American Integrity Insurance Group, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income increased 115.4% year-over-year to $28.4 million ($1.44 per diluted share) for the three months ended September 30, 2026, compared to $13.2 million ($0.67 per diluted share) in the prior year period.
• Adjusted net income for the quarter was $28.3 million ($1.44 per diluted share), up 102.6% year-over-year from $14.0 million.
• Total revenues grew 83.0% year-over-year to $113.5 million, driven by a 94.5% increase in net premiums earned to $101.2 million.
• Gross premiums written increased 22.7% year-over-year to $293.3 million.
• Income before income taxes reached $39.6 million, an 111.0% increase year-over-year.
• Return on equity was 29.8% for the quarter, compared to 17.0% in the prior year period.
• Book value per share was $19.96, up 23.7% from September 30, 2025.
• Net investment income rose 21.9% year-over-year to $8.4 million.
• Loss and loss adjustment expenses ratio improved to 36.6% from 54.1% in the prior year period; the net underlying loss and LAE ratio was 31.7% compared to 49.9%.
• Combined ratio improved to 70.6% from 78.9% in the prior year period.
• For the nine months ended September 30, 2026, net income was $82.4 million, up 4.6% year-over-year.

Guidance and Future Outlook:

• Management stated they see "substantial runway ahead" for growth and believe they have broad-based growth across key strategic initiatives.
• The company anticipates future Citizens take-out opportunities, though no specific guidance figures were provided.
• Forward-looking statements indicate expectations regarding future growth, new insurance products, and geographic expansion, subject to risks including catastrophic events and regulatory changes.

Business Segments and Product Lines:

• Voluntary new business policies sold in the third quarter reached 41,000, a 57% year-over-year increase, accelerating from the 54% growth rate in the second quarter of 2026.
• Total new and renewal policies written in the voluntary market were 117,814, an increase of 28.6% compared to the third quarter of 2025.
• Voluntary new residential business policies in the Tri-County region of Florida increased 34-fold to 8,003 from 233 in the prior year period.
• Voluntary new business policies in the Florida middle-aged home category (excluding Tri-County) increased 15-fold to 8,561 from 568 in the prior year period.
• Policies in-force increased 18.6% year-over-year to 481,446, with in-force premium rising 17.4% to $1,069 million.
• The company assumed no policies from Citizens Property Insurance Corporation during the quarter, determining none met underwriting and profitability standards.
• The non-catastrophe quota share reinsurance arrangement was reduced from 40% to 25% on January 1, 2026.

Market and Competitive Landscape:

• The company operates primarily in Florida, focusing on the residential property insurance market.
• Growth was driven by disciplined underwriting and thoughtful risk selection, maintaining stability in premium per policy year-over-year.
• The company faces competition from government entities and mandatory assessments, as well as reliance on third-party distribution partners.

Risks and Challenges:

• Significant exposure to catastrophic events and severe weather conditions in Florida remains a primary risk.
• Loss reserves are estimates and may be inadequate to cover actual liability for losses.
• Dependence on the regulatory, legal, and economic conditions in Florida, including the ability to obtain reinsurance at commercially reasonable rates.
• Potential for actual renewals not meeting expectations and increased competition.
• Risks related to information technology system failures and the effectiveness of loss limitation methods in policies.

Management Commentary and Tone:

• CEO Robert Ritchie described the quarter as "strong," reflecting continued execution of strategy and increasing strength of the voluntary growth platform.
• Management emphasized that growth remains grounded in disciplined underwriting and noted the company is approaching the milestone of half a million customers.
• The tone was confident regarding the "substantial runway" for future growth and the sustainability of momentum from the second quarter.

Other Key Points:

• The company paid cash dividends of $19.971 million during the nine months ended September 30, 2026.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $247.7 million.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $198.3 million, primarily due to purchases of fixed maturity securities.
• The company has no long-term debt as of September 30, 2026, having repaid the $618,000 balance outstanding at December 31, 2025.
• Total assets increased to $1.62 billion as of September 30, 2026, from $1.23 billion at December 31, 2025.
• Shareholders' equity increased to $391.2 million as of September 30, 2026, from $337.0 million at December 31, 2025.
• A conference call to discuss results was held on November 11, 2026.