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American Integrity Insurance Group, Inc. Reports Second Quarter 2026 Results
43K voluntary new business policies sold in the quarter, a record for American Integrity, up 54% vs. the second
quarter of 2025 and 44% vs. the first quarter of 2026
$46.4 million of income before income taxes, a new quarterly record for American Integrity
Gross premiums written grew 14% year-over-year to $327 million during the quarter
Successfully renewed 2026-2027 catastrophe excess of loss reinsurance program on June 1, 2026 with a risk-
adjusted rate decrease at the upper end of 15-20% declines
TAMPA, Fla., August 11, 2026 — American Integrity Insurance Group, Inc. (“American Integrity,” “we,” “us,” “our”
or the “Company”) (NYSE: AII), reported second quarter 2026 results.
Robert Ritchie, Chief Executive Officer, commented, “We produced record voluntary new business policies and pre-
tax earnings in the second quarter, which reflect continued momentum across our business and strong execution against
our strategic priorities. During the quarter, we saw meaningful acceleration across each of our key growth initiatives,
including the Tri-County region of Florida, middle-aged homes and our expansion states.”
Mr. Ritchie continued, “We also successfully completed our June 1 reinsurance renewal, improving our overall risk
profile while benefiting from meaningful risk adjusted reductions in reinsurance costs. Combined with the continued
benefits of Florida’s legislative reforms, we believe we are operating from a position of considerable strength and
momentum and remain well positioned to deliver profitable growth and long-term value for our stockholders.”
Second Quarter 2026 Highlights:
•Net income of $34.1 million, or $1.74 per diluted share. Adjusted net income1 of $34.9 million, or $1.78 per
diluted share
•Book value per share of $18.86, up 22.3% over June 30, 2025 and up 10.1% over March 31, 2026
•Return on equity of 38.7% and Adjusted return on equity1 of 39.6%
•Policies in-force and in-force premium were 461,714 and $1,029 million, respectively, up 15.7% and 11.7%,
respectively, over June 30, 2025
•Wrote 126,308 new and renewal policies in the voluntary market, an increase of 27.9% compared to the second
quarter of 2025
•7,636 voluntary new business policies in Tri-County region of Florida compared to 185 in the second
quarter of 2025, a 41x increase
•9,062 voluntary new business policies in our middle-aged home category compared to 437 in the second
quarter of 2025, a 21x increase
•Stable premium per policy year-over-year across our overall book
•Net premiums earned of $104.7 million, an increase of 58.2% compared to the second quarter of 2025
•Combined ratio of 63.4% compared to 72.9% in the second quarter of 2025
•Assumed just 81 policies, as we determined that fewer policies from Citizens met our underwriting and
targeted profitability standards
•Renewed the Company’s catastrophe excess of loss (“CAT XOL”) reinsurance program effective June 1, 2026,
providing $3 billion of total third-party catastrophe coverage at a total estimated cost of $430 - $440 million
•The Company benefitted from the upper end of 15-20% CAT XOL risk-adjusted rate decreases, while
retaining its 1-in-130 year probable maximum loss level and reducing its aggregate retention from $95 million
to $75 million
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.
Second Quarter 2026 Commentary
•Gross premiums written in the second quarter of 2026 increased by $39.6 million to $326.6 million from
$287.0 million in the second quarter of 2025, primarily driven by growth in our voluntary market writings.
•Gross premiums earned in the second quarter of 2026 increased by $18.6 million to $242.3 million from
$223.7 million in the second quarter of 2025.
•Ceded premiums earned in the second quarter of 2026 decreased by $20.0 million to $137.6 million compared
to $157.6 million in the second quarter of 2025, primarily due to the reduction in our non-catastrophe quota
share reinsurance arrangement.
•Net premiums earned in the second quarter of 2026 increased by $38.5 million to $104.7 million from $66.2
million in the second quarter of 2025.
•Net investment income in the second quarter of 2026 increased $1.4 million to $6.2 million compared to $4.8
million in the second quarter of 2025, primarily due to the increase in our invested assets, driven by the
increased in-force premiums and the proceeds from our IPO.
