v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
As of June 30, 2026, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in the home warranty business.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). Adjusted EBITDA, as defined below, is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA, and then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget and forecast for each segment. The individual operating segment’s performance is one of the considerations when determining the compensation of certain employees.
The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.
The following tables provide information about the segments’ Adjusted EBITDA.
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living
$
1,554.5 
$
1,326.4 
$
3,034.7 
$
2,559.8 
Global Automotive
1,018.4 
1,024.4 
2,089.2 
2,097.6 
Net investment income
97.3 
87.7 
206.2 
171.7 
Total revenues
2,670.2 
2,438.5 
5,330.1 
4,829.1 
Policyholder benefits
512.5 
461.5 
1,016.2 
903.9 
Selling and underwriting expense (1)
1,267.7 
1,230.2 
2,594.9 
2,496.0 
Cost of sales (2)
302.6 
231.4 
567.6 
416.2 
General expenses (3)
343.0 
314.0 
670.3 
613.8 
Segment Adjusted EBITDA
$
244.4 
$
201.4 
$
481.1 
$
399.2 
Global Housing:
Net earned premiums, fees and other income:
Homeowners
$
600.4 
$
552.8 
$
1,180.5 
$
1,075.7 
Renters and Other
147.4 
144.9 
296.4 
278.8 
Net investment income
35.6 
34.4 
76.3 
68.1 
Total revenues
783.4 
732.1 
1,553.2 
1,422.6 
Policyholder benefits
235.4 
258.7 
499.3 
591.7 
Selling and underwriting expense (1)
60.4 
52.4 
120.3 
91.9 
General expenses (4)
212.8 
206.6 
422.1 
412.2 
Segment Adjusted EBITDA
$
274.8 
$
214.4 
$
511.5 
$
326.8 
Corporate:
Fees and other income
$
— 
$
1.3 
— 
1.7 
Net investment income
8.8 
5.6 
18.1 
11.4 
Total revenues
8.8 
6.9 
18.1 
13.1 
Policyholder benefits
— 
— 
— 
— 
General expenses (3)
48.8 
36.7 
90.0 
70.9 
Segment Adjusted EBITDA
$
(40.0)
$
(29.8)
$
(71.9)
$
(57.8)
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Adjusted EBITDA by segment:
Global Lifestyle
$
244.4 
$
201.4 
$
481.1 
$
399.2 
Global Housing
274.8 
214.4 
511.5 
326.8 
Corporate and Other
(40.0)
(29.8)
(71.9)
(57.8)
Reconciling items to consolidated net income:
Interest expense
(28.4)
(26.7)
(56.7)
(53.5)
Depreciation expense
(44.7)
(35.9)
(88.0)
(71.0)
Amortization of purchased intangible assets
(18.0)
(15.1)
(35.7)
(33.5)
Net realized losses on investments and fair value changes to equity securities
(10.2)
(21.7)
(31.4)
(37.7)
Other adjustments
(1.0)
2.4 
3.6 
0.2 
Total reconciling items
(102.3)
(97.0)
(208.2)
(195.5)
Income before income tax expense
376.9 
289.0 
712.5 
472.7 
Income tax expense
78.3 
53.7 
139.8 
90.8 
Net income
$
298.6 
$
235.3 
$
572.7 
$
381.9 
The following table presents total assets by segment:
June 30, 2026
December 31, 2025
Global Lifestyle (1)
$
29,304.7 
$
28,846.7 
Global Housing (1)
5,157.6 
5,159.2 
Corporate and Other (2)
1,619.1 
2,283.7 
Segment assets
$
36,081.4 
$
36,289.6 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other included the assets held for sale of $512.4 million as of December 31, 2025, related to the sale of a subsidiary, and $46.0 million of assets related to the Miami, Florida property as of both June 30, 2026 and December 31, 2025, which met held-for-sale criteria and was included in other assets. Refer to Note 4 for more information on the sale of a subsidiary. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million, subject to certain adjustments. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell.