Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Assurant, Inc. (AIZ) Halal?

FAIL

Assurant, Inc. · NYSE: AIZ · Financials

The short answer

Assurant fails the Shariah business-activity gate: conventional insurance underwriting (net earned premiums $10,482.9 million, 81.8% of total revenue) is its core business across lender-placed homeowners, renters, mobile device protection, vehicle service contracts, and extended warranties. Its financial ratios alone would pass (debt ~17.0% of market cap, investment income ~4.11% of revenue), and both Zoya and Musaffa rate it not halal.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Assurant, Inc., per its FY2025 Form 10-K (year ended December 31, 2025, filed February 2026), is a specialty insurer operating through Global Lifestyle (77.6% of total revenue) — connected living (mobile device protection and trade-in, extended service contracts for consumer electronics and appliances, financial-services credit-related insurance), global automotive (vehicle service contracts, commercial equipment services) — and Global Housing (22.7%) — lender-placed homeowners insurance, manufactured housing, flood, voluntary homeowners/condo, renters and other specialty products.

Net earned premiums (conventional insurance underwriting) were $10,482.9 million — 81.8% of total revenue of $12,814.3 million. Conventional insurance is the core business of the company, and that fails the AAOIFI primary-business-activity screen. Both Zoya and Musaffa independently classify Assurant as not Shariah compliant. The company fails on this gate regardless of its financial ratios.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (17.0%, ceiling 33%). Per Assurant's FY2025 Form 10-K consolidated balance sheet (December 31, 2025), the senior-notes 'Debt' line was $2,206.9 million. Operating leases are carried in Accounts payable and other liabilities, not in Debt, and are excluded. The Q2 2026 condensed balance sheet (June 30, 2026) shows debt of $2,208.1M — essentially unchanged.

$2,206.9 million against a live market capitalization of about $13.01 billion (Finnhub, October 2, 2026; price $266.24) is about 17.0% — under the 33% ceiling. Cash and cash equivalents of $1,834.1 million plus short-term investments of $379.5 million ($2,213.6 million combined) represent about 17.0% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (4.11%, ceiling 5%). Assurant's FY2025 Form 10-K reports net investment income of $527.3 million against total revenues of $12,814.3 million — about 4.11%, under the 5% ceiling. The 10-K does not disclose a line item literally labeled 'interest income'; the closest audited figure is net investment income (Note 7: fixed maturity securities $434.8M, equity securities $11.9M, commercial mortgage loans $18.6M, short-term investments $18.1M, other investments $2.9M, cash and equivalents $58.4M, less investment expenses of $17.4M). Interest expense was $109.7 million.

The ratio passes on its own, but it does not matter for this screener: Assurant already fails on gate 1 (conventional insurance as the core business).

Key figures used

Frequently asked questions

What does Assurant do?

Assurant, Inc. (NYSE: AIZ) is a Fortune 500 specialty insurer headquartered in Atlanta, Georgia. Per its FY2025 Form 10-K (year ended December 31, 2025), it operates in two segments: Global Lifestyle (77.6% of total revenue; $9,940.0M) - connected living (mobile device protection and trade-in programs, extended service contracts for consumer electronics and appliances), global automotive (vehicle service contracts, commercial equipment services), and financial-services credit-related insurance products; and Global Housing (22.7%; $2,910.6M) - lender-placed homeowners insurance (the core homeowners line), manufactured housing, flood, voluntary homeowners/condo, plus renters and other specialty products. It operates in 21 countries through a B2B2C model with mobile carriers, retailers, automakers/dealers, financial institutions, and housing providers.

Is Assurant's business Shariah compliant?

No. Assurant fails the business-activity gate. Its FY2025 Form 10-K reports net earned premiums (conventional insurance underwriting) of $10,482.9M - 81.8% of total revenue of $12,814.3M - across lender-placed homeowners insurance, renters insurance, mobile device protection, vehicle service contracts, and extended warranties. Conventional insurance underwriting is its core business, and both Zoya and Musaffa classify Assurant as not Shariah compliant / not halal. The financial ratios alone would pass, but the primary-business gate fails.

How much interest-bearing debt does Assurant have?

Assurant's FY2025 Form 10-K reports interest-bearing debt (the senior-notes 'Debt' line on the consolidated balance sheet) of $2,206.9 million at December 31, 2025. (Operating leases sit in Accounts payable and other liabilities, not in Debt, so they are excluded; the Q2 2026 balance sheet shows debt of $2,208.1M, essentially unchanged.) Against a live market capitalization of about $13.01 billion (Finnhub, October 2, 2026), $2,206.9 million is about 17.0% - under the 33% ceiling, so gate 2 passes.

How much interest or investment income does Assurant earn?

Assurant's FY2025 Form 10-K reports net investment income of $527.3 million against total revenues of $12,814.3 million - about 4.11%, under the 5% ceiling. Note: the filing does not disclose a line item literally labeled 'interest income'; the closest audited figure is net investment income (Note 7: fixed maturity securities $434.8M, equity securities $11.9M, commercial mortgage loans $18.6M, short-term investments $18.1M, other investments $2.9M, cash and equivalents $58.4M, less investment expenses $17.4M). Interest expense was $109.7 million. Because the core business is conventional insurance, the company fails this screener on gate 1 regardless.

What do third-party Shariah screeners say about Assurant?

Zoya publishes an Assurant (AIZ) page (https://zoya.finance/stocks/aiz) whose explicit rating is not Shariah compliant / not considered halal - consistent with the business-gate finding here (the page's template text also carries one contradictory leftover line, so check the page's current wording yourself). Musaffa publishes an AIZ page (https://musaffa.com/stock/AIZ/) classifying Assurant as not halal as of October 2026 under AAOIFI methodology. I could not verify a ShariaPortfolio rating page for AIZ from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).