Assurant Inc (AIZ) 2025 Q2 法說會逐字稿

Welcome to Assurant's second-quarter 2025 conference call and webcast. (Operator Instructions) and the floor will be open for your questions following management's prepared remarks. We ask that you please hold all questions until the completion of the formal remarks at which time you will be given instructions for the question-and-answer session.

歡迎參加 Assurant 2025 年第二季電話會議及網路直播。 （操作員指示）管理階層發表完準備好的發言後，我們將開放提問環節。我們請求您將所有問題保留到正式發言結束後，屆時我們將為您提供問答環節的指示。

It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may begin.

現在我很高興將發言權交給投資人關係副總裁 Sean Moshier。你可以開始了。

Thank you, operator, and good morning, everyone. We look forward to discussing our second quarter results with you today. Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.

謝謝接線員，大家早安。我們期待今天與您討論我們的第二季業績。與我一起參加 Assurant 電話會議的還有我們的總裁兼執行長 Keith Demmings 和我們的財務長 Keith Meier。

Yesterday, after the market closed, we issued an earnings release announcing our results for the second quarter 2025. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants. Some of the statements made today are forward-looking.

昨天，市場收盤後，我們發布了一份收益報告，宣布了 2025 年第二季的業績。新聞稿及相應的財務補充資料可在 assurant.com 上查閱。我們的網站上也提供了網路直播參與者的幻燈片簡報。今天的一些聲明具有前瞻性。

Forward-looking statements are based upon our historical and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

前瞻性陳述是基於我們的歷史和當前預期，並受風險、不確定性和其他因素的影響，這些因素可能導致實際結果與這些陳述所預期的結果有重大差異。

Additional information regarding these factors can be found in the earnings release, presentation and financial supplement on our website as well as in our SEC reports. During today's call, we will refer to non-GAAP financial measures, which we believe are important in analyzing the company's performance.

有關這些因素的更多資​​訊可以在我們網站上的收益報告、簡報和財務補充以及我們的 SEC 報告中找到。在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對於分析公司績效非常重要。

For more details on these measures, the most comparable GAAP measures and a reconciliation of the two, please refer to the earnings release, presentation and financial supplement on our website. We'll start today's call with remarks before moving into Q&A. I will now turn the call over to Keith Demmings.

有關這些指標、最具可比性的 GAAP 指標以及兩者對帳的更多詳細信息，請參閱我們網站上的收益報告、介紹和財務補充。今天的電話會議我們將以評論開始，然後進入問答環節。現在我將把電話轉給 Keith Demmings。

Thanks, Sean, and good morning, everyone. We delivered a very strong second quarter with double-digit growth in both adjusted EBITDA and earnings per share, excluding reportable catastrophes. Our results were fueled by continued outperformance in Global Housing and growth in global lifestyle reinforcing a strong first half of 2025.

謝謝，肖恩，大家早安。我們第二季的業績非常強勁，調整後的 EBITDA 和每股盈餘（不包括可報告的災難）都實現了兩位數成長。我們的業績得益於全球住房持續優異的表現和全球生活方式的成長，鞏固了 2025 年上半年的強勁勢頭。

Through the first six months, adjusted EBITDA increased by 14% and adjusted EPS rose 16%, both excluding cats. Given our year-to-date performance, we're meaningfully increasing Assurant's full year 2025 growth expectations. Excluding catastrophes, we now expect full year adjusted EPS growth to approach 10% driven by mid- to high single-digit growth in adjusted EBITDA.

前六個月，調整後的 EBITDA 成長了 14%，調整後的 EPS 成長了 16%，均不包括巨災因素。鑑於我們今年迄今的表現，我們大幅提高了 Assurant 2025 年全年的成長預期。排除災難因素，我們現在預計全年調整後每股盈餘成長率將接近 10%，這得益於調整後 EBITDA 的中高個位數成長。

When excluding prior year reserve development, we expect to deliver double-digit underlying growth for both metrics. Additionally, our significant cash generation and balanced capital allocation continue to support long-term shareholder value. This year's performance reinforces our long-standing track record of success, driven by our powerful business model and the dedication of our global team.

當排除上一年儲備發展時，我們預計這兩個指標都將實現兩位數的潛在成長。此外，我們大量的現金創造和均衡的資本配置繼續支持長期股東價值。今年的業績鞏固了我們長期以來的成功記錄，這得益於我們強大的商業模式和全球團隊的奉獻精神。

By combining innovative services with our protection and specialty insurance products, we deliver differentiated value through our unique B2B2C distribution channels in attractive lifestyle and housing markets. Our partnerships with the world's leading brands are powered by transparency, data-driven protection solutions and value-added services.

透過將創新服務與我們的保護和專業保險產品相結合，我們透過獨特的 B2B2C 分銷管道在有吸引力的生活方式和住房市場提供差異化價值。我們與世界領先品牌的合作以透明度、數據驅動的保護解決方案和增值服務為動力。

We've continued to be a leader in our markets by embedding technology into our client systems, enabling exceptional customer experiences and optimizing performance. We are well positioned to achieve our ninth consecutive year of profitable growth in 2025. Our diversified business model enables us to perform consistently across a range of economic environments, often diverging from the broader industry trends.

透過將技術嵌入到客戶系統中，提供卓越的客戶體驗並優化效能，我們繼續保持市場領先地位。我們已做好準備，在 2025 年實現連續第九年的獲利成長。我們多元化的商業模式使我們能夠在各種經濟環境中保持持續表現，並且往往與更廣泛的行業趨勢有所不同。

We believe this strength and resilience continue to differentiate Assurant in the broader P&C industry. Since 2019, we've delivered a compound annual growth rate of 12% in adjusted EBITDA and 18% in adjusted EPS, both excluding reportable cats.