•Losses and loss adjustment expenses (“LAE”) for the second quarter of 2026 increased $12.0 million to $33.2
million compared to $21.2 million for the second quarter of 2025. The loss and loss adjustment expenses ratio
was 30.6% for the second quarter of 2026 which was consistent with the second quarter of 2025 of 30.6%. The
net underlying loss and loss adjustment expense ratio was 30.6% for the second quarter of 2026, down from
33.1% for the second quarter of 2025.
•Policy acquisition expenses and general and administrative expenses in the second quarter of 2026 were $17.4
million and $18.2 million, respectively, compared to $6.3 million and $22.9 million, respectively, in the second
quarter of 2025. Period over period changes were due to record setting new business production in the second
quarter of 2026, the absence of one-time IPO-related expenses, the reduction in our non-catastrophe quota
share reinsurance arrangement from 40% to 25% on January 1, 2026 and the benefit of Citizens take-outs in
2025.
•The expense ratio was 32.8% for the second quarter of 2026 compared to 42.3% for the second quarter of
2025. The combined ratio was 63.4% for the second quarter of 2026 compared to 72.9% for the second quarter
of 2025.
2 Net underlying loss and loss adjustment expense ratio is a non-GAAP financial measure. Please see the discussion below
under the heading “Reconciliation of Non-GAAP Financial Measures” for additional information concerning this and
other non-GAAP financial measures.
Results of Operations 
Three Months Ended June 30,
($ in thousands, except per share data)
2026
2025
$ Change
% Change
Gross premiums written
$
326,592
$
286,995
$
39,597
13.8%
Change in gross unearned premiums
(84,341)
(63,255)
(21,086)
33.3%
Gross premiums earned
242,251
223,740
18,511
8.3%
Ceded premiums earned
(137,555)
(157,571)
20,016
(12.7)%
Net premiums earned
104,696
66,169
38,527
58.2%
Policy fees
3,711
2,967
744
25.1%
Net investment income
6,250
4,780
1,470
30.8%
Net realized gains (losses) on investments
(2)
485
(487)
(100.4)%
Other income
516
98
418
426.5%
Total Revenues
115,171
74,499
40,672
54.6%
Losses and loss adjustment expenses
33,151
21,189
11,962
56.5%
Policy acquisition expenses
17,410
6,281
11,129
177.2%
General and administrative expenses
18,186
22,932
(4,746)
(20.7)%
Total Expenses
68,747
50,402
18,345
36.4%
Income before taxes
46,424
24,097
22,327
92.7%
Income tax (benefit) expense
12,278
(3,397)
15,675
(461.4)%
Net Income
$
34,146
$
27,494
$
6,652
24.2%
Book value per share(1)
$
18.86
$
15.42
$
3.44
22.3%
Loss ratio(2)
30.6%
30.6%
Expense ratio(3)
32.8%
42.3%
Combined ratio(4)
63.4%
72.9%
Return on equity(5)
38.7%
45.1%
(1)Book value per share is the ratio of shareholders’ equity to shares outstanding, each as of the balance sheet date.
(2)Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.
(3)Expense ratio is the ratio of policy acquisition expenses and general and administrative expenses to net premiums earned
plus policy fees.
(4)Combined ratio is defined as the sum of the loss ratio and the expense ratio.
(5)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.
Six Months Ended June 30,
($ in thousands, except per share data)
2026
2025
$ Change
% Change
Gross premiums written
$
546,596
$
499,145
$
47,451
9.5%
Change in gross unearned premiums
(73,573)
(65,249)
(8,324)
12.8%
Gross premiums earned
473,023
433,896
39,127
9.0%
Ceded premiums earned
(286,119)
(302,325)
16,206
(5.4)%
Net premiums earned
186,904
131,571
55,333
42.1%
Policy fees
6,456
5,171
1,285
24.9%
Net investment income
11,902
8,883
3,019
34.0%
Net realized gains (losses) on investments
51
501
(450)
(89.8)%
Other income
789
259
530
204.6%
Total Revenues
206,102
146,385
59,717
40.8%
Losses and loss adjustment expenses
64,876
42,051
22,825
54.3%
Policy acquisition expenses
33,395
9,388
24,007
255.7%
General and administrative expenses
34,152
27,940
6,212
22.2%
Total Expenses
132,423
79,379
53,044
66.8%
Income before taxes
73,679
67,006
6,673
10.0%
Income tax expense
19,623
1,416
18,207
1285.8%
Net Income
$
54,056
$
65,590
$
(11,534)
(17.6)%
Book value per share(1)
$
18.86
$
15.42
$
3.44
22.3%
Loss ratio(2)
33.6%
30.8%
Expense ratio(3)
34.9%
27.3%
Combined ratio(4)
68.5%
58.1%
Return on equity(5)
30.6%
56.5%
(1)Book value per share is the ratio of shareholders’ equity to shares outstanding, each as of the balance sheet date.
