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American Integrity Insurance Group, Inc. (AII)
NYSE:AII
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American Integrity Insurance Group, Inc.
(NYSE:AII)
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Rating:67Neutral
Price Target:
$21.50
▲(8.64% Upside)
American Integrity Insurance Group, Inc. shows strong financial performance and positive earnings call sentiment, which are the most significant factors driving the score. However, technical indicators suggest bearish momentum, and the lack of valuation metrics adds uncertainty. The company's strategic growth initiatives and market expansion provide a positive outlook, but potential legislative risks and reserve development concerns warrant caution.
Positive Factors
Strong Financial Performance
The significant increase in gross premiums indicates robust revenue growth, highlighting the company's ability to expand its market presence and strengthen its financial position.
Cash Generation Ability
Strong cash flow performance ensures liquidity and financial flexibility, supporting ongoing operations and potential investments for growth.
Market Expansion
Expanding into new regions and launching new products can drive long-term growth by capturing new customer segments and increasing market share.
Negative Factors
Unfavorable Reserve Development
Unfavorable reserve development can impact profitability and indicates potential challenges in accurately predicting and managing future claims.
Potential Legislative Risks
Legislative changes could negatively impact the regulatory environment, affecting the company's operations and financial performance.
Secondary Offering
While not directly impacting the company, a secondary offering can lead to stock dilution and affect shareholder value perception.
American Integrity Insurance Group, Inc. (AII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$387.42M
Dividend YieldN/A
Average Volume (3M)137.06K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees294
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)0.71
Shares Outstanding19,576,803
10 Day Avg. Volume98,252
30 Day Avg. Volume137,064
Financial Highlights & Ratios
PEG Ratio1.53
Price to Book (P/B)2.04
Price to Sales (P/S)1.62
P/FCF Ratio2.24
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue1.14
Enterprise Value/Gross Profit2.19
Enterprise Value/Ebitda3.18
Forecast
1Y Price Target
$27.00Price Target Upside36.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
American Integrity Insurance Group, Inc. Business Overview & Revenue Model
Company DescriptionAmerican 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 carts. The company also provides insurance for watercraft and services like binding arbitration.
How the Company Makes MoneyAmerican Integrity Insurance Group generates revenue primarily through the sale of insurance premiums. Customers pay premiums in exchange for coverage against specified risks, and these premiums represent the company's main revenue stream. AII employs a risk-based pricing model, assessing the likelihood of claims based on factors such as property location, construction type, and individual client profiles. Additionally, AII may invest the premiums collected in various financial instruments to earn investment income. The company also seeks to mitigate losses through reinsurance agreements, which protect against catastrophic claims and help stabilize financial performance. Partnerships with independent agents and brokers further enhance AII's distribution capabilities, allowing the company to reach a broader customer base and drive revenue growth.
American Integrity Insurance Group, Inc. Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jun 15, 2026
Earnings Call Sentiment Positive
The earnings call reflects a company experiencing robust growth in policies and strong financial performance, with a strategic focus on expanding market share and product offerings. However, there are concerns about some unfavorable reserve development and the potential impact of legislative changes. Overall, the company's strong growth and solid financial metrics indicate a positive outlook.Q3-2025 Updates
Positive Updates
Significant Policy Growth
The company wrote 25,985 new policies in the voluntary market in Q3 2025, bringing the year-to-date total to over 78,000, a 25% increase over the same period in 2024. Overall, policy count increased 49% over the past year to 406,000 policies.
Strong Financial Performance
Gross premiums written increased by 49% to $239 million compared to $161 million in Q3 2024. Net premiums earned increased by 28% to $52 million compared to $40 million in Q3 2024. Net income available to common shareholders was $13 million, and adjusted net income was $14 million.
Favorable Loss Ratios
Non-cat losses are at $0.17 per dollar of gross premium, in line with expectations. The company anticipates a potentially loss-free year for catastrophe losses, which would be beneficial for reinsurance renewals.
Positive Market Expansion
Expansion into the Tri-County region of Florida and increasing focus on middle-aged homes. New commercial residential product launched in October 2025.
Negative Updates
Unfavorable Reserve Development
There was approximately $1 million total of unfavorable reserve development over the first 9 months of 2025.
Potential Legislative Risks
Concerns were raised about the potential for political motivations to undo legislative benefits that have aided the company's performance.
