Total 0.056 0.057
Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing receivable, originated current year $ 13.6 $ 55.7
Financing receivable, originated year one 54.2 51.9
Financing receivable, originated year two 51.9 74.9
Financing receivable, originated year three 74.6 96.3
Financing receivable, originated year four 91.8 2.8
Prior 65.3 67.4
Total $ 351.4 $ 349.0
% of Total 1.000 1.000
v3.25.1
Fair Value Disclosures - Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Fixed maturity securities, fair value $ 7,626.1 $ 7,175.1
Equity securities at fair value 204.3 208.5
Other investments 565.6 536.8
States, municipalities and political subdivisions    
Financial Assets    
Fixed maturity securities, fair value 115.1 119.1
Foreign governments    
Financial Assets    
Fixed maturity securities, fair value 497.5 462.1
Asset-backed    
Financial Assets    
Fixed maturity securities, fair value 882.8 937.3
Commercial mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 364.8 336.4
Residential mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 747.6 641.1
U.S. corporate    
Financial Assets    
Fixed maturity securities, fair value 3,416.6 3,187.4
Foreign corporate    
Financial Assets    
Fixed maturity securities, fair value 1,549.5 1,440.5
Recurring    
Financial Assets    
Short-term investments 255.2 237.1
Other investments 87.5 66.1
Cash equivalents 1,171.8 1,325.6
Other assets 8.0 6.3
Assets held in separate accounts 10.9 11.3
Total financial assets 9,363.8 9,030.0
Financial Liabilities    
Other liabilities 89.2 66.0
Liabilities related to separate accounts 10.9 11.3
Total financial liabilities 100.1 77.3
Recurring | Level 1    
Financial Assets    
Short-term investments 251.2 230.1
Other investments 87.4 66.0
Cash equivalents 1,160.3 1,312.0
Other assets 0.0 0.0
Assets held in separate accounts 9.9 8.7
Total financial assets 1,526.6 1,633.9
Financial Liabilities    
Other liabilities 67.4 66.0
Liabilities related to separate accounts 9.9 8.7
Total financial liabilities 77.3 74.7
Recurring | Level 2    
Financial Assets    
Short-term investments 4.0 7.0
Other investments 0.0 0.0
Cash equivalents 11.5 13.6
Other assets 0.0 0.0
Assets held in separate accounts 1.0 2.6
Total financial assets 7,630.3 7,205.4
Financial Liabilities    
Other liabilities 0.0 0.0
Liabilities related to separate accounts 1.0 2.6
Total financial liabilities 1.0 2.6
Recurring | Level 3    
Financial Assets    
Short-term investments 0.0 0.0
Other investments 0.1 0.1
Cash equivalents 0.0 0.0
Other assets 8.0 6.3
Assets held in separate accounts 0.0 0.0
Total financial assets 206.9 190.7
Financial Liabilities    
Other liabilities 21.8 0.0
Liabilities related to separate accounts 0.0 0.0
Total financial liabilities 21.8 0.0
Recurring | U.S. government and government agencies and authorities    
Financial Assets    
Fixed maturity securities, fair value 52.2 51.2
Recurring | U.S. government and government agencies and authorities | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. government and government agencies and authorities | Level 2    
Financial Assets    
Fixed maturity securities, fair value 52.2 51.2
Recurring | U.S. government and government agencies and authorities | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | States, municipalities and political subdivisions    
Financial Assets    
Fixed maturity securities, fair value 115.1 119.1
Recurring | States, municipalities and political subdivisions | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | States, municipalities and political subdivisions | Level 2    
Financial Assets    
Fixed maturity securities, fair value 115.1 119.1
Recurring | States, municipalities and political subdivisions | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign governments    
Financial Assets    
Fixed maturity securities, fair value 497.5 462.1
Recurring | Foreign governments | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign governments | Level 2    
Financial Assets    
Fixed maturity securities, fair value 497.5 462.1
Recurring | Foreign governments | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Asset-backed    
Financial Assets    
Fixed maturity securities, fair value 882.8 937.3
Recurring | Asset-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Asset-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 760.9 823.7
Recurring | Asset-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 121.9 113.6