(2)Loss ratio is the ratio of losses and LAE to net premiums earned plus policy fees.
(3)Expense ratio is the ratio of policy acquisition expenses and general and administrative expenses to net premiums earned
plus policy fees.
(4)Combined ratio is defined as the sum of the loss ratio and the expense ratio.
(5)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 premium
Policies in-force represents the number of active insurance policies with coverage in effect as of the end of the
period referenced. In-force premium represents the annual premium for active insurance policies with coverage
in effect as of the end of the period referenced.
June 30,
($ in thousands)
2026
2025
% Change
Policies In-Force
461,714
399,138
15.7%
In-Force Premium
$
1,029,387
$
921,252
11.7%
Policies in-force were 461,714 as of June 30, 2026, an increase of 15.7% compared to policies in-force of
399,138 as of June 30, 2025, and an increase of 5.6% compared to policies in-force of 437,308 as of March 31,
2026. The increase in our policies in-force was primarily due to new policies written through the voluntary
market and the 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 incurred in connection with our IPO, 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, and one time items, 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 $6.6 million, or 24.2%, to $34.1 million for the three months ended June 30, 2026 from
$27.5 million for the three months ended June 30, 2025. Adjusted net income increased by $3.6 million, or 11.4%,
to $34.9 million from $31.3 million for the three months ended June 30, 2025.
Adjusted earnings per share is a non-GAAP measure, which is calculated as adjusted net income available to
common shareholders divided by weighted average diluted common shares outstanding. Management believes
this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability
across periods by excluding items that are heavily impacted by investment market fluctuations and other
economic factors and are not indicative of operating trends.
Adjusted net income and adjusted earnings per share for the three and six months ended June 30, 2026 and 2025
reconcile to net income and earnings per share, respectively, as follows:
Three Months Ended June 30,
Six Months Ended June 30,
($ in thousands, except per share data)
2026
2025
2026
2025
Net Income
$34,146
$27,494
$54,056
$65,590
Add:
Stock compensation(1)(5)
—
10,433
—
10,433
Termination of MSA(1)
—
3,000
—
3,000
One-time IPO expenses(1)
—
1,654
—
1,654
One-time bonus expenses(1)
—
1,387
—
1,387
Executive transition cost(1)(2)
920
—
920
—
Less:
Net realized gains (losses) on investments
(2)
485
51
501
Change in tax status(3)
—
9,722
—
9,722
Tax effect(4)(5)
194
2,467
183
2,464
Adjusted net income
$34,874
$31,294
$54,742
$69,377
Adjusted income allocated to participating
securities
—
—
—
2,190
Numerator:
Adjusted net income available for common
shareholders
$34,874
$31,294
$54,742
$67,187
Denominator:
Weighted average common shares outstanding:
Basic
19,586,994
16,962,075
19,583,036
15,152,075
Diluted
19,590,448
16,962,075
19,584,870
15,152,075
Earnings per share:
Basic
$1.74
$1.62
$2.76
$4.18
Diluted
$1.74
$1.62
$2.76
$4.18
Adjusted earnings per share:
Basic
$1.78
$1.84
$2.80
$4.43
Diluted
$1.78
$1.84
$2.80
$4.43
(1)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.
(2)Costs associated with the change in a key executive leadership position.
(3)The change in tax status of the Company from a non-taxable entity to a taxable corporation incurred in connection with
the IPO resulted in recognition of a deferred income tax benefit.
