American Integrity Insurance Group, Inc. Reports Third Quarter 2025 Results
As previously disclosed, on May 9, 2025, the Company successfully completed its initial public offering (“IPO”). The financial results for the third quarter of 2025 included in this earnings release are those of American Integrity Insurance Group, Inc. For the purposes of this earnings release and the financial information provided herein, references to “American Integrity” or the “Company” prior to the consummation of the IPO refer to American Integrity Insurance Group, LLC and such references after the consummation of the IPO refer to American Integrity Insurance Group, Inc.
For the third quarter of 2025, American Integrity reported net income available to common shareholders of
Third Quarter 2025 Financial Highlights
Highlights for the quarter include:
-
Gross premiums written of
$239.1 million 48.5% compared to the third quarter of 2024 -
Policies-in-force ended at 406,094, up
48.6% over September 30, 2024 -
Net premiums earned of
$52.0 million 28.5% compared to the third quarter of 2024 -
Combined ratio of
78.9% , a decrease of 15.4 percentage points, compared to94.3% in the third quarter of 2024 -
Net investment income of
$6.9 million 83.8% compared to the third quarter of 2024 - Assumed 1,891 policies from Citizens Property Insurance Corporation (“Citizens”)
Robert Ritchie, Chief Executive Officer, commented,
“We delivered another quarter of robust results, driven by the strength of our distribution partnerships and a favorable market environment. Legislative reform in
“I’m pleased with our performance and am even more energized by the opportunities ahead to expand our business and deliver lasting value for our shareholders. Our re-entry into the Tri-County region of
“As we pursue these multiple avenues for growth, we remain grounded in our core values and unwavering in our commitment to disciplined underwriting, prudent risk management, and responsible expansion. We believe the foundation we’ve built, anchored in integrity, focus, and resilience, positions American Integrity to thrive in any market environment and continue to create long-term shareholder value.”
1 Adjusted net income and adjusted earnings per share are non-GAAP financial measures. Please see the discussion below under the heading “Reconciliation of Non-GAAP Financial Measures” for additional information concerning these and other non-GAAP financial measures.
Third Quarter 2025 Commentary
-
Gross premiums written in the third quarter of 2025 increased by
48.5% to$239.1 million $161.0 million 34.2% to$221.9 million $165.4 million 28.5% to$52.0 million $40.5 million -
Ceded premiums earned in the third quarter of 2025 increased by
36.1% to$170.0 million $124.9 million -
Net investment income in the third quarter of 2025 increased
83.8% to$6.9 million $3.8 million -
Losses and loss adjustment expenses (“LAE”) for the third quarter of 2025 increased
18.5% to$29.7 million $25.0 million 54.1% for the third quarter of 2025, compared to59.0% for the third quarter of 2024. -
Policy acquisition expenses for the third quarter of 2025 decreased
19.7% to$6.3 million $7.8 million -
The expense ratio was
24.8% for the third quarter of 2025 compared to35.3% for the third quarter of 2024. The decrease in the expense ratio was primarily the result of an increase in net premiums earned partially offset by higher salaries and consulting fees incurred to support the public company operations and ongoing growth. -
The combined ratio was
78.9% for the third quarter of 2025 compared to94.3% for the third quarter of 2024. -
Income tax (benefit) expense was
$5.6 million $2.0 million 29.9% and31.1% , respectively. On May 7, 2025, the Company reorganized its structure through a tax-free transaction following the contribution by the members of American Integrity Insurance Group, LLC of all of their equity interests in American Integrity Insurance Group, LLC to the Company in exchange for shares of the Company’s common stock, which changed its tax status from a limited liability company, treated as a partnership for federal income tax purposes, to a corporation subject toUnited States federal income tax, under Subchapter C of the Internal Revenue Code (the “Corporate Contribution”). Conversion from a non-taxable entity to a corporation is considered a change in tax status, and has been reflected in the financial statements in accordance with the relevant accounting guidance. -
Shareholders’ equity increased to
$315.9 million $162.4 million -
Annualized return on equity was
17.0% , an increase from11.9% in the third quarter of 2024.