Recurring | Commercial mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 364.8 336.4
Recurring | Commercial mortgage-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Commercial mortgage-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 364.8 336.4
Recurring | Commercial mortgage-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Residential mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 747.6 641.1
Recurring | Residential mortgage-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Residential mortgage-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 747.6 641.1
Recurring | Residential mortgage-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. corporate    
Financial Assets    
Fixed maturity securities, fair value 3,416.6 3,187.4
Recurring | U.S. corporate | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. corporate | Level 2    
Financial Assets    
Fixed maturity securities, fair value 3,368.5 3,139.9
Recurring | U.S. corporate | Level 3    
Financial Assets    
Fixed maturity securities, fair value 48.1 47.5
Recurring | Foreign corporate    
Financial Assets    
Fixed maturity securities, fair value 1,549.5 1,440.5
Recurring | Foreign corporate | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign corporate | Level 2    
Financial Assets    
Fixed maturity securities, fair value 1,541.5 1,432.5
Recurring | Foreign corporate | Level 3    
Financial Assets    
Fixed maturity securities, fair value 8.0 8.0
Recurring | Mutual funds    
Financial Assets    
Equity securities at fair value 34.3 28.8
Recurring | Mutual funds | Level 1    
Financial Assets    
Equity securities at fair value 13.9 13.6
Recurring | Mutual funds | Level 2    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Mutual funds | Level 3    
Financial Assets    
Equity securities at fair value 20.4 15.2
Recurring | Common stocks    
Financial Assets    
Equity securities at fair value 3.9 3.5
Recurring | Common stocks | Level 1    
Financial Assets    
Equity securities at fair value 3.9 3.5
Recurring | Common stocks | Level 2    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Common stocks | Level 3    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Non-redeemable preferred stocks    
Financial Assets    
Equity securities at fair value 166.1 176.2
Recurring | Non-redeemable preferred stocks | Level 1    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Non-redeemable preferred stocks | Level 2    
Financial Assets    
Equity securities at fair value 165.7 176.2
Recurring | Non-redeemable preferred stocks | Level 3    
Financial Assets    
Equity securities at fair value $ 0.4 $ 0.0
v3.25.1
Fair Value Disclosures - Carrying Value and Fair Value of the Financial Instruments that are Not Recognized or are Not Carried at Fair Value (Details) - Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Other assets $ 8.0 $ 6.3
Total financial assets 9,363.8 9,030.0
Level 1    
Financial Assets    
Other assets 0.0 0.0
Total financial assets 1,526.6 1,633.9
Level 2    
Financial Assets    
Other assets 0.0 0.0
Total financial assets 7,630.3 7,205.4
Level 3    
Financial Assets    
Other assets 8.0 6.3
Total financial assets 206.9 190.7
Carrying Value    
Financial Assets    
Commercial mortgage loans on real estate 346.3 342.5
Other investments 20.5 23.2
Other assets 42.2 26.3
Total financial assets 409.0 392.0
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.5 6.5
Funds withheld under reinsurance 275.1 277.7
Debt 2,083.7 2,083.1
Total financial liabilities 2,365.3 2,367.3
Fair Value    
Financial Assets    
Commercial mortgage loans on real estate 341.3 333.3
Other investments 20.5 23.2
Other assets 42.2 26.3
Total financial assets 404.0 382.8
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.8 6.9
Funds withheld under reinsurance 275.1 277.7
Debt 2,003.8 1,998.1
Total financial liabilities 2,285.7 2,282.7
Fair Value | Level 1    
Financial Assets    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 1.3 1.3
Other assets 0.0 0.0
Total financial assets 1.3 1.3
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds withheld under reinsurance 275.1 277.7
Debt 0.0 0.0
Total financial liabilities 275.1 277.7
Fair Value | Level 2    
Financial Assets    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 0.0 0.0
Other assets 0.0 0.0
Total financial assets 0.0 0.0
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds withheld under reinsurance 0.0 0.0
Debt 2,003.8 1,998.1
