2024 Q2 Form 10-Q Financial Statement

#000126723824000026 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.925B $2.880B
YoY Change 6.96% 8.98%
Cost Of Revenue $696.1M $623.1M
YoY Change 10.06% -3.49%
Gross Profit $2.229B $2.257B
YoY Change 6.02% 13.01%
Gross Profit Margin 76.2% 78.37%
Selling, General & Admin $1.969B $1.937B
YoY Change 5.44% 6.26%
% of Gross Profit 88.35% 85.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.015B $1.023B
YoY Change 2051.06% 3.9%
% of Gross Profit 45.55% 45.31%
Operating Expenses $2.665B $2.560B
YoY Change 6.61% 3.71%
Operating Profit -$436.5M -$303.4M
YoY Change 9.7% -35.67%
Interest Expense -$26.70M $26.80M
YoY Change -1.84% -0.74%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $232.9M $292.9M
YoY Change 14.0% 99.12%
Income Tax $44.20M $56.50M
% Of Pretax Income 18.98% 19.29%
Net Earnings $188.7M $236.4M
YoY Change 20.73% 108.1%
Net Earnings / Revenue 6.45% 8.21%
Basic Earnings Per Share $3.59 $4.50
Diluted Earnings Per Share $3.58 $4.47
COMMON SHARES
Basic Shares Outstanding 51.99M shares 51.98M shares
Diluted Shares Outstanding 52.72M shares 52.87M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.713B $1.282B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $732.6M $706.1M
YoY Change 13.99% 5.2%
Goodwill $2.618B $2.609B
YoY Change 0.46% 0.19%
Intangibles $555.1M $562.6M
YoY Change -8.76% -8.65%
Long-Term Investments $8.525B $8.470B
YoY Change 6.71% -9.38%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $33.77B $33.23B
YoY Change 2.02% 0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.512B $2.455B
YoY Change -0.66% -40.4%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.139B $4.970B
YoY Change -0.71% 20.64%
LONG-TERM LIABILITIES
Long-Term Debt $2.082B $2.081B
YoY Change -2.24% -2.24%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.082B $2.081B
YoY Change -2.24% -2.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.139B $4.970B
Total Long-Term Liabilities $2.082B $2.081B
Total Liabilities $28.77B $28.31B
YoY Change 0.52% -0.75%
SHAREHOLDERS EQUITY
Retained Earnings $4.310B $4.194B
YoY Change 11.15% 11.08%
Common Stock $1.670B $1.660B
YoY Change 0.96% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.004B $4.920B
YoY Change
Total Liabilities & Shareholders Equity $33.77B $33.23B
YoY Change 2.02% 0.94%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $188.7M $236.4M
YoY Change 20.73% 108.1%
Depreciation, Depletion And Amortization $1.015B $1.023B
YoY Change 2051.06% 3.9%
Cash From Operating Activities $710.9M $82.50M
YoY Change 283.44% -68.22%
INVESTING ACTIVITIES
Capital Expenditures $55.40M $50.80M
YoY Change 12.15% 4.96%
Acquisitions $10.20M
YoY Change 3300.0%
Other Investing Activities -$138.0M $0.00
YoY Change -32.68% -100.0%
Cash From Investing Activities -$193.4M -$328.2M
YoY Change -23.98% 43.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.80M -$96.20M
YoY Change 40.77% 123.72%
NET CHANGE
Cash From Operating Activities 710.9M $82.50M
Cash From Investing Activities -193.4M -$328.2M
Cash From Financing Activities -80.80M -$96.20M
Net Change In Cash 436.7M -$345.5M
YoY Change -445.49% 3012.61%
FREE CASH FLOW
Cash From Operating Activities $710.9M $82.50M
Capital Expenditures $55.40M $50.80M
Free Cash Flow $655.5M $31.70M
YoY Change 381.99% -84.99%

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1281900000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1525600000 usd
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations <div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assurant, Inc. (the “Company”) is a leading global business services company that supports, protects and connects major consumer purchases. The Company supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience. 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”).</span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.</span></div>
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q1 us-gaap Basis Of Accounting
BasisOfAccounting
Basis of Presentation <div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated balance sheet as of March 31, 2024, the consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of changes in equity for the three months ended March 31, 2024 and 2023 and the consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, the interim data includes all 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. </span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. </span></div><div style="margin-bottom:6pt"><span id="ib593631048504ed997d84afeb0226e70"></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted Cash</span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash and cash equivalents of $36.5 million and $43.6 million as of March 31, 2024 and December 31, 2023, 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.</span></div>
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
36500000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
43600000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
292900000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
147100000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33500000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
236400000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
113600000 usd
CY2024Q1 us-gaap Assets
Assets
33225400000 usd
CY2023Q4 us-gaap Assets
Assets
33635200000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7617900000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
64100000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
467900000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7214100000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7292400000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
81700000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
462000000.0 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
6912100000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
172400000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
172200000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
1559300000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
1521800000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
2912000000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
2783000000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
1061900000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
924500000 usd
CY2024Q1 aiz Available For Sale Securities Debt Maturities Contractual Maturity Total
AvailableForSaleSecuritiesDebtMaturitiesContractualMaturityTotal
5705600000 usd
CY2024Q1 aiz Available For Sale Securities Debt Maturities Contractual Maturity Fair Value Total
AvailableForSaleSecuritiesDebtMaturitiesContractualMaturityFairValueTotal
5401500000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7617900000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7214100000 usd
CY2024Q1 aiz Realized Investment Gains Loss Relatedto Salesand Other
RealizedInvestmentGainsLossRelatedtoSalesandOther
-800000 usd
CY2023Q1 aiz Realized Investment Gains Loss Relatedto Salesand Other
RealizedInvestmentGainsLossRelatedtoSalesandOther
-8100000 usd
CY2024Q1 aiz Investment Impairment Lossesincludedin Net Realized Gains Losses
InvestmentImpairmentLossesincludedinNetRealizedGainsLosses
8000000.0 usd
CY2023Q1 aiz Investment Impairment Lossesincludedin Net Realized Gains Losses
InvestmentImpairmentLossesincludedinNetRealizedGainsLosses
2500000 usd
CY2024Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-8800000 usd
CY2023Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-10600000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
3800000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
7700000 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
2500000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