Results of Operations |
|||||||||||||||
|
Three Months Ended September 30, |
||||||||||||||
($ in thousands) |
2025 |
|
2024 |
|
$ Change |
|
% Change |
||||||||
Gross premiums written |
$ |
239,100 |
|
|
$ |
160,977 |
|
|
$ |
78,123 |
|
|
|
48.5 |
% |
Change in gross unearned premiums |
|
(17,151 |
) |
|
|
4,384 |
|
|
|
(21,535 |
) |
|
|
(491.2 |
)% |
Gross premiums earned |
|
221,949 |
|
|
|
165,361 |
|
|
|
56,588 |
|
|
|
34.2 |
% |
Ceded premiums earned |
|
(169,950 |
) |
|
|
(124,897 |
) |
|
|
(45,053 |
) |
|
|
36.1 |
% |
Net premiums earned |
|
51,999 |
|
|
|
40,464 |
|
|
|
11,535 |
|
|
|
28.5 |
% |
Policy fees |
|
2,805 |
|
|
|
1,928 |
|
|
|
877 |
|
|
|
45.5 |
% |
Net investment income |
|
6,906 |
|
|
|
3,757 |
|
|
|
3,149 |
|
|
|
83.8 |
% |
Net realized gains (losses) on investments |
|
41 |
|
|
|
18 |
|
|
|
23 |
|
|
|
127.8 |
% |
Other income |
|
275 |
|
|
|
376 |
|
|
|
(101 |
) |
|
|
(26.9 |
)% |
Total Revenues |
|
62,026 |
|
|
|
46,543 |
|
|
|
15,483 |
|
|
|
33.3 |
% |
Losses and loss adjustment expenses |
|
29,652 |
|
|
|
25,017 |
|
|
|
4,635 |
|
|
|
18.5 |
% |
Policy acquisition expenses |
|
6,254 |
|
|
|
7,790 |
|
|
|
(1,536 |
) |
|
|
(19.7 |
)% |
General and administrative expenses |
|
7,347 |
|
|
|
7,185 |
|
|
|
162 |
|
|
|
2.3 |
% |
Total Expenses |
|
43,253 |
|
|
|
39,992 |
|
|
|
3,261 |
|
|
|
8.2 |
% |
Income before taxes |
|
18,773 |
|
|
|
6,551 |
|
|
|
12,222 |
|
|
|
186.6 |
% |
Income tax (benefit) expense |
|
5,610 |
|
|
|
2,038 |
|
|
|
3,572 |
|
|
|
175.3 |
% |
Net Income |
$ |
13,163 |
|
|
$ |
4,513 |
|
|
$ |
8,650 |
|
|
|
191.7 |
% |
Loss ratio(1) |
|
54.1 |
% |
|
|
59.0 |
% |
|
|
|
|
|
|
||
Expense ratio(2) |
|
24.8 |
% |
|
|
35.3 |
% |
|
|
|
|
|
|
||
Combined ratio(3) |
|
78.9 |
% |
|
|
94.3 |
% |
|
|
|
|
|
|
||
Annualized return on equity(4) |
|
17.0 |
% |
|
|
11.9 |
% |
|
|
|
|
|
|
||
(1) |
|
Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees. |
(2) |
|
Expense ratio is the ratio of policy acquisition and general and administrative expenses to net premiums earned plus policy fees. |
(3) |
|
Combined ratio is defined as the sum of the loss ratio and the expense ratio. |
(4) |
|
Annualized return on equity is defined as net income, annualized, divided by the average beginning and ending shareholders’ equity during the applicable period. |
Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) |
2025 |
|
2024 |
|
$ Change |
|
% Change |
||||||||
Gross premiums written |
$ |
738,245 |
|
|
$ |
530,061 |
|
|
$ |
208,184 |
|
|
|
39.3 |
% |
Change in gross unearned premiums |
|
(82,401 |
) |
|
|
(47,686 |
) |
|
|
(34,715 |
) |
|
|
72.8 |
% |
Gross premiums earned |
|
655,844 |
|
|
|
482,375 |
|
|
|
173,469 |
|
|
|
36.0 |
% |
Ceded premiums earned |
|
(472,275 |
) |
|
|
(362,109 |
) |
|
|
(110,166 |
) |
|
|
30.4 |
% |
Net premiums earned |
|
183,569 |
|
|
|
120,266 |
|
|
|
63,303 |
|
|
|
52.6 |
% |
Policy fees |
|
7,976 |
|
|
|
5,656 |
|
|
|
2,320 |
|
|
|
41.0 |
% |
Net investment income |
|
15,788 |
|
|
|
10,419 |
|
|
|
5,369 |
|
|
|
51.5 |
% |
Net realized gains (losses) on investments |
|
542 |
|
|
|
103 |
|
|
|
439 |
|
|
|
426.2 |
% |
Other income |
|
536 |
|
|
|
791 |
|
|
|
(255 |
) |
|
|
(32.2 |
