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American Integrity (NYSE: AII) grows Q1 2026 premiums as net income falls 48%

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

American Integrity Insurance Group, Inc. reported first quarter 2026 results, with total revenues of $90.9 million and net income of $19.9 million, down from $38.1 million a year earlier. Diluted earnings per share were $1.02, compared to $2.78 in the first quarter of 2025.

Net premiums earned rose 25.7% to $82.2 million and policies in-force increased 14.1% to 437,308, reflecting growth in the voluntary market. The combined ratio worsened to 75.0% from 42.9%, as loss and expense ratios both increased following reduced reinsurance cessions and lower Citizens take-out windfalls.

Return on equity was 23.7%, with adjusted return on equity of 23.9%. The company paid a $20.0 million special cash dividend in the quarter, leaving shareholders’ equity at $335.5 million as of March 31, 2026.

Positive

  • Total revenues increased to $90.9 million, up 26.5% year over year, with net premiums earned rising 25.7% and policies in-force up 14.1%, demonstrating strong top-line and volume growth.
  • Return on equity remained high at 23.7%, with adjusted return on equity of 23.9%, indicating solid profitability despite lower net income versus the prior-year quarter.

Negative

  • Net income declined to $19.9 million from $38.1 million, a 47.7% decrease year over year, as prior-year Citizens take-out windfalls did not repeat.
  • Combined ratio deteriorated to 75.0% from 42.9%, with the expense ratio rising to 37.6% from 12.0%, reflecting higher acquisition and administrative costs relative to earned premiums.

Insights

Strong top-line growth but profitability down as prior-year windfalls fade.

American Integrity grew total revenues to $90.9 million, up 26.5% year over year, driven by a 25.7% increase in net premiums earned and 14.1% more policies in-force. Net investment income also improved, supported by higher invested assets after the IPO.

Profitability, however, normalized from unusually strong 2025 levels. Net income fell to $19.9 million from $38.1 million, and the combined ratio rose to 75.0% from 42.9%, as expense and loss ratios increased with reduced quota share cessions and a smaller Citizens take-out windfall.

Even with lower earnings, return on equity remained high at 23.7% and adjusted ROE at 23.9%. A $20.0 million special cash dividend slightly reduced shareholders’ equity to $335.5 million as of March 31, 2026, indicating management’s willingness to return capital while continuing to grow the voluntary book.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenues Q1 2026 $90,931 thousand Three months ended March 31, 2026; up 26.5% year over year
Net income Q1 2026 $19,910 thousand Three months ended March 31, 2026; down 47.7% year over year
Diluted EPS Q1 2026 $1.02 per share Three months ended March 31, 2026, vs $2.78 in 2025
Net premiums earned $82,208 thousand Three months ended March 31, 2026; 25.7% growth year over year
Policies in-force 437,308 policies As of March 31, 2026; 14.1% higher than March 31, 2025
Combined ratio 75.0% Three months ended March 31, 2026; up from 42.9% in 2025
Return on equity 23.7% Annualized for three months ended March 31, 2026
Special cash dividend $20.0 million Paid to stockholders of record in first quarter 2026
combined ratio financial
"The combined ratio was 75.0% in the first quarter of 2026, compared to 42.9% in the first quarter of 2025."
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
non-catastrophe quota share reinsurance arrangement financial
"reduction of the percentage of gross premiums written that is ceded under the non-catastrophe quota share reinsurance arrangement from 40% to 25%"
Citizens take-out financial
"The decrease was primarily driven by less windfall from the Citizens take-out program, partially offset by growth in the voluntary market."
adjusted net income financial
"Adjusted net income decreased $18.0 million, or 47.1%, to $20.1 million for the three months ended March 31, 2026"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
net underlying loss and loss adjustment expense ratio financial
"Net underlying loss and loss adjustment expense ratio is a non-GAAP measure."
gross underlying loss and loss adjustment expense ratio financial
"Gross underlying loss and loss adjustment expense ratio is a non-GAAP measure."
Total revenues $90,931 thousand 26.5% year-over-year increase
Net income $19,910 thousand 47.7% year-over-year decrease
Diluted EPS $1.02 down from $2.78 in Q1 2025
Net premiums earned $82,208 thousand 25.7% year-over-year increase
Return on equity 23.7% down from 87.5% in Q1 2025

FAQ

How did American Integrity (AII) perform financially in Q1 2026?
American Integrity reported net income of $19.9 million on total revenues of $90.9 million in Q1 2026. This compared to net income of $38.1 million and revenues of $71.9 million in Q1 2025, reflecting strong growth but lower profitability.

