American Integrity Insurance Group (AII) Q3 2025 earnings summary

Executive summary

• Achieved strong premium growth and profitability, with net income for Q3 2025 at $13.2 million ($0.67 per diluted share), up 191.7% year-over-year, and adjusted net income at $14.0 million ($0.71 per diluted share), up 210.9% year-over-year.

• Gross premiums written rose 49% to $239.1 million, and policies in force increased 49% to 406,094, driven by expansion in the Voluntary Market and Citizens take-outs.

• Completed IPO in May 2025, raising $93 million in net proceeds, supporting capital strength, growth initiatives, and increased invested assets and equity.

• Expanded policy count significantly in Florida, especially in under-penetrated segments like Tri-County and middle-aged homes, and launched a new Commercial Residential Product targeting Florida's condo and HOA markets.

• Continued geographic expansion into Georgia, South Carolina, and announced entry into North Carolina.

Financial highlights

• Gross premiums written rose 49% to $239.1 million; gross premiums earned up 34% to $222 million year-over-year.

• Net premiums earned increased 28.5% to $52 million; net investment income up 84% to $6.9 million.

• Net income available to common shareholders was $13.2 million; adjusted net income $14 million; EPS $0.67, adjusted EPS $0.71.

• Total shareholders' equity increased to $315.9 million from $162.4 million at year-end 2024; book value per share up 28.2% to $16.14.

• Annualized return on equity for Q3 2025 was 17.0%, up from 11.9% a year ago.

Outlook and guidance

• Voluntary policy growth expected to be the main driver going forward, with Citizens takeouts becoming less significant.

• Legislative reforms in Florida have improved operating conditions, reducing litigation and supporting profitable underwriting.

• Focus on disciplined underwriting, risk management, and expansion in core and adjacent markets, including Florida’s Tri-County and commercial residential segments.

• Favorable reinsurance pricing and capacity anticipated for 2026, with plans to gradually reduce quota share to retain more profitable premium.

• Gross non-CAT loss ratio expected to rise modestly by about one point over the next 12 months due to inflation and mix changes.