American Integrity (NYSE: AII) posts strong 2025 earnings and declares $1.02 special dividend

Rhea-AI Filing Summary

American Integrity Insurance Group, Inc. reported a sharp improvement in 2025 profitability and announced a special cash dividend. Net income rose to $99.6M for 2025, up from $39.7M in 2024, with diluted EPS increasing to $5.65. The full-year combined ratio improved to 63.7% from 80.9%, while return on equity increased to 39.9%. Policies in-force grew 18.5% to 421,866 and gross premiums earned rose 29.7% to $885.0M. The Board declared a one-time special cash dividend of $1.02 per share, totaling about $20M, payable on March 30, 2026 to stockholders of record on March 16, 2026.

Insights

Property and casualty insurance analyst

Results show strong, profitable growth plus a meaningful cash return.

American Integrity delivered significantly higher 2025 earnings with net income of $99.6M versus $39.7M in 2024. Gross premiums earned grew nearly 30% to $885.0M, while the combined ratio improved to 63.7%, indicating much stronger underwriting profitability.

Return on equity rose to 39.9%, supported by policy growth to 421,866 in-force policies and higher investment income. Management also highlights reduced catastrophe losses and benefits from Citizens take-outs and voluntary market expansion as key drivers of the better loss and expense ratios.

The Board’s special cash dividend of $1.02 per share, or about $20M in aggregate, signals confidence in capital levels after the $100M IPO completed in May 2025. Future filings and updates on Citizens take-outs, quota-share cession levels, and catastrophe experience will help clarify the sustainability of these margins.

false000200758700020075872026-02-242026-02-24

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) February 24, 2026

__________________________

American Integrity Insurance Group, Inc.

(Exact name of registrant as specified in its charter)

__________________________

Delaware			001-42634			33-2925846
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

5426 Bay Center Drive, Suite 600 Tampa, Florida						33609
(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

AII

New 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 February 24, 2026, American Integrity Insurance Group, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2025. 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 8.01 Other Events.

On February 24, 2026, the Company issued a press release announcing that the Board of Directors of the Company declared a special cash dividend of $1.02 per share of common stock, par value $0.001 per share, of the Company. The dividend will be paid on March 30, 2026, to stockholders of record as of the close of business on March 16, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release, issued February 24, 2026 (furnished pursuant to Item 2.02).
99.2						Press Release, issued February 24, 2026
104						Cover 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: February 24, 2026			By:			/s/ Robert Ritchie
			Name:			Robert Ritchie
			Title:			Chief Executive Officer

American Integrity Insurance Group, Inc. Reports Fourth Quarter and Full Year 2025 Results

TAMPA, Fla., February 24, 2026 (GLOBE NEWSWIRE) — American Integrity Insurance Group, Inc. (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 fourth quarter and year ended December 31,

2025.

As previously disclosed, on May 9, 2025, the Company successfully completed its initial public offering (“IPO”). The

financial results for the fourth quarter and year ended December 31, 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.

2025 Financial Highlights

Fourth Quarter Highlights:

•Net income available to common shareholders of $20.9 million, or $1.07 per diluted share, compared to $8.0

million, or $0.62 per diluted share, in the fourth quarter of 2024. Adjusted net income1 available to common

shareholders of $21.8 million, or $1.11 per diluted share, compared to $8.0 million, or $0.62 per diluted share,

in the fourth quarter of 2024

•Return on equity of 25.6%, compared to 21.2% for the fourth quarter of 2024. Adjusted return on equity1 of

26.7%, compared to 21.2% in the fourth quarter of 2024

•Policies-in-force at year end were at 421,866, up 18.5% over December 31, 2024

•Gross premiums earned of $229.1 million, an increase of 14.6% compared to the fourth quarter of 2024

•Combined ratio of 62.8%, a decrease of 25.9 percentage points compared to 88.7% in the fourth quarter of

2024

•Wrote 86,818 new and renewal policies in the voluntary market, an increase of 16.9% compared to the fourth

quarter of 2024

•Assumed 7,972 policies, including 149 commercial residential policies, from Citizens Property Insurance

Corporation (“Citizens”), compared to 68,198 policies assumed in the fourth quarter of 2024. Take-outs

decreased as fewer policies from Citizens met our underwriting and targeted profitability standards

Full-Year 2025 Highlights:

•Net income available to common shareholders of $97.4 million, or $5.65 per diluted share, compared to $38.0

million, or $2.95 per diluted share, for 2024. Adjusted net income1 available to common shareholders of

$103.0 million, or $5.97 per diluted share, compared to $37.9 million, or $2.94 per diluted share, for 2024

•Return on equity of 39.9%, compared to 26.8% for 2024. Adjusted return on equity1 of 42.1%, compared to

26.8% for 2024

•Gross premiums earned of $885.0 million, an increase of 29.7% compared to 2024

•Combined ratio of 63.7%, a decrease of 17.2% percentage points compared to 80.9% for 2024

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, “This past year has marked a defining chapter in our Company’s

history. In May, we completed our successful initial public offering, having raised $100 million in gross proceeds — a

milestone that not only strengthened our balance sheet but sent a message that American Integrity is a company built

for scale, resilience and long-term growth. Our full year results are a further testament to the strength of our business,

as we ended 2025 with almost 422,000 policies in-force, having surpassed 400,000 policies this past August, a

significant milestone in our Company’s history. More than a statistic, this is a statement. Surpassing 400,000 policies

tells our customers, our distribution partners and our investors that we’re not just growing — we’re building something

enduring. This milestone reinforces our role as a market leader in Florida’s property insurance market. With strong

underwriting discipline, deep reinsurance partnerships and a focus on service excellence, we have scaled our business

both responsibly and profitably.”

Mr. Ritchie continued, “Our policy growth and financial results are the direct result of our efforts over the last two

decades cultivating our distribution network. We have built a strong market presence in the Florida residential

insurance market, where we were the 7th largest writer of voluntary policies in Florida in 2025 amongst all carriers,

and the 3rd largest when excluding Citizens and national carriers. This is the direct result of our agent partners and we

believe positions us for further success as we execute our growth initiatives focused on our entry into the Tri-county

region of Florida, our expansion into the middle-aged home market, recent launch of our commercial residential

product and entry into North Carolina. We have multiple growth vectors, which we believe will fuel our expansion in

the years to come and create substantial value for our stockholders. Importantly, we will remain disciplined and pursue

a path of responsible growth, as we strive to maintain a strong balance sheet purposefully built to weather cycles and

be there to support our insureds and distribution partners.”

Fourth Quarter 2025 Commentary

•Net income available to common shareholders of $20.9 million, or $1.07 per diluted share, compared to $8.0

million, or $0.62 per diluted share, in the fourth quarter of 2024. Adjusted net income1 available to common

shareholders of $21.8 million, or $1.11 per diluted share, compared to $8.0 million, or $0.62 per diluted share,

in the fourth quarter of 2024. The increase was primarily driven by higher net premiums earned and improved

underwriting performance.

•Return on equity of 25.6%, compared to 21.2% for the fourth quarter of 2024. Adjusted return on equity1 of

26.7%, compared to 21.2% in the fourth quarter of 2024.

•Gross premiums written in the fourth quarter of 2025 decreased by $31.2 million to $206.4 million from

$237.6 million in the fourth quarter of 2024. The decrease in gross premiums written was primarily due to our

assumption of more policies from Citizens in the fourth quarter of 2024 as compared to the fourth quarter of

2025. Gross premiums written from the voluntary market in the fourth quarter of 2025 increased by $15.5

million to $137.9 million from $122.4 million in the fourth quarter of 2024.

•Gross premiums earned in the fourth quarter of 2025 increased by $29.3 million to $229.1 million from $199.8

million in the fourth quarter of 2024. The increase in gross premiums earned was driven primarily by new and

renewal policies written through the voluntary market and from our strategic participation in the Citizens take-

out program.

•Ceded premiums earned in the fourth quarter of 2025 increased by $31.7 million to $169.8 million compared

to $138.1 million in the fourth quarter of 2024 due to the increase in gross premiums earned and the placement

of our 2025-2026 catastrophe excess-of-loss reinsurance program effective June 1, 2025. The Company

purchased more reinsurance coverage compared to prior years, reflecting an increase in in-force premium and

total insured value (TIV).

•Net premiums earned in the fourth quarter of 2025 decreased by $2.4 million to $59.4 million from $61.8

million in the fourth quarter of 2024. The decrease in net premiums earned was driven primarily by the

Citizens take-out in the fourth quarter of 2024, which created temporary catastrophe reinsurance windfall

savings that bolstered net premiums earned.

