Assurant vs BBVA: Revenue, Profit and Business Model
Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income. BBVA reported ~$41.7B of revenue in FY2025 and ~$11.9B of net income.
Latest financial snapshot
Financial summary
Assurant
Assurant's revenue is recurring and mostly billed by someone else, arriving as a line on a phone bill, a mortgage escrow payment or a dealer finance contract. FY2025 revenue was $12.81 billion, up 7.9% from $11.88 billion, and GAAP net income was $872.7 million, up 15% from $760.2 million. Net earned premiums, fees and other income from the two segments totaled $12.35 billion, up 8% from $11.42 billion. Adjusted EBITDA was $1,536.2 million, or $1,734.4 million excluding $198.2 million of reportable catastrophes. GAAP earnings were $16.93 per diluted share. The company closed 2025 with $36.29 billion of total assets, $10.06 billion of investments, $2.21 billion of debt at 27.3% of total capital and $887 million of holding company liquidity against a $225 million internal minimum. It returned $468 million to shareholders during the year, repurchasing 1.4 million shares for $300 million and paying $168 million of common stock dividends, with $745 million left under existing repurchase authorizations as of February 6, 2026.
BBVA
BBVA's profit is spread across five business areas. In 2025 Spain contributed ~$4.72B (EUR4.175B) of net attributable profit, Mexico ~$5.95B (EUR5.264B), Turkey ~$910M (EUR805M), South America ~$820M (EUR726M) and Rest of Business ~$709M (EUR627M), while the Corporate Center recorded a ~$1.23B (EUR1.086B) loss. Gross income rose 4.1 percent in reported euros but 16.3 percent at constant exchange rates, the gap being mostly the weaker Mexican peso. Loan-loss impairments were ~$6.86B (EUR6.073B) with a cost of risk of 1.39 percent, and the NPL ratio improved to 2.7 percent with 85 percent coverage. CET1 capital closed at 12.70 percent against a 9.28 percent requirement, and BBVA set total 2025 shareholder distributions at 50 percent of profit, EUR0.92 per share in cash.
Revenue and profit by year
Assurant
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.8B | $872.7M | 6.8% | +7.9% | Source |
| FY2024 | $11.9B | $760.2M | 6.4% | +6.7% | Source |
| FY2023 | $11.1B | $642.5M | 5.8% | +9.2% | Source |
| FY2022 | $10.2B | $276.6M | 2.7% | +0.1% | Source |
| FY2021 | $10.2B | $1.4B | 13.4% | +6.1% | Source |
| FY2020 | $9.6B | $440.8M | 4.6% | +0.3% | Source |
| FY2019 | $9.6B | $382.6M | 4.0% | +18.8% | Source |
| FY2018 | $8.1B | $251M | 3.1% | +25.6% | Source |
| FY2017 | $6.4B | $519.6M | 8.1% | -14.8% | Source |
| FY2016 | $7.5B | $565.4M | 7.5% | — | Source |
BBVA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41.7B | ~$11.9B | 28.5% | +4.1% | Source |
| FY2024 | ~$40.1B | ~$11.4B | 28.3% | +20.1% | Source |
| FY2023 | ~$33.4B | ~$9.1B | 27.1% | +19.4% | Source |
| FY2022 | ~$28B | ~$7.2B | 25.7% | +17.5% | Source |
| FY2021 | ~$23.8B | ~$5.3B | 22.1% | -8.3% | Source |
| FY2020 | ~$26B | ~$1.5B | 5.7% | -6.1% | Source |
| FY2019 | ~$27.6B | ~$4B | 14.4% | +3.4% | Source |
| FY2018 | ~$26.7B | ~$6.1B | 22.8% | -6.3% | Source |
| FY2017 | ~$28.6B | ~$4B | 13.9% | +2.5% | Source |
| FY2016 | ~$27.9B | ~$3.9B | 14.1% | — | Source |
Where the revenue comes from
Assurant
- Connected Living (Global Lifestyle)43.5%
Net earned premiums and fees on mobile device protection, extended service contracts for consumer electronics and appliances, trade-in and technical support services, and credit and other insurance. FY2025: $5,378.7 million of the $12,351.3 million segment total.
- Global Automotive (Global Lifestyle)34.0%
Net earned premiums and fees on vehicle service contracts, guaranteed asset protection and commercial equipment protection sold through dealers and administrators. FY2025: $4,203.8 million.
- Homeowners (Global Housing)17.8%
Net earned premiums on lender-placed homeowners, manufactured housing and flood insurance plus voluntary housing lines. FY2025: $2,192.4 million, the segment growth driver on higher lender-placed policies in force and higher average premiums.