我們相信，這種力量和韌性將繼續使 Assurant 在更廣泛的財產和意外保險行業中脫穎而出。自 2019 年以來，我們的調整後 EBITDA 複合年增長率為 12%，調整後 EPS 複合年增長率為 18%（均不包括可報告的巨災因素）。

Now let me share some specific examples of the momentum we're seeing within our lifestyle and housing segments. Within Global Lifestyle, adjusted EBITDA growth accelerated in the second quarter, supporting our year-to-date performance. Through the first 6 months of the year, Lifestyle earnings increased 2% on a constant currency basis, which was in line with our expectations. We are well positioned to deliver growth for the full year.

現在，讓我分享一些我們在生活方式和住房領域看到的勢頭的具體例子。在全球生活方式領域，調整後的 EBITDA 成長在第二季度加速，支撐了我們今年迄今為止的業績。今年前 6 個月，生活風格業務的收益以固定匯率計算成長了 2%，符合我們的預期。我們已做好準備，實現全年的成長。

In Connected Living, adjusted EBITDA increased 4% year-to-date on a constant currency basis. Sustained investments in our device care centers, automation and technology platforms enhance our end-to-end solutions across the value chain. These capabilities add scale, simplicity and flexibility tapping into new profit pools and accelerating growth and value creation for Assurant and our partners.

在互聯生活領域，以固定匯率計算，調整後的 EBITDA 今年迄今成長了 4%。我們對設備維護中心、自動化和技術平台的持續投資增強了我們整個價值鏈的端到端解決方案。這些功能增加了規模、簡單性和靈活性，挖掘了新的利潤池並加速了 Assurant 及其合作夥伴的成長和價值創造。

This has enabled our success in growing mobile subscribers globally. Over the last year, we've added 2.4 million devices protected, bringing our total to 65 million subscribers. Our growth is led by new client programs and the continued expansion of our partner relationships. We continue to make investments related to new products, services and programs, which we expect to roll out in the second half of this year.

這使我們在全球範圍內成功增加行動用戶。去年，我們新增了 240 萬台受保護的設備，使我們的總數達到 6,500 萬用戶。我們的成長由新客戶計劃和合作夥伴關係的持續擴大所驅動。我們將繼續對新產品、服務和項目進行投資，預計今年下半年推出。

Following our acquisitions of cell phone repair or CPR in the US and iSmash in the UK, we recently acquired U Solutions in Japan to expand our local walk-in repair capability in the world's second largest mobile market. This acquisition strengthens our customer experience in the local market and unlocks future growth opportunities.

繼收購美國手機維修公司 CPR 和英國手機維修公司 iSmash 之後，我們最近又收購了日本的 U Solutions，以擴大我們在全球第二大手機市場的本地維修能力。此次收購增強了我們在本地市場的客戶體驗，並釋放了未來的成長機會。

In Global Automotive, earnings were up modestly supported by year-over-year improvements in loss experience. Net written premiums have increased 8% year-to-date achieved through rate increases over the last two years and new business wins driven by our scale and critical dealer services business. A key highlight is our recent partnership with Coca Automotive, a fast-growing automotive group with more than 50 dealerships in New Jersey and Pennsylvania.

在全球汽車領域，由於虧損情況較去年同期改善，獲利略有成長。今年迄今為止，淨承保保費增長了 8%，這得益於過去兩年的費率上漲以及我們的規模和關鍵經銷商服務業務推動的新業務增長。一個重點是我們最近與 Coca Automotive 建立的合作夥伴關係，Coca Automotive 是一家快速發展的汽車集團，在新澤西州和賓夕法尼亞州擁有 50 多家經銷店。

Through Assurant Vehicle Care, we deliver vehicle protection products and comprehensive dealership operational support including in-dealership training. Internationally, we recently completed the acquisition of Jato in Brazil, expanding our automotive distribution network diversifying our product portfolio and reinforcing our presence in Latin America. Justato's expertise aligns with our commitment to delivering excellent service and seeking continuous improvement.

透過 Assurant Vehicle Care，我們提供車輛保護產品和全面的經銷商營運支持，包括經銷商內部培訓。在國際上，我們最近完成了對巴西 Jato 的收購，擴大了我們的汽車分銷網絡，使我們的產品組合多樣化，並加強了我們在拉丁美洲的影響力。Justato 的專業知識與我們提供優質服務和尋求持續改進的承諾相一致。

The acquisition presents exciting opportunities for future growth. Beyond new business wins and our expanding presence, we're renewing relationships across distribution channels, including dealership groups, OEMs and other affinity partners, further reinforcing our client base and market position. We're driving innovation in automotive by investing in AI technologies. These advancements are transforming key areas from enhancing dealership training to enabling seamless digital claim processing.

此次收購為未來的成長提供了令人興奮的機會。除了贏得新業務和擴大影響力之外，我們還在重建與分銷通路的關係，包括經銷商集團、原始設備製造商和其他合作夥伴，進一步鞏固我們的客戶群和市場地位。我們透過投資人工智慧技術來推動汽車領域的創新。這些進步正在改變關鍵領域，從加強經銷商培訓到實現無縫數位索賠處理。

Turning to Global Housing. Following two years of exceptional growth, the segment continues to outperform in 2025. Through the first six months of the year, adjusted EBITDA was up 25%, excluding reportable cats.

轉向全球住房。經過兩年的出色成長，該領域在 2025 年將繼續表現出色。今年前六個月，調整後的 EBITDA（不包括應報告的損失）增加了 25%。

Our business continues to benefit from multiple growth levers, including increased demand for lender-placed insurance within homeowners, driven by hardening of the voluntary insurance market across the U.S., significant expense leverage across Global Housing, which has improved by over 700 basis points over the last two years and increased scale from new business wins, including the third quarter rollout of a new mortgage servicing partner, which will add approximately 300,000 loans to our portfolio.

我們的業務繼續受益於多種成長槓桿，包括受美國自願保險市場加強的推動，房主對貸款人投保的需求增加，全球住房的大幅費用槓桿，在過去兩年中提高了 700 多個基點，以及新業務勝利帶來的規模擴大，包括第三季度推出新的抵押貸款服務合作夥伴，這將為我們的投資組合增加約 300,000 筆貸款。

In homeowners, we see meaningful opportunities to expand with new clients by leveraging our existing infrastructure. Ongoing technology investments further enhance efficiency as we process and digitize millions of insurance documents each year through our market-leading loan tracking solution. In renters, our tech-enabled services remain a key driver of growth.