(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 three months ended June 30, 2026 and 2025 were 26.4% and
(14.1)%, respectively, and for the six months ended June 30, 2026 and 2025 were 26.6% and 2.1%, 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)Stock-based compensation expense recognized of $10,433 for the three and six months ended June 30, 2025,
approximately $4,241 was nondeductible for U.S. federal income tax purposes.
Adjusted return on equity
Adjusted return on equity is a non-GAAP financial measure defined as adjusted net income divided by the
average of beginning and ending shareholders’ equity during the applicable period and is annualized for periods
of less than one year. We use adjusted return on equity as an internal performance measure in the management of
our operations because we believe it gives us and users of our financial information useful insight into our
underlying business performance. Adjusted return on equity should not be viewed as a substitute for any metrics
calculated in accordance with GAAP, and other companies may define adjusted return on equity differently.
Adjusted return on equity for the three and six months ended June 30, 2026 and 2025 reconciles to return on
equity as follows:
Three Months Ended June 30,
($ in thousands)
2026
2025
Net income
$
34,146
$
27,494
Average beginning and ending shareholders’ equity(1)
352,501
243,966
Return on equity
38.7%
45.1%
Adjusted net income (after tax)
$
34,874
$
31,294
Average shareholders’ equity
352,501
243,966
Adjusted return on equity(2)
39.6%
51.3%
Six Months Ended June 30,
($ in thousands)
2026
2025
Net income
$
54,056
$
65,590
Average beginning and ending shareholders’ equity(1)
353,270
232,133
Return on equity
30.6%
56.5%
Adjusted net income (after tax)
$
54,742
$
69,377
Average shareholders’ equity
353,270
232,133
Adjusted return on equity(2)
31.0%
59.8%
(1)Average beginning and ending shareholders’ equity represents the average of shareholders’ equity at the beginning and
end of the period presented.
(2)Adjusted return on equity is the adjusted net income (after tax) divided by the average beginning and ending
shareholders’ equity.
Net underlying loss and loss adjustment expense ratio
Net underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the net underlying
loss and loss adjustment expense 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 net 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 the net loss and LAE ratio. The net underlying loss and LAE ratio should not be considered a substitute for the
net loss and LAE ratio and does not reflect the overall profitability of our business.
The following tables summarize the loss and LAE ratios and the net underlying loss and LAE ratios for the three
and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
($ in thousands)
2026
2025
Total Net Premiums Earned
$
104,696
$
66,169
Plus: Policy Fees
3,711
2,967
Total Net Premiums Earned Plus Policy Fees
108,407
69,136
Losses and Loss Adjustment Expenses, Net
$
33,151
$
21,189
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
30.6%
30.6%
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
(1,695)
Underlying Loss and Loss Adjustment Expenses, Net
$
33,151
$
22,884
Net Underlying Loss and Loss Adjustment Expense Ratio (%
Net Premiums Earned Plus Policy Fees)
30.6%
33.1%
Six Months Ended June 30,
($ in thousands)
2026
2025
Total Net Premiums Earned
$
186,904
$
131,571
Plus: Policy Fees
6,456
5,171
Total Net Premiums Earned Plus Policy Fees
193,360
136,742
Losses and Loss Adjustment Expenses, Net
$
64,876
$
42,051
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
33.6%
30.8%
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
(1,117)
Underlying Loss and Loss Adjustment Expenses, Net
$
64,876
$
43,168
Net Underlying Loss and Loss Adjustment Expense Ratio (%
Net Premiums Earned Plus Policy Fees)
33.6%
31.6%
Gross underlying loss and loss adjustment expense ratio
Gross underlying loss and loss adjustment expense ratio is a non-GAAP measure. We calculate the gross
underlying loss and LAE ratio by adding net underlying loss and LAE and ceded non-catastrophe losses and
dividing that amount by the sum of total gross premiums earned and policy fees. We use the gross underlying loss
and LAE ratio to analyze our loss trends before the impact of reinsurance.
