American Integrity Insurance Group (AII) Q4 2025 earnings summary

Executive summary

• Completed a successful IPO in May 2025, raising $100 million and strengthening the balance sheet for long-term growth initiatives.

• Achieved record organic growth with policies in force rising 19% year-over-year to nearly 422,000 at year-end 2025.

• Adjusted net income surged 165% to $105 million, with adjusted ROE up to 42.1%.

• Growth now driven by voluntary and organic policies as Citizens takeouts phase completed.

• Declared a special cash dividend of $1.02 per share, totaling $20 million.

Financial highlights

• Gross premiums earned grew nearly 30% year-over-year to $885 million; gross premiums written rose 23% to $945 million.

• Adjusted net income available to common shareholders was $103 million ($5.97 per diluted share), up from $37.9 million ($2.94 per share) in the prior year.

• Combined ratio improved to 63.7% for the year, down from 80.9% in 2024.

• Loss ratio dropped to 39% for 2025, down from 48% in 2024.

• Shareholders’ equity increased to $337 million at year-end 2025, more than doubling year-over-year.

Outlook and guidance

• Expect continued organic growth, especially in Tri-County Florida, middle-aged homes, and commercial residential segments.

• Expansion underway into Georgia, South Carolina, and North Carolina, with new writings in NC starting January 2026.

• Anticipate positive impact on net income in 2026 from reduced quota share cession rate and improved reinsurance pricing.

• Average premium per policy expected to trend upward over the next 12 months, despite a 5% average rate decrease.

• Reinsurance market conditions are favorable, with expected risk-adjusted rate decreases of 10%-20% for 2026 renewals.