Assurant Inc. (NYSE: AIZ) reported first quarter net income of $274.1 million, an 87% increase from $146.6 million in the same period last year. The insurance company raised its 2026 outlook following what it described as record earnings in its Global Lifestyle segment.

Net income per diluted share rose 91% to $5.41 compared to $2.83 in the first quarter of 2025. Adjusted EBITDA increased 56% to $441.5 million from $282.2 million in the prior year period, primarily due to lower reportable catastrophes.

The Global Lifestyle segment posted adjusted EBITDA of $236.7 million, up 20% from the previous year. Net earned premiums, fees and other income for this segment reached $2.55 billion, an 11% increase from $2.31 billion in the first quarter of 2025.

Global Housing adjusted EBITDA increased 111% to $236.7 million, mainly from $132.3 million of lower pre-tax reportable catastrophes compared to the prior year. Net earned premiums, fees and other income for this segment grew 11% to $729.1 million.

The company increased its share repurchase guidance for 2026 to $300-350 million, at the upper end of previous guidance. During the first quarter, Assurant repurchased approximately 556,000 shares for $125 million and paid $44 million in dividends.

Assurant now expects adjusted EBITDA and adjusted earnings per share, both excluding reportable catastrophes, to grow in the low single digits for 2026. On an underlying basis excluding prior year reserve development impacts, the company expects high single digit growth.

Holding company liquidity totaled $836 million as of March 31, 2026, which is $611 million above the company's minimum level of $225 million.