We believe it is useful for investors to evaluate the cost of non-catastrophe losses for every dollar of gross
premiums earned. The most comparable GAAP measure is the net loss and LAE ratio. The gross 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 the gross underlying loss and LAE ratios for the three and six months ended June
30, 2026 and 2025:
Three Months Ended June 30,
($ in thousands)
2026
2025
Total Gross Premiums Earned
$
242,251
$
223,740
Plus: Policy Fees
3,711
2,967
Total Gross Premiums Earned Plus Policy Fees
245,962
226,707
Losses and Loss Adjustment Expenses, Net
33,151
21,189
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
(1,695)
Underlying Loss and Loss Adjustment Expenses, Net
$
33,151
$
22,884
Add:
Ceded Non-Catastrophe Loss and Loss Adjustment
Expense
11,443
12,356
Gross Underlying Loss and Loss Adjustment Expenses
$
44,594
$
35,240
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
30.6%
30.6%
Gross Underlying Loss and Loss Adjustment Expense Ratio
(% Gross Premiums Earned Plus Policy Fees)
18.1%
15.5%
Six Months Ended June 30,
($ in thousands)
2026
2025
Total Gross Premiums Earned
$
473,023
$
433,896
Plus: Policy Fees
6,456
5,171
Total Gross Premiums Earned Plus Policy Fees
479,479
439,067
Losses and Loss Adjustment Expenses, Net
64,876
42,051
Less:
Current Year Net Catastrophe Losses
—
—
Prior Year Net Reserve Development
—
(1,117)
Underlying Loss and Loss Adjustment Expenses, Net
$
64,876
$
43,168
Add:
Ceded Non-Catastrophe Loss and Loss Adjustment
Expense
24,205
26,376
Gross Underlying Loss and Loss Adjustment Expenses
$
89,081
$
69,544
Loss and Loss Adjustment Expense Ratio (% Net Premiums
Earned Plus Policy Fees)
33.6%
30.8%
Gross Underlying Loss and Loss Adjustment Expense Ratio
(% Gross Premiums Earned Plus Policy Fees)
18.6%
15.8%
Conference Call
As previously announced, American Integrity will hold a conference call to discuss its second quarter 2026 results
at 9:30 a.m. Eastern Time on August 12, 2026. The call can be accessed by dialing +1 (585) 542-9983 (U.S.
Local), or +1 (833) 461-5787 (U.S. Toll-Free), and using the conference ID code: 889411051. Please call the
conference telephone number 10 minutes before the start time. The earnings call can also be accessed by clicking
the webcast link available on the Investor Relations section of the Company’s website at www.aii.com.
A replay of the call will be available after 12:00 p.m. Eastern Time on the same day as the call and will be
accessible at https://events.q4inc.com/analyst/889411051?pwd=IvBYx9vK. The replay can also be accessed via
the Investor Relations section of the Company’s website at www.aii.com.
The replay will be available for one year.
About American Integrity Insurance Group, Inc.
American Integrity Insurance Group, Inc. (NYSE: AII) is a leading provider of residential property insurance,
focused on delivering innovative, reliable coverage to homeowners throughout the Southeast. Built on a
foundation of integrity, resilience, and service, the Company’s mission is to be the most trusted and responsive
insurance solution in the markets it serves. Founded in 2006 and headquartered in Tampa, American Integrity is
committed to protecting policyholders with strength and purpose—today and for generations to come. For more
information, visit www.aii.com.
Forward-Looking Statements
Certain statements in this press release and on the related teleconference call may be forward-looking statements.