在房主方面，我們看到了利用現有基礎設施來擴大新客戶的重大機會。持續的技術投資進一步提高了效率，我們每年透過市場領先的貸款追蹤解決方案處理和數位化數百萬份保險文件。在租屋領域，我們的技術支援服務仍然是成長的主要動力。

Our Coverage 360-plus platform in the property management company or PMC channel has delivered three consecutive years of double-digit premium growth. The platform continues to deliver higher penetration rates, client renewals and new business wins. During the second quarter, we signed a top 15 PMC partner with over 100,000 units nationwide and completed multiyear renewals with two of our top four PMC partners.

我們在物業管理公司或PMC通路的Coverage 360​​-plus平台已經連續三年實現了兩位數的保費成長。該平台繼續提供更高的滲透率、客戶續約率和新業務贏得率。在第二季度，我們與全國範圍內擁有超過 100,000 個單位的前 15 名 PMC 合作夥伴簽約，並與前四名 PMC 合作夥伴中的兩家完成了多年續約。

We've also increased our renters' policies by 11% year-to-date, including a new renters book we added earlier this year. Overall, our growth within housing is underpinned by our attractive combined ratios. Excluding prior year development, we've achieved a year-to-date combined ratio of 87% with cats. We remain on track to deliver a mid-80s combined ratio for the full year, including our full year cat assumption of $300 million.

今年迄今為止，我們還將租屋政策增加了 11%，其中包括今年稍早新增的一本新的租屋手冊。總體而言，我們在住房領域的成長得益於我們具有吸引力的綜合比率。不計前一年的發展，我們今年迄今的貓險綜合比率已達 87%。我們仍有望實現全年 85% 左右的綜合成本率，其中包括 3 億美元的全年巨災損失假設。

Innovation is deeply embedded in Assurant's DNA and it continues to underpin our ability to generate future growth. As we look over the long term, we see significant opportunities across clients, products and geographies, including expanding offerings and increasing attachment rates with existing partners, winning new clients across the globe by executing on opportunities already in our pipeline, increasing investments in core markets, including launching new products and services across the lifestyle and housing businesses and entering attractive adjacent sectors through new product offerings.

創新深深植根於 Assurant 的 DNA 中，並將繼續支撐我們創造未來成長的能力。放眼長遠，我們看到客戶、產品和地理方面存在重大機遇，包括擴大產品範圍、提高與現有合作夥伴的聯繫率、透過執行現有機會贏得全球新客戶、增加對核心市場的投資，包括在生活方式和住房業務中推出新產品和服務，並透過提供新產品進入有吸引力的鄰近行業。

We're laser-focused on executing on each of these opportunities as we continue to position Assurant for long-term growth, creating value for our partners, end consumers and shareholders. I'll now turn it over to Keith Meier to highlight our second quarter results and expectations for the remainder of the year.

我們全心全意地抓住每一個機會，繼續為 Assurant 的長期成長做好準備，為我們的合作夥伴、最終消費者和股東創造價值。現在我將把時間交給 Keith Meier，來介紹我們第二季的業績以及今年剩餘時間的預期。

Thanks, Keith, and good morning, everyone. We were very pleased with the growth in the quarter across both Global Housing and Global Lifestyle. Overall, second quarter growth was strong, with adjusted EBITDA increasing 13% and adjusted earnings per share growing 17% both excluding cats. Our year-to-date performance supports the increase to our full year 2025 outlook, which I will cover shortly.

謝謝，基思，大家早安。我們對本季全球住房和全球生活方式的成長感到非常滿意。整體而言，第二季成長強勁，調整後的 EBITDA 成長 13%，調整後的每股盈餘成長 17%（均不包括巨災因素）。我們今年迄今的業績支持了我們對 2025 年全年前景的提升，我將很快對此進行介紹。

Starting with capital. Our holding company liquidity position at quarter end was $518 million, providing us with flexibility to drive future growth. Our robust cash flow is a key differentiator for Assurant. In the quarter, our businesses upstreamed over $230 million of cash flow to the holding company, which allowed us to return $105 million to our shareholders, including $62 million of share repurchases.

從資本開始。我們季度末的控股公司流動資金狀況為 5.18 億美元，為我們推動未來成長提供了靈活性。我們強勁的現金流是 Assurant 的關鍵差異化因素。本季度，我們的業務向控股公司上游注入了超過 2.3 億美元的現金流，這使我們能夠向股東返還 1.05 億美元，其中包括 6,200 萬美元的股票回購。

Through August 1, we repurchased an additional $25 million of shares and have now completed $150 million in repurchases so far this year. I'll now walk through our segment results in greater detail, beginning with Global Lifestyle. Second quarter adjusted EBITDA increased 6% compared to last year or 7% on a constant currency basis. In Connected Living, earnings increased 9% or 11% on a constant currency basis, led by our global mobile device protection programs and modest growth in our mobile trade-in programs.

截至 8 月 1 日，我們又回購了價值 2,500 萬美元的股票，今年迄今已完成 1.5 億美元的回購。現在我將更詳細地介紹我們的分部業績，首先從全​​球生活方式開始。第二季調整後的 EBITDA 較去年同期成長 6%，以固定匯率計算成長 7%。在互聯生活領域，獲利成長了 9%，以固定匯率計算成長了 11%，這主要得益於我們的全球行動裝置保護計畫和行動以舊換新計畫的適度成長。

The strength in device protection was driven by strong subscriber growth from new mobile clients and programs that began last year. This is a prime example of our momentum given the important investments we made in 2024. Our device training business saw improved profitability from higher volumes compared to prior year, including increased carrier promotions as well as consumer demand pull forward in the quarter. Based on historical trends, we anticipate lower sequential third quarter volumes given normal seasonality and a strong second quarter.

