American Integrity Insurance Group, Inc. (AII)
NYSE:AII
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American Integrity Insurance Group, Inc.
(NYSE:AII)
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Rating:80Outperform
Price Target:
$22.00
▲(12.13% Upside)
Action:ReiteratedDate:04/07/26
The score is driven primarily by strong financial performance (sharp profitability improvement and a very low-debt balance sheet) and supportive earnings-call outlook for 2026 from reinsurance and retention changes. A low P/E further supports the rating, while the overall score is moderated by only neutral technical momentum, cash-flow year-to-year volatility, and concentration/mix-shift risks highlighted by management.
Positive Factors
Conservative balance sheet & strong capital
Extremely low debt and a materially strengthened equity base provide durable financial flexibility. With sizeable equity and high ROE, the company can absorb underwriting volatility, fund reinsurance purchases, return capital and support disciplined growth without relying on external leverage.
Negative Factors
Extreme Florida geographic concentration
Heavy concentration in Florida concentrates catastrophe, regulatory and pricing risk. A single-state exposure limits diversification benefits and can quickly strain capital and underwriting results after a major storm or adverse state regulatory action, a persistent structural vulnerability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & strong capital
Extremely low debt and a materially strengthened equity base provide durable financial flexibility. With sizeable equity and high ROE, the company can absorb underwriting volatility, fund reinsurance purchases, return capital and support disciplined growth without relying on external leverage.
Read all positive factors
American Integrity Insurance Group, Inc. (AII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$365.34M
Dividend YieldN/A
Average Volume (3M)137.06K
Price to Earnings (P/E)3.6
Beta (1Y)0.38
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees294
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)1.11
Shares Outstanding19,579,008
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 Cap0.50
Enterprise Value/Revenue0.65
Enterprise Value/Gross Profit1.01
Enterprise Value/Ebitda1.54
Forecast
1Y Price Target
$27.00Price Target Upside37.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.82
Revenue Forecast (FY)$951.38M
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:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 15, 2026
Earnings Call Sentiment Positive
The call highlighted substantial execution and financial improvement: strong top-line growth, record underwriting profitability, large increases in adjusted net income and ROE, a successful IPO, and a special dividend. Management emphasized disciplined underwriting, organic voluntary growth, prudent reinsurance actions (including reducing quota share), and multiple strategic growth initiatives (Tri-County reentry, middle-aged homes, commercial residential, selective out-of-state expansion). Lowlights include high Florida concentration (97% of premium), completion of the large Citizens takeout phase increasing reliance on voluntary growth, modest near-term pressure from primary pricing (management cited ~5% portfolio rate decreases), a Q4 decline in gross written premium tied to fewer takeouts, and an expected modest increase in underlying non-cat losses as mix shifts toward older homes. On balance, positive operational momentum, materially improved profitability, and strengthened capital position outweigh the identified risks.Positive Updates
Successful IPO Strengthens Balance Sheet
Completed initial public offering in May 2025 raising $100 million of gross proceeds, bolstering capital to support growth and underwriting activities.
Negative Updates
High Geographic Concentration
Florida remains dominant at ~97% of current in-force premium, exposing the company to state-specific regulatory, weather and market risk despite selective expansion efforts.
Read all updates
Q4-2025 Updates
Positive
Negative
Successful IPO Strengthens Balance Sheet
Completed initial public offering in May 2025 raising $100 million of gross proceeds, bolstering capital to support growth and underwriting activities.
Read all positive updates
Company Guidance
Management guided that 2026 should benefit from materially improved reinsurance pricing (market commentators cited risk‑adjusted rate decreases of ~10–20%), and that the company reduced its non‑cat quota share cession from 40% to 25%—a change expected to cut quota‑share costs by roughly 50% in 2026 and, on a pro forma basis, would have reduced ceded earned premium to $155M and increased revenue to $369M (versus $248M ceded and $276M revenue in 2025); management expects these changes to drive higher net revenues and improved net income in 2026 while retentions remain consistent with the prior treaty year and additional third‑/fourth‑event cover is being purchased. They warned net expense line items will rise modestly (due to lower ceding commissions) but be more than offset by incremental revenue, expect average premium to trend up over the next 12 months even as the company’s portfolio saw ~5% average rate decreases in 2025 filings, and forecast only a modest increase in the gross non‑cat loss metric (it was $0.17 per $1 of gross premiums in 2025) as mix shifts into Tri‑County and middle‑aged homes. Capital priorities include returning excess capital (a $1.02 per‑share special dividend totaling $20M), while retaining IPO proceeds ($100M raised) and year‑end shareholders’ equity of $337M to fund disciplined organic growth.American Integrity Insurance Group, Inc. Financial Statement Overview
Summary
Income Statement
89
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 276.49M | 204.35M | 200.87M |
| Gross Profit | 178.45M | 81.99M | 78.87M |
| EBITDA | 117.34M | 53.88M | 45.98M |
| Net Income | 99.62M | 39.74M | 37.80M |
Balance Sheet | |||
| Total Assets | 1.23B | 1.20B | 862.03M |
| Cash, Cash Equivalents and Short-Term Investments | 203.90M | 262.25M | 256.80M |
| Total Debt | 1.08M | 3.64M | 6.08M |
| Total Liabilities | 888.05M | 1.04B | 728.07M |
| Stockholders Equity | 337.02M | 162.39M | 133.97M |
Cash Flow | |||
| Free Cash Flow | 133.18M | 147.60M | 63.68M |
| Operating Cash Flow | 138.19M | 148.91M | 64.44M |
| Investing Cash Flow | -135.08M | -19.37M | -1.84M |
| Financing Cash Flow | 61.73M | -12.44M | -2.35M |
American Integrity Insurance Group, Inc. Risk Analysis
American Integrity Insurance Group, Inc. disclosed 1 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 0 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $365.34M | 3.60 | ― | ― | ― | ― | |
79 Outperform | $964.04M | 5.15 | 37.99% | 2.18% | 4.61% | 73.40% | |
79 Outperform | $819.63M | 4.62 | 47.28% | ― | 5.92% | 93.02% | |
70 Outperform | $567.06M | 5.73 | 35.67% | ― | 16.34% | -1.26% | |
69 Neutral | $641.89M | 7.74 | 12.91% | 3.51% | 0.93% | 224.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $255.95M | 5.75 | 40.02% | 0.57% | 39.32% | 61.45% |
* Financial Sector Average
AII
American Integrity Insurance Group, Inc.
19.62
3.61
22.56%
DGICA
Donegal Group
17.85
0.69
4.05%
KINS
Kingstone Companies
18.64
2.68
16.77%
UVE
Universal Insurance Holdings
35.58
13.47
60.92%
ACIC
American Coastal Insurance
11.91
1.67
16.27%
HRTG
Heritage Insurance Holdings
27.22
8.50
45.41%
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.