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American Integrity Insurance Group, Inc.
(NYSE:AII)
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Rating:81Outperform
Price Target:
$28.00
▲(49.97% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (profitability step-up and an exceptionally low-debt balance sheet) and an attractive low P/E valuation. These positives are moderated by overbought technical indicators that raise near-term volatility risk, and by cash-flow variability plus catastrophe-exposure/reinsurance dependence highlighted in the latest earnings call.
Positive Factors
Durable premium and policy growth
Strong policy additions, premium growth and expansion across Florida and adjacent states indicate increasing distribution reach and customer adoption. Continued scale can support a broader risk pool and create a durable platform for profitable growth.
Negative Factors
Catastrophe exposure and reinsurance dependence
Higher peak-season exposure increases sensitivity to severe hurricanes and can produce sharp swings in claims, capital and earnings. Reinsurance limits the downside but adds substantial cost and leaves results dependent on continued market capacity and pricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable premium and policy growth
Strong policy additions, premium growth and expansion across Florida and adjacent states indicate increasing distribution reach and customer adoption. Continued scale can support a broader risk pool and create a durable platform for profitable growth.
Read all positive factors
American Integrity Insurance Group, Inc. (AII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$496.69M
Dividend YieldN/A
Average Volume (3M)137.06K
Price to Earnings (P/E)5.6
Beta (1Y)0.29
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees313
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)4.50
Shares Outstanding19,593,428
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$27.50Price Target Upside47.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.6
Revenue Forecast (FY)$1.01B
American Integrity Insurance Group, Inc. Business Overview & Revenue Model
Company Description
American Integrity Insurance Group, Inc., together with its subsidiaries, operates as an insurance company in the United States. The company offers personal residential property insurance for single-family homeowners and condominium owners, as wel...
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:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call presented strong, broad-based operational and financial progress: record voluntary new business, record pre-tax income, milestone in-force premium and policies, improved retention, favorable reinsurance renewal, geographic expansion momentum, and strengthening capital/investment deployment. The principal negatives were largely structural or timing effects related to the reduction of the quota share (which increases retained earnings but raises reported acquisition expenses and complicates YoY comparability), a sharp rise in policy acquisition expense tied to growth, and declines in ROE/adjusted ROE and adjusted EPS per share driven in part by prior-year one-time items and post-IPO dynamics. Overall, the positive operating momentum, underwriting results, and improved reinsurance economics outweigh the manageable challenges and comparability issues.Positive Updates
Record Voluntary New Business and Rapid Growth
Wrote approximately 43,000 voluntary new business policies in Q2 (company record), representing ~54% year-over-year growth and ~44% sequential growth from Q1 2026.
Negative Updates
Quota Share Reduction Created Comparability and Expense Dynamics
Non-cat quota share cession reduced from 40% to 25% effective 01/01/2026. While this increased net premiums earned (+58.2%) and retains more economics, it reduced ceding commission income and increased absolute expenses, making some year-over-year comparisons less directly comparable and increasing near-term expense recognition.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Voluntary New Business and Rapid Growth
Wrote approximately 43,000 voluntary new business policies in Q2 (company record), representing ~54% year-over-year growth and ~44% sequential growth from Q1 2026.
Read all positive updates
Company Guidance
The primary forward-looking guidance centered on reinsurance and capital/earnings momentum: the company expects annual catastrophe reinsurance costs to remain consistent with the $430–$440 million range, maintained first-event retention of $35 million, reduced aggregate 4‑event retention to $75 million (from $95M), and preserved a target 1-in-130 year PML with a renewed program providing ~ $3.0 billion total catastrophe protection (≈ $2.25 billion third‑party for a single event) while achieving risk‑adjusted rate reductions at the upper end of the 15–20% market declines despite ~19% growth in peak‑season exposure; management reiterated capacity to grow given shareholders’ equity of $369.5 million and book value per share of $18.86 (+22.3% YoY), and expected continued investment income tailwinds after deploying just shy of $200 million into fixed income (book yields mid‑4s, new money high‑4s to ~5%), all against a backdrop of strong operating metrics this quarter (GWP $326.6M, +13.8%; GPE $242.3M, +8.3%; NPE $104.7M, +58.2%; income before taxes $46.4M, +93% and a record; net income $34.1M / $1.74 diluted; adj. net income $34.9M / $1.78; policies in force ~462k, +15.7% YoY; voluntary new business ~43k, +54% YoY; combined ratio 63.4%; net loss ratio 30.6%), which management said supports continued disciplined, profitable 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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 336.20M | 276.49M | 204.35M | 200.87M |
| Gross Profit | 224.73M | 178.45M | 81.99M | 78.87M |
| EBITDA | 123.95M | 117.34M | 53.88M | 45.98M |
| Net Income | 88.09M | 99.62M | 39.74M | 37.80M |
Balance Sheet | ||||
| Total Assets | 1.61B | 1.23B | 1.20B | 862.03M |
| Cash, Cash Equivalents and Short-Term Investments | 343.87M | 374.36M | 262.25M | 256.80M |
| Total Debt | 412.00K | 1.08M | 3.64M | 6.08M |
| Total Liabilities | 1.24B | 888.05M | 1.04B | 728.07M |
| Stockholders Equity | 369.52M | 337.02M | 162.39M | 133.97M |
Cash Flow | ||||
| Free Cash Flow | 168.12M | 133.18M | 147.60M | 63.68M |
| Operating Cash Flow | 172.55M | 138.19M | 148.91M | 64.44M |
| Investing Cash Flow | -85.00M | -135.08M | -19.37M | -1.84M |
| Financing Cash Flow | -20.50M | 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | $1.01B | 4.81 | 42.41% | ― | 1.45% | 102.69% | |
81 Outperform | $496.69M | 5.63 | 25.95% | ― | ― | ― | |
81 Outperform | $1.18B | 5.35 | 38.78% | 1.85% | 3.96% | 234.26% | |
72 Outperform | $287.06M | 8.00 | 0.11% | 1.00% | 34.04% | 15.59% | |
71 Outperform | $726.59M | 9.48 | 11.01% | 3.94% | -3.10% | -18.44% | |
61 Neutral | $444.90M | 4.41 | 30.43% | ― | 3.29% | 21.74% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
AII
American Integrity Insurance Group, Inc.
25.35
6.81
36.75%
DGICA
Donegal Group
18.67
1.96
11.70%
KINS
Kingstone Companies
19.83
6.41
47.81%
UVE
Universal Insurance Holdings
42.32
18.42
77.09%
ACIC
American Coastal Insurance
9.18
-0.70
-7.05%
HRTG
Heritage Insurance Holdings
33.84
12.07
55.44%
American Integrity Insurance Group, Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
American Integrity Reports Record Q2 2026 Financial Results
Positive
Aug 11, 2026
On August 11, 2026, American Integrity Insurance Group reported record second quarter 2026 results, highlighted by 43,000 voluntary new business policies sold, a 54% increase over the prior-year quarter, and $46.4 million of pre-tax income. Gross ...
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...
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.