•Net investment income in the fourth quarter of 2025 increased $2.1 million to $5.9 million compared to $3.8

million in the fourth quarter of 2024, which was primarily driven by 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 fourth quarter of 2025 decreased $6.5 million to $26.3

million compared to $32.8 million for the fourth quarter of 2024, primarily driven by the lack of catastrophe

losses from current-year events during the period. The loss ratio was 42.6% for the fourth quarter of 2025,

compared to 51.6% for the fourth quarter of 2024. 

•Policy acquisition expenses for the fourth quarter of 2025 decreased 51.0% to $5.8 million compared to $11.8

million for the fourth quarter of 2024, and general and administrative costs for the fourth quarter of 2025

decreased 43.2% to $6.7 million compared to $11.7 million in the fourth quarter of 2024, both of which were

driven by an increase in non-catastrophe ceded commission allocation.

•The expense ratio was 20.2% for the fourth quarter of 2025 compared to 37.1% for the fourth quarter of 2024.

The combined ratio was 62.8% for the fourth quarter of 2025 compared to 88.7% for the fourth quarter of

2024.

•Income tax expense was $8.4 million and $2.3 million for the fourth quarter of 2025 and 2024, respectively.

Our effective tax rate for the three months ended December 31, 2025 and 2024 was 28.7% and 21.9%,

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 to United 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 $337.0 million as of December 31, 2025, compared to $162.4 million as of

December 31, 2024. Growth in shareholders’ equity was due to retained income and to the net proceeds

received in the IPO.

•As of December 31, 2025, the Company reduced the percentage of gross premiums written that it cedes under

its non-catastrophe quota share reinsurance arrangement from 40% to 25%.

Results of Operations 

	Three Months Ended December 31,
($ in thousands)	2025			2024			$ Change			% Change
Gross premiums written	$	206,388		$	237,617		$	(31,229)			(13.1)%
Change in gross unearned premiums		22,724			(37,776)			60,500			(160.2)%
Gross premiums earned		229,112			199,841			29,271			14.6%
Ceded premiums earned		(169,760)			(138,052)			(31,708)			23.0%
Net premiums earned		59,352			61,789			(2,437)			(3.9)%
Policy fees		2,422			1,736			686			39.5%
Net investment income		5,916			3,760			2,156			57.3%
Net realized gains (losses) on investments		27			16			11			68.8%
Other income (loss)		358			(183)			541			(295.6)%
Total Revenues		68,075			67,118			957			1.4%
Losses and loss adjustment expenses		26,332			32,808			(6,476)			(19.7)%
Policy acquisition expenses		5,804			11,837			(6,033)			(51.0)%
General and administrative expenses		6,661			11,727			(5,066)			(43.2)%
Total Expenses		38,797			56,372			(17,575)			(31.2)%
Income before taxes		29,278			10,746			18,532			172.5%
Income tax expense		8,409			2,349			6,060			258.0%
Net Income	$	20,869		$	8,397		$	12,472			148.5%
Loss ratio(1)		42.6%			51.6%
Expense ratio(2)		20.2%			37.1%
Combined ratio(3)		62.8%			88.7%
Return on equity(4)		25.6%			21.2%

	Year Ended December 31,
($ in thousands)	2025			2024			$ Change			% Change
Gross premiums written	$	944,634		$	767,678		$	176,956			23.1%
Change in gross unearned premiums		(59,676)			(85,462)			25,786			(30.2)%
Gross premiums earned		884,958			682,216			202,742			29.7%
Ceded premiums earned		(642,035)			(500,161)			(141,874)			28.4%
Net premiums earned		242,923			182,055			60,868			33.4%
Policy fees		10,397			7,393			3,004			40.6%
Net investment income		21,704			14,180			7,524			53.1%
Net realized gains (losses) on investments		569			119			450			378.2%
Other income (loss)		892			607			285			47.0%
Total Revenues		276,485			204,354			72,131			35.3%
Losses and loss adjustment expenses		98,034			90,832			7,202			7.9%
Policy acquisition expenses		21,446			31,532			(10,086)			(32.0)%
General and administrative expenses		41,948			30,951			10,997			35.5%
Total Expenses		161,428			153,315			8,113			5.3%
Income before taxes		115,057			51,039			64,018			125.4%
Income tax expense		15,436			11,297			4,139			36.6%
Net Income	$	99,621		$	39,742		$	59,879			150.7%
Loss ratio(1)		38.7%			47.9%
Expense ratio(2)		25.0%			33.0%
Combined ratio(3)		63.7%			80.9%
Return on equity(4)		39.9%			26.8%

(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.

