TAMPA, Fla.–(BUSINESS WIRE)–American Integrity Insurance Group, Inc. (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 fourth quarter and year ended December 31, 2025.

As previously disclosed, on May 9, 2025, the Company successfully completed its initial public offering (“IPO”). The financial results for the fourth quarter and year ended December 31, 2025 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.

2025 Financial Highlights

Fourth Quarter Highlights:

Net income available to common shareholders of $20.9 million, or $1.07 per diluted share, compared to $8.0 million, or $0.62 per diluted share, in the fourth quarter of 2024. Adjusted net income¹ available to common shareholders of $21.8 million, or $1.11 per diluted share, compared to $8.0 million, or $0.62 per diluted share, in the fourth quarter of 2024

Return on equity of 25.6%, compared to 21.2% for the fourth quarter of 2024. Adjusted return on equity¹ of 26.7%, compared to 21.2% in the fourth quarter of 2024

Policies-in-force at year end were at 421,866, up 18.5% over December 31, 2024

Gross premiums earned of $229.1 million, an increase of 14.6% compared to the fourth quarter of 2024

Combined ratio of 62.8%, a decrease of 25.9 percentage points compared to 88.7% in the fourth quarter of 2024

Wrote 86,818 new and renewal policies in the voluntary market, an increase of 16.9% compared to the fourth quarter of 2024

Assumed 7,972 policies, including 149 commercial residential policies, from Citizens Property Insurance Corporation (“Citizens”), compared to 68,198 policies assumed in the fourth quarter of 2024. Take-outs decreased as fewer policies from Citizens met our underwriting and targeted profitability standards

Full-Year 2025 Highlights:

Net income available to common shareholders of $97.4 million, or $5.65 per diluted share, compared to $38.0 million, or $2.95 per diluted share, for 2024. Adjusted net income¹ available to common shareholders of $103.0 million, or $5.97 per diluted share, compared to $37.9 million, or $2.94 per diluted share, for 2024

Return on equity of 39.9%, compared to 26.8% for 2024. Adjusted return on equity¹ of 42.1%, compared to 26.8% for 2024

Gross premiums earned of $885.0 million, an increase of 29.7% compared to 2024

Combined ratio of 63.7%, a decrease of 17.2% percentage points compared to 80.9% for 2024

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, “This past year has marked a defining chapter in our Company’s history. In May, we completed our successful initial public offering, having raised $100 million in gross proceeds — a milestone that not only strengthened our balance sheet but sent a message that American Integrity is a company built for scale, resilience and long-term growth. Our full year results are a further testament to the strength of our business, as we ended 2025 with almost 422,000 policies in-force, having surpassed 400,000 policies this past August, a significant milestone in our Company’s history. More than a statistic, this is a statement. Surpassing 400,000 policies tells our customers, our distribution partners and our investors that we’re not just growing — we’re building something enduring. This milestone reinforces our role as a market leader in Florida’s property insurance market. With strong underwriting discipline, deep reinsurance partnerships and a focus on service excellence, we have scaled our business both responsibly and profitably.”

Mr. Ritchie continued, “Our policy growth and financial results are the direct result of our efforts over the last two decades cultivating our distribution network. We have built a strong market presence in the Florida residential insurance market, where we were the 7th largest writer of voluntary policies in Florida in 2025 amongst all carriers, and the 3rd largest when excluding Citizens and national carriers. This is the direct result of our agent partners and we believe positions us for further success as we execute our growth initiatives focused on our entry into the Tri-county region of Florida, our expansion into the middle-aged home market, recent launch of our commercial residential product and entry into North Carolina. We have multiple growth vectors, which we believe will fuel our expansion in the years to come and create substantial value for our stockholders. Importantly, we will remain disciplined and pursue a path of responsible growth, as we strive to maintain a strong balance sheet purposefully built to weather cycles and be there to support our insureds and distribution partners.”

Fourth Quarter 2025 Commentary

Net income available to common shareholders of $20.9 million, or $1.07 per diluted share, compared to $8.0 million, or $0.62 per diluted share, in the fourth quarter of 2024. Adjusted net income¹ available to common shareholders of $21.8 million, or $1.11 per diluted share, compared to $8.0 million, or $0.62 per diluted share, in the fourth quarter of 2024. The increase was primarily driven by higher net premiums earned and improved underwriting performance.