What were American Integrity’s Q1 2026 earnings per share and return on equity?
Diluted earnings per share were $1.02 in Q1 2026, down from $2.78 a year earlier. Return on equity was 23.7%, with adjusted return on equity of 23.9%, indicating strong profitability on a higher equity base after the IPO.

How fast did premiums and policies grow for American Integrity (AII) in Q1 2026?
Net premiums earned grew to $82.2 million, up 25.7% year over year, while policies in-force increased 14.1% to 437,308. Growth was driven mainly by voluntary market writings and geographic and product expansion initiatives described by management.

What happened to American Integrity’s loss and expense ratios in Q1 2026?
The loss ratio rose to 37.3% from 30.9%, and the expense ratio increased to 37.6% from 12.0%. These changes pushed the combined ratio to 75.0%, reflecting higher acquisition and administrative costs and the absence of prior-year Citizens program windfalls.

Did American Integrity (AII) return capital to shareholders in Q1 2026?
Yes. American Integrity paid a $20.0 million special cash dividend to stockholders of record in the first quarter of 2026. Shareholders’ equity was $335.5 million as of March 31, 2026, slightly below $337.0 million at year-end 2025 after this payout.

What is American Integrity’s adjusted net income and EPS for Q1 2026?
Adjusted net income was $20.1 million in Q1 2026, down from $38.1 million a year earlier. Adjusted diluted earnings per share were $1.03 versus $2.78 in Q1 2025, excluding non-recurring items and realized investment gains or losses.

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Understanding 8-K Material Events →
false000200758700020075872026-05-122026-05-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2026
__________________________
American Integrity Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
__________________________
Delaware001-4263433-2925846
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
3000 Bayport Drive, Suite 500
Tampa, Florida
33607

(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (813) 880-7000
Not Applicable
(Former name or former address, if changed since last report)
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Stock, $0.001 par valueAIINew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On May 12, 2026, American Integrity Insurance Group, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
Press Release, issued May 12, 2026 (furnished pursuant to Item 2.02).
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN INTEGRITY INSURANCE GROUP, INC.
Date: May 12, 2026By:/s/ Robert Ritchie
Name:Robert Ritchie
Title:Chief Executive Officer