)% |
Total Revenues |
|
208,411 |
|
|
|
137,235 |
|
|
|
71,176 |
|
|
|
51.9 |
% |
Losses and loss adjustment expenses |
|
71,702 |
|
|
|
58,024 |
|
|
|
13,678 |
|
|
|
23.6 |
% |
Policy acquisition expenses |
|
15,642 |
|
|
|
19,695 |
|
|
|
(4,053 |
) |
|
|
(20.6 |
)% |
General and administrative expenses |
|
35,287 |
|
|
|
19,224 |
|
|
|
16,063 |
|
|
|
83.6 |
% |
Total Expenses |
|
122,631 |
|
|
|
96,943 |
|
|
|
25,688 |
|
|
|
26.5 |
% |
Income before taxes |
|
85,780 |
|
|
|
40,292 |
|
|
|
45,488 |
|
|
|
112.9 |
% |
Income tax (benefit) expense |
|
7,027 |
|
|
|
8,948 |
|
|
|
(1,921 |
) |
|
|
(21.5 |
)% |
Net Income |
$ |
78,753 |
|
|
$ |
31,344 |
|
|
$ |
47,409 |
|
|
|
151.3 |
% |
Loss ratio(1) |
|
37.4 |
% |
|
|
46.1 |
% |
|
|
|
|
|
|
||
Expense ratio(2) |
|
26.6 |
% |
|
|
30.9 |
% |
|
|
|
|
|
|
||
Combined ratio(3) |
|
64.0 |
% |
|
|
77.0 |
% |
|
|
|
|
|
|
||
Annualized return on equity(4) |
|
43.9 |
% |
|
|
29.0 |
% |
|
|
|
|
|
|
||
(1) |
|
Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees. |
(2) |
|
Expense ratio is the ratio of policy acquisition and general and administrative expenses to net premiums earned plus policy fees. |
(3) |
|
Combined ratio is defined as the sum of the loss ratio and the expense ratio. |
(4) |
|
Annualized return on equity is defined as net income, annualized, divided by the average beginning and ending shareholders’ equity during the applicable period. |
Policies in-force and in-force premiums
Policies in-force represents the number of active insurance policies with coverage in effect as of the end of the period referenced. We utilize the change in the number of policies in-force to assess the trajectories of our operations. In-force premium represents the annual premium for active insurance policies with coverage in effect as of the end of the period referenced.
|
As of September 30, |
||||||||
($ in thousands) |
2025 |
|
2024 |
|
% Change |
||||
Policies In-Force |
|
406,094 |
|
|
273,222 |
|
|
48.6 |
% |
In-Force Premium |
$ |
910,404 |
|
$ |
699,213 |
|
|
30.2 |
% |
Policies in-force were 406,094 as of September 30, 2025, an increase of
Reconciliation of Non-GAAP Financial Measures:
Adjusted net income (loss) is a non-GAAP financial measure defined as net income excluding net realized gains or losses on investments, stock compensation expense, and certain non-recurring or non-cash expenses, including those incurred in connection with our IPO, net of tax. We use adjusted net income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance excluding the impact of realized gains and losses on the sale of securities, which we do not view as core to the underlying trends in our business. Adjusted net income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted net income differently.
Net income increased
Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to common stockholders divided by weighted average diluted common shares outstanding. Management believes this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability across periods by excluding items that are heavily impacted by investment market fluctuations and other economic factors and are not indicative of operating trends.
