American Integrity Insurance Group (AII) Q2 2025 earnings summary

Executive summary

• Policies in force grew nearly 50% year-over-year to about 399,000–400,000, driven by voluntary market expansion and Citizens take-outs, with significant penetration in the Tri-County region and expansion into Georgia, South Carolina, and North Carolina.

• Gross premiums written for Q2 2025 rose 29.5% year-over-year to $287 million; for 1H 2025, $499 million, up 35% from the prior year.

• Net income for Q2 2025 was $27.5 million, up 86.7% year-over-year; adjusted net income for Q2 2025 was $31.3 million, and for 1H 2025, $69 million.

• Completed a successful IPO in May 2025, raising $82–$100 million in gross proceeds and $93 million in net proceeds, supporting organic growth and strengthening the balance sheet.

• Maintains a leading market share in Florida, ranking #3 among domestic carriers as of June 30, 2025.

Financial highlights

• Net premiums earned for Q2 2025 were $66.2 million, up 63.3% year-over-year; net investment income for Q2 2025 was $4.8 million, up 40%.

• EPS for Q2 2025 was $1.62; adjusted EPS was $1.84, based on 17 million shares.

• Shareholders’ equity increased to $301.9–$302 million as of June 30, 2025, up 85.9%–86% from year-end 2024.

• Annualized return on equity for Q2 2025 was 48.8%, up from 44.5% in Q2 2024.

• Net cash from operating activities for 1H 2025 was $95.5 million, up from $27.2 million in 2024.

Outlook and guidance

• Anticipates continued policy growth, especially in Miami-Dade and Broward, with distribution network ready to begin writing business.

• Plans to launch Florida commercial residential lines in Q4 2025 or 1Q 2026 with conservative underwriting.

• Expects retention rates to rise and new business initiatives to drive further growth; plans to reduce non-cat quota share over the next 2–3 years.

• Management focused on maintaining profitability through conservative financial management and optimizing reinsurance.