Total financial liabilities 2,003.8 1,998.1
Fair Value | Level 3    
Financial Assets    
Commercial mortgage loans on real estate 341.3 333.3
Other investments 19.2 21.9
Other assets 42.2 26.3
Total financial assets 402.7 381.5
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.8 6.9
Funds withheld under reinsurance 0.0 0.0
Debt 0.0 0.0
Total financial liabilities $ 6.8 $ 6.9
v3.25.1
Deferred Acquisition Costs - Schedule of Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning balance $ 9,992.8 $ 9,967.2
Costs deferred 1,163.9 1,034.4
Amortization (1,196.9) (1,022.7)
Ending balance $ 9,959.8 $ 9,978.9
v3.25.1
Reserves - Roll Forward of Claims and Benefits Payable (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Claims and benefits payable, at beginning of period $ 2,914.2 $ 1,989.2
Less: Reinsurance ceded and other (1,669.8) (886.6)
Net claims and benefits payable, at beginning of period 1,244.4 1,102.6
Incurred losses and loss adjustment expenses related to:    
Current year 841.0 664.7
Prior years (61.3) (41.6)
Total incurred losses and loss adjustment expenses 779.7 623.1
Paid losses and loss adjustment expenses related to:    
Current year 350.2 245.5
Prior years 389.7 341.4
Total paid losses and loss adjustment expenses 739.9 586.9
Net claims and benefits payable, at end of period 1,284.2 1,138.8
Plus: Reinsurance ceded and other 1,285.9 876.6
Claims and benefits payable, at end of period 2,570.1 2,015.4
Ceded to U.S. Government | Not Rated    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Reinsurance recoverables $ 492.4 $ 108.6
v3.25.1
Reserves - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development $ (61.3) $ (41.6)
Sharing Economy and Small Commercial    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development 3.0 3.4
Other Product and Services    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (5.0) (2.2)
Global Lifestyle    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (31.7) (20.8)
Global Lifestyle | Global Automotive    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (13.2)  
Global Lifestyle | Connected Living    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (18.5)  
Global Lifestyle | Extended Service Contracts    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (7.7)  
Global Lifestyle | Credit and Other Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (2.3)  
Global Lifestyle | Mobile Contracts    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (8.5)  
Global Housing    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (27.6) (22.0)
Global Housing | Non-catastrophe Losses    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development (26.4) $ (1.2)
Global Housing | Non-catastrophe Losses | Lender-placed Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Unfavorable (favorable) prior year development $ (24.7)  
v3.25.1
Reserves - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Present value of expected future policy benefits      
Net future policy benefits and expenses $ 507.1 $ 536.7  
Long-term Care Insurance Contracts      
Present value of expected net premiums      
Balance, beginning of period 36.4 36.4  
Beginning balance at original discount rate 34.0 36.5  
Effect of changes in cash flow assumptions   0.0 $ (1.0)
Effect of actual variances from expected experience   0.0 0.9
Adjusted beginning of period balance   34.0 36.4
Experience variance 0.0 0.1  
Interest accrual 0.9 3.4  
Net premiums collected (1.5) (5.9)  
Ending balance at original discount rate 33.4 34.0  
Effect of changes in discount rate assumptions 1.1 2.4  
Balance, end of period 34.5 36.4  
Present value of expected future policy benefits      
Balance, beginning of period 506.4 450.6  
Beginning balance at original discount rate 452.9 453.0  
Effect of actual variances from expected experience   0.0 1.5
Adjusted beginning of period balance   452.9 $ 454.5
Experience variance (1.1) (1.3)  
Interest accrual 6.5 26.2  
Benefit payments (7.3) (26.5)  
Ending balance at original discount rate 451.0 452.9  
Effect of changes in discount rate assumptions 25.5 53.5  
Balance, end of period 476.5 506.4  
Net future policy benefits and expenses 442.0 470.0  
Related reinsurance recoverable 442.0 470.0  
Net future policy benefits and expenses, after reinsurance recoverable $ 0.0 $ 0.0  
Weighted-average liability duration of the future policy benefits and expenses (in years) 11 years 3 months 18 days 11 years 4 months 24 days  
v3.25.1