設備保護的增強得益於去年開始實施的新行動用戶端和計畫帶來的強勁用戶成長。鑑於我們在 2024 年所做的重要投資，這是我們發展勢頭的典型例子。與去年同期相比，我們的設備培訓業務的獲利能力因業務量增加而提高，其中包括營運商促銷活動的增加以及本季度消費者需求的提前。根據歷史趨勢，考慮到正常的季節性和第二季的強勁表現，我們預計第三季的銷售量將環比下降。

Moving to Global Auto. Adjusted EBITDA was up modestly. In line with our expectations, we were pleased to see improved loss ratios in our vehicle service contract business and stable earnings overall. We continued to benefit from previous rate increases earning through our book and improvements to our claims processes, while keeping us on track to grow for the full year.

轉向全球汽車。調整後的 EBITDA 小幅上漲。正如我們的預期，我們很高興看到汽車服務合約業務的損失率有所改善，整體獲利穩定。我們繼續受益於先前的利率上調以及索賠流程的改進，同時保持全年的成長動能。

For Global Lifestyle, our net earned premiums, fees and other income grew 8%, led by strong growth in Connected Living from mobile device protection and trade-in programs, as well as contributions from a new program within financial services launched late last year.

對於全球生活方式而言，我們的淨收入保費、費用和其他收入增長了 8%，這主要得益於行動裝置保護和以舊換新計劃帶來的互聯生活業務的強勁增長，以及去年年底推出的金融服務新計劃的貢獻。

Moving to Global Housing. Second quarter adjusted EBITDA was $214 million, which included $30 million of reportable catastrophe impacts. Excluding cats, Global Housing delivered another quarter of strong double-digit growth. as adjusted EBITDA increased 18% to $244 million. Our homeowners business continue to benefit from favorable non-catastrophe loss experience with lower claims frequencies and increases to lender-placed policies in force, benefiting from pressure in the voluntary insurance market.

搬遷至全球住房。第二季調整後的 EBITDA 為 2.14 億美元，其中包括 3,000 萬美元的可通報災難影響。除貓之外，Global Housing 又一個季度實現了強勁的兩位數成長。調整後的 EBITDA 成長 18%，達到 2.44 億美元。我們的房屋所有權業務繼續受益於良好的非災難損失經驗，索賠頻率降低，並且由於自願保險市場的壓力，有效的貸款人保單增加。

Results also increased from higher favorable prior period reserve development, which was $34 million in the quarter compared to $17 million in the second quarter of 2024. Before moving to our 2025 outlook, I wanted to discuss Assurant's long-standing focus on leveraging technology to drive innovation for our partners and end consumers.

業績的成長也得益於前期儲備金開發的有利提升，本季儲備金為 3,400 萬美元，而 2024 年第二季為 1,700 萬美元。在談到我們的 2025 年展望之前，我想討論 Assurant 長期以來專注於利用技術為我們的合作夥伴和最終消費者推動創新。

We have invested in AI and related technologies to support our clients. delivering efficiencies and improving the customer experience. We also have an effective AI framework that allows us to create, evaluate and scale use cases across our businesses. Artificial intelligence presents a powerful opportunity to further accelerate our capabilities and create additional value for our clients.

我們投資了人工智慧和相關技術來支援我們的客戶，提高效率並改善客戶體驗。我們還有一個有效的人工智慧框架，使我們能夠在整個業務中創建、評估和擴展用例。人工智慧為進一步提升我們的能力並為我們的客戶創造更多價值提供了強大的機會。

It enables us to improve productivity, enhance decision-making, and upscale our employees, delivering simpler, faster and more consistent outcomes. There are several areas throughout our businesses, where we believe AI can continue to transform our operations and product offerings.

它使我們能夠提高生產力、增強決策能力、提升員工素質，從而提供更簡單、更快速、更一致的成果。我們相信，在我們的業務的多個領域中，人工智慧可以繼續改變我們的營運和產品供應。

In Global Lifestyle, our innovation and device care center near Nashville, is increasing the use of robotics and AI to assess mobile device quality and process trade-ins with greater speed and consistency. This supports higher average selling prices and better value for clients and end consumers.

在 Global Lifestyle，我們位於納許維爾附近的創新和設備護理中心正在增加使用機器人和人工智慧來評估行動裝置質量，並以更快的速度和更高的一致性處理以舊換新。這有利於提高平均銷售價格，並為客戶和最終消費者帶來更好的價值。

We are also further embedding AI into our Personal TechPro premium tech support services which cover connected devices and appliances. This enables us to better assist customers in navigating technical challenges and inquiries with precision and ease. In housing, we recently deployed our generative AI solutions to enhance the speed and accuracy of document classification and processing across our loan tracking solutions with impressive early results.

我們也將人工智慧進一步嵌入涵蓋連網設備和電器的 Personal TechPro 高級技術支援服務。這使我們能夠更好地幫助客戶準確、輕鬆地解決技術難題和疑問。在住房領域，我們最近部署了生成式人工智慧解決方案，以提高貸款追蹤解決方案中文件分類和處理的速度和準確性，並取得了令人印象深刻的早期成果。

Looking ahead, technology-based solutions will play a critical role in extending client tenure and expanding market share. And our technology advantages will enable us to continue to differentiate Assurant against competitors in the market. Finally, I want to share some thoughts on our increased outlook for 2025.

展望未來，基於技術的解決方案將在延長客戶期限和擴大市場份額方面發揮關鍵作用。我們的技術優勢將使我們繼續在市場上脫穎而出，超越競爭對手。最後，我想分享一些我們對 2025 年展望的看法。

Driven by the strength of our first half results, including outperformance within Global Housing. We now expect enterprise full year adjusted EPS growth to approach 10% and adjusted EBITDA to grow mid- to high single digits, both excluding cats. This represents a meaningful increase from our initial expectation of modest growth for both metrics.