Return on equity of 25.6%, compared to 21.2% for the fourth quarter of 2024. Adjusted return on equity¹ of 26.7%, compared to 21.2% in the fourth quarter of 2024.

Gross premiums written in the fourth quarter of 2025 decreased by $31.2 million to $206.4 million from $237.6 million in the fourth quarter of 2024. The decrease in gross premiums written was primarily due to our assumption of more policies from Citizens in the fourth quarter of 2024 as compared to the fourth quarter of 2025. Gross premiums written from the voluntary market in the fourth quarter of 2025 increased by $15.5 million to $137.9 million from $122.4 million in the fourth quarter of 2024.

Gross premiums earned in the fourth quarter of 2025 increased by $29.3 million to $229.1 million from $199.8 million in the fourth quarter of 2024. The increase in gross premiums earned was driven primarily by new and renewal policies written through the voluntary market and from our strategic participation in the Citizens take-out program.

Ceded premiums earned in the fourth quarter of 2025 increased by $31.7 million to $169.8 million compared to $138.1 million in the fourth quarter of 2024 due to the increase in gross premiums earned and the placement of our 2025-2026 catastrophe excess-of-loss reinsurance program effective June 1, 2025. The Company purchased more reinsurance coverage compared to prior years, reflecting an increase in in-force premium and total insured value (TIV).

Net premiums earned in the fourth quarter of 2025 decreased by $2.4 million to $59.4 million from $61.8 million in the fourth quarter of 2024. The decrease in net premiums earned was driven primarily by the Citizens take-out in the fourth quarter of 2024, which created temporary catastrophe reinsurance windfall savings that bolstered net premiums earned.

Net investment income in the fourth quarter of 2025 increased $2.1 million to $5.9 million compared to $3.8 million in the fourth quarter of 2024, which was primarily driven by 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 fourth quarter of 2025 decreased $6.5 million to $26.3 million compared to $32.8 million for the fourth quarter of 2024, primarily driven by the lack of catastrophe losses from current-year events during the period. The loss ratio was 42.6% for the fourth quarter of 2025, compared to 51.6% for the fourth quarter of 2024.

Policy acquisition expenses for the fourth quarter of 2025 decreased 51.0% to $5.8 million compared to $11.8 million for the fourth quarter of 2024, and general and administrative costs for the fourth quarter of 2025 decreased 43.2% to $6.7 million compared to $11.7 million in the fourth quarter of 2024, both of which were driven by an increase in non-catastrophe ceded commission allocation.

The expense ratio was 20.2% for the fourth quarter of 2025 compared to 37.1% for the fourth quarter of 2024. The combined ratio was 62.8% for the fourth quarter of 2025 compared to 88.7% for the fourth quarter of 2024.

Income tax expense was $8.4 million and $2.3 million for the fourth quarter of 2025 and 2024, respectively. Our effective tax rate for the three months ended December 31, 2025 and 2024 was 28.7% and 21.9%, respectively. On May 7, 2025, the Company reorganized its structure through a tax-free transaction following the contribution by the members of American Integrity Insurance Group, LLC of all of their equity interests in American Integrity Insurance Group, LLC to the Company in exchange for shares of the Company’s common stock, which changed its tax status from a limited liability company, treated as a partnership for federal income tax purposes, to a corporation subject to United States federal income tax, under Subchapter C of the Internal Revenue Code (the “Corporate Contribution”). Conversion from a non-taxable entity to a corporation is considered a change in tax status, and has been reflected in the financial statements in accordance with the relevant accounting guidance.

Shareholders’ equity increased to $337.0 million as of December 31, 2025, compared to $162.4 million as of December 31, 2024. Growth in shareholders’ equity was due to retained income and to the net proceeds received in the IPO.

As of December 31, 2025, the Company reduced the percentage of gross premiums written that it cedes under its non-catastrophe quota share reinsurance arrangement from 40% to 25%.