Company Guidance
During the American Integrity Insurance Group's third-quarter 2025 earnings call, CEO Bob Ritchie highlighted the company's strong performance and strategic growth initiatives. With 26,493 policies in force in Florida's Tri-County region, comprising 6.5% of their portfolio, the company is poised for further growth. Their focus on underwriting quality and expense discipline has resulted in a 25% increase in new policies year-over-year, reaching 315,000 voluntary policies and a total of 406,000 policies in force, up 49% from the previous year. Financially, gross premiums written rose by 49% to $239 million, with net premiums earned increasing by 28% to $52 million. The combined ratio improved to 79% from 94% the previous year, and net income was reported at $13 million, or $0.67 per diluted share. American Integrity continues to leverage its strengths in the Florida market while expanding into new territories like North Carolina, anticipating prudent growth with disciplined underwriting practices.American Integrity Insurance Group, Inc. Financial Statement Overview
Summary
American Integrity Insurance Group, Inc. demonstrates strong financial health with solid profitability, stable revenue growth, low leverage, and robust cash generation. The company is well-positioned for sustainable growth with minimal financial risk.Income Statement
The company exhibits strong profitability with a gross profit margin of 40.12% and a net profit margin of 19.45%. Revenue growth is modest at 1.73% year-over-year, indicating stable performance. EBIT and EBITDA margins are healthy at 24.98% and 26.37%, respectively, showcasing efficient operations.85
Very Positive
Balance Sheet
The balance sheet is robust with a low debt-to-equity ratio of 0.022, indicating low leverage and financial stability. Return on equity is strong at 24.47%, reflecting effective use of equity to generate profits. The equity ratio of 13.55% suggests a solid equity base relative to total assets.78
Positive
Cash Flow
Cash flow performance is excellent with significant growth in operating cash flow, resulting in a high operating cash flow to net income ratio of 1.68. Free cash flow is nearly equivalent to net income, indicating strong cash generation capabilities.90
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 275.53M | 204.35M | 200.87M |
| Gross Profit | 143.54M | 81.99M | 78.87M |
| EBITDA | 98.80M | 53.88M | 45.98M |
| Net Income | 87.15M | 39.74M | 37.80M |
Balance Sheet | |||
| Total Assets | 1.43B | 1.20B | 862.03M |
| Cash, Cash Equivalents and Short-Term Investments | 144.78M | 262.25M | 256.80M |
| Total Debt | 1.75M | 3.64M | 6.08M |
| Total Liabilities | 1.12B | 1.04B | 728.07M |
| Stockholders Equity | 315.88M | 162.39M | 133.97M |
Cash Flow | |||
| Free Cash Flow | 235.57M | 147.60M | 63.68M |
| Operating Cash Flow | 240.70M | 148.91M | 64.44M |
| Investing Cash Flow | -187.67M | -19.37M | -1.84M |
| Financing Cash Flow | 61.73M | -12.44M | -2.35M |
American Integrity Insurance Group, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
AII
American Integrity Insurance Group, Inc.
19.79
2.54
14.72%
AAME
Atlantic American
2.41
0.90
59.60%
CNFR
―
1.62
0.48
42.11%
HUIZ
Huize Holding
3.60
-2.46
-40.59%
American Integrity Insurance Group, Inc. Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
American Integrity Awards RSUs to Key Executives
Neutral
Dec 5, 2025
On December 4, 2025, American Integrity Insurance Group, Inc.‘s Compensation Committee awarded restricted stock units (RSUs) to key executives, including the CEO, President, Chairman, and CFO, under the 2025 Long-Term Incentive Plan. These RSUs, which vest in three equal annual installments starting in 2026, are part of the company’s strategy to incentivize and retain its leadership team.
Executive/Board Changes
American Integrity Appoints New Chief Accounting Officer
Positive
Sep 23, 2025
On September 17, 2025, American Integrity Insurance Group, Inc. appointed Steve W. Biggs as the chief accounting officer, effective September 22, 2025. Mr. Biggs brings extensive experience from his previous roles at Horace Mann Educators Corporation, Embark Insurance Company, Allstate Insurance Company, CNA Financial, and Ernst & Young, LLP. His appointment is expected to enhance the company’s financial leadership and strategic direction.
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.