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Assurant’s 69 Million Subscriber Base: Is Connected Living Still Undervalued?

Assurant, Inc. reported its strongest first quarter performance in history, driven primarily by its Global Lifestyle segment, notably in Connected Living and Global Automotive. Adjusted EBITDA grew by 6%, and adjusted EPS increased by 9%, excluding catastrophic events, with these figures rising to 8% and 12%, respectively, when adjusting for prior year reserve developments. The company emphasized the durability of its earnings and the benefits derived from its diversified portfolio. The Global Lifestyle segment experienced notable growth, with Connected Living earnings increasing 18%, propelled by expansions within existing client relationships and optimizations of recent programs. Assurant’s partnerships with major U.S. carriers such as T-Mobile, Verizon, and Xfinity Mobile expanded its device protection subscriber base to nearly 69 million globally. The company also expanded its reverse logistics capabilities, processing nearly 7.5 million devices, which facilitated value creation through device refurbishment.