受我們上半年業績強勁的推動，包括全球住房業務的優異表現。我們現在預計企業全年調整後每股盈餘成長率將接近 10%，調整後息稅折舊攤提前利潤成長率將達到中高個位數（均不含巨災因素）。這比我們最初預期的兩個指標的溫和成長有了顯著提高。

To put a finer point on the strength of our outlook, excluding favorable prior year development of $63 million in the first half of 2025 and $107 million for full year 2024. Underlying growth trends are expected to deliver double-digit adjusted earnings and EPS growth. We now expect strong growth in Global Housing and continue to expect growth within Global Lifestyle, where both Connected Living and Global Automotive are expected to grow.

為了更準確地說明我們的前景強勁，不包括 2025 年上半年 6,300 萬美元和 2024 年全年 1.07 億美元的有利上年發展。預計潛在的成長趨勢將帶來兩位數的調整後收益和每股收益成長。我們現在預計全球住房將出現強勁增長，並繼續預計全球生活方式將出現增長，其中互聯生活和全球汽車預計都將實現增長。

For Global Lifestyle, growth is expected to be partially offset by investments in new partnerships and programs as well as unfavorable foreign exchange. As a reminder, through the first half of 2025, we've made approximately $5 million of strategic investments and would expect roughly $10 million in the second half of the year. These investments are directly tied to the programs and clients we are in the process of launching or expect to launch in the near future.

對於 Global Lifestyle 而言，預計成長將被新合作夥伴關係和新項目的投資以及不利的外匯影響部分抵消。提醒一下，到 2025 年上半年，我們已經進行了約 500 萬美元的策略性投資，預計下半年將達到約 1,000 萬美元。這些投資與我們正在啟動或預計在不久的將要啟動的專案和客戶直接相關。

Within Global Housing, we expect continued policy growth in lender-placed. As a reminder, our outlook does not contemplate additional prior year reserve development beyond the $63 million seen in the first half of the year. We have considered and continue to monitor macroeconomic conditions within our outlook, including tariffs, inflation, foreign exchange and interest rate levels, which may impact the pace and timing of growth.

在全球住房領域，我們預計貸款機構的政策將持續成長。提醒一下，我們的展望並不考慮上半年 6,300 萬美元以外的額外儲備發展。我們已經考慮並將繼續監測我們展望中的宏觀經濟狀況，包括關稅、通貨膨脹、外匯和利率水平，這些都可能影響成長的速度和時間。

And finally, our capital objectives remain consistent given our position of strength as we focus on maintaining balance and flexibility to support new business growth, while returning excess capital to shareholders. From a share repurchase perspective, given our confidence in our solid capital position, increased earnings outlook and attractive share price we now expect share repurchases for the year to be between $250 million to $300 million, the upper end of our 2025 guidance.

最後，鑑於我們的優勢地位，我們的資本目標保持一致，因為我們專注於保持平衡和靈活性以支持新業務成長，同時將多餘的資本回饋給股東。從股票回購的角度來看，鑑於我們對穩固的資本狀況、增加的盈利前景和有吸引力的股價的信心，我們現在預計今年的股票回購額將在 2.5 億美元至 3 億美元之間，這是我們 2025 年指引的上限。

This is subject to M&A as well as market and other conditions. In conclusion, our year-to-date performance and increase in outlook for 2025 is a testament to the unique and differentiated nature of Assurant as we continue to be well positioned to grow earnings once again for the ninth consecutive year, while also navigating various macroeconomic environments.

這取決於併購以及市場和其他條件。總而言之，我們今年迄今的業績和對 2025 年前景的提升證明了 Assurant 的獨特和差異化性質，因為我們繼續處於有利地位，連續第九年再次實現盈利增長，同時還能應對各種宏觀經濟環境。

With that, operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Good morning, everyone. So when I look at the overall benefit ratio in Global Lifestyle, it's around 23% to 24%, even up a little bit, I guess, from last year. Should we expect that to trend down as rate continues to earn through in global auto? Or is this sort of a decent run rate? I mean how should we think about the trend there?

大家早安。因此，當我查看 Global Lifestyle 的整體收益率時，它大約為 23% 到 24%，我想，甚至比去年有所上升。隨著全球汽車利率持續上漲，我們是否應該預期這一趨勢會下降？或者說，這是一個不錯的運行率嗎？我的意思是我們應該如何看待那裡的趨勢？

Yes. Maybe I'll offer a couple of overarching thoughts, and then Keith can talk about the trend line. I'd say first of all, really pleased with the progress that you're seeing in the second quarter for Global Lifestyle overall.

是的。也許我會提供一些整體想法，然後 Keith 可以談談趨勢線。首先我想說，我對 Global Lifestyle 在第二季度取得的整體進展感到非常高興。

Certainly, Connected Living performed really well, up 11% constant currency. Auto, we're also seeing really nice stability there. And I think we're well positioned midway through the year, very much in line with our expectations and feel confident in the full year opportunity to grow both Housing, Auto and Connected Living overall. But Keith, what would you add about the benefit level.

當然，互聯生活表現確實很好，以固定匯率計算上漲了 11%。汽車方面，我們也看到了非常好的穩定性。我認為我們在年中處於有利地位，非常符合我們的預期，並且對全年住房、汽車和互聯生活全面增長的機會充滿信心。但是基思，你想補充福利水準嗎？

Yes. I think, Jeff, overall, there's always a little bit of a mix shift in terms of the dynamics of the deal structure with the different clients within Lifestyle. The ones that we're really focused on is in Auto. And I think what we're seeing there is the encouraging point this year, where we're seeing the improvement in the vehicle service contract loss experience.

是的。傑夫，我認為，總體而言，生活方式領域中不同客戶的交易結構動態總是會有一些混合變化。我們真正關注的是汽車領域。我認為，我們今年看到的是令人鼓舞的一點，即我們看到車輛服務合約損失體驗有所改善。

And so I think that is really leading us to what we feel like is an inflection point this year for that business, which also allows us to feel good about our growth outlook for our Auto business. And I think it sets us up for a nice run over the long term for our Auto business.