All statements other than statements of historical facts may be forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding: our outlook; our business strategy; writing new
business and retaining existing policies; new insurance products; availability of reinsurance coverage;
expectations regarding future growth; future Citizens take-out opportunities; anticipated future operating results
and operating expenses, cash flows, capital resources and liquidity; reserves for losses and loss adjustment
expenses; geographic expansion; reduction of our quota share and its impact on our results; competition; future
regulatory, judicial and legislative changes; forecasts of future revenues and appropriately planning our expenses;
and our plans regarding our capital expenditures and investment portfolios. In some cases, you can identify
forward-looking statements by terms such as “anticipates,” “believes,” “contemplates,” “continue,” “could,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,”
“would” or the negative of these terms or other similar expressions. Forward-looking statements are neither
historical facts nor assurances of future performance, and are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of
which are outside of our control. Therefore, you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the following: the potential that we may face
significant losses due to being a property and casualty insurer and our exposure to catastrophic events and severe
weather conditions; our loss reserves are estimates and may be inadequate to cover our actual liability for losses,
and actual claims incurred have exceeded, and in the future may exceed, reserves established for claims; the
dependence of our financial results on the regulatory, legal, economic and weather conditions in Florida due to the
fact that we conduct substantially all of our business in Florida; changing climate conditions may increase the
severity and frequency of catastrophic events and severe weather conditions; the severity and frequency of
catastrophe events of which are unpredictable; dependence upon the effectiveness of exclusions and other loss
limitation methods in the insurance policies we assume or write; reliance upon third-party distribution partners,
including independent insurance agents, homebuilder-affiliated agents and national insurance carriers; our ability
to pursue Citizens take-out opportunities; cyclical changes in the insurance industry; our ability to obtain
reinsurance coverage at commercially reasonable rates, or at all; credit risk of our reinsurers who may suffer a
downgrade; the inherent uncertainty of models and our reliance on such models as a tool to evaluate risk, and the
dependence of our results upon our ability to accurately price the risks we underwrite; the possibility that our
information technology systems may fail or be disrupted; our ability to expand our business and the possible need
to acquire additional capital in the future to fund such expansion; the ability of our claims department, or the
third-party claims adjusters whom we may engage, to effectively manage or remediate claims as well as
unanticipated increases in the severity or frequency of claims; the possibility that actual renewals of our existing
policies will not meet expectations; increased competition and market conditions, including changes in our
financial stability and credit ratings; the extensive regulatory environment in which we operate that requires
approval of rate increases, can mandate rate decreases, and that can dictate underwriting practices and mandate
participation in loss sharing arrangements, and other potential further restrictive regulation we may face;
mandatory assessments or competition from government entities may create short-term liabilities or affect our
ability to underwrite more policies; and other risks identified in “Risk Factors” in our reports filed with the
Securities and Exchange Commission. New risks emerge from time to time. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends
discussed may not occur and actual results could differ materially and adversely from those anticipated or implied
in the forward-looking statements. We do not undertake any obligation to update or revise the forward-looking
statements to reflect events that occur or circumstances that exist after the date on which such statements were
made, except to the extent required by law.
Company Contact:
Brian Foley, CFO
American Integrity Insurance Group, Inc.
bfoley@aii.com
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $346,989
and $327,910, respectively)
$346,427
$330,489
Short-term investments (amortized cost of $4,739 and $18,121, respectively)
4,738
18,121
Total investments
351,165
348,610
Cash and cash equivalents
288,453
203,902
Restricted cash and cash equivalents
55,419
40,217
Premiums receivable, net
59,104
45,031
Accrued investment income
3,163
3,458
Prepaid reinsurance premiums
519,574
275,093
Income taxes recoverable
