American Integrity Insurance Group, Inc. Reports Third Quarter 2025 Results

Core Insights - American Integrity Insurance Group, Inc. reported strong financial results for Q3 2025, highlighting robust growth driven by distribution partnerships and a favorable market environment [4][17]. Financial Performance - Net income available to common shareholders for Q3 2025 was $13.2 million, or $0.67 per diluted share, representing a 191.7% increase from $4.5 million in Q3 2024 [3][11]. - Adjusted net income for Q3 2025 was $14.0 million, or $0.71 per diluted share, up 210.9% from $4.5 million in Q3 2024 [3][17]. - Gross premiums written increased by 48.5% to $239.1 million compared to $160.9 million in Q3 2024 [6][10]. - Net premiums earned rose by 28.5% to $52.0 million from $40.5 million in Q3 2024 [10][11]. - The combined ratio improved to 78.9%, a decrease of 15.4 percentage points from 94.3% in Q3 2024 [6][11]. Market Expansion and Strategy - The company is expanding its operations in the Tri-County region of Florida, which is expected to support sustained policy growth through 2026 [5][6]. - Focus has shifted towards the middle-aged home segment in Florida, which is identified as a large and underpenetrated market [5]. - The company has entered the commercial residential market, anticipating the issuance of its first policies in Q4 2025 [5]. Investment and Underwriting Performance - Net investment income for Q3 2025 increased by 83.8% to $6.9 million compared to $3.8 million in Q3 2024, driven by increased invested assets [10][11]. - Losses and loss adjustment expenses rose by 18.5% to $29.7 million, with a loss ratio of 54.1% compared to 59.0% in Q3 2024 [10][11]. - Policy acquisition expenses decreased by 19.7% to $6.3 million, reflecting improved efficiency in operations [10][11]. Shareholder Equity and Returns - Shareholders' equity increased to $315.9 million as of September 30, 2025, compared to $162.4 million at the end of 2024, bolstered by net income and IPO proceeds [10][11]. - The annualized return on equity was 17.0%, up from 11.9% in Q3 2024 [10][11].