10100000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-3100000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-100000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-800000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
10200000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-2300000 usd
CY2024Q1 aiz Equity Securities Without Readily Determinable Fair Value Initial Cost
EquitySecuritiesWithoutReadilyDeterminableFairValueInitialCost
84000000.0 usd
CY2023Q4 aiz Equity Securities Without Readily Determinable Fair Value Initial Cost
EquitySecuritiesWithoutReadilyDeterminableFairValueInitialCost
86800000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentCumulativeAmount
54900000 usd
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentCumulativeAmount
51100000 usd
CY2024Q1 aiz Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment And Impairment Loss Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAndImpairmentLossCumulativeAmount
23100000 usd
CY2023Q4 aiz Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment And Impairment Loss Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAndImpairmentLossCumulativeAmount
17900000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
115800000 usd
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
120000000.0 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
1272500000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
40200000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
3383300000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
427700000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
4655800000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
467900000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
766500000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
35900000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
3618900000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
426100000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
4385400000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
462000000.0 usd
CY2024Q1 aiz Available For Sale Securities Gross Unrealized Losses Percentage
AvailableForSaleSecuritiesGrossUnrealizedLossesPercentage
0.10
CY2023Q4 aiz Available For Sale Securities Gross Unrealized Losses Percentage
AvailableForSaleSecuritiesGrossUnrealizedLossesPercentage
0.11
CY2024Q1 aiz Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Percentage
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLossesPercentage
0.09
CY2023Q4 aiz Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Percentage
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLossesPercentage
0.08
CY2024Q1 aiz Number Of Available For Sale Securities Comprising Gross Unrealized Loss
NumberOfAvailableForSaleSecuritiesComprisingGrossUnrealizedLoss
3230 investment
CY2023Q4 aiz Number Of Available For Sale Securities Comprising Gross Unrealized Loss
NumberOfAvailableForSaleSecuritiesComprisingGrossUnrealizedLoss
3096 investment
CY2024Q1 aiz Approximate Percentage Outstanding Principal Balance Of Commercial Mortgage Loans
ApproximatePercentageOutstandingPrincipalBalanceOfCommercialMortgageLoans
0.35
CY2024Q1 us-gaap Deferred Policy Acquisition Costs Text Block1
DeferredPolicyAcquisitionCostsTextBlock1
Deferred Acquisition Costs<div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table discloses information about deferred acquisition costs as of the dates indicated:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.422%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">For the Three Months Ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2024</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2023</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning balance</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,967.2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,677.1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Costs deferred</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,034.4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">990.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,022.7)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(984.3)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ending balance</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,978.9 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,683.0 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>
CY2023Q4 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
9967200000 usd
CY2022Q4 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
9677100000 usd
CY2024Q1 us-gaap Deferred Policy Acquisition Costs Additions
DeferredPolicyAcquisitionCostsAdditions
1034400000 usd
CY2023Q1 us-gaap Deferred Policy Acquisition Costs Additions
DeferredPolicyAcquisitionCostsAdditions
990200000 usd
CY2024Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
1022700000 usd
CY2023Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
984300000 usd
CY2024Q1 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
9978900000 usd
CY2023Q1 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
9683000000 usd
CY2024Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">For the Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2024</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Claims and benefits payable, at beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,989.2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,210.0 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: Reinsurance ceded and other</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(886.6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,228.8)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net claims and benefits payable, at beginning of period</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,102.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">981.2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Incurred losses and loss adjustment expenses related to:</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">664.7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">652.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(41.6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(6.5)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total incurred losses and loss adjustment expenses</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">623.1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">645.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Paid losses and loss adjustment expenses related to:</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">245.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">341.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">326.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total paid losses and loss adjustment expenses</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">586.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">540.2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net claims and benefits payable, at end of period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,138.8 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,086.6 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Plus: Reinsurance ceded and other (1) </span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">876.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">994.6 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Claims and benefits payable, at end of period (1)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,015.4 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,081.2 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</span>Includes reinsurance recoverables and claims and benefits payable of $108.6 million and $168.3 million as of March 31, 2024 and 2023, 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.