image_0a.jpg
American Integrity Insurance Group, Inc. Reports First Quarter 2026 Results
TAMPA, Fla., May 12, 2026 — American Integrity Insurance Group, Inc. (“American Integrity,” “we,” “us,” “our” or
the “Company”) (NYSE: AII), a Tampa-based property and casualty insurance holding company and one of Florida’s
leading providers of residential property insurance, today reported financial results for the first quarter of 2026.
As previously disclosed, on May 9, 2025, the Company successfully completed its initial public offering (“IPO”). The
financial results for the first quarter of 2026 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.
First Quarter 2026 Highlights:
•Net income available to common shareholders of $19.9 million, or $1.02 per diluted share, compared to $35.9
million, or $2.78 per diluted share, in the first quarter of 2025. Adjusted net income1 available to common
shareholders of $20.1 million, or $1.03 per diluted share, compared to $35.9 million, or $2.78 per diluted
share, in the first quarter of 2025
•Return on equity of 23.7%, compared to 87.5% for the first quarter of 2025. Adjusted return on equity1 of
23.9%, compared to 87.4% in the first quarter of 2025
•Net premiums earned of $82.2 million, an increase of 25.7% compared to the first quarter of 2025
•Policies-in-force were 437,308 at March 31, 2026, up 14.1% over March 31, 2025
•Combined ratio of 75.0% in the first quarter of 2026, compared to 42.9% in the first quarter of 2025
•Wrote 94,126 new and renewal policies in the voluntary market, an increase of 22% compared to the first
quarter of 2025 driven by growth in the Tri-County region and middle-aged roofs within our core state of
Florida and geographic expansion outside of Florida
•Assumed 584 policies, including 42 commercial residential policies, from Citizens Property Insurance
Corporation (“Citizens”), compared to 16,632 policies assumed in the first quarter of 2025. Take-outs
decreased as fewer policies from Citizens met our underwriting and targeted profitability standards
•As previously disclosed, our results for the first quarter of 2026 reflected the reduction of the percentage of
gross premiums written that is ceded under the non-catastrophe quota share reinsurance arrangement from 40%
to 25%
•$20.0 million special cash dividend paid to stockholders of record in the first quarter of 2026
1 Adjusted net income, adjusted earnings per share and adjusted return on equity 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.
Robert Ritchie, Chief Executive Officer, commented, “We are very pleased with our performance in the first quarter of
2026, which reflects a strong start to the year and continued momentum in our core business. Our results are
increasingly being driven by voluntary production, providing a more durable and repeatable foundation for growth as
we move forward. We are also seeing meaningful traction across our strategic growth initiatives, including our re-entry
into the Tri-County market, our expansion back into the middle-aged home market, and the early development of our
commercial residential product - areas where we believe we have a clear competitive advantage. At the same time, we
remain focused on disciplined execution, underwriting quality, and maintaining a balanced reinsurance program, and
with a strong balance sheet and multiple growth opportunities, we believe we are well positioned to continue delivering
consistent, profitable growth over time.” 
First Quarter 2026 Commentary
•Gross premiums written in the first quarter of 2026 increased by $7.8 million to $220.0 million from $212.2
million in the first quarter of 2025. The increase was primarily driven by growth in our Voluntary Market
writings, reflecting higher new and renewal business.
•Gross premiums earned in the first quarter of 2026 increased by $20.6 million to $230.8 million from $210.2
million in the first quarter of 2025. The increase was due largely to our increase in gross premiums written
related to the growth in the Voluntary Market.
•Ceded premiums earned in the first quarter of 2026 increased by $3.8 million to $148.6 million compared to
$144.8 million in the first quarter of 2025. The increase in ceded premiums earned was due to growth in our
gross premiums earned, and the windfall from the Citizens take-out resulting in lower ceded catastrophe excess
of loss premiums earned for the three months ended March 31, 2025, offset by lower ceded premiums
reflecting the reduction in our non-catastrophe quota share reinsurance arrangement.
•Net premiums earned in the first quarter of 2026 increased by $16.8 million to $82.2 million from $65.4
million in the first quarter of 2025. This increase was due largely to the increase in gross premiums earned
outpacing the increase in ceded premiums earned.
•Net investment income in the first quarter of 2026 increased $1.6 million to $5.7 million compared to $4.1
million in the first quarter of 2025. The increase in net investment income was due to an increase in invested
assets driven by the increased in-force premiums and the proceeds from our IPO.