- Renters and Other (Global Housing)4.7%
Net earned premiums and fees on renters insurance and related services distributed through property managers and affinity partners. FY2025: $576.4 million.
BBVA
- Net interest income
about 71% of gross income
Loan and deposit spreads produced ~$29.7B (EUR26.280B) in 2025, up 4.0 percent in euros and 13.9 percent at constant exchange rates.
- Net fees and commissions
about 22% of gross income
Payments, cards, accounts, asset management and insurance distribution produced ~$9.28B (EUR8.215B), with payment fees the fastest growing line.
- Net trading income and other items
about 7% of gross income
Markets activity produced ~$3B (EUR2.656B) in 2025, down 32.1 percent, while other operating income and expenses were negative at ~$250M (EUR221M).
Business model and strategy
Assurant
How it makes money
Assurant sells almost nothing under its own brand. It builds protection programs that partners distribute: T-Mobile's Protection 360 device plans, extended service contracts sold by retailers, vehicle service contracts sold through auto dealers, renters insurance offered through property managers, and lender-placed homeowners insurance bought by mortgage servicers when a borrower's own policy lapses.
Growth strategy
Growth comes from three places. First, more of the device lifecycle: mobile trade-in programs Assurant runs returned a record $6.4 billion to consumers in 2025, up 42% year over year, and the company handles roughly 22 million trade-ins annually, which supplies the certified pre-owned inventory it uses to settle claims.
Competitive advantage
Assurant's advantage is physical and contractual rather than brand-led. It processes about 20 million devices a year through eight device care centers, including the Nashville Innovation and Device Care Center, which runs automated lines using robotics and AI, and it offers same-day, same-unit repairs through a network of roughly 1,150 repair and partner locations.
BBVA
How it makes money
BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent. Customer deposits reached ~$568B (EUR502.5B) at the end of 2025 against ~$534B (EUR472.7B) of gross loans, and net interest income of ~$29.7B (EUR26.280B) provided about 71 percent of gross income.
Growth strategy
After the Banco Sabadell offer lapsed in October 2025, BBVA's growth plan rests on organic lending, digital expansion in Europe and capital returns. Loans and advances to customers grew 11.5 percent in 2025 and customer funds 13.5 percent.
Competitive advantage
BBVA's first advantage is scale in Mexico, where BBVA Mexico is the largest bank in the country and produced ~$5.95B (EUR5.264B) of net attributable profit in 2025, close to half the group total. The second is cost: operating expenses grew 1.0 percent in euros in 2025 while gross income grew 4.1 percent, holding the efficiency ratio at 38.8 percent with a branch network trimmed to 5,642 offices.
Questions about Assurant vs BBVA
Which company has higher revenue — Assurant, Inc. or Banco Bilbao Vizcaya Argentaria, S.A.?
Assurant, Inc. reported $12.8B (FY2025), while Banco Bilbao Vizcaya Argentaria, S.A. reported ~$41.7B (FY2025). By last reported revenue, Banco Bilbao Vizcaya Argentaria, S.A. is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of Assurant, Inc. vs Banco Bilbao Vizcaya Argentaria, S.A.?
Assurant, Inc.'s market capitalisation stands at $13.0B, while Banco Bilbao Vizcaya Argentaria, S.A.'s is $139.7B. Banco Bilbao Vizcaya Argentaria, S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Assurant, Inc..
Which is more financially efficient — Assurant, Inc. or Banco Bilbao Vizcaya Argentaria, S.A.?
Assurant, Inc. generates $866k / employee in revenue per employee, while Banco Bilbao Vizcaya Argentaria, S.A. generates $328k / employee. Assurant, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Assurant, Inc. and Banco Bilbao Vizcaya Argentaria, S.A. make money?
Assurant, Inc. and Banco Bilbao Vizcaya Argentaria, S.A. generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. Banco Bilbao Vizcaya Argentaria, S.A.: BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent.
Which company is valued higher relative to revenue — Assurant, Inc. or Banco Bilbao Vizcaya Argentaria, S.A.?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and Banco Bilbao Vizcaya Argentaria, S.A. at 3.3x P/S. Banco Bilbao Vizcaya Argentaria, S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Assurant, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Assurant, Inc. bigger than Banco Bilbao Vizcaya Argentaria, S.A.?
By last reported revenue, Banco Bilbao Vizcaya Argentaria, S.A. (~$41.7B (FY2025)) is the larger company compared to Assurant, Inc. ($12.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Assurant vs BBVA overview