0002007587-26-000016
SEC filingAmerican Integrity Insurance Group, Inc. (AII) reported strong financial results for fiscal year 2025, driven by its core Florida residential property insurance business. The company generated total revenues of $276.5 million, with net premiums earned of $242.9 million and net investment income of $21.7 million. Net income was $99.6 million, resulting in basic and diluted earnings per share of $6.00. Comprehensive income was $101.9 million. The company's balance sheet remained robust with total assets of $1.23 billion and total shareholders' equity of $337.0 million. Operating activities generated $138.2 million in cash, supporting strategic growth initiatives. The company's performance reflects its disciplined underwriting, effective reinsurance program, and focus on the Florida market, where it is a leading specialty residential property insurer.
American Integrity Insurance Group, Inc. (AII) delivered strong financial performance for the fiscal year ended December 31, 2025. The company reported net income of $99.6 million, with comprehensive income reaching $101.9 million. Basic and diluted earnings per share were $6.00, based on weighted average shares outstanding of 17.2 million. Total revenues were $276.5 million, primarily driven by net premiums earned of $242.9 million and net investment income of $21.7 million. The company maintained a disciplined underwriting approach, with total expenses of $161.4 million, resulting in income before income taxes of $115.1 million. The company's focus on the Florida residential property insurance market, where it is the sixth largest writer based on policies in-force, contributed significantly to these results.
The company's revenue streams are concentrated in the Florida residential property insurance market, which represented 93.7% of policies in-force and 96.5% of in-force premium as of December 31, 2025. Gross premiums written were $944.6 million for the year, with net premiums earned of $242.9 million after accounting for ceded premiums earned of $642.0 million. The company utilizes a multi-channel distribution strategy through independent agents, homebuilder-affiliated agents, national insurance carriers, and selective assumptions from Citizens Property Insurance Corporation. As of December 31, 2025, 77.5% of in-force policies were from the Voluntary Market and 22.5% were assumed from Citizens. The company has expanded its geographic footprint beyond Florida to include Georgia, North Carolina, and South Carolina.
The company demonstrated strong profitability with an operating margin of 41.6% (calculated as income before income taxes divided by total revenues). Losses and loss adjustment expenses, net were $98.0 million, representing 40.3% of net premiums earned. Policy acquisition expenses were $21.4 million, and general and administrative expenses were $41.9 million. The company's disciplined underwriting and claims management, supported by proprietary technology and data analytics, have contributed to consistent profitability. The company has produced a positive return on equity in every year since inception except 2018 and 2020, demonstrating resilience across property and casualty insurance cycles.
Cash flow from operating activities was strong at $138.2 million, driven by net income of $99.6 million and positive changes in operating assets and liabilities. Investing activities used $135.1 million primarily for purchases of fixed maturity securities. Financing activities provided $61.7 million, including proceeds from the initial public offering net of underwriting discounts and commissions of $93.0 million. The balance sheet remains solid with total assets of $1.23 billion, including total investments of $348.6 million and cash and cash equivalents of $203.9 million. Total liabilities were $888.1 million, with shareholders' equity of $337.0 million. The company maintains a conservative debt-to-equity ratio of less than 1%.
The company's strategic priorities include capitalizing on regulatory reforms in Florida to profitably grow new business, consistently delivering profitability across market cycles, and retaining more of the profitable premium it underwrites. The company plans to continue purchasing conservative third-party catastrophe reinsurance coverage and investing in data and technology to enhance decision-making. Management expects to deepen distribution relationships to increase Voluntary Market writings and selectively assume policies from Citizens that meet underwriting and profitability criteria. The company faces risks including exposure to catastrophic events, dependence on the Florida market, reinsurance availability, regulatory changes, and competitive pressures. The company's expansion into other Southeastern coastal states represents both growth opportunities and execution risks.