•Losses and loss adjustment expenses (“LAE”) for the first quarter of 2026 increased $10.8 million to $31.7
million compared to $20.9 million for the first quarter of 2025, primarily driven by higher net premiums
earned. The loss ratio was 37.3% for the first quarter of 2026, compared to 30.9% for the first quarter of 2025.
The increase in the loss ratio reflects the impact of the Citizens take-out windfall on net premiums earned for
the three months ended March 31, 2025.
•Policy acquisition expenses in the first quarter of 2026 increased by $12.9 million to $16.0 million compared
to $3.1 million in the first quarter of 2025. The increase was primarily driven by the increase in policies written
during the first quarter of 2026, the windfall from Citizens take-outs during the first quarter of 2025, and less
ceding commission due to the reduction in our non-catastrophe quota share reinsurance arrangement from 40%
to 25% on January 1, 2026.
•General and administrative expenses in the first quarter of 2026 increased by $11.0 million to $16.0 million
from $5.0 million in the first quarter of 2025. The increase was primarily driven by lower ceding commissions
associated with a reduction in our non-catastrophe quota share reinsurance arrangement from 40% to 25% on
January 1, 2026.
•The expense ratio was 37.6% for the first quarter of 2026 compared to 12.0% for the first quarter of 2025. The
combined ratio was 75.0% for the first quarter of 2026 compared to 42.9% for the first quarter of 2025.
•Income tax expense was $7.3 million and $4.8 million for the first quarter of 2026 and 2025, respectively. Our
effective tax rate for the three months ended March 31, 2026 and 2025 was 26.9% and 11.2%, respectively.
The increase in the effective tax rate was primarily due to the absence of discrete tax benefits recognized in the
prior year period, as the 2025 period included a $24 million pretax income adjustment related to non-taxable
entities that resulted in $5.0 million of discrete tax benefits. For the three months ended March 31, 2026, our
effective tax rate differed from the U.S. federal statutory rate of 21% primarily due to state income taxes.
•Shareholders’ equity was $335.5 million as of March 31, 2026, compared to $337.0 million as of December
31, 2025. Growth in shareholders’ equity through retained earnings was offset by a $20.0 million special cash
dividend paid to stockholders during the period.
Results of Operations 
Three Months Ended March 31,
($ in thousands)
2026
2025
$ Change
% Change
Gross premiums written
$
220,004
$
212,150
$
7,854
3.7%
Change in gross unearned premiums
10,768
(1,994)
12,762
(640.0)%
Gross premiums earned
230,772
210,156
20,616
9.8%
Ceded premiums earned
(148,564)
(144,754)
(3,810)
2.6%
Net premiums earned
82,208
65,402
16,806
25.7%
Policy fees
2,745
2,204
541
24.5%
Net investment income
5,652
4,103
1,549
37.8%
Net realized gains (losses) on investments
53
16
37
231.3%
Other income (loss)
273
161
112
69.6%
Total Revenues
90,931
71,886
19,045
26.5%
Losses and loss adjustment expenses
31,725
20,862
10,863
52.1%
Policy acquisition expenses
15,985
3,107
12,878
414.5%
General and administrative expenses
15,966
5,008
10,958
218.8%
Total Expenses
63,676
28,977
34,699
119.7%
Income before taxes
27,255
42,909
(15,654)
(36.5)%
Income tax expense
7,345
4,813
2,532
52.6%
Net Income
$
19,910
$
38,096
$
(18,186)
(47.7)%
Loss ratio(1)
37.3%
30.9%
Expense ratio(2)
37.6%
12.0%
Combined ratio(3)
75.0%
42.9%
Return on equity(4)
23.7%
87.5%
(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)Return on equity is defined as net income, divided by the average beginning and ending shareholders’ equity during the
applicable period. This metric is annualized for interim periods by multiplying the applicable ratio in order to present
return on equity consistently.
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.
March 31,
($ in thousands)
2026
2025
% Change
Policies In-Force
437,308
383,332
14.1%
In-Force Premium
$
974,806
$
909,539
7.2%
Policies in-force were 437,308 as of March 31, 2026, an increase of 14.1% compared to policies in-force of
383,332 as of March 31, 2025. The increase in our policies in-force was primarily due to new policies written
through the voluntary market and the 2025-2026 Citizens take-outs.
Reconciliation of Non-GAAP Financial Measures:
Adjusted net income and adjusted earnings per share
Adjusted net income is a non-GAAP financial measure defined as net income excluding net realized gains or
losses on investments, stock compensation expense in connection with our IPO 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 decreased $18.2 million, or 47.7%, to $19.9 million for the three months ended March 31, 2026 from
$38.1 million for the three months ended March 31, 2025. Adjusted net income decreased $18.0 million, or
47.1%, to $20.1 million for the three months ended March 31, 2026 from $38.1 million for the three months
ended March 31, 2025. The decrease was primarily driven by less windfall from the Citizens take-out program,
partially offset by growth in the voluntary market.
Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to