	As of December 31,
($ in thousands)	2025			2024			% Change
Policies In-Force		421,866			356,108			18.5%
In-Force Premium	$	948,623		$	875,257			8.4%

Policies in-force were 421,866 as of December 31, 2025, an increase of 18.5% compared to policies in-force of

356,108 as of December 31, 2024. The increase in our policies in-force was primarily due to new policies

written through the voluntary market and the 2024-2025 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, 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 $12.5 million, or 148.5%, to $20.9 million for the three months ended December 31, 2025

from $8.4 million for the three months ended December 31, 2024. Adjusted net income increased $13.4 million,

or 160.0%, to $21.8 million for the three months ended December 31, 2025 from $8.4 million for the three months

ended December 31, 2024. The increases were due largely to the financial benefits of our recent participation in

the Citizens take-out program and premiums from new policies written through the voluntary market, combined

with improved underwriting performance due, in part, to the absence of significant storm activity in Florida

during the fourth quarter of 2025.

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 and adjusted earnings per share for the three months and year ended December 31, 2025 and

2024 reconciles to net income and earnings per share, respectively, as follows:

	Three Months Ended December 31,				Year Ended December 31,
($ in thousands)	2025		2024		2025		2024
Net Income	$ 20,869		$ 8,397		$ 99,621		$ 39,742
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)	1,203		—		2,287		—
Less:
Net realized gains on Investments	27		16		569		119
Change in tax status(3)	—		—		9,722		—
Tax effect(4)	247		(3)		2,930		(25)
Adjusted net income	$ 21,798		$ 8,384		$ 105,161		$ 39,648
Adjusted income allocated to participating securities	—		362		2,190		1,711
Numerator:
Adjusted net income available for common shareholders	21,798		8,022		102,971		37,937
Denominator:
Weighted average common shares outstanding:
Basic	19,576,828		12,904,495		17,235,168		12,904,495
Diluted	19,577,036		12,904,495		17,235,376		12,904,495
Earnings per share(5):
Basic	$ 1.07		$ 0.62		$ 5.65		$ 2.95
Diluted	$ 1.07		$ 0.62		$ 5.65		$ 2.95
Adjusted earnings per share:
Basic	$ 1.11		$ 0.62		$ 5.97		$ 2.94
Diluted	$ 1.11		$ 0.62		$ 5.97		$ 2.94

(1)Stock-based compensation expense recognized of $10,433 for the year ended December 31, 2025, and approximately

$4,241 was nondeductible for U.S. federal income tax purposes.

(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 U.S. federal statutory and state blended

corporate tax rate of 25.262% for consistency with the tax asset recorded.

(4)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 year ended December 31, 2025 and 2024 were 13.4% and

22.1%, 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.

(5)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 and year ended December 31, 2025 and 2024 reconciles to return

on equity as follows:

	Three Months Ended December 31,
($ in thousands)	2025			2024
Net income	$	20,869		$	8,397
Average beginning and ending shareholders’ equity(1)		326,451			158,414
Return on equity(2)		25.6 %			21.2 %
Adjusted net income (after tax)(3)(4)	$	21,798		$	8,384
Average shareholders’ equity		326,451			158,414
Adjusted return on equity(3)(4)		26.7 %			21.2 %

	Year Ended December 31,
($ in thousands)	2025			2024
Net income	$	99,621		$	39,742
Average beginning and ending shareholders’ equity(1)		249,707			148,179
Return on equity(2)		39.9 %			26.8 %
Adjusted net income (after tax)(3)(4)	$	105,161		$	39,648
Average shareholders’ equity		249,707			148,179
Adjusted return on equity(3)(4)		42.1 %			26.8 %

(1)Average beginning and ending shareholders’ equity represents the average of shareholders' equity at the beginning and

end of the period presented.

(2)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.

(3)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.

(4)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 year ended December 31, 2025 and 2024 were 13.4% and

22.1%, 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.

