American Integrity Insurance Group (AII) Q1 2025 earnings summary

Executive summary

• Completed IPO in May 2025, raising $100 million in gross proceeds and listing on NYSE.

• Achieved strong Q1 2025 growth, driven by Citizens take-out program, voluntary market expansion, and disciplined underwriting.

• Reported Q1 2025 net income of $38.1 million, up 214.7% year-over-year.

• Maintained high policy retention rates, with 383,332 policies in force as of March 31, 2025.

• Benefited from Florida's 2022 legislative reforms, leading to a normalized claims environment and a healthy balance sheet.

Financial highlights

• Gross premiums written rose 43.9% year-over-year to $212.2 million in Q1 2025.

• Net premiums earned increased 66.5% to $65.4 million; net investment income rose 26.3% to $4.1 million.

• Combined ratio improved to 42.9% from 75.9% year-over-year; annualized return on equity reached 92.9%.

• Members' equity increased 14.6% to $186.1 million as of March 31, 2025.

• Cash and cash equivalents increased to $236.4 million as of March 31, 2025.

Outlook and guidance

• Plans to expand voluntary writing in Miami and Broward County in fall 2025, leveraging agent relationships.

• Expects continued positive operating environment and further benefit from legislative reforms.

• Anticipates normalization of expense and loss ratios as Citizens take-out benefits subside.

• Inflation and reinsurance market conditions remain key factors for future results.

• Management anticipates continued growth through Citizens take-out opportunities and new voluntary business.