1,545
—
Reinsurance recoverable, net
247,916
269,056
Deferred policy acquisition costs, net
22,414
5,127
Property and equipment, net 
8,951
5,718
Right-of-use assets – operating leases 
38,452
449
Deferred income tax asset, net
5,116
8,636
Other assets
11,009
24,904
Total assets
$1,612,281
$1,230,201
Liabilities and shareholders’ equity
Liabilities:
Unpaid losses and loss adjustment expenses
$254,178
$266,591
Income tax payable
—
2,680
Unearned premiums
555,130
481,557
Reinsurance payable
341,609
96,555
Advance premiums
21,847
11,752
Long-term debt
412
618
Lease liabilities – operating leases 
33,065
458
Other liabilities and accrued expenses
36,521
32,968
Total liabilities
$1,242,762
$893,179
Shareholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 19,593,427
shares issued and outstanding at June 30, 2026 and 19,579,009 shares issued
and outstanding at December 31, 2025
$20
$20
Additional paid-in capital
106,656
105,896
Accumulated other comprehensive income (loss), net of taxes
(420)
1,928
Retained earnings
263,263
229,178
Total shareholders’ equity
$369,519
$337,022
Total liabilities and shareholders’ equity
$1,612,281
$1,230,201
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues:
Gross premiums written
$326,592
$286,995
$546,596
$499,145
Change in gross unearned premiums
(84,341)
(63,255)
(73,573)
(65,249)
Gross premiums earned
242,251
223,740
473,023
433,896
Ceded premiums earned
(137,555)
(157,571)
(286,119)
(302,325)
Net premiums earned
104,696
66,169
186,904
131,571
Policy fees
3,711
2,967
6,456
5,171
Net investment income
6,250
4,780
11,902
8,883
Net realized gains (losses) on investments
(2)
485
51
501
Other income
516
98
789
259
Total revenues
115,171
74,499
206,102
146,385
Expenses:
Losses and loss adjustment expenses, net
33,151
21,189
64,876
42,051
Policy acquisition expenses
17,410
6,281
33,395
9,388
General and administrative expenses
18,186
22,932
34,152
27,940
Total expenses
68,747
50,402
132,423
79,379
Income before income taxes
46,424
24,097
73,679
67,006
Income tax (benefit) expense
12,278
(3,397)
19,623
1,416
Net income
$34,146
$27,494
$54,056
$65,590
Other comprehensive income (loss):
Unrealized holding gains on available-for-
sale securities, net of taxes
(605)
1,231
(2,311)
1,688
Reclassification adjustment for net
realized gains (losses), net of taxes
1
(362)
(37)
(374)
Total other comprehensive income (loss)
(604)
869
(2,348)
1,314
Comprehensive income
$33,542
$28,363
$51,708
$66,904
Earnings per share:
Basic earnings per share
$1.74
$1.62
$2.76
$4.18
Diluted earnings per share
$1.74
$1.62
$2.76
$4.18
Weighted average shares outstanding –
Basic
19,586,994
16,962,075
19,583,036
15,152,075
Weighted average shares outstanding –
Diluted
19,590,448
16,962,075
19,584,870
15,152,075
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
For the Six Months Ended June 30,
2026
2025
Cash flows provided by (used in) operating activities
Net income
$54,056
$65,590
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
880
10,433
Amortization and depreciation
1,091
1,147
Deferred income taxes
4,314
(9,829)
Net realized gains
(51)
(501)
Changes in operating assets and liabilities:
Premiums receivable
(14,073)
(7,031)
Accrued investment income
295
(737)
Prepaid reinsurance premiums
(244,481)
(297,587)
Reinsurance recoverable
21,140
69,524
Other assets
8,367
9,299
Unpaid losses and loss adjustment expense
(12,413)
(96,922)
Unearned premiums
73,573
65,250
Reinsurance payable
245,054
288,416
Advance premiums
10,095
16,004
Income taxes payable (recoverable)
(4,225)
(9,070)
Operating lease payments
(416)
(1,053)
Deferred policy acquisition costs, net unearned ceding commissions
(17,287)
(5,066)
Other liabilities and accrued expenses
3,924
(2,386)
Net cash provided by operating activities
129,843
95,481
Cash flows provided by (used in) investing activities
Purchases of property and equipment
(4,475)
(579)
Proceeds from sales and maturities of fixed maturity securities
35,038
103,486
Purchases of fixed maturity securities
(53,784)
(162,776)
Proceeds from sales and maturities of short-term investments
22,659
—
Purchases of short-term investments
(9,231)
—
Net cash used in investing activities
(9,793)
(59,869)
Cash flows provided by (used in) financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions
—
93,000
Payments on tax withheld on vesting of restricted stock awards
—
(3,753)
Payments on tax withheld on vesting of restricted stock units
(120)
—
Cash dividends paid
(19,971)
—
Cash distributions to members(1)
—
(22,875)
Repayment of long-term debt
(206)
(206)
Payments of initial public offering costs
—
(4,227)
Net cash provided by (used in) financing activities
(20,297)
61,939
Net increase in cash, cash equivalents and restricted cash and cash equivalents
99,753
97,551
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year
244,119
179,272
Cash, cash equivalents and restricted cash and cash equivalents at end of period
$343,872
$276,823
(1)The distributions were made to members prior to the IPO.