Assurant Benefits from Older iPhones in Trade-In Programs
In Q2 of 2026, Assurant (NYSE:AIZ) reported that $1.43 billion was returned to U.S. consumers through mobile trade-in programs. The average iPhone traded in had exceeded four years old for the first time, indicating a trend where users are holding onto their devices longer. This shift benefits Assurant as it profits from repairing, processing, and reselling these older phones. The company's Global Lifestyle segment saw 21% growth in adjusted EBITDA during Q2, while Connected Living rose by 29%. Management raised its full-year outlook for the former to low double-digit percentage gains. Assurant also plans share buybacks within a $300 million to $350 million range. However, some caution is warranted as the reported figures reflect consumer trade-in values rather than direct company profits. Additionally, favorable conditions in other segments like Global Housing contributed to earnings growth but may not be sustainable.
Topics: consumer electronics device resale EBITDA growth trade-in programs