Assurant vs JPMorgan Chase: Revenue, Profit and Business Model
Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income. JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B 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
JPMorgan Chase
- Latest revenue
- $182.4B (FY2025)
- Net income
- $57B
- Net margin
- 31.3%
- Revenue growth
- +7.3% 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.
JPMorgan Chase
JPMorgan's revenue grew from $128.7 billion in FY2022 to $158.1 billion in FY2023, helped by higher rates and First Republic, then to $177.6 billion in FY2024 and $182.4 billion in FY2025. Net income was $58.5 billion in FY2024 and $57.0 billion in FY2025. 2026 has been stronger: first-quarter net income was $16.5 billion on $50.5 billion of revenue, and second-quarter reported net income was $21.2 billion ($7.70 per share) on about $57 billion of revenue, including a $4.6 billion gain on Visa shares. Excluding significant items, 2Q26 net income was $16.9 billion with a 23% return on tangible common equity. Management raised full-year 2026 net interest income guidance to about $105.5 billion.
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 |
JPMorgan Chase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $182.4B | $57B | 31.3% | +2.8% | Source |
| FY2024 | $177.6B | $58.5B | 32.9% | +12.3% | Source |
| FY2023 | $158.1B | $49.6B | 31.3% | +22.9% | Source |
| FY2022 | $128.7B | $37.7B | 29.3% | +5.8% | Source |
| FY2021 | $121.6B | $48.3B | 39.7% | +1.4% | Source |
| FY2020 | $120B | $29.1B | 24.3% | +3.7% | Source |
| FY2019 | $115.7B | $36.4B | 31.5% | +6.4% | Source |
| FY2018 | $108.8B | $32.5B | 29.9% | +8.0% | Source |
| FY2017 | $100.7B | $24.4B | 24.3% | +4.3% | Source |
| FY2016 | $96.6B | $24.7B | 25.6% | — | 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.
JPMorgan Chase
- Consumer & Community Banking
~41% of managed revenue
CCB generated $76.029 billion in FY2025 managed-basis total net revenue from deposits, cards, lending, branches, and consumer payments.
- Commercial & Investment Bank
~42% of managed revenue
CIB generated $78.454 billion in FY2025 managed-basis total net revenue from investment banking, markets, payments, commercial banking, and securities services.
- Asset & Wealth Management
~13% of managed revenue
AWM generated $24.073 billion in FY2025 managed-basis total net revenue from asset management fees, private banking, lending, deposits, and advisory.
- Corporate
~4% of managed revenue
Corporate generated $7.025 billion in FY2025 managed-basis total net revenue from treasury, investments, and corporate activities.
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.
JPMorgan Chase
How it makes money
JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management. In FY2025 managed revenue of $185.6 billion came from three main segments.
Growth strategy
JPMorgan's growth plan is mostly organic. It keeps opening Chase branches in U.S. markets where it is underrepresented, expands its digital bank in Europe (Chase UK launched in 2021), adds bankers and advisers in commercial banking and wealth management, and invests heavily in technology and AI.
Competitive advantage
JPMorgan's edge is scale across businesses that reinforce each other. A deposit base of about $2.4 trillion (average, 2Q26) funds lending at low cost, the Chase brand feeds card and wealth relationships, and the Commercial & Investment Bank ranks at or near the top of global investment-banking fee tables.
Questions about Assurant vs JPMorgan Chase
Which company has higher revenue — Assurant, Inc. or JPMorgan Chase & Co.?
Assurant, Inc. reported $12.8B (FY2025), while JPMorgan Chase & Co. reported $182.4B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of Assurant, Inc. vs JPMorgan Chase & Co.?
Assurant, Inc.'s market capitalisation stands at $13.0B, while JPMorgan Chase & Co.'s is $941.7B. JPMorgan Chase & Co. 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 JPMorgan Chase & Co.?
Assurant, Inc. generates $866k / employee in revenue per employee, while JPMorgan Chase & Co. generates $573k / 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 JPMorgan Chase & Co. make money?
Assurant, Inc. and JPMorgan Chase & Co. generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. JPMorgan Chase & Co.: JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management.
Which company is valued higher relative to revenue — Assurant, Inc. or JPMorgan Chase & Co.?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and JPMorgan Chase & Co. at 5.2x P/S. JPMorgan Chase & Co. 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 JPMorgan Chase & Co.?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (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 JPMorgan Chase overview