CY2023Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1989200000 usd
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2210000000 usd
CY2023Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
886600000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1228800000 usd
CY2023Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1102600000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
981200000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
664700000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
652100000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-41600000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-6500000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
623100000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
645600000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
245500000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
213800000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
341400000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
326400000 usd
CY2024Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
586900000 usd
CY2023Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
540200000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1138800000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1086600000 usd
CY2024Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
876600000 usd
CY2023Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
994600000 usd
CY2024Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2015400000 usd
CY2023Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2081200000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-41600000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-6500000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
521500000 usd
CY2023Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
487200000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance
LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitUndiscountedBeforeReinsurance
820800000 usd
CY2023Q4 us-gaap Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance
LiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitUndiscountedBeforeReinsurance
829300000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefit Expected Future Gross Premium Undiscounted Before Reinsurance
LiabilityForFuturePolicyBenefitExpectedFutureGrossPremiumUndiscountedBeforeReinsurance
66300000 usd
CY2023Q4 us-gaap Liability For Future Policy Benefit Expected Future Gross Premium Undiscounted Before Reinsurance
LiabilityForFuturePolicyBenefitExpectedFutureGrossPremiumUndiscountedBeforeReinsurance
69400000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefit Gross Premium Income
LiabilityForFuturePolicyBenefitGrossPremiumIncome
1500000 usd
CY2023Q1 us-gaap Liability For Future Policy Benefit Gross Premium Income
LiabilityForFuturePolicyBenefitGrossPremiumIncome
1600000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefit Interest Expense
LiabilityForFuturePolicyBenefitInterestExpense
5600000 usd
CY2023Q1 us-gaap Liability For Future Policy Benefit Interest Expense
LiabilityForFuturePolicyBenefitInterestExpense
6300000 usd
CY2024Q1 us-gaap Liability For Future Policy Benefit Weighted Average Interest Accretion Rate
LiabilityForFuturePolicyBenefitWeightedAverageInterestAccretionRate
0.0595
CY2023Q1 us-gaap Liability For Future Policy Benefit Weighted Average Interest Accretion Rate
LiabilityForFuturePolicyBenefitWeightedAverageInterestAccretionRate
0.0595
CY2024Q1 us-gaap Liability For Future Policy Benefit Current Weighted Average Discount Rate
LiabilityForFuturePolicyBenefitCurrentWeightedAverageDiscountRate
0.0505
CY2023Q1 us-gaap Liability For Future Policy Benefit Current Weighted Average Discount Rate
LiabilityForFuturePolicyBenefitCurrentWeightedAverageDiscountRate
0.0535
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-52400000 usd
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-6200000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-46200000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
87000000.0 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
300000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
86700000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
236400000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
113600000 usd
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
37400000 usd
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
37000000.0 usd
CY2024Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
199000000.0 usd
CY2024Q1 us-gaap Undistributed Earnings
UndistributedEarnings
199000000.0 usd
CY2023Q1 us-gaap Undistributed Earnings
UndistributedEarnings
76600000 usd
CY2023Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
76600000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52531865 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53492413 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52872254 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53698162 shares
CY2024Q1 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.71
CY2023Q1 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.69
CY2024Q1 us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
3.79
CY2023Q1 us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
1.43
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.50
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.12
CY2024Q1 us-gaap Earnings Per Share Diluted Distributed
EarningsPerShareDilutedDistributed
0.71
CY2023Q1 us-gaap Earnings Per Share Diluted Distributed
EarningsPerShareDilutedDistributed
0.69
CY2024Q1 us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
3.76
CY2023Q1 us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
1.43
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.47
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.12
CY2024Q1 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
86800000 usd
CY2023Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
86600000 usd
CY2023Q4 us-gaap Defined Benefit Plan Funded Percentage
DefinedBenefitPlanFundedPercentage
1.16
CY2024Q1 us-gaap Defined Benefit Plan Funded Percentage
DefinedBenefitPlanFundedPercentage
1.16
CY2024Q1 us-gaap Pension Contributions
PensionContributions
0 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsRemainderOfFiscalYear
0 usd
CY2024Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
0 usd
CY2023Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
6400000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
4600000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
91800000 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1800000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2900000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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