Assurant vs Morgan Stanley: Revenue, Profit and Business Model
Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income. Morgan Stanley reported $70.6B of revenue in FY2025 and $16.9B 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
Morgan Stanley
- Latest revenue
- $70.6B (FY2025)
- Net income
- $16.9B
- Net margin
- 23.9%
- Revenue growth
- +8.2% 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.
Morgan Stanley
Net revenues rose from $34.6B in 2016 to $70.6B in 2025, with net income reaching $16.9B in 2025. Under James Gorman (CEO 2010-2023) the firm added Smith Barney, E*TRADE, and Eaton Vance to build recurring fee revenue. Under Ted Pick, results accelerated: Q2 2026 net revenue of $21.35B was up 27% year over year, net income of $5.58B was up 58%, and first-half 2026 revenue was about $42B with ROTCE near 27%.
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 |
Morgan Stanley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.6B | $16.9B | 23.9% | +14.4% | Source |
| FY2024 | $61.8B | $13.4B | 21.7% | +14.1% | Source |
| FY2023 | $54.1B | $9.1B | 16.8% | +0.9% | Source |
| FY2022 | $53.7B | $11B | 20.6% | -10.2% | Source |
| FY2021 | $59.8B | $15B | 25.2% | +22.6% | Source |
| FY2020 | $48.8B | $11B | 22.6% | +17.4% | Source |
| FY2019 | $41.5B | $9B | 21.8% | +3.6% | Source |
| FY2018 | $40.1B | $8.7B | 21.8% | +5.7% | Source |
| FY2017 | $37.9B | $6.1B | 16.1% | +9.6% | Source |
| FY2016 | $34.6B | $6B | 17.3% | — | 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.
Morgan Stanley
- Institutional Securities
Not formally reported
Advisory, underwriting, sales and trading, prime brokerage, lending, and capital markets services.
- Wealth Management
Not formally reported
Advisor fees, brokerage commissions, net interest income, lending, deposits, E*TRADE, and workplace services.
- Investment Management
Not formally reported
Asset-management fees from institutional and individual investors, including Eaton Vance and Parametric products.
- Banking and lending
Not formally reported
Net interest income and lending products connected to wealth and institutional clients.
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.
Morgan Stanley
How it makes money
Morgan Stanley reports three segments. Institutional Securities earns advisory and underwriting fees, equity and fixed-income trading revenue, prime brokerage financing, and corporate lending income. Wealth Management earns asset-based advisory fees, brokerage commissions, and net interest income on client deposits and loans across its advisor network, E*TRADE, and Morgan Stanley at Work.
Growth strategy
The strategy is to grow client assets across the wealth and investment management franchise, use Morgan Stanley at Work and E*TRADE as feeders into advisor-led accounts, and keep share in equities, advisory, and underwriting. The firm also deploys AI tools for advisors, including assistants built with OpenAI.
Competitive advantage
Morgan Stanley's edge is the combination of a leading equities and advisory franchise with one of the largest wealth platforms in the US. Workplace stock plans and E*TRADE bring in employees and self-directed investors early, and advisor-led wealth management retains them as their assets grow. That mix of fee-based wealth revenue and cyclical Wall Street revenue gives it steadier earnings than a pure investment bank.
Questions about Assurant vs Morgan Stanley
Which company has higher revenue — Assurant, Inc. or Morgan Stanley?
Assurant, Inc. reported $12.8B (FY2025), while Morgan Stanley reported $70.6B (FY2025). By last reported revenue, Morgan Stanley is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of Assurant, Inc. vs Morgan Stanley?
Assurant, Inc.'s market capitalisation stands at $13.0B, while Morgan Stanley's is $330.9B. Morgan Stanley 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 Morgan Stanley?
Assurant, Inc. generates $866k / employee in revenue per employee, while Morgan Stanley generates $851k / 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 Morgan Stanley make money?
Assurant, Inc. and Morgan Stanley generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. Morgan Stanley: Morgan Stanley reports three segments.
Which company is valued higher relative to revenue — Assurant, Inc. or Morgan Stanley?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and Morgan Stanley at 4.7x P/S. Morgan Stanley 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 Morgan Stanley?
By last reported revenue, Morgan Stanley ($70.6B (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 Morgan Stanley overview