Assurant vs General Motors: Revenue, Profit and Business Model
Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income. General Motors reported $185B of revenue in FY2025 and $2.7B of net income.
Latest financial snapshot
Assurant
- Latest revenue
- $12.8B (FY2025)
- Net income
- $872.7M
- Net margin
- 6.8%
- Revenue growth
- +6.1% a year, FY2016–FY2025
General Motors
- Latest revenue
- $185B (FY2025)
- Net income
- $2.7B
- Net margin
- 1.5%
- Revenue growth
- +2.4% a year, FY2016–FY2025
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.
General Motors
GM's finances are funded by internal-combustion trucks and SUVs. In 2025 it generated $185.0 billion of revenue, $12.7 billion of EBIT-adjusted, and $10.6 billion of adjusted automotive free cash flow, but EV write-downs cut net income attributable to stockholders 55% to $2.7 billion. Q1 2026 revenue was $43.6 billion with $2.6 billion of net income; Q2 2026 revenue was $48.0 billion with $1.3 billion of net income, $3.9 billion of EBIT-adjusted, and North America margins back inside GM's 8-10% target. GM returns large amounts of cash to shareholders and approved a new $6.0 billion buyback alongside a 20% higher quarterly dividend in January 2026.
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 |
General Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $185B | $2.7B | 1.5% | -1.3% | Source |
| FY2024 | $187.4B | $6B | 3.2% | +9.1% | Source |
| FY2023 | $171.8B | $10.1B | 5.9% | +9.6% | Source |
| FY2022 | $156.7B | $9.9B | 6.3% | +23.4% | Source |
| FY2021 | $127B | $10B | 7.9% | +3.7% | Source |
| FY2020 | $122.5B | $6.4B | 5.2% | -10.7% | Source |
| FY2019 | $137.2B | $6.7B | 4.9% | -6.7% | Source |
| FY2018 | $147B | $8B | 5.4% | +1.0% | Source |
| FY2017 | $145.6B | -$3.9B | -2.7% | -2.4% | Source |
| FY2016 | $149.2B | $9.4B | 6.3% | — | 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.
General Motors
- North America Vehicle Sales
Largest profit pool
Revenue comes from wholesale sales of Chevrolet, GMC, Cadillac, and Buick vehicles, with trucks and large SUVs driving a disproportionate share of profit.
- GM Financial
Captive finance
Revenue comes from retail loans, leases, dealer floorplan financing, commercial lending, and related finance products that support GM vehicle sales.
- International Vehicle Sales
International operations
Revenue comes from vehicle sales and operations outside North America, including South America and select global markets.
- China Joint Ventures
Equity-method exposure
GM participates in China through joint ventures, making performance visible through equity income rather than fully consolidated vehicle revenue.
- Software, Services, and Parts
Recurring and aftermarket
Revenue comes from OnStar, Super Cruise, connected services, parts, accessories, fleet services, and other software-enabled vehicle products.
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.
General Motors
How it makes money
GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender. GM North America (GMNA) is the profit engine: full-size pickups such as the Chevrolet Silverado and GMC Sierra and large SUVs such as the Tahoe, Suburban, Yukon, and Cadillac Escalade carry far higher margins than small cars or current EVs.
Growth strategy
GM's growth strategy has shifted from an all-EV push to flexibility. It still sells EVs on its Ultium-based platforms, such as the Chevrolet Equinox EV and Cadillac Lyriq, but after 2025 it cut EV capacity, kept investing in gas trucks and SUVs, and plans lower-cost lithium manganese-rich (LMR) cells with LG Energy Solution.
Competitive advantage
GM's clearest advantage is scale in U.S. full-size pickups and SUVs: it has led the full-size pickup segment for six straight years, selling about 940,000 in 2025. That franchise, a national Chevrolet, GMC, Buick, and Cadillac dealer network, and GM Financial's captive lending give it cash flow and pricing power that newer EV-only rivals do not have.
Questions about Assurant vs General Motors
Which company has higher revenue — Assurant, Inc. or General Motors Company?
Assurant, Inc. reported $12.8B (FY2025), while General Motors Company reported $185.0B (FY2025). By last reported revenue, General Motors Company is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of Assurant, Inc. vs General Motors Company?
Assurant, Inc.'s market capitalisation stands at $13.0B, while General Motors Company's is $74.9B. General Motors 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 General Motors Company?
Assurant, Inc. generates $866k / employee in revenue per employee, while General Motors Company generates $1.19M / employee. General Motors Company 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 General Motors Company make money?
Assurant, Inc. and General Motors Company generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. General Motors Company: GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender.
Which company is valued higher relative to revenue — Assurant, Inc. or General Motors Company?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and General Motors Company at 0.4x P/S. Assurant, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to General Motors Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Assurant, Inc. bigger than General Motors Company?
By last reported revenue, General Motors Company ($185.0B (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 General Motors overview