Reserves - Policyholder Account Balances, Future Policy Benefits and Claims (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]    
Future policy benefits and expenses $ 507.1 $ 536.7
Long-term care    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Future policy benefits and expenses 442.0 470.0
Other    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Future policy benefits and expenses $ 65.1 $ 66.7
v3.25.1
Reserves - Schedule of Undiscounted Expected Future Benefit Payments and Expected Gross Premiums (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Expected future benefits payments $ 794.9 $ 804.4
Expected future gross premiums $ 60.3 $ 61.9
v3.25.1
Reserves - Schedule of Gross Premium and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Gross premiums $ 1.5 $ 1.5
Interest expense (original discount rate) $ 5.6 $ 5.6
v3.25.1
Reserves - Schedule of Discount Rate (Details)
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Interest expense (original discount rate) 5.95% 5.95%
Current discount rate 5.28% 5.05%
v3.25.1
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI:    
Beginning balance $ 5,106.7 $ 4,809.5
Change in accumulated other comprehensive income (loss) before reclassifications 72.3 (52.4)
Amounts reclassified from accumulated other comprehensive income (loss) 15.3 6.2
Total other comprehensive income (loss) 87.6 (46.2)
Ending balance 5,234.2 4,920.0
Accumulated Other Comprehensive Loss    
AOCI:    
Beginning balance (836.1) (765.0)
Ending balance (748.5) (811.2)
Foreign currency translation adjustment    
AOCI:    
Beginning balance (415.2) (351.9)
Change in accumulated other comprehensive income (loss) before reclassifications 8.8 (8.5)
Amounts reclassified from accumulated other comprehensive income (loss) 0.0 0.0
Total other comprehensive income (loss) 8.8 (8.5)
Ending balance (406.4) (360.4)
Net unrealized gains (losses) on investments    
AOCI:    
Beginning balance (291.9) (305.5)
Change in accumulated other comprehensive income (loss) before reclassifications 61.8 (43.8)
Amounts reclassified from accumulated other comprehensive income (loss) 13.4 11.6
Total other comprehensive income (loss) 75.2 (32.2)
Ending balance (216.7) (337.7)
Net unrealized gains on derivative transactions    
AOCI:    
Beginning balance 2.2 8.5
Change in accumulated other comprehensive income (loss) before reclassifications 1.7 (0.1)
Amounts reclassified from accumulated other comprehensive income (loss) (0.3) (3.1)
Total other comprehensive income (loss) 1.4 (3.2)
Ending balance 3.6 5.3
Unamortized net losses on Pension Plans    
AOCI:    
Beginning balance (131.2) (116.1)
Change in accumulated other comprehensive income (loss) before reclassifications 0.0 0.0
Amounts reclassified from accumulated other comprehensive income (loss) 2.2 (2.3)
Total other comprehensive income (loss) 2.2 (2.3)
Ending balance $ (129.0) $ (118.4)
v3.25.1
Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Provision for income taxes $ 37.1 $ 56.5
Net of tax (146.6) (236.4)
Underwriting, selling, general and administrative expenses 2,083.8 1,937.3
Income before income tax expense (183.7) (292.9)
Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net of tax 15.3 6.2
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses on investments    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net realized losses on investments and fair value changes to equity securities 17.0 14.7
Provision for income taxes (3.6) (3.1)
Net of tax 13.4 11.6
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized (gains) losses on derivative transactions related to    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Provision for income taxes 0.1 0.8
Net of tax (0.3) (3.1)
Interest expense (0.7) (0.7)
Underwriting, selling, general and administrative expenses 0.3 (3.2)
Income before income tax expense (0.4) (3.9)
Reclassification out of Accumulated Other Comprehensive Income | Unamortized net losses on Pension Plans    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Provision for income taxes (0.6) 0.7
Net of tax 2.2 (2.3)
Income before income tax expense 2.8 (3.0)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net loss    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Underwriting, selling, general and administrative expenses 0.3 0.3
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Underwriting, selling, general and administrative expenses 0.0 (3.3)
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total before tax $ 2.5 $ 0.0