因此，我認為這確實引領我們走向今年該業務的轉折點，這也讓我們對汽車業務的成長前景充滿信心。我認為這為我們的汽車業務的長期良好發展奠定了基礎。

Great. And then investment income from other investments was negative in the first half. What are those investments? And what's driving the decline there?

偉大的。而上半年其他投資的投資收益為負。這些投資是什麼？那麼導致那裡衰退的原因是什麼呢？

Yes. I think more than anything, Jeff. I would just start by saying our investment portfolio really continues to perform well. I think it reflects the quality and diversity of our investment. So overall, we're up year-over-year and for the quarter.

是的。我認為最重要的是，傑夫。首先我想說的是，我們的投資組合確實持續表現良好。我認為這反映了我們投資的品質和多樣性。因此，總體而言，我們的業績與去年同期和本季相比都有所成長。

And when you think about the other investments, we have things like real estate transactions that take place during the year. So that can create a little bit of lumpiness from a quarter-to-quarter basis. But overall, I think we're in a good position.

當您考慮其他投資時，我們會考慮諸如一年內發生的房地產交易之類的事情。因此，這可能會造成季度間出現一些不平衡。但總體而言，我認為我們處於有利地位。

Our book yields overall are up to 5.33%. That's 10 basis points over the first quarter. It's also 20 basis points better than the prior year. So I think we're -- our portfolio is performing well. And so I think from an overall position, I think we're in a good place for investment income.

我們的帳面收益率整體高達5.33%。這比第一季增加了 10 個基點。這也比前一年高出 20 個基點。所以我認為我們的投資組合表現良好。因此，我認為從整體情況來看，我們的投資收益狀況良好。

Overall, I think you can see us having a positive impact because of the higher average asset levels and then the positive yields in fixed income, and then that will be offset a little bit by the shorter-term investments and our cash investments. So I think -- but overall, we see investment income being up for the year.

總體而言，我認為您可以看到我們產生了積極的影響，因為平均資產水平較高，固定收益的收益率為正，而短期投資和現金投資會稍微抵消這一影響。所以我認為——但總體而言，我們認為今年的投資收益將會上升。

Thank you.

謝謝。

Tommy McJoynt, KBW.

湯米·麥克喬伊特，KBW。

Hey, good morning, guys. Thanks for taking our questions. Yes. So the first 1 here, just -- is there a way to think about any way to quantify, any pull forward and consumer activity when we think about the number of devices that you guys reported or the number of protected vehicles that you guys had got a sense that there was a nice uplift in growth in the second quarter. So just trying to see if any of that was a pull forward of activity ahead of the tariffs.

嘿，大家早安。感謝您回答我們的問題。是的。因此，這裡的第一個問題是——當我們考慮你們報告的設備數量或受保護車輛的數量時，有沒有辦法量化任何拉動和消費者活動，你們感覺到第二季度的成長有了很好的提升。因此，只是想看看其中是否有任何一項是在關稅之前推動活動的。

Yes. Maybe we'll break it into two parts. I think when I look at Connected Living and mobile, in particular, we probably saw a little bit of pull forward relative to trade in -- there was more activity in the marketplace in general, more switching activity, more promotional work. And I think some of that was pull forward relative to tariffs.

是的。也許我們可以把它分成兩個部分。我認為，當我觀察互聯生活和行動領域時，我們可能會看到相對於以舊換新有一點點提前——總體而言，市場活動更多，轉換活動更多，促銷工作更多。我認為其中一些是相對於關稅而言的提前。

But I do think that the bulk of the beat in Connected Living was driven by the growth in device protection. You see the sequential growth in subscribers up $700,000, $2.4 million year-over-year that by far and away was the lion's share of the improved profitability in the quarter. Trade-in certainly helped, but it wasn't the biggest driver.

但我確實認為互聯生活的大部分成長是由設備保護的成長所推動的。您可以看到，用戶數量連續增長 70 萬美元，比去年同期增長 240 萬美元，這無疑是本季獲利能力提升的最大貢獻。以舊換新確實有所幫助，但並不是最大的推動力。

And then in terms of Auto, maybe I'll offer one thought, and then Keith can jump in. I think when you look at the first half, Auto sales overall, it was a pretty strong and resilient auto market. Our results kind of followed that as well. So I think retail car sales are up 6% or 7% year-to-date. You're seeing net written premiums up pretty significantly, 8% for Assurant year-to-date.

然後就汽車而言，也許我會提出一個想法，然後 Keith 可以加入。我認為，當你看上半年的整體汽車銷售時，你會發現這是一個相當強大且有彈性的汽車市場。我們的結果也大致如此。因此我認為今年迄今為止汽車零售額增長了 6% 或 7%。您會看到淨承保保費大幅上漲，Assurant 今年迄今已上漲 8%。

So some of that certainly is pulled forward. I don't think the car sales will maintain at that same level in the second half. But no impact on earnings because obviously, that earns out over multiple years. But Keith, what else might you add?

因此，其中一些肯定被提前了。我認為下半年汽車銷售不會維持在同一水平。但這不會對收益產生影響，因為顯然，這需要多年時間才能獲利。但是基思，你還有什麼要補充的嗎？

Yes. I think overall, we are pleased with the momentum that we're building on our Auto side for our sales growth. Keith mentioned the written premium is up 8%. And I think that's a blend of some of the rate increases that we've had over the last couple of years. I think it's also driven by some new business wins that we highlighted a little bit earlier.

是的。我認為總體而言，我們對汽車銷售成長的勢頭感到滿意。基斯提到已承保保費上漲了 8%。我認為這與我們過去幾年經歷的一些利率上調有關。我認為這也是受到我們之前強調的一些新業務勝利的推動。

And then I think there is a little bit of pull forward in demand in the early part of the quarter. But we also saw the production being pretty good as we went through the quarter. I think there's a little bit more promotional activity that the dealers are driving.

