American Integrity Insurance Group, Inc. (AII)
NYSE:AII
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American Integrity Insurance Group, Inc.
(NYSE:AII)
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Rating:76Outperform
Price Target:
$19.00
▼(-3.16% Downside)
Action:Reiterated
Date:06/13/26
The score is driven primarily by strong financial statements (high profitability and an extremely conservative balance sheet) and a very low P/E valuation. These strengths are tempered by weaker technical momentum (negative MACD and trading below key longer-term averages) and earnings-call signals of near-term profitability pressure from higher loss/expense ratios despite solid growth and improving reinsurance outlook.
Positive Factors
Conservative Balance Sheet
Extremely low debt and a materially larger equity base (~$337M in 2025) give durable capital flexibility. Strong ROE in the mid-to-high 20% range combined with minimal leverage supports capacity to absorb catastrophe losses, fund organic growth, and return capital without forcing dilutive financing.
Negative Factors
Rising Expense & Combined Ratio
A structural decline in quota share ceding increased acquisition and G&A retention, pushing the combined ratio markedly higher. If elevated expense and acquisition costs persist as the company scales, underwriting margins could be squeezed, requiring sustained pricing discipline or expense control to preserve long-run profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low debt and a materially larger equity base (~$337M in 2025) give durable capital flexibility. Strong ROE in the mid-to-high 20% range combined with minimal leverage supports capacity to absorb catastrophe losses, fund organic growth, and return capital without forcing dilutive financing.
Read all positive factors
American Integrity Insurance Group, Inc. (AII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$333.24M
Dividend YieldN/A
Average Volume (3M)137.06K
Price to Earnings (P/E)4.1
Beta (1Y)0.43
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees294
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)4.38
Shares Outstanding19,590,816
10 Day Avg. Volume98,252
30 Day Avg. Volume137,064
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.07
Price to Sales (P/S)1.30
P/FCF Ratio2.70
Enterprise Value/Market Cap0.45
Enterprise Value/Revenue0.51
Enterprise Value/Gross Profit0.79
Enterprise Value/Ebitda1.47
Forecast
1Y Price Target
$24.67Price Target Upside25.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.82
Revenue Forecast (FY)$966.50M
American Integrity Insurance Group, Inc. Business Overview & Revenue Model
Company Description
American Integrity Insurance Group, Inc. functions as an insurance carrier, providing a comprehensive array of protective policies. Their offerings encompass coverage for residential properties, including primary homes, newly built houses, unoccup...
How the Company Makes Money
AII makes money primarily through (1) underwriting income and (2) investment income. Underwriting income is generated by collecting policyholder premiums in exchange for assuming insured risks; profitability depends on pricing adequacy, policy vol...
American Integrity Insurance Group, Inc. Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call highlights strong operational momentum: robust policy growth, broad-based channel expansion, rapid re‑entry into large Florida segments (Tri-County and middle-aged homes), geographic expansion, higher net premiums earned (+25.7%), and an improving reinsurance outlook for the June 1 renewal. Offsetting these positives are a sizable year-over-year decline in net income/EPS (impacted by prior-year Citizens takeout dynamics), notable increases in loss and expense metrics (loss ratio, expense ratio, combined ratio) driven by growth and a structural reduction in quota share ceding. Management positions many negatives as transitional or structural changes that support longer-term earnings power. Overall the call conveys confidence in durable, disciplined growth with anticipated reinsurance tailwinds, while acknowledging near-term earnings and expense headwinds.Positive Updates
Double-digit Policy Growth and Strong Production
Policies in force exceeded 437,000, ~14% year-over-year growth; the company wrote over 94,000 new and renewal voluntary policies in Q1 with retention ~83.6%.
Negative Updates
Earnings and EPS Decline
Net income available to common shareholders fell to $19.9M (EPS $1.02) in Q1 from $35.9M (EPS $2.78) in prior-year quarter, a significant decrease driven in part by elevated Citizens takeout activity in the prior-year period.
Read all updates
Q1-2026 Updates
Positive
Negative
Double-digit Policy Growth and Strong Production
Policies in force exceeded 437,000, ~14% year-over-year growth; the company wrote over 94,000 new and renewal voluntary policies in Q1 with retention ~83.6%.
