AIZ

Assurant is a specialty insurer (lifestyle and housing protection products) that has delivered four consecutive years of rising earnings, and FY2025 was another strong step: revenue grew 7.9% to $12.8B, net income rose 14.8% to $873M, and diluted EPS jumped 17.1% to $16.93 — outpacing net income thanks to a 2.2% reduction in the share count. Return on equity of 14.9% is healthy for an insurer, and stockholders' equity grew 15.0% to $5.87B, reflecting strong internal capital generation.

Cash generation underpins the quality. Operating cash flow surged 37.6% to $1.83B against modest $236M of capex, comfortably funding $304M of buybacks and $168M of dividends (the dividend up 8.0%). The recovery in profitability is notable against the lumpy FY2022 ($277M net income), showing the franchise has restored consistent earnings power. Management confirmed internal controls were effective with a clean PwC audit, and the balance sheet leverage (liabilities/equity 5.18x) is typical for an insurance carrier whose liabilities are largely policy reserves rather than financial debt.