Adjusted net income (loss) and adjusted earnings per share for the three and nine months ended September 30, 2025 and 2024 reconciles to net income and earnings per share, respectively, as follows:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||
($ in thousands) |
2025 |
|
2024 |
|
|
2025 |
|
2024 |
|||||
Net Income |
$ |
13,163 |
|
$ |
4,513 |
|
|
$ |
78,753 |
|
$ |
31,344 |
|
Add: |
|
|
|
|
|
|
|
||||||
Stock compensation(1) |
|
— |
|
|
— |
|
|
|
10,433 |
|
|
— |
|
Termination of MSA(2) |
|
— |
|
|
— |
|
|
|
3,000 |
|
|
— |
|
One-time bonus(2) |
|
— |
|
|
— |
|
|
|
1,387 |
|
|
— |
|
One-time IPO expenses(2) |
|
— |
|
|
— |
|
|
|
1,654 |
|
|
— |
|
Post IPO transition expenses(2) |
|
1,084 |
|
|
— |
|
|
|
1,084 |
|
|
— |
|
Less: |
|
|
|
|
|
|
|
||||||
Net realized gains on Investments |
|
41 |
|
|
18 |
|
|
|
542 |
|
|
103 |
|
Change in tax status(3) |
|
— |
|
|
— |
|
|
|
9,722 |
|
|
— |
|
Tax effect(4) |
|
219 |
|
|
(4 |
) |
|
|
2,683 |
|
|
(22 |
) |
Adjusted net income |
$ |
13,987 |
|
$ |
4,499 |
|
|
$ |
83,364 |
|
$ |
31,263 |
|
Adjusted income allocated to participating securities |
|
— |
|
|
194 |
|
|
|
2,190 |
|
|
1,350 |
|
Numerator: |
|
|
|
|
|
|
|
||||||
Adjusted net income available for common shareholders |
|
13,987 |
|
|
4,305 |
|
|
|
81,174 |
|
|
29,913 |
|
Denominator: |
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic and diluted |
|
19,573 |
|
|
12,904 |
|
|
|
16,446 |
|
|
12,904 |
|
Earnings per share |
|
|
|
|
|
|
|
||||||
Basic |
$ |
0.67 |
|
$ |
0.33 |
|
|
$ |
4.66 |
|
$ |
2.32 |
|
Diluted |
$ |
0.67 |
|
$ |
0.33 |
|
|
$ |
4.66 |
|
$ |
2.32 |
|
Adjusted earnings per share: |
|
|
|
|
|
|
|
||||||
Basic |
$ |
0.71 |
|
$ |
0.33 |
|
|
$ |
4.94 |
|
$ |
2.32 |
|
Diluted |
$ |
0.71 |
|
$ |
0.33 |
|
|
$ |
4.94 |
|
$ |
2.32 |
|
(1) |
|
Stock-based compensation expense recognized of |
(2) |
|
Material non-recurring items that we do not expect to continue in the future and believe are not reflective of our ongoing operations and our performance. |
(3) |
|
The change in tax status of the parent company from a non-taxable entity to a taxable corporation resulted in recognition of a deferred income tax benefit. This adjustment has been removed using the |
(4) |
|
We included the tax impact of all adjustments to adjusted net income using the |
Underlying loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the underlying loss and loss adjustment expense ratio by subtracting current year net catastrophe losses and prior year net reserve development from total net losses and LAE and dividing that amount by the sum of total net premiums earned plus policy fees. We use the underlying loss and LAE ratio to allow us to analyze our loss trends before the impact of catastrophe losses and prior year reserve development. These two items can have a significant impact on our loss trends in a given period. We believe it is useful for investors to evaluate these components both separately and in the aggregate when reviewing our performance. The most directly comparable GAAP measure is net loss and LAE ratio. The underlying loss and LAE ratio should not be considered a substitute for net loss and LAE ratio and does not reflect the overall profitability of our business.