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

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

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 tables summarize loss ratios and underlying loss and LAE ratios for the three months and year

ended December 31, 2025, and 2024:

	Three Months Ended December 31,
($ in thousands)	2025			2024
Total Net Premiums Earned	$	59,352		$	61,789
Plus: Policy Fees		2,422			1,736
Total Net Premiums Earned Plus Policy Fees		61,774			63,525
Losses and Loss Adjustment Expenses, Net	$	26,332		$	32,808
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		42.6%			51.6%
Less:
Current Year Net Catastrophe Losses		—			14,084
Prior Year Net Reserve Development		(3,009)			3,574
Underlying Loss and Loss Adjustment Expenses, Net	$	29,341		$	15,150
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		47.5%			23.8%

	Year Ended December 31,
($ in thousands)	2025			2024
Total Net Premiums Earned	$	242,923		$	182,055
Plus: Policy Fees		10,397			7,393
Total Net Premiums Earned Plus Policy Fees		253,320			189,448
Losses and Loss Adjustment Expenses, Net	$	98,034		$	90,832
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		38.7%			47.9%
Less:
Current Year Net Catastrophe Losses		—			32,192
Prior Year Net Reserve Development		(1,814)			(3,187)
Underlying Loss and Loss Adjustment Expenses, Net	$	99,848		$	61,827
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		39.4%			32.6%

Gross underlying non-catastrophe loss and loss adjustment expense ratio

Gross underlying non-catastrophe loss and loss adjustment expense ratio is a non-GAAP measure. We calculate

the gross underlying non-catastrophe 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 non-catastrophe loss and LAE ratio to analyze our loss trends before the impact of reinsurance.

Catastrophe reinsurance windfalls from Citizens take-outs, changes in catastrophe reinsurance pricing, and

changes in the structure of our quota share program can have a significant impact on underlying loss and LAE

ratios. 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 tables summarize the gross underlying non-catastrophe loss and LAE ratios for the three months

and year ended December 31, 2025, and 2024:

	Three Months Ended December 31,
($ in thousands)	2025			2024
Total Gross Premiums Earned	$	229,112		$	199,841
Plus: Policy Fees		2,422			1,736
Total Gross Premiums Earned Plus Policy Fees		231,534			201,577
Losses and Loss Adjustment Expenses, Net		26,332			32,808
Less:
Current Year Net Catastrophe Losses		—			14,084
Prior Year Net Reserve Development		(3,009)			3,574
Underlying Loss and Loss Adjustment Expenses, Net	$	29,341		$	15,150
Add:
Ceded Non-Catastrophe Loss and Loss Adjustment Expense		10,177			18,014
Gross Underlying Non-Catastrophe Loss and Loss Adjustment Expenses, Net	$	39,518		$	33,164
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		42.6%			51.6%
Gross Underlying Non-Catastrophe Loss and Loss Adjustment Expense Ratio (% Gross Premiums Earned Plus Policy Fees)		17.1%			16.5%

	Year Ended December 31,
($ in thousands)	2025			2024
Total Gross Premiums Earned	$	884,958		$	682,216
Plus: Policy Fees		10,397			7,393
Total Gross Premiums Earned Plus Policy Fees		895,355			689,609
Losses and Loss Adjustment Expenses, Net		98,034			90,832
Less:
Current Year Net Catastrophe Losses		—			32,192
Prior Year Net Reserve Development		(1,814)			(3,187)
Underlying Loss and Loss Adjustment Expenses, Net	$	99,848		$	61,827
Add:
Ceded Non-Catastrophe Loss and Loss Adjustment Expense		52,522			55,381
Gross Underlying Non-Catastrophe Loss and Loss Adjustment Expenses, Net	$	152,370		$	117,208
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		38.7%			47.9%
Gross Underlying Non-Catastrophe Loss and Loss Adjustment Expense Ratio (% Gross Premiums Earned Plus Policy Fees)		17.0%			17.0%

Conference Call

As previously announced, American Integrity will hold a conference call to discuss its fourth quarter and full year

2025 results at 9:30 a.m. Eastern Time on February 25, 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 Canada-

Toronto) and using the conference ID code: 2280231. 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 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: 2280231#. 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 for 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:

Ben Lurie, CFO

American Integrity Insurance Group, Inc.