然後我認為本季初期需求會略有上升。但我們也看到，隨著本季的推進，生產情況相當不錯。我認為經銷商正在進行更多的促銷活動。

And I think when there's promotional activity, I think that allows -- that allows consumers to sometimes utilize some of those promotional dollars to buy some of the additional services like the extended service contracts. So overall, I think we like the progress we're making, and our protected vehicles are up nicely in the quarter as well. So overall, liking the momentum we see on the auto sales side.

我認為，當有促銷活動時，這允許——這允許消費者有時利用部分促銷資金來購買一些附加服務，例如延長服務合約。所以總的來說，我認為我們對所取得的進展感到滿意，而且我們的受保護車輛在本季也取得了良好的成長。總體而言，我們對汽車銷售方面的發展勢頭感到滿意。

Okay. Got it. And switching over to the housing side. I'd like to look at the expense ratio within that segment. You guys have delivered a lot of operating leverage over the past few years, that expense ratio is now running in the high-30s.

好的。知道了。並切換到住房方面。我想看看該部分的費用比率。過去幾年裡，你們已經實現了很大的經營槓桿，費用率現在已達到 30% 以上。

Could you talk about the opportunity to gain more leverage just as that business line continues to grow across both lender placed, the voluntary market as well as renters' growth. Maybe perhaps it would be helpful to think about what percentage of those costs are fixed versus more variable or commission based. Any insights around the expense side of that thing.

您能否談談在貸款機構、自願市場以及租戶成長這兩個業務領域持續成長的同時，獲得更多槓桿的機會？也許考慮一下這些成本中有多少百分比是固定的，有多少百分比是可變的或基於佣金的，可能會有所幫助。關於此事的費用方面您有什麼見解嗎？

Yes. I think a lot of the cost is the operational execution. Not a huge part of that is going to be commission, there's no commission in the lender place, which is obviously the biggest part of the housing business. And I think there is opportunity to continue to create leverage over time. And it's coming from a couple of different ways, Tommy.

是的。我認為很大一部分成本是營運執行的成本。其中很大一部分不會是佣金，貸款方沒有佣金，而這顯然是房屋業務中最大的一部分。我認為，隨著時間的推移，我們有機會繼續創造影響力。而且它來自幾個不同的方面，湯米。

One, we're seeing, obviously, growth in the underlying lender-placed portfolio of the hard market. We're also seeing growth because we're actually winning and gaining more market share with new clients. Some of our clients are onboarding new loans, et cetera. So there's natural growth coming through a couple of different ways.

首先，我們顯然看到，硬市場中基礎貸款人配置的投資組合正在成長。我們也看到了成長，因為我們實際上正在贏得新客戶並獲得更多市場份額。我們的一些客戶正在辦理新貸款等等。因此，自然增長會透過幾種不同的方式實現。

That naturally creates a lot of scale advantages, but then we're driving a tremendous amount of effort around technology, automation, driving more operational efficiency Keith highlighted a couple of examples of how we're thinking about that within all of the businesses.

這自然會帶來許多規模優勢，但我們在技術、自動化、提高營運效率方面投入了巨大的精力。 Keith 舉了幾個例子來說明我們在所有業務中是如何考慮這一點的。

And I think all of those things together create continuous opportunity to drive that expense level down. We want to create as much efficiency as we can. It's good for consumers, it's good for our clients. Ultimately, it's good for getting the right rates in the marketplace, and we're going to continue to be as efficient as we can to create value. But Keith, what would you add?

我認為所有這些因素共同創造了持續的機會來降低費用水平。我們希望盡可能提高效率。這對消費者有利，對我們的客戶也有利。最終，這有利於在市場上獲得正確的利率，我們將繼續盡可能有效地創造價值。但是基思，你還有什麼要補充的嗎？

Yes. And I think along the lines of your question, Tommy, you can think about selling and underwriting type expenses being about 20% of the overall. So that leaves us that other 80% to be able to leverage, like Keith talked about. So we do see a lot of opportunity as we continue to leverage our technology and scale.

是的。湯米，根據你的問題，我認為銷售和承保類型的費用約佔總費用的 20%。因此，正如 Keith 所說的，我們還可以利用剩下的 80%。因此，隨著我們繼續利用我們的技術和規模，我們確實看到了許多機會。

And it's interesting. The investments that we make, they don't just make us more efficient. They make the solution set better, and it actually strengthens our competitive advantage in the marketplace, and it makes us more likely to win net new clients because we're just -- not only are we more efficient, but we're doing it in a way that's better from a consumer perspective.

這很有趣。我們所做的投資不僅使我們更有效率。它們使解決方案變得更好，實際上增強了我們在市場上的競爭優勢，也使我們更有可能贏得新客戶，因為我們不僅效率更​​高，而且從消費者的角度來看，我們的做法也更好。

(Operator Instructions)

（操作員指示）

Mark Hughes, Truist.

馬克·休斯，Truist。

Good morning. The prior-year development -- could you characterize where that is coming from in Global Housing?

早安.前一年的發展—您能描述一下全球住房的發展來自哪裡嗎？

Yes. So I'd say it's really related to 3 main things. Mark, I would say, one is the improvements in Florida due to a lot of the regulatory changes that took place. We're also seeing some lower frequencies. And then certainly, the third thing is the inflation being lower than expected. And so I think that's just where we're really just reacting to those three elements that are driving our prior year development.

是的。所以我認為這其實與三件主要的事情有關。馬克，我想說，首先是由於佛羅裡達州實施了許多監管改革，情況有所改善。我們也看到一些較低的頻率。當然，第三件事是通貨膨脹低於預期。所以我認為這只是我們對推動我們前一年發展的三個因素所做的反應。

And then the tariffs, anything you observed so far, your thoughts about what that might mean going forward? And then how much cushion you might have in your second half guidance for tariff impacts?

然後是關稅，到目前為止您觀察到的任何情況，您認為這對未來意味著什麼？那麼，您對下半年關稅影響的預期有多少緩衝？

Yes. Probably at the simplest level, very limited impact in the first half of the year. That was also true specifically to the second quarter. As we looked at the outlook, we certainly included our best estimate based on the most current information. I think, very manageable as we look at the balance of the year.