Results of Operations

	Three Months Ended December 31,
($ in thousands)	2025		2024		$ Change		% Change
Gross premiums written	$	206,388	$	237,617	$	(31,229)		(13.1)%
Change in gross unearned premiums		22,724		(37,776)		60,500		(160.2)%
Gross premiums earned		229,112		199,841		29,271		14.6%
Ceded premiums earned		(169,760)		(138,052)		(31,708)		23.0%
Net premiums earned		59,352		61,789		(2,437)		(3.9)%
Policy fees		2,422		1,736		686		39.5%
Net investment income		5,916		3,760		2,156		57.3%
Net realized gains (losses) on investments		27		16		11		68.8%
Other income (loss)		358		(183)		541		(295.6)%
Total Revenues		68,075		67,118		957		1.4%
Losses and loss adjustment expenses		26,332		32,808		(6,476)		(19.7)%
Policy acquisition expenses		5,804		11,837		(6,033)		(51.0)%
General and administrative expenses		6,661		11,727		(5,066)		(43.2)%
Total Expenses		38,797		56,372		(17,575)		(31.2)%
Income before taxes		29,278		10,746		18,532		172.5%
Income tax expense		8,409		2,349		6,060		258.0%
Net Income	$	20,869	$	8,397	$	12,472		148.5%
Loss ratio⁽¹⁾		42.6%		51.6%
Expense ratio⁽²⁾		20.2%		37.1%
Combined ratio⁽³⁾		62.8%		88.7%
Return on equity⁽⁴⁾		25.6%		21.2%

	Year Ended December 31,
($ in thousands)	2025		2024		$ Change		% Change
Gross premiums written	$	944,634	$	767,678	$	176,956		23.1%
Change in gross unearned premiums		(59,676)		(85,462)		25,786		(30.2)%
Gross premiums earned		884,958		682,216		202,742		29.7%
Ceded premiums earned		(642,035)		(500,161)		(141,874)		28.4%
Net premiums earned		242,923		182,055		60,868		33.4%
Policy fees		10,397		7,393		3,004		40.6%
Net investment income		21,704		14,180		7,524		53.1%
Net realized gains (losses) on investments		569		119		450		378.2%
Other income (loss)		892		607		285		47.0%
Total Revenues		276,485		204,354		72,131		35.3%
Losses and loss adjustment expenses		98,034		90,832		7,202		7.9%
Policy acquisition expenses		21,446		31,532		(10,086)		(32.0)%
General and administrative expenses		41,948		30,951		10,997		35.5%
Total Expenses		161,428		153,315		8,113		5.3%
Income before taxes		115,057		51,039		64,018		125.4%
Income tax expense		15,436		11,297		4,139		36.6%
Net Income	$	99,621	$	39,742	$	59,879		150.7%
Loss ratio⁽¹⁾		38.7%		47.9%
Expense ratio⁽²⁾		25.0%		33.0%
Combined ratio⁽³⁾		63.7%		80.9%
Return on equity⁽⁴⁾		39.9%		26.8%

(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.

	As of December 31,
($ in thousands)	2025		2024		% Change
Policies In-Force		421,866		356,108		18.5%
In-Force Premium	$	948,623	$	875,257		8.4%

Policies in-force were 421,866 as of December 31, 2025, an increase of 18.5% compared to policies in-force of 356,108 as of December 31, 2024. The increase in our policies in-force was primarily due to new policies written through the voluntary market and the 2024-2025 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, 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 increased $12.5 million, or 148.5%, to $20.9 million for the three months ended December 31, 2025 from $8.4 million for the three months ended December 31, 2024. Adjusted net income increased $13.4 million, or 160.0%, to $21.8 million for the three months ended December 31, 2025 from $8.4 million for the three months ended December 31, 2024. The increases were due largely to the financial benefits of our recent participation in the Citizens take-out program and premiums from new policies written through the voluntary market, combined with improved underwriting performance due, in part, to the absence of significant storm activity in Florida during the fourth quarter of 2025.

Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to common stockholders 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 and year ended December 31, 2025 and 2024 reconciles to net income and earnings per share, respectively, as follows:

	Three Months Ended December 31,				Year Ended December 31,
($ in thousands)	2025		2024		2025		2024
Net Income	$	20,869	$	8,397	$	99,621	$	39,742
Add:
Stock compensation⁽¹⁾		—		—		10,433		—
Termination of MSA⁽²⁾		—		—		3,000		—
One-time bonus⁽²⁾		—		—		1,387		—
One-time IPO expenses⁽²⁾		—		—		1,654		—
Post IPO transition expenses⁽²⁾		1,203		—		2,287		—
Less:
Net realized gains on Investments		27		16		569		119
Change in tax status⁽³⁾		—		—		9,722		—
Tax effect⁽⁴⁾		247		(3)		2,930		(25)
Adjusted net income	$	21,798	$	8,384	$	105,161	$	39,648
Adjusted income allocated to participating securities		—		362		2,190		1,711
Numerator:
Adjusted net income available for common shareholders		21,798		8,022		102,971		37,937
Denominator:
Weighted average common shares outstanding:
Basic		19,576,828		12,904,495		17,235,168		12,904,495
Diluted		19,577,036		12,904,495		17,235,376		12,904,495
Earnings per share⁽⁵⁾:
Basic	$	1.07	$	0.62	$	5.65	$	2.95
Diluted	$	1.07	$	0.62	$	5.65	$	2.95
Adjusted earnings per share:
Basic	$	1.11	$	0.62	$	5.97	$	2.94
Diluted	$	1.11	$	0.62	$	5.97	$	2.94

(1)		Stock-based compensation expense recognized of $10,433 for the year ended December 31, 2025, and approximately $4,241 was nondeductible for U.S. federal income tax purposes.
(2)		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.
(3)		The change in tax status of the parent company from a non-taxable entity to a taxable corporation resulted in recognition of a deferred income tax benefit. This adjustment has been removed using the U.S. federal statutory and state blended corporate tax rate of 25.262% for consistency with the tax asset recorded.
(4)		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 year ended December 31, 2025 and 2024 were 13.4% and 22.1%, 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.
(5)		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 and year ended December 31, 2025 and 2024 reconciles to return on equity as follows:

	Three Months Ended December 31,
($ in thousands)	2025		2024
Net income	$	20,869	$	8,397
Average beginning and ending shareholders’ equity⁽¹⁾		326,451		158,414
Return on equity⁽²⁾		25.6%		21.2%
Adjusted net income (after tax)⁽³⁾⁽⁴⁾	$	21,798	$	8,384
Average shareholders’ equity		326,451		158,414
Adjusted return on equity⁽³⁾⁽⁴⁾		26.7%		21.2%

	Year Ended December 31,
($ in thousands)	2025		2024
Net income	$	99,621	$	39,742
Average beginning and ending shareholders’ equity⁽¹⁾		249,707		148,179
Return on equity⁽²⁾		39.9%		26.8%
Adjusted net income (after tax)⁽³⁾⁽⁴⁾	$	105,161	$	39,648
Average shareholders’ equity		249,707		148,179
Adjusted return on equity⁽³⁾⁽⁴⁾		42.1%		26.8%

(1)		Average beginning and ending shareholders’ equity represents the average of shareholders’ equity at the beginning and end of the period presented.
(2)		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.
(3)		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.
(4)		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 year ended December 31, 2025 and 2024 were 13.4% and 22.1%, 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.

Underlying loss and loss adjustment expense ratio

Underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the 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 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 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 tables summarize loss ratios and underlying loss and LAE ratios for the three months and year ended December 31, 2025, and 2024:

	Three Months Ended December 31,
($ in thousands)	2025		2024
Total Net Premiums Earned	$	59,352	$	61,789
Plus: Policy Fees		2,422		1,736
Total Net Premiums Earned Plus Policy Fees		61,774		63,525
Losses and Loss Adjustment Expenses, Net	$	26,332	$	32,808
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		42.6%		51.6%
Less:
Current Year Net Catastrophe Losses		—		14,084
Prior Year Net Reserve Development		(3,009)		3,574
Underlying Loss and Loss Adjustment Expenses, Net	$	29,341	$	15,150
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		47.5%		23.8%

	Year Ended December 31,
($ in thousands)	2025		2024
Total Net Premiums Earned	$	242,923	$	182,055
Plus: Policy Fees		10,397		7,393
Total Net Premiums Earned Plus Policy Fees		253,320		189,448
Losses and Loss Adjustment Expenses, Net	$	98,034	$	90,832
Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		38.7%		47.9%
Less:
Current Year Net Catastrophe Losses		—		32,192
Prior Year Net Reserve Development		(1,814)		(3,187)
Underlying Loss and Loss Adjustment Expenses, Net	$	99,848	$	61,827
Underlying Loss and Loss Adjustment Expense Ratio (% Net Premiums Earned Plus Policy Fees)		39.4%		32.6%