Tel (813) 551-1014

blurie@aii.com

Consolidated Balance Sheets

(In thousands, except share and per share data)

	December 31, 2025		December 31, 2024
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $327,910 and $214,505, respectively)	$ 330,489		$ 214,045
Short-term investments (amortized cost of $18,121 and $—, respectively)	18,121		—
Total investments	348,610		214,045
Cash and cash equivalents	203,902		173,220
Restricted cash	40,217		6,052
Premiums receivable, net	45,031		51,594
Accrued investment income	3,458		2,174
Prepaid reinsurance premiums	275,093		268,254
Reinsurance recoverable, net	269,056		462,097
Property and equipment, net	5,718		1,843
Right-of-use assets – operating leases	449		2,498
Deferred income tax asset, net	8,636		—
Other assets	24,904		16,368
Total assets	$ 1,225,074		$ 1,198,145
Liabilities and shareholders’ equity
Liabilities:
Unpaid losses and loss adjustment expenses	$ 266,591		$ 475,708
Income tax payable	2,680		11,873
Unearned premiums	481,557		421,881
Reinsurance payable	78,526		56,348
Advance premiums	11,752		6,561
Deferred income tax liability, net	—		1,122
Long-term debt	618		1,029
Lease liabilities – operating leases	458		2,612
Deferred policy acquisition costs, net of unearned ceding commissions	12,902		31,931
Other liabilities and accrued expenses	32,968		26,688
Total liabilities	$ 888,052		$ 1,035,753
Shareholders’ equity:(1)
Common stock, $0.001 par value, 100,000,000 shares authorized, 19,579,009 shares issued and outstanding at December 31, 2025 and 12,904,495 shares issued and outstanding at December 31, 2024	20		13
Additional paid-in capital	105,896		10,274
Accumulated other comprehensive income (loss), net of taxes	1,928		(327)
Retained earnings	229,178		152,432
Total shareholders’ equity	337,022		162,392
Total liabilities and shareholders’ equity	$ 1,225,074		$ 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.

Consolidated Statement of Operations and Comprehensive Income

(In thousands, except share and per share data)

	Three Months Ended December 31,				Year Ended December 31,
				2025					2024		2025		2024
Revenues:
Gross premiums written	$ 206,388		$ 237,617		$ 944,634		$ 767,678
Change in gross unearned premiums	22,724		(37,776)		(59,676)		(85,462)
Gross premiums earned	229,112		199,841		884,958		682,216
Ceded premiums earned	(169,760)		(138,052)		(642,035)		(500,161)
Net premiums earned	59,352		61,789		242,923		182,055
Policy fees	2,422		1,736		10,397		7,393
Net investment income	5,916		3,760		21,704		14,180
Net realized gains (losses) on investments	27		16		569		119
Other income (loss)	358		(183)		892		607
Total revenues	$ 68,075		$ 67,118		$ 276,485		$ 204,354
Expenses:
Losses and loss adjustment expenses, net	$ 26,332		$ 32,808		$ 98,034		$ 90,832
Policy acquisition expenses	5,804		11,837		21,446		31,532
General and administrative expenses	6,661		11,727		41,948		30,951
Total expenses	$ 38,797		$ 56,372		$ 161,428		$ 153,315
Income before income taxes	29,278		10,746		115,057		51,039
Income tax expense	8,409		2,349		15,436		11,297
Net income	$ 20,869		$ 8,397		$ 99,621		$ 39,742
Other comprehensive income:
Unrealized holding gains on available-for- sale securities, net of taxes	221		(428)		2,680		802
Reclassification adjustment for net realized gains, net of taxes	(21)		(13)		(425)		(94)
Total other comprehensive income	200		(441)		2,255		708
Comprehensive income	$ 21,069		$ 7,956		$ 101,876		$ 40,450
Earnings per share:(1)
Basic earnings per share	$ 1.07		$ 0.62		$ 5.65		$ 2.95
Diluted earnings per share	$ 1.07		$ 0.62		$ 5.65		$ 2.95
Weighted average shares outstanding – Basic	19,576,828		12,904,495		17,235,168		12,904,495
Weighted average shares outstanding – Diluted	19,577,036		12,904,495		17,235,376		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 Statement of Cash Flows

(In thousands)