common shareholders divided by weighted average diluted common shares outstanding. Management believes
this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability
across periods by excluding items that are heavily impacted by investment market fluctuations and other
economic factors and are not indicative of operating trends.
Adjusted net income and adjusted earnings per share for the three months ended March 31, 2026 and 2025
reconcile to net income and earnings per share, respectively, as follows:
Three Months Ended March 31,
($ in thousands)
2026
2025
Net Income
$19,910
$38,096
Add:
One-time non-recurring expenses(1)
329
—
Less:
Net realized gains on Investments
53
16
Tax effect(2)
58
(4)
Adjusted net income
$20,128
$38,084
Adjusted income allocated to participating securities
—
2,190
Numerator:
Adjusted net income available for common
shareholders
20,128
35,894
Denominator:
Weighted average common shares outstanding:
Basic
19,579,035
12,904,495
Diluted
19,579,308
12,904,495
Earnings per share(3):
Basic
$1.02
$2.78
Diluted
$1.02
$2.78
Adjusted earnings per share:
Basic
$1.03
$2.78
Diluted
$1.03
$2.78
(1)Material non-recurring items that we do not expect to continue in the future and believe are not reflective of our ongoing
operations and our performance.
(2)We included the tax impact of all adjustments to adjusted net income using the U.S. federal statutory corporate tax rate of
21%. While the Company’s actual effective tax rates for the three months ended March 31, 2026 and 2025 were 26.9%
and 11.2% respectively, the use of the statutory rate provides a consistent and simplified approach for comparability.
This approach is applied uniformly, including to items that may be partially or fully nondeductible for tax purposes. The
tax effect row is presented exclusive of the change in tax status impact.
(3)Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented
to reflect the par value of the outstanding stock of American Integrity Insurance Group, Inc. as a result of the Corporate
Contribution.
Adjusted return on equity
Adjusted return on equity is a non-GAAP financial measure defined as adjusted net income divided by the
average of beginning and ending shareholders’ equity during the applicable period and is annualized for periods
of less than one year. We use adjusted return on equity as an internal performance measure in the management of
our operations because we believe it gives us and users of our financial information useful insight into our
underlying business performance. Adjusted return on equity should not be viewed as a substitute for any metrics
calculated in accordance with GAAP, and other companies may define adjusted return on equity differently.
Adjusted return on equity for the three months ended March 31, 2026 and 2025 reconciles to return on equity as
follows:
Three Months Ended March 31,
($ in thousands)
2026
2025
Net income
$
19,910
$
38,096
Average beginning and ending shareholders’ equity(1)
336,253
174,226
Return on equity
23.7%
87.5%
Adjusted net income (after tax)(2)(3)
$
20,128
$
38,084
Average shareholders’ equity
336,253
174,226
Adjusted return on equity(2)(3)
23.9%
87.4%
(1)Average beginning and ending shareholders’ equity represents the average of shareholders' equity at the beginning and
end of the period presented.
(2)Adjusted return on equity is the adjusted net income (after tax) divided by the average beginning and ending
shareholders’ equity. This metric is annualized for interim periods by multiplying the applicable ratio in order to present
return on equity consistently.
(3)We included the tax impact of all adjustments to adjusted net income using the US federal statutory corporate tax rate of
21%. While the Company’s actual effective tax rates for the three months ended March 31, 2026 and 2025 were 26.9%
and 11.2% respectively, the use of the statutory rate provides a consistent and simplified approach for comparability.
This approach is applied uniformly, including to items that may be partially or fully nondeductible for tax purposes.
Net underlying loss and loss adjustment expense ratio
Net underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the net underlying
loss and LAE 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 net 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 net 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 the loss and LAE ratios and net underlying loss and LAE ratios for the three
months ended March 31, 2026 and 2025:
Three Months Ended March 31,
($ in thousands)
2026
2025
Total Net Premiums Earned
$
82,208
$
65,402
Plus: Policy Fees
2,745
2,204
Total Net Premiums Earned Plus Policy Fees
84,953
67,606
Losses and Loss Adjustment Expenses, Net
$
31,725
$
20,862
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
37.3%
30.9%
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
579
Underlying Loss and Loss Adjustment Expenses, Net
$
31,725
$
20,283
Net Underlying Loss and Loss Adjustment Expense Ratio (%
Net Premiums Earned Plus Policy Fees)
37.3%
30.0%
Gross underlying loss and loss adjustment expense ratio
Gross underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the gross