是的。可能從最簡單的層面來說，上半年的影響非常有限。這對於第二季來說尤其如此。當我們展望前景時，我們當然會根據最新資訊做出最佳估計。我認為，從今年的餘額來看，這是非常容易管理的。

And we are staying proactive as well as we think about inflation over time, not just with our inflation guard feature within lender placed, our ability to get rate with filed products and then our work with clients around service efficiency and rates and deal structure. So I feel like we're really well positioned. We try to be comprehensive in how we thought about the full year.

我們始終保持積極主動，並考慮長期通貨膨脹問題，不僅是透過貸款機構內部的通貨膨脹保護功能，還有我們透過備案產品獲取利率的能力，以及我們與客戶在服務效率、利率和交易結構方面的合作。所以我覺得我們確實處於有利地位。我們試著全面地思考全年的情況。

And then you talked about pressure in the voluntary market. And I think in earlier calls, you'd maybe suggested that's helped retention that when consumers get the lender placed, they may be more likely to keep it? Do I remember that properly? And is that dynamic still in place to the same degree?

然後您談到了自願市場的壓力。我認為在先前的電話會議中，您可能建議這有助於保留，當消費者獲得貸款人貸款時，他們可能更有可能保留它？我記得清楚嗎？這種動態是否仍保持同樣的程度？

Yes. I think we're getting two things happening, right? We're seeing more policies placed because consumers are struggling to find coverage. And then we're keeping the policies longer and it's meaningfully increased over time. And I think that's a function of the tough market and our rates have become more competitive, and the product has been well received by consumers. But what else would you add Keith?

是的。我認為有兩件事正在發生，對嗎？我們看到越來越多的保單出台，因為消費者很難找到保險。然後，我們會將這些政策維持更長時間，隨著時間的推移，其期限會顯著增加。我認為這是艱難的市場的結果，我們的價格變得更具競爭力，產品也受到了消費者的好評。但是基思，您還想補充什麼呢？

Yes. I think customers are keeping our policies probably six to 12 months longer, Mark. And I think that just speaks to the things that we talked about earlier, where we're driving a lot of the expense leverage that can reduce the rates. So our our products are looking, I think, more attractive and better to consumers than they've ever been before.

是的。馬克，我認為客戶保留我們的保單的時間可能會延長 6 到 12 個月。我認為這只是說明了我們之前談到的事情，我們正在利用大量的費用槓桿來降低利率。因此，我認為我們的產品對消費者來說比以往任何時候都更有吸引力、更好。

So I think the price that we're delivering is good, and then we're also really delivering great service to the customers when they have needs as well. So I think that combination is serving us well.

所以我認為我們提供的價格是合理的，而且當客戶有需求時，我們也能為他們提供優質的服務。所以我認為這種組合對我們很有幫助。

Then I'll ask -- when you look at the new business pipeline for lifestyle, you've mentioned a lot of kind of specific new programs, expansion of partnerships. How would you characterize the new business pipeline now versus 12, 24 months ago? And are there any themes that you would highlight about what is on the horizon for you?

然後我想問一下——當您查看生活方式的新業務管道時，您提到了許多具體的新計劃、合作夥伴關係的擴展。與 12 至 24 個月前相比，您如何看待現在的新業務管道？關於您未來的發展前景，有什麼想強調的主題嗎？

Yes. A couple of thoughts. I think we've had a lot of momentum really the last couple of years across the board, whether that's in Connected Living, in housing and Auto, I think we've seen some acceleration in the pipeline as we look forward from here. There are some things that we're actively working on. We talked about the investments we made in the first half being around $5 million to support new business growth, specifically in Connected Living.

是的。一些想法。我認為，過去幾年我們在各個領域都取得了很大的發展勢頭，無論是在互聯生活、住房還是汽車領域，展望未來，我認為我們已經看到了一些加速發展。有些事情我們正在積極地進行。我們談到了上半年我們所做的投資約為 500 萬美元，用於支持新業務成長，特別是在互聯生活領域。

We think that will be more like an additional $10 million in the second half. Hopeful to be able to talk more in November about some of the things that we're working on. But I would say we are very excited about some of the things that we're going to announce. And it's a nice combination of new client wins adding additional services to expand relationships with major clients and then also launching new products.

我們認為下半年將會再增加 1,000 萬美元。希望能夠在十一月進一步談論我們正在進行的一些事情。但我想說，我們對即將宣布的一些事情感到非常興奮。這是贏得新客戶、增加額外服務以擴大與主要客戶的關係以及推出新產品的完美結合。

So it's a nice mix of activity and very, very much focused on Connected Living, but we are seeing a lot of opportunity for growth in the rest of the company as well. We talked about a big win in the Auto space earlier in the discussion. The pipeline in lender place is quite strong, and we've seen a lot of momentum in renters with 12 consecutive quarters of double-digit growth in the property management channel on top of a pretty significant book roll. So lots of opportunity across the board. And certainly, that's the priority focus for this company.

因此，這是一個很好的活動組合，並且非常注重互聯生活，但我們也看到公司其他部分有很多成長機會。我們在之前的討論中談到了汽車領域的重大勝利。貸款方通路非常強勁，我們也看到租戶方面發展勢頭強勁，物業管理通路連續 12 個季度實現兩位數增長，而且訂單量也相當可觀。因此，各方面都有很多機會。當然，這也是我們公司的首要關注點。

Thank you very much.

非常感謝。

There are no further questions at this time. I will now hand back to management for closing remarks.

目前沒有其他問題。現在我將把發言交還給管理階層，請他們作最後發言。

All right. Well, thanks, everybody, for joining the call, and we will certainly look forward to updating you again in November. And until then, I hope everybody stays safe. Thanks very much.

好的。好吧，感謝大家參加電話會議，我們當然期待在 11 月再次向大家通報最新情況。在此之前，我希望每個人都平安。非常感謝。

Thank you. This does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。