	For the Years Ended December 31,
	2025		2024
Cash flows provided by (used in) operating activities
Net income	$ 99,621		$ 39,742
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense	10,609		—
Amortization and depreciation	2,280		2,841
Deferred income taxes	(10,525)		(2,110)
Net realized (gains)	(569)		(119)
Unrealized gain (through OCI)	—		—
Changes in operating assets and liabilities:
Premiums receivable	6,563		(14,825)
Accrued investment income	(1,284)		(479)
Prepaid reinsurance premiums	(6,839)		(42,324)
Reinsurance recoverable	193,041		(136,807)
Other assets	(8,537)		(7,981)
Unpaid losses and loss adjustment expense	(209,117)		196,316
Unearned premiums	59,676		88,079
Reinsurance payable	22,178		(4,713)
Advance premiums	5,191		(4,132)
Income taxes payable (recoverable)	(9,193)		12,640
Operating lease payments	(2,279)		(2,083)
Deferred policy acquisition costs, net unearned ceding commissions	(19,029)		31,931
Other liabilities and accrued expenses	6,405		(7,067)
Net cash provided by operating activities	138,192		148,909
Cash flows provided by (used in) investing activities
Purchases of property and equipment	(5,017)		(1,307)
Proceeds from sales and maturities of fixed maturity securities	120,267		83,223
Purchases of fixed maturity securities	(232,488)		(103,242)
Proceeds from sales and maturities of short-term investments	15,144		1,957
Purchases of short-term investments	(32,985)		—
Net cash used in investing activities	(135,079)		(19,369)
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	(411)		(412)
Payments of initial public offering costs	(4,227)		—
Net cash from provided by (used in) financing activities	61,734		(12,436)
Net increase in cash, cash equivalents and restricted cash	64,847		117,104
Cash, cash equivalents and restricted cash at beginning of year	179,272		62,168
Cash, cash equivalents and restricted cash at end of period	$ 244,119		$ 179,272
Supplemental disclosures of cash flow information
Interest paid	$ 27		$ 65
Income taxes paid	$ 35,335		$ 1,000

(1)The distributions were made to members prior to the IPO.

American Integrity Insurance Group, Inc. Announces Special Cash Dividend

TAMPA, Fla., February 24, 2026 (GLOBE NEWSWIRE) — American Integrity Insurance Group, Inc. (NYSE: AII), a Tampa-based property and casualty insurance holding company and one of Florida’s leading providers of residential property insurance, announced today that its Board of Directors declared a special cash dividend in the amount of $1.02 per share of common stock, to be paid on March 30, 2026, to all stockholders of record as of the close of business on March 16, 2026. The aggregate amount of the payment to be made in connection with this special cash dividend will be approximately $20 million.

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.

Company Contact:

Ben Lurie, CFO

American Integrity Insurance Group, Inc.

Tel (813) 551-1014

blurie@aii.com

FAQ

How did American Integrity Insurance Group (AII) perform financially in 2025?

American Integrity posted strong 2025 results, with net income of $99.6 million versus $39.7 million in 2024. Gross premiums earned increased to $885.0 million, while the combined ratio improved to 63.7%, reflecting significantly better underwriting profitability and operating efficiency.

What were American Integrity’s key fourth quarter 2025 results?

In Q4 2025, American Integrity reported net income of $20.9 million, or $1.07 per diluted share, up from $8.0 million and $0.62 a year earlier. The Q4 combined ratio improved to 62.8%, driven by lower losses, reduced expenses, and higher investment income.

What special dividend did American Integrity Insurance Group declare?

The Board declared a special cash dividend of $1.02 per share of common stock. The aggregate payment will be approximately $20 million, and it will be paid on March 30, 2026 to stockholders of record as of March 16, 2026.

How fast is American Integrity Insurance Group’s policy base growing?

Policies in-force reached 421,866 as of December 31, 2025, up from 356,108 a year earlier, an 18.5% increase. Growth was driven by new policies in the voluntary market and participation in the 2024–2025 Citizens take-out program in Florida.

What were American Integrity’s 2025 return on equity and margins?

Return on equity for 2025 was 39.9%, with adjusted return on equity of 42.1%. The full-year loss ratio improved to 38.7% and the expense ratio to 25.0%, yielding a combined ratio of 63.7%, showing robust profitability.

How did gross premiums and net premiums change for American Integrity in 2025?

Gross premiums earned increased to $885.0 million in 2025 from $682.2 million in 2024, a 29.7% rise. Net premiums earned grew to $242.9 million from $182.1 million, helped by policy growth and participation in Citizens take-outs and voluntary market expansion.

What impact did the IPO have on American Integrity’s capital and equity?

The May 2025 IPO raised $100 million in gross proceeds and contributed to shareholders’ equity increasing to $337.0 million at year-end 2025 from $162.4 million a year earlier. Retained earnings also grew to $229.2 million, supporting stronger capitalization.

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