underlying loss and LAE ratio by adding net underlying loss and LAE and ceded non-catastrophe losses and
dividing that amount by the sum of total gross earned premium and policy fees. We use the gross underlying loss
and LAE ratio to analyze our loss trends before the impact of reinsurance.
We believe it is useful for investors to evaluate the cost of non-catastrophe losses for every dollar of gross
premium earned. The most comparable GAAP measure is the net loss and LAE ratio. The gross 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 the gross underlying loss and LAE ratios for the three months ended March 31,
2026 and 2025:
Three Months Ended March 31,
($ in thousands)
2026
2025
Total Gross Premiums Earned
$
230,772
$
210,156
Plus: Policy Fees
2,745
2,204
Total Gross Premiums Earned Plus Policy Fees
233,517
212,360
Losses and Loss Adjustment Expenses, Net
31,725
20,862
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
579
Underlying Loss and Loss Adjustment Expenses, Net
$
31,725
$
20,283
Add:
Ceded Non-Catastrophe Loss and Loss Adjustment
Expense
12,762
14,020
Gross Underlying Loss and Loss Adjustment Expenses
$
44,487
$
34,303
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
37.3%
30.9%
Gross Underlying Loss and Loss Adjustment Expense Ratio
(% Gross Premiums Earned Plus Policy Fees)
19.1%
16.2%
Conference Call
As previously announced, American Integrity will hold a conference call to discuss its first quarter 2026 results at
9:30 a.m. Eastern Time on May 13, 2026. The call can be accessed by dialing +1 (585) 542-9983 (U.S. Local), or
+1 (833) 461-5787 (U.S. Toll-Free), and using the conference ID code: 597233559. Please call the conference
telephone number 10 minutes before the start time. The earnings call can also be accessed by clicking the webcast
link available on the Investor Relations section of the Company’s website at www.aii.com.
A replay of the call will be available after 12:00 p.m. Eastern Time on the same day as the call and will be
accessible at https://events.q4inc.com/attendee/597233559. 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. Built on a
foundation of integrity, resilience, and service, the Company’s mission is to be the most trusted and responsive
insurance solution in the markets it serves. Founded in 2006 and headquartered in Tampa, American Integrity is
committed to protecting policyholders with strength and purpose—today and for generations to come. For more
information, visit www.aii.com.
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 portfolios. 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 Florida due to the
fact that we conduct substantially all of our business in Florida; changing climate conditions may increase the
severity and frequency of catastrophic events and severe weather conditions; the severity and frequency of
catastrophe events of which are unpredictable; dependence upon the effectiveness of exclusions and other loss
limitation methods in the insurance policies we assume or write; reliance upon third-party distribution partners,
including independent insurance agents, homebuilder-affiliated agents and national insurance carriers; our ability
to pursue Citizens take-out opportunities; cyclical changes in the insurance industry; our ability to obtain
reinsurance coverage at commercially reasonable rates, or at all; credit risk of our reinsurers who may suffer a
downgrade; the inherent uncertainty of models and our reliance on such models as a tool to evaluate risk, and the
dependence of our results upon our ability to accurately price the risks we underwrite; the possibility that our
information technology systems may fail or be disrupted; our ability to expand our business and the possible need
to acquire additional capital in the future to fund such expansion; the ability of our claims department, or the
third-party claims adjusters whom we may engage, to effectively manage or remediate claims as well as
unanticipated increases in the severity or frequency of claims; the possibility that actual renewals of our existing
policies will not meet expectations; increased competition and market conditions, including changes in our
financial stability and credit ratings; the extensive regulatory environment in which we operate that requires
approval of rate increases, can mandate rate decreases, and that can dictate underwriting practices and mandate
participation in loss sharing arrangements, and other potential further restrictive regulation we may face;
mandatory assessments or competition from government entities may create short-term liabilities or affect our
ability to underwrite more policies; and other risks identified in “Risk Factors” in our reports filed with the
Securities and Exchange Commission. New risks emerge from time to time. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends
discussed may not occur and actual results could differ materially and adversely from those anticipated or implied
in the forward-looking statements.
Company Contact:
Brian Foley, CFO
American Integrity Insurance Group, Inc.
bfoley@aii.com
Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31,
