American Integrity Insurance Group, Inc. (AII)
NYSE:AII
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American Integrity Insurance Group, Inc.
(NYSE:AII)
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Rating:73Outperform
Price Target:
$19.00
▼(-3.16% Downside)
Action:Reiterated
Date:05/19/26
Overall score is supported most by strong financial performance (high profitability and an exceptionally low-debt balance sheet) and an inexpensive earnings multiple. These positives are tempered by weak price momentum (below key moving averages with negative MACD) and mixed near-term earnings-call signals, where growth and reinsurance optimism are offset by higher loss/expense ratios and lower YoY earnings.
Positive Factors
Conservative Balance Sheet
Extremely low debt and a large equity base (~$337M) give AII durable financial flexibility. Strong ROE (mid-to-high 20s, ~29.6% in 2025) supports capital returns, reinsurance purchases and organic expansion without raising material external financing, lowering solvency and liquidity risk over the medium term.
Negative Factors
Rising Expense & Combined Ratios
Sharp increases in acquisition and G&A expenses alongside reduced ceding have materially raised reported expense and combined ratios. If structural (lower quota share, higher retention of commissions and expenses), elevated ratios could compress underwriting profitability until scale, pricing or reinsurance improvements offset higher retained costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low debt and a large equity base (~$337M) give AII durable financial flexibility. Strong ROE (mid-to-high 20s, ~29.6% in 2025) supports capital returns, reinsurance purchases and organic expansion without raising material external financing, lowering solvency and liquidity risk over the medium term.
Read all positive factors
American Integrity Insurance Group, Inc. (AII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$331.67M
Dividend YieldN/A
Average Volume (3M)137.06K
Price to Earnings (P/E)4.7
Beta (1Y)0.55
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 Cap0.47
Enterprise Value/Revenue0.52
Enterprise Value/Gross Profit0.81
Enterprise Value/Ebitda1.52
Forecast
1Y Price Target
$25.00Price Target Upside27.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.8
Revenue Forecast (FY)$965.95M
American Integrity Insurance Group, Inc. Business Overview & Revenue Model
Company Description
American Integrity Insurance Group, Inc. is an insurance provider that offers a range of coverage options, including policies for homeowners, new home construction, vacant homes, condos, rental and seasonal dwellings, manufactured homes, and golf ...
How the Company Makes Money
AII primarily makes money through (1) underwriting revenue and (2) investment income. Underwriting revenue comes from collecting insurance premiums in exchange for assuming policyholders’ risk; after premiums are earned over the policy term, AII p...
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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $1.10B | 4.38 | 37.50% | 2.18% | 3.57% | 198.87% | |
74 Outperform | $728.09M | 5.52 | 43.68% | ― | 1.25% | 157.31% | |
73 Outperform | $331.67M | 4.74 | 25.25% | ― | ― | ― | |
71 Outperform | $647.90M | 13.60 | 10.41% | 3.51% | -2.46% | -11.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $536.01M | 7.09 | 33.02% | ― | 10.65% | 39.18% | |
62 Neutral | $219.59M | -9.06 | 0.11% | 0.57% | 39.38% | 27.06% |
* Financial Sector Average
AII
American Integrity Insurance Group, Inc.
16.56
0.77
4.88%
DGICA
Donegal Group
17.40
-2.21
-11.25%
KINS
Kingstone Companies
15.20
-0.55
-3.51%
UVE
Universal Insurance Holdings
39.43
13.53
52.23%
ACIC
American Coastal Insurance
11.06
0.69
6.60%
HRTG
Heritage Insurance Holdings
23.15
-0.24
-1.03%
American Integrity Insurance Group, Inc. Corporate Events
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...
Regulatory Filings and ComplianceShareholder Meetings
American Integrity Announces First Annual Shareholder Meeting Plans
Neutral
Mar 4, 2026
On March 3, 2026, American Integrity Insurance Group, Inc.’s board set June 11, 2026 as the date for its 2026 Annual Meeting of Stockholders, with April 13, 2026 designated as the record date for determining which stockholders may receive no...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
American Integrity Releases 2025 Year-End Investor Presentation
Neutral
Feb 27, 2026
American Integrity Insurance Group, Inc. has released a year-end 2025 investor presentation, which it plans to use in meetings with investors and analysts, including a scheduled presentation on March 2, 2026. The materials provide summary informat...
Business Operations and StrategyDividendsFinancial Disclosures
American Integrity Reports Strong Q4 Results, Special Dividend
Positive
Feb 24, 2026
American Integrity Insurance Group, Inc. on February 24, 2026 reported strong fourth-quarter and full-year 2025 results, highlighted by a sharp rise in profitability, improved underwriting performance and robust premium growth following its May 9,...
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.