v3.25.1
Earnings Per Common Share - Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator    
Net income $ 146.6 $ 236.4
Less: Common stock dividends paid (40.9) (37.4)
Undistributed earnings, basic 105.7 199.0
Undistributed earnings, diluted $ 105.7 $ 199.0
Denominator    
Weighted average common shares outstanding used in basic per common share calculations (in shares) 51,281,419 52,531,865
Incremental common shares from:    
Weighted average common shares outstanding used in diluted per common share calculations (in shares) 51,731,116 52,872,254
Earnings per common share – Basic    
Distributed earnings (in dollars per share) $ 0.80 $ 0.71
Undistributed earnings (in dollars per share) 2.06 3.79
Net income (in dollars per share) 2.86 4.50
Earnings per common share – Diluted    
Distributed earnings (in dollars per share) 0.79 0.71
Undistributed earnings (in dollars per share) 2.04 3.76
Net income (in dollars per share) $ 2.83 $ 4.47
PSUs    
Incremental common shares from:    
Incremental common shares (in shares) 449,697 340,389
v3.25.1
Earnings Per Common Share - Narrative (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
PSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Outstanding anti-dilutive shares excluded from diluted EPS (in shares) 15,279 16,553
v3.25.1
Retirement and Other Employee Benefits - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Qualified pension benefits plan funded status $ 85,600,000 $ 84,100,000
Funded status percentage 117.00% 117.00%
Cash contribution to qualified pension benefits plan $ 0  
Cash expected contribution to plan over remainder of fiscal year $ 0  
v3.25.1
Retirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension Plan | Qualified Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost $ 6.3 $ 6.7
Expected return on plan assets (9.7) (10.0)
Amortization of prior service credit 0.0 0.0
Amortization of net loss (gain) 0.0 0.0
Settlement loss 0.0 0.0
Net periodic benefit cost (3.4) (3.3)
Pension Plan | Unfunded Nonqualified  Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 0.6 0.6
Expected return on plan assets 0.0 0.0
Amortization of prior service credit 0.0 0.0
Amortization of net loss (gain) 0.3 0.3
Settlement loss 0.0 0.0
Net periodic benefit cost 0.9 0.9
Retirement Health Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 0.0 0.0
Expected return on plan assets 0.0 (0.3)
Amortization of prior service credit 0.0 (3.3)
Amortization of net loss (gain) 0.0 0.0
Settlement loss 2.5 0.0
Net periodic benefit cost $ 2.5 $ (3.6)
v3.25.1
Restructuring and Related Impairment Charges - Schedule of Restructuring Costs Related to Strategic Exit Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Costs incurred $ (1.1) $ 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 91.5  
Transformational Plan    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 1.9 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 59.1  
Return to Work Strategy    
Restructuring Cost and Reserve [Line Items]    
Costs incurred (3.0) 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 32.4  
Severance and other employee benefits | Transformational Plan    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 1.9 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 59.1  
Contract exit costs | Return to Work Strategy    
Restructuring Cost and Reserve [Line Items]    
Costs incurred (3.0) 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 19.9  
Fixed asset impairment | Return to Work Strategy    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.0 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 2.3  
Right-of-use asset impairment | Return to Work Strategy    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.0 $ 0.0
Estimated Remaining Costs 0.0  
Estimated Total Costs $ 10.2  
v3.25.1
Restructuring and Related Impairment Charges - Schedule of Rollforward of Accrued Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Transformational Plan  
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance $ 13.4
Charges incurred 2.3
Non-cash adjustment (0.4)
Cash payments (1.2)
Restructuring reserve, ending balance 14.1
Return to Work Strategy (contract exit costs)  
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance 11.2
Charges incurred 0.5
Non-cash adjustment (3.5)
Cash payments (4.6)
Restructuring reserve, ending balance $ 3.6
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit outstanding $ 1.6 $ 1.8