Assurant vs Disney: Revenue, Profit and Business Model
Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income. Disney reported $94.4B of revenue in FY2025 and $12.4B 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.
Disney
Disney's fiscal 2025 (ended September 27, 2025) revenue rose 3% to $94.4 billion, net income was $12.4 billion and adjusted EPS increased 19% to $5.93. Total segment operating income rose 12% to $17.6 billion, led by a record $10.0 billion from Experiences. Streaming became a reliable profit contributor after years of losses. In fiscal Q3 2026 (ended June 27, 2026), revenue grew 7% to $25.25 billion, Experiences revenue rose 10% to $9.97 billion, entertainment streaming revenue rose 11% to $5.53 billion, and adjusted EPS climbed to $2.06 from $1.61. Management guided to $9 billion of fiscal 2026 capital spending, about $24 billion of content investment and at least $9 billion of share repurchases.
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 |
Disney
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.4B | $12.4B | 13.1% | +3.4% | Source |
| FY2024 | $91.4B | — | 0.0% | +2.8% | Source |
| FY2023 | $88.9B | — | 0.0% | +7.5% | Source |
| FY2022 | $82.7B | — | 0.0% | +22.7% | Source |
| FY2021 | $67.4B | — | 0.0% | +3.1% | Source |
| FY2020 | $65.4B | — | 0.0% | -6.1% | Source |
| FY2019 | $69.6B | — | 0.0% | +17.1% | Source |
| FY2018 | $59.4B | — | 0.0% | +7.8% | Source |
| FY2017 | $55.1B | — | 0.0% | — | 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.
Disney
- Entertainment~44%
Disney+, Hulu, theatrical films, content licensing, ABC and cable networks: $42.5B FY2025 revenue.
- Experiences~38%
Theme parks, resorts, Disney Cruise Line and consumer products: $36.2B FY2025 revenue.
- Sports~18%
ESPN affiliate fees, advertising and direct-to-consumer subscriptions: $17.7B FY2025 revenue.
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.
Disney
How it makes money
Disney reports three segments. Entertainment ($42.5B FY2025 revenue, $4.7B segment operating income) sells Disney+ and Hulu subscriptions and advertising, releases films theatrically, licenses content and runs ABC and cable networks. Sports ($17.7B revenue, $2.9B operating income) is mainly ESPN, which earns affiliate fees from pay-TV distributors, advertising and direct-to-consumer subscriptions.
Growth strategy
Under CEO Josh D'Amaro, Disney's plan centers on a 'One Disney' push to align its divisions around franchises, plus three investment priorities. First, streaming margins: Disney targeted a 10% operating margin for Entertainment DTC in fiscal 2026 through price increases, advertising tiers, password-sharing limits and the integrated Disney+ and Hulu app.
Competitive advantage
Disney owns a franchise library that few rivals can match, including Mickey Mouse, Disney Animation, Pixar, Marvel, Star Wars, Avatar and The Simpsons, and it can monetize the same story through box office, Disney+, parks, cruises and licensing. Its parks are hard to copy because they need decades of land, capital and Imagineering know-how; Walt Disney World alone spans about 25,000 acres.
Questions about Assurant vs Disney
Which company has higher revenue — Assurant, Inc. or The Walt Disney Company?
Assurant, Inc. reported $12.8B (FY2025), while The Walt Disney Company reported $94.4B (FY2025). By last reported revenue, The Walt Disney Company is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of Assurant, Inc. vs The Walt Disney Company?
Assurant, Inc.'s market capitalisation stands at $13.0B, while The Walt Disney Company's is $180.0B. The Walt Disney Company 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 The Walt Disney Company?
Assurant, Inc. generates $866k / employee in revenue per employee, while The Walt Disney Company generates $409k / 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 The Walt Disney Company make money?
Assurant, Inc. and The Walt Disney Company generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. The Walt Disney Company: Disney reports three segments.
Which company is valued higher relative to revenue — Assurant, Inc. or The Walt Disney Company?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and The Walt Disney Company at 1.9x P/S. The Walt Disney Company 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 The Walt Disney Company?
By last reported revenue, The Walt Disney Company ($94.4B (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 Disney overview