Read all positive updates
Company Guidance
In Q1 2026 management guided that the business is transitioning to more durable, voluntary-driven growth with improving earnings, highlighting specific metrics: Q1 net income was $19.9M ($1.02/sh) vs $35.9M ($2.78) a year ago; gross premiums written $220M (+3.7% YoY from $212.2M) and gross premiums earned $230.8M (up $20.6M); ceded premiums earned $148.6M, net premiums earned $82.2M (+25.7% YoY from $65.4M); net investment income $5.7M; loss & LAE $31.7M (loss ratio 37.3% vs 30.9% prior), no CAT or PYD; policy acquisition expense $16M and G&A $16M (expense ratio 37.6% vs 12% prior), combined ratio 75% (42.9% prior); shareholders’ equity $335.5M after a $20M special dividend; policies in force >437,000 (+~14% YoY) with voluntary new/renewal writings >94,000 and retention ~83.6%; multichannel PIoF growth: independent agents ~+9%, company alliances ~+40%, builders +38%, national accounts >+40%; 18% YoY voluntary customer growth; Tri-County and middle‑aged HO3 momentum (wrote 120 policies/day vs 6/day a year ago, a 20x increase; Tri‑County and middle‑aged HO3 each drove roughly 25% of Florida voluntary new business GWP vs low single digits a year ago); expansion states: SC PIoF +119% YoY, GA +332%, NC 360 policies in initial quarter; commercial residential 81 policies written; expansion states <4% of in‑force premium; quota share reduced from 40% to 25% Jan 1, and management expects a meaningful reduction in reinsurance pricing and improved terms at the upcoming 6/1 renewal.American Integrity Insurance Group, Inc. Financial Statement Overview
Summary
Income Statement
89
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 295.53M | 276.49M | 204.35M | 200.87M |
| Gross Profit | 189.74M | 178.45M | 81.99M | 78.87M |
| EBITDA | 101.98M | 117.34M | 53.88M | 45.98M |
| Net Income | 81.44M | 99.62M | 39.74M | 37.80M |
Balance Sheet | ||||
| Total Assets | 1.18B | 1.23B | 1.20B | 862.03M |
| Cash, Cash Equivalents and Short-Term Investments | 171.18M | 203.90M | 262.25M | 256.80M |
| Total Debt | 515.00K | 1.08M | 3.64M | 6.08M |
| Total Liabilities | 839.57M | 888.05M | 1.04B | 728.07M |
| Stockholders Equity | 335.48M | 337.02M | 162.39M | 133.97M |
Cash Flow | ||||
| Free Cash Flow | 70.72M | 133.18M | 147.60M | 63.68M |
| Operating Cash Flow | 76.90M | 138.19M | 148.91M | 64.44M |
| Investing Cash Flow | -147.91M | -135.08M | -19.37M | -1.84M |
| Financing Cash Flow | 56.64M | 61.73M | -12.44M | -2.35M |
American Integrity Insurance Group, Inc. Risk Analysis
American Integrity Insurance Group, Inc. disclosed 2 risk factors in its most recent earnings report. American Integrity Insurance Group, Inc. reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
American Integrity Insurance Group, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $333.24M | 4.09 | 25.25% | ― | ― | ― | |
75 Outperform | $681.36M | 3.42 | 43.68% | ― | 1.25% | 157.31% | |
74 Outperform | $1.06B | 5.40 | 37.50% | 2.18% | 3.57% | 198.87% | |
71 Outperform | $656.16M | 9.78 | 10.41% | 3.51% | -2.46% | -11.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $506.45M | 4.84 | 33.02% | ― | 10.65% | 39.18% | |
65 Neutral | $235.09M | 7.55 | 28.27% | 0.57% | 39.38% | 27.06% |
* Financial Sector Average
AII
American Integrity Insurance Group, Inc.
17.01
1.34
8.57%
DGICA
Donegal Group
17.61
-0.76
-4.13%
KINS
Kingstone Companies
16.23
1.42
9.62%
UVE
Universal Insurance Holdings
37.95
11.88
45.59%
ACIC
American Coastal Insurance
10.45
0.59
6.02%
HRTG
Heritage Insurance Holdings
22.45
-0.96
-4.10%
American Integrity Insurance Group, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
American Integrity Shareholders Approve Governance and Pay Measures
Positive
Jun 12, 2026
On June 11, 2026, American Integrity Insurance Group, Inc. held its annual meeting of stockholders, with 18,640,944 shares of common stock represented in person, remotely, or by proxy. Shareholders elected Class I director nominee Steven Smathers ...
Business Operations and Strategy
American Integrity Completes 2026-2027 Catastrophe Reinsurance Program
Positive
Jun 1, 2026
On June 1, 2026, American Integrity Insurance Group announced it had fully placed its 2026-2027 indemnity-based catastrophe excess of loss reinsurance program for subsidiary American Integrity Insurance Company, securing a total third-party excess...
Business Operations and StrategyFinancial Disclosures
American Integrity Releases Q1 2026 Investor Presentation Update
Neutral
May 20, 2026
American Integrity Insurance Group, Inc., a Florida‑focused property and casualty insurer, concentrates on homeowners and related lines and depends on reinsurance, catastrophe risk management and third‑party distribution partners to su...
Business Operations and StrategyExecutive/Board Changes
American Integrity Insurance Appoints Brian Foley as CFO
Positive
Apr 6, 2026
On April 6, 2026, American Integrity Insurance Group, Inc. appointed Brian Foley as Chief Financial Officer, succeeding outgoing CFO Ben Lurie, who resigned effective the same day and shifted into a one-year consulting role while retaining board a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.