The following table summarizes loss ratios and underlying loss and LAE ratios for the three and nine months ended September 30, 2025, and 2024:
|
Three Months Ended September 30, |
||||||
($ in thousands) |
2025 |
|
2024 |
||||
Total Net Premiums Earned |
$ |
51,999 |
|
|
$ |
40,464 |
|
Plus: Policy Fees |
|
2,805 |
|
|
|
1,928 |
|
Total Net Premiums Earned Plus Policy Fees |
|
54,804 |
|
|
|
42,392 |
|
Losses and Loss Adjustment Expenses, Net |
|
29,652 |
|
|
|
25,017 |
|
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees) |
|
54.1 |
% |
|
|
59.0 |
% |
Less: |
|
|
|
|
|
||
Current Year Net Catastrophe Losses |
|
— |
|
|
|
10,012 |
|
Prior Year Net Reserve Development |
|
2,312 |
|
|
|
(405 |
) |
Underlying Loss and Loss Adjustment Expenses, Net |
$ |
27,340 |
|
|
$ |
15,410 |
|
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees) |
|
49.9 |
% |
|
|
36.4 |
% |
|
Nine Months Ended September 30, |
||||||
($ in thousands) |
2025 |
|
2024 |
||||
Total Net Premiums Earned |
$ |
183,569 |
|
|
$ |
120,266 |
|
Plus: Policy Fees |
|
7,976 |
|
|
|
5,656 |
|
Total Net Premiums Earned Plus Policy Fees |
|
191,545 |
|
|
|
125,922 |
|
Losses and Loss Adjustment Expenses, Net |
|
71,702 |
|
|
|
58,024 |
|
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees) |
|
37.4 |
% |
|
|
46.1 |
% |
Less: |
|
|
|
|
|
||
Current Year Net Catastrophe Losses |
|
— |
|
|
|
18,107 |
|
Prior Year Net Reserve Development |
|
1,195 |
|
|
|
(6,762 |
) |
Underlying Loss and Loss Adjustment Expenses, Net |
$ |
70,507 |
|
|
$ |
46,679 |
|
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees) |
|
36.8 |
% |
|
|
37.1 |
% |
Conference Call
As previously announced, American Integrity will hold a conference call to discuss its third quarter results at 9:30 a.m. Eastern Time on November 12, 2025. The call can be accessed by dialing (800) 715-9871 (listen-only toll-free), +1 (646) 307-1963 (listen-only international), or (647) 932-3411 (listen-only
A replay of the call will be available by telephone after 8:00 p.m. Eastern Time on the same day as the call and can be accessed by dialing (800) 770-2030 (toll-free) or +1 (609) 800-9909 (international) and using the replay ID code: 2890895#. The replay can also be accessed via the Investor Relations section of the Company’s website at www.aii.com.
The replay will be available for one year.
About American Integrity Insurance Group, Inc.
American Integrity Insurance Group, Inc. (NYSE: AII) is a leading provider of residential property insurance, focused on delivering innovative, reliable coverage to homeowners throughout the Southeast. Founded in 2006 and headquartered in
Forward-Looking Statements
Certain statements in this press release and on the related teleconference call may be forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding: our outlook; our business strategy; writing new business and retaining existing policies; new insurance products; availability of reinsurance coverage; expectations on future growth; future Citizens take-out opportunities; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; reserves for losses and loss adjustment expenses; geographic expansion; reduction of our quota share; competition; future regulatory, judicial and legislative changes; forecasts of future revenues and appropriately planning our expenses; and our plans regarding our capital expenditures and investment portfolio. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “contemplates,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would” or the negative of these terms or other similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance, and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the potential that we may face significant losses due to being a property and casualty insurer and our exposure to catastrophic events and severe weather conditions, which can be unpredictable; our loss reserves are estimates and may be inadequate to cover our actual liability for losses, and actual claims incurred have exceeded, and in the future may exceed, reserves established for claims; the dependence of our financial results on the regulatory, legal, economic and weather conditions in