2026
December 31,
2025
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of
$347,017 and $327,910, respectively)
$347,264
$330,489
Short-term investments (amortized cost of $2,480 and $18,121,
respectively)
2,479
18,121
Total investments
349,743
348,610
Cash and cash equivalents
171,182
203,902
Restricted cash
55,169
40,217
Premiums receivable, net
44,432
45,031
Accrued investment income
3,072
3,458
Prepaid reinsurance premiums
157,888
275,093
Reinsurance recoverable, net
275,290
269,056
Net reinsurance commission receivable
58,871
—
Property and equipment, net 
6,390
5,718
Right-of-use assets – operating leases 
35,702
449
Deferred income tax asset, net
8,943
8,636
Other assets
8,372
24,904
Total assets
$1,175,054
$1,225,074
Liabilities and shareholders’ equity
Liabilities:
Unpaid losses and loss adjustment expenses
$264,857
$266,591
Income tax payable
4,734
2,680
Unearned premiums
470,789
481,557
Reinsurance payable
5,350
78,526
Advance premiums
25,892
11,752
Long-term debt
515
618
Lease liabilities – operating leases 
32,652
458
Deferred policy acquisition costs, net of unearned ceding
commissions
8,804
12,902
Other liabilities and accrued expenses
25,978
32,968
Total liabilities
$839,571
$888,052
Shareholders’ equity:(1)
Common stock, $0.001 par value, 100,000,000 shares authorized,
19,581,343 shares issued and outstanding at March 31, 2026 and
19,579,009 shares issued and outstanding at December 31, 2025
20
20
Additional paid-in capital
106,162
105,896
Accumulated other comprehensive income, net of taxes
184
1,928
Retained earnings
229,117
229,178
Total shareholders’ equity
335,483
337,022
Total liabilities and shareholders’ equity
$1,175,054
$1,225,074
(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.
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
Three Months Ended March 31,
2026
2025
Revenues:
Gross premiums written
$220,004
$212,150
Change in gross unearned premiums
10,768
(1,994)
Gross premiums earned
230,772
210,156
Ceded premiums earned
(148,564)
(144,754)
Net premiums earned
82,208
65,402
Policy fees
2,745
2,204
Net investment income
5,652
4,103
Net realized gains (losses) on investments
53
16
Other income (loss)
273
161
Total revenues
$90,931
$71,886
Expenses:
Losses and loss adjustment expenses, net
$31,725
$20,862
Policy acquisition expenses
15,985
3,107
General and administrative expenses
15,966
5,008
Total expenses
$63,676
$28,977
Income before income taxes
27,255
42,909
Income tax expense
7,345
4,813
Net income
$19,910
$38,096
Other comprehensive income (loss):
Unrealized holding gains on available-for-
sale securities, net of taxes
(1,705)
457
Reclassification adjustment for net
realized gains (losses), net of taxes
(39)
(12)
Total other comprehensive income
(1,744)
445
Comprehensive income
$18,166
$38,541
Earnings per share:(1)
Basic earnings per share
$1.02
$2.78
Diluted earnings per share
$1.02
$2.78
Weighted average shares outstanding –
Basic
19,579,035
12,904,495
Weighted average shares outstanding –
Diluted
19,579,308
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.
Consolidated Statements of Cash Flows
(In thousands)
For the Three Months Ended March 31,
2026
2025
Cash flows provided by (used in) operating activities
Net income
$19,910
$38,096
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
266
—
Amortization and depreciation
798
497
Deferred income taxes
282
(1,090)
Net realized (gains)
(53)
(16)
Changes in operating assets and liabilities:
Premiums receivable
599
(4,899)
Accrued investment income
386
238
Prepaid reinsurance premiums
117,205
89,856
Reinsurance recoverable
(6,234)
22,394
Net reinsurance commission receivable
8,312
—
Other assets
13,534
8,879
Unpaid losses and loss adjustment expense
(1,734)
(44,089)
Unearned premiums
(10,768)
1,994
Reinsurance payable
(140,359)
(55,072)
Advance premiums
14,140
13,950
Income taxes payable (recoverable)
2,054
6,418
Operating lease payments
389
(501)
Deferred policy acquisition costs, net unearned ceding commissions
(4,098)
(5,095)
Other liabilities and accrued expenses
(7,837)
(3,475)
Net cash provided by operating activities
6,792
68,085
Cash flows provided by (used in) investing activities
Purchases of property and equipment
(1,267)
(108)
Proceeds from sales and maturities of fixed maturity securities
20,534
59,870
Purchases of fixed maturity securities
(39,424)
(51,419)
Proceeds from sales and maturities of short-term investments
22,659
—
Purchases of short-term investments
(6,988)
—
Net cash provided by (used in) investing activities
(4,486)
8,343
Cash flows provided by (used in) financing activities
Cash dividends paid
(19,971)
—
Cash distributions to members(1)
—
(14,875)
Repayment of long-term debt
(103)
(103)
Net cash used in financing activities
(20,074)
(14,978)
Net increase in cash, cash equivalents and restricted cash
(17,768)
61,450
Cash, cash equivalents and restricted cash at beginning of year
244,119
179,272
Cash, cash equivalents and restricted cash at end of period
$226,351
$240,722
(1)The distributions were made to members prior to the IPO.

Source: View Original Filing on SEC EDGAR

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