TAMPA, Fla.--(BUSINESS WIRE)--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.
Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31, December 31,
2026 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260512452063/en/
CONTACT: Company Contact:
Brian Foley, CFO
American Integrity Insurance Group, Inc.
bfoley@aii.com
(END) Dow Jones Newswires
May 12, 2026 16:15 ET (20:15 GMT)