Condensed Consolidated Balance Sheets |
||||||
(In thousands, except share and per share data) |
||||||
|
September 30,
|
|
December 31, 2024 |
|||
|
(unaudited) |
|
|
|||
Assets |
|
|
|
|
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost of |
$ |
329,883 |
|
$ |
214,045 |
|
Short-term investments (amortized cost of |
|
27,098 |
|
|
— |
|
Total investments |
|
356,981 |
|
|
214,045 |
|
Cash and cash equivalents |
|
144,784 |
|
|
173,220 |
|
Restricted cash |
|
39,540 |
|
|
6,052 |
|
Premiums receivable, net |
|
54,172 |
|
|
51,594 |
|
Accrued investment income |
|
3,183 |
|
|
2,174 |
|
Prepaid reinsurance premiums |
|
444,042 |
|
|
268,254 |
|
Reinsurance recoverable, net |
|
371,882 |
|
|
462,097 |
|
Property and equipment, net |
|
6,255 |
|
|
1,843 |
|
Right-of-use assets – operating leases |
|
992 |
|
|
2,498 |
|
Deferred income tax asset, net |
|
6,655 |
|
|
— |
|
Other assets |
|
5,194 |
|
|
16,368 |
|
Total assets |
$ |
1,433,680 |
|
$ |
1,198,145 |
|
Liabilities and shareholders’ equity |
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
$ |
363,445 |
|
$ |
475,708 |
|
Income tax payable |
|
1,304 |
|
|
11,873 |
|
Unearned premiums |
|
504,281 |
|
|
421,881 |
|
Reinsurance payable |
|
177,568 |
|
|
56,348 |
|
Advance premiums |
|
20,812 |
|
|
6,561 |
|
Deferred income tax liability, net |
|
— |
|
|
1,122 |
|
Long-term debt |
|
721 |
|
|
1,029 |
|
Lease liabilities – operating leases |
|
1,028 |
|
|
2,612 |
|
Deferred policy acquisition costs, net of unearned ceding commissions |
|
22,897 |
|
|
31,931 |
|
Other liabilities and accrued expenses |
|
25,744 |
|
|
26,688 |
|
Total liabilities |
$ |
1,117,800 |
|
$ |
1,035,753 |
|
Shareholders’ equity:(1) |
|
|
|
|
|
|
Common stock, |
|
20 |
|
|
13 |
|
Additional paid-in capital |
|
105,821 |
|
|
10,274 |
|
Accumulated other comprehensive loss, net of taxes |
|
1,729 |
|
|
(327 |
) |
Retained earnings |
|
208,310 |
|
|
152,432 |
|
Total shareholders’ equity |
|
315,880 |
|
|
162,392 |
|
Total liabilities and shareholders’ equity |
$ |
1,433,680 |
|
$ |
1,198,145 |
|
(1) |
Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate Contribution. |
Condensed Consolidated Statement of Operations and Comprehensive Income (unaudited) |
|||||||||||||||
(In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||
Gross premiums written |
$ |
239,100 |
|
|
$ |
160,977 |
|
|
$ |
738,245 |
|
|
$ |
530,061 |
|
Change in gross unearned premiums |
|
(17,151 |
) |
|
|
4,384 |
|
|
|
(82,401 |
) |
|
|
(47,686 |
) |
Gross premiums earned |
|
221,949 |
|
|
|
165,361 |
|
|
|
655,844 |
|
|
|
482,375 |
|
Ceded premiums earned |
|
(169,950 |
) |
|
|
(124,897 |
) |
|
|
(472,275 |
) |
|
|
(362,109 |
) |
Net premiums earned |
|
51,999 |
|
|
|
40,464 |
|
|
|
183,569 |
|
|
|
120,266 |
|
Policy fees |
|
2,805 |
|
|
|
1,928 |
|
|
|
7,976 |
|
|
|
5,656 |
|
Net investment income |
|
6,906 |
|
|
|
3,757 |
|
|
|
15,788 |
|
|
|
10,419 |
|
Net realized gains (losses) on investments |
|
41 |
|
|
|
18 |
|
|
|
542 |
|
|
|
103 |
|
Other income |
|
275 |
|
|
|
376 |
|
|
|
536 |
|
|
|
791 |
|
Total revenues |
$ |
62,026 |
|
|
$ |
46,543 |
|
|
$ |
208,411 |
|
|
$ |
137,235 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
||||||
Losses and loss adjustment expenses, net |
$ |
29,652 |
|
|
$ |
25,017 |
|
|
$ |
71,702 |
|
|
$ |
58,024 |
|
Policy acquisition expenses |
|
6,254 |
|
|
|
7,790 |
|
|
|
15,642 |
|
|
|
19,695 |
|
General and administrative expenses |
|
7,347 |
|
|
|
7,185 |
|
|
|
35,287 |
|
|
|
19,224 |
|
Total expenses |
$ |
43,253 |
|
|
$ |
39,992 |
|
|
$ |
122,631 |
|
|
$ |
96,943 |
|
Income before income taxes |
|
18,773 |
|
|
|
6,551 |
|
|
|
85,780 |
|
|
|
40,292 |
|
Income tax (benefit) expense |
|
5,610 |
|
|
|
2,038 |
|
|
|
7,027 |
|
|
|
8,948 |
|
Net income |
$ |
13,163 |
|
|
$ |
4,513 |
|
|
$ |
78,753 |
|
|
$ |
31,344 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
