American Integrity Insurance Group (NYSE: AII) reported its fourth‑quarter and full‑year 2025 results on February 24, 2026. The company posted earnings per share of $1.11, a 40.9% beat over the consensus estimate of $0.79, and revenue of $68.1 million, up 10.7% versus the $61.5 million forecast. Net income for the quarter rose 148.5% to $20.9 million, while full‑year net income increased 159% to $97.4 million, underscoring a sharp turnaround from the $14.1 million net income reported in 2024.
The company’s underwriting and cost discipline drove a dramatic improvement in profitability. The combined ratio fell to 62.8% from 88.7% in Q4 2024, with the loss ratio dropping to 42.6% from 51.6% and the expense ratio shrinking to 20.2% from 37.1%. The gains were largely attributed to disciplined underwriting, a higher mix of lower‑loss‑ratio business, and the company’s aggressive participation in the Citizens take‑out program, which helped reduce exposure to high‑severity claims.
Revenue was largely supported by a 14.6% increase in gross premiums earned to $884.9 million, while net premiums earned for the year were $242.9 million, a slight decline from $245.3 million in 2024. The Florida residential market continued to expand, with policies in force rising 18.5% to 421,866, reflecting the company’s focus on that high‑growth segment.
Operating expenses were tightly controlled: policy acquisition expenses fell 51.0% to $5.8 million, and general and administrative costs dropped 43.2% to $6.7 million. Net investment income for the quarter was $6.9 million, a modest increase from the $5.9 million reported in Q4 2024, reflecting a stable investment portfolio amid a volatile market.
CEO Robert Ritchie highlighted the company’s successful IPO and its strategic focus on scale and resilience. He noted that the firm’s participation in the Citizens take‑out program and disciplined underwriting were key drivers of the improved profitability, positioning AII for continued growth in a recovering Florida market.
The earnings beat, revenue beat, and significant margin expansion attracted positive analyst attention. Several analysts raised their price targets, with Keefe, Bruyette & Woods increasing its target to $29.00 from $26.00, citing the company’s strong underwriting performance and cost discipline as reasons for the upgrade.
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