10-Q · May 14, 2026
American Integrity Insurance Group, Inc. reported Q1 2026 financial results reflecting a significant decline in net income to $19.9 million, down 47.7% year-over-year. The company experienced a 25.7% increase in net…
Earnings analysis · 10-Q
AII earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
American Integrity delivered a strong Q2, with revenue up 54.6% year over year to $115.171 million, GAAP diluted EPS of $1.74, and a combined-ratio improvement to 63.4% from 72.9%. Growth was supported by higher…
Read full summary
American Integrity delivered a strong Q2, with revenue up 54.6% year over year to $115.171 million, GAAP diluted EPS of $1.74, and a combined-ratio improvement to 63.4% from 72.9%. Growth was supported by higher Voluntary Market writings, improved retention and lower ceded premiums, while cash generation and balance-sheet liquidity strengthened. However, first-half net income declined to $54.056 million from $65.590 million, the six-month combined ratio worsened to 68.5% from 58.1%, and the reduction in quota-share protection increases retained loss and expense exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.74
- Segment
- Single reportable operating segment: insurance; total revenue was $115.171 million in Q2 2026 versus $74.499 million in Q2 2025 and $90.931 million in Q1 2026.
What stood out
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Revenue and net premiums accelerated
Q2 revenue increased 26.6% sequentially from $90.931 million in Q1 2026 and 54.6% year over year from $74.499 million. Net premiums earned rose 58.2% year over year to $104.696 million, driven by higher gross premiums and lower ceded premiums.
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GAAP EPS improved sequentially
Diluted GAAP EPS was $1.74 versus $1.62 in Q2 2025 and $1.02 in Q1 2026. Adjusted diluted EPS was $1.78 versus $1.84 in Q2 2025, reflecting the prior-year period's IPO-related adjustments.
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Underwriting profitability strengthened
The Q2 combined ratio improved to 63.4% from 72.9% in Q2 2025, led by a 9.5 percentage-point reduction in the expense ratio to 32.8%; the loss ratio was stable at 30.6%.
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Policy growth and retention improved
Policies in force increased 15.7% year over year to 461,714 and 5.6% sequentially from 437,308. Voluntary Market policies written in Q2 rose to 42,863 from 27,786, while retention improved to 84.4% from 81.5%.
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Cash generation remained strong
Operating cash flow increased to $129.843 million for the six months ended June 30, 2026 from $95.481 million in the prior-year period. Investing cash use declined to $9.793 million from $59.869 million, while property and equipment purchases increased to $4.475 million from $0.579 million.
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Liquidity and capital expanded
Cash and cash equivalents rose to $288.453 million from $203.902 million at December 31, 2025, while total cash, cash equivalents and restricted cash reached $343.872 million from $244.119 million. Shareholders' equity increased to $369.519 million from $337.022 million.
What to watch
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Heavy Florida concentration
Florida accounted for 92.0% of policies in force as of June 30, 2026, leaving results highly exposed to Florida regulatory, legal, economic and weather conditions.
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Catastrophe and reinsurance exposure
The 2026–2027 catastrophe program provides $2.25 billion of third-party coverage for a single event, but the company retains $35.0 million for the first event and expects to cede $430.0 million to $440.0 million of catastrophe reinsurance premiums for the treaty year.
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Reserve growth raises loss risk
Net unpaid losses and LAE increased to $93.883 million from $74.255 million at December 31, 2025, primarily due to $8.976 million of additional non-catastrophe storm reserves and $9.304 million of additional Citizens assumed-business reserves.
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Lower quota-share protection
The company reduced its non-catastrophe quota-share ceding percentage from 40% to 25% effective January 1, 2026. As a result, the six-month loss ratio increased to 33.6% from 30.8%, and the expense ratio rose to 34.9% from 27.3%.
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Receivable and counterparty exposure
Premiums receivable increased to $59.104 million from $45.031 million at December 31, 2025, while net reinsurance recoverable remained material at $247.916 million, creating collection and counterparty exposure.
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No material risk-factor updates
The filing states there were no material changes to the risk factors in the December 31, 2025 Form 10-K. Nonetheless, the company reported $208.887 million of statutory capital and surplus at AIIC versus a $20.889 million minimum requirement, highlighting the importance of maintaining regulatory capital as the business grows.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects 2026 Citizens take-outs to represent a smaller portion of gross premiums written than in 2024 and 2025, and expects total net consolidated catastrophe reinsurance premiums ceded to third parties of $430.0 million to $440.0 million for the 2026 treaty year.
Earlier filings 4
10-K · February 27, 2026
American Integrity reports scale and profitability in 2025 with gross premiums written of $944.6 million, 421,866 policies-in-force and GAAP net income of $99.6 million (adjusted net income $105.2 million) as of…
10-Q · August 13, 2025
American Integrity reported Q2 (ended June 30, 2025) total revenues of $74,499 (in thousands) and GAAP diluted EPS of $1.62, with material year‑over‑year top‑line and EPS growth driven by higher premiums earned and…
10-Q · June 10, 2025
Strong quarter: total revenues rose to $71,886 (thousands) from $44,308 in Q1 2024 (+$27,578), driven by higher gross premiums written of $212,150 (vs $147,452). Net income increased to $38,096 (thousands) from $12,106…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.