||||||
Unrealized holding gains on available-for-sale securities, net of taxes |
|
774 |
|
|
|
1,043 |
|
|
|
2,463 |
|
|
|
1,230 |
|
Reclassification adjustment for net realized gains, net of taxes |
|
(32 |
) |
|
|
(14 |
) |
|
|
(407 |
) |
|
|
(81 |
) |
Total other comprehensive income |
|
742 |
|
|
|
1,029 |
|
|
|
2,056 |
|
|
|
1,149 |
|
Comprehensive income |
$ |
13,905 |
|
|
$ |
5,542 |
|
|
|
80,809 |
|
|
$ |
32,493 |
|
Earnings per share:(1) |
|
|
|
|
|
|
|
|
|
||||||
Basic and diluted earnings per share |
$ |
0.67 |
|
$ |
0.33 |
|
|
$ |
4.66 |
|
|
$ |
2.32 |
|
|
Weighted average shares outstanding – Basic and diluted |
|
19,572,595 |
|
|
|
12,904,495 |
|
|
|
16,446,038 |
|
|
|
12,904,495 |
|
(1) |
|
Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate Contribution. |
Condensed Consolidated Statement of Cash Flows (unaudited) |
|||||||
(In thousands) |
|||||||
|
Nine Months Ended September 30, |
||||||
2025 |
|
2024 |
|||||
Cash flows provided by (used in) operating activities |
|
|
|
||||
Net income |
$ |
78,753 |
|
|
$ |
31,344 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Stock-based compensation expense |
|
10,533 |
|
|
|
— |
|
Amortization and depreciation |
|
1,545 |
|
|
|
2,117 |
|
Deferred income taxes |
|
(7,777 |
) |
|
|
(1,191 |
) |
Net realized (gains) |
|
(542 |
) |
|
|
(103 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Premiums receivable |
|
(2,578 |
) |
|
|
(163 |
) |
Accrued investment income |
|
(1,009 |
) |
|
|
(27 |
) |
Prepaid reinsurance premiums |
|
(175,788 |
) |
|
|
(117,951 |
) |
Reinsurance recoverable |
|
90,215 |
|
|
|
(9,234 |
) |
Other assets |
|
11,174 |
|
|
|
(8,546 |
) |
Unpaid losses and loss adjustment expense |
|
(112,263 |
) |
|
|
38,355 |
|
Unearned premiums |
|
82,400 |
|
|
|
45,502 |
|
Reinsurance payable |
|
121,220 |
|
|
|
700 |
|
Advance premiums |
|
14,251 |
|
|
|
(1,426 |
) |
Income taxes payable (recoverable) |
|
(10,569 |
) |
|
|
9,522 |
|
Operating lease payments |
|
(1,584 |
) |
|
|
(1,553 |
) |
Deferred policy acquisition costs, net unearned ceding commissions |
|
(9,034 |
) |
|
|
13,669 |
|
Other liabilities and accrued expenses |
|
(944 |
) |
|
|
(4,807 |
) |
Net cash provided by (used in) operating activities |
|
88,003 |
|
|
|
(3,792 |
) |
Cash flows provided by (used in) investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(5,036 |
) |
|
|
(1,214 |
) |
Proceeds from sales and maturities of fixed maturity securities |
|
109,475 |
|
|
|
68,890 |
|
Purchases of fixed maturity securities |
|
(222,264 |
) |
|
|
(46,105 |
) |
Proceeds from sales and maturities of short-term investments |
|
— |
|
|
|
1,943 |
|
Purchases of short-term investments |
|
(26,963 |
) |
|
|
— |
|
Net cash from provided by (used in) investing activities |
|
(144,788 |
) |
|
|
23,514 |
|
Cash flows provided by (used in) financing activities |
|
|
|
||||
Proceeds from initial public offering, net of underwriting discounts and commissions |
|
93,000 |
|
|
|
— |
|
Payments on tax withheld on vesting of restricted stock awards |
|
(3,753 |
) |
|
|
— |
|
Cash distributions to members(1) |
|
(22,875 |
) |
|
|
(12,024 |
) |
Repayment of long-term debt |
|
(308 |
) |
|
|
(309 |
) |
Payments of initial public offering costs |
|
(4,227 |
) |
|
|
— |
|
Net cash from provided by (used in) financing activities |
|
61,837 |
|
|
|
(12,333 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
5,052 |
|
|
|
7,389 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
179,272 |
|
|
|
62,168 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
184,324 |
|
|
$ |
69,557 |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Interest paid |
$ |
19 |
|
|
$ |
55 |
|
Income taxes paid |
$ |
26,275 |
|
|
$ |
1,000 |
|
(1) |
|
The distributions were made to members prior to the IPO. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251111592873/en/
Company Contact:
Ben Lurie, CFO
American Integrity Insurance Group, Inc.
Tel (813) 551-1014
blurie@aii.com
Source: American Integrity Insurance Group, Inc.
