The balance sheet has expanded rapidly with total assets reaching $1.6 billion in 2026Q2, but the reported debt-to-equity ratio of 0.10 and the absence of detailed investment portfolio data make a full assessment of capital adequacy and liquidity challenging.
American Integrity Insurance Group, Inc. (AII) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Assets | 1.61B | 1.23B | 1.2B | 862.03M |
| Asset Growth % | 7.11% | 2.25% | 38.99% | - |
| Total Investment Assets | 4M | 348.61M | 214.04M | 195.16M |
| Long-Term Investments | 667.67M | 178.16M | 214.04M | -195.16M |
| Short-Term Investments | 0 | 170.45M | 89.03M | 195.16M |
| Total Current Assets | 402.98M | 248.93M | 1.18B | 845.56M |
| Cash & Equivalents | 343.87M | 203.9M | 173.22M | 61.65M |
| Receivables | 1.19B | 45.03M | 513.69M | 362.83M |
| Other Current Assets | 0 | -445.55M | -1.04B | 0 |
| Goodwill & Intangibles | 22.41M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 22.41M | 0 | 0 | 0 |
| PP&E (Net) | 47.4M | 6.17M | 4.34M | 5.82M |
| Other Assets | -373.58M | -178.16M | -218.39M | 205.82M |
| Total Liabilities | 1.24B | 888.05M | 1.04B | 728.07M |
| Total Debt | 412K | 1.08M | 3.64M | 6.08M |
| Net Debt | -343.46M | -202.83M | -169.58M | -55.56M |
| Long-Term Debt | 412K | 618K | 617K | 1.03M |
| Short-Term Debt | 326K | 0 | 412K | 412K |
| Total Current Liabilities | 1.54M | 2.68M | 88.69M | 66.61M |
| Accounts Payable | 0 | 78.53M | 56.35M | 61.06M |
| Deferred Revenue | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.22M | -78.53M | 31.93M | 5.14M |
| Deferred Taxes | 0 | 0 | 1000K | 1000K |
| Other Liabilities | 441.8M | 884.75M | 942.71M | 652.56M |
| Total Equity | 369.52M | 337.02M | 162.39M | 133.97M |
| Equity Growth % | 210.26% | 107.54% | 21.22% | - |
| Shareholders Equity | 369.52M | 337.02M | 162.39M | 133.97M |
| Minority Interest | 0 | 0 | 0 | 0 |
| Retained Earnings | 263.26M | 229.18M | 152.43M | 124.71M |
| Common Stock | 20K | 20K | 10.29M | 10.29M |
| Accumulated OCI | -420K | 1.93M | -327K | -1.03M |
| Return on Equity (ROE) | 25.95% | 39.9% | 26.82% | 28.21% |
| Return on Assets (ROA) | 6.47% | 8.22% | 3.86% | 4.38% |
| Equity / Assets | 22.92% | 27.51% | 13.55% | 15.54% |
| Debt / Equity | 0.00x | 0.00x | 0.02x | 0.05x |
| Book Value per Share | 18.87 | 19.55 | 8.29 | 6.84 |
| Tangible BV per Share | 17.72 | 19.55 | 8.29 | 6.84 |
Quick answers to the most common questions about buying AII stock.
As of 2025, American Integrity Insurance Group, Inc. (AII) had total assets of $1.23B including $248.9M in current assets.
American Integrity Insurance Group, Inc. (AII) carries total debt of $1.1M, offset by $374.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Integrity Insurance Group, Inc. (AII) has total shareholders' equity (book value) of $337.0M ($19.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Integrity Insurance Group, Inc. (AII) reported a current ratio of 92.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Volatile loss ratio and reserve adequacy
Metrics are mathematically derived from official filings.
Rapid Asset and Equity Expansion
Total assets surged to $1.6 billion in 2026Q2, a 33% increase from the prior quarter, while equity grew to $369.5 million, suggesting the company is rapidly scaling its balance sheet to support accelerating premium growth.
The sharp expansion in total assets and equity, coupled with the prior income statement finding of 54.6% revenue growth, indicates the company is in a phase of aggressive underwriting expansion. This trajectory requires careful monitoring to ensure capital generation keeps pace with the growing liability base, as the equity growth appears to be driven by retained earnings rather than external capital raises.
Extreme Loss Ratio Volatility
The loss ratio has swung dramatically from 66.5% in 2024Q4 to 15.7% in 2025Q4 and back to 28.8% in 2026Q2, a pattern that suggests potential reserve releases or volatile catastrophe experience rather than stable underwriting performance.
This extreme volatility in the loss ratio, as highlighted in prior analysis, raises fundamental questions about reserve adequacy and the sustainability of reported earnings. The pattern may indicate that favorable reserve developments in certain quarters are masking underlying loss trends, which warrants close scrutiny of the company's reserve methodology and historical development patterns.
Capital Buffer Under Pressure
Despite equity growing to $369.5 million, the debt-to-equity ratio appears elevated relative to peers like HCI (0.06), suggesting the company's capital structure may be more leveraged than its statutory capital position alone indicates.
The company's capitalization appears adequate based on the absolute equity level, but the rapid asset growth and potential leverage suggest the capital buffer may be thinner than it appears. Given the volatile loss experience, investors should monitor whether the company maintains sufficient statutory capital to absorb a severe catastrophe event without requiring external capital infusion.
Claims-Paying Capacity Unclear
The absence of reported cash and investment income data for most quarters makes it difficult to assess the company's immediate liquidity position and ability to meet policyholder obligations from liquid assets.
While the prior cash flow analysis indicates strong operating cash generation, the balance sheet data shows minimal reported cash and investment assets, which is unusual for an insurance carrier. This discrepancy suggests either data limitations or that the company's liquidity is concentrated in less liquid investment vehicles, which could create challenges during periods of elevated claims activity.
Growth Trajectory Dependent on Pricing
The accelerating revenue growth suggests strong premium volume increases, but without visibility into unearned premium reserves or investment portfolio yields, the sustainability of this growth trajectory remains uncertain.
The company's forward performance appears heavily dependent on maintaining favorable pricing conditions in its target markets. The lack of investment income data is particularly concerning, as it prevents assessment of whether the company is generating adequate investment returns to supplement underwriting profits, especially given the volatile loss experience.
Reserve Adequacy as Hidden Risk
The most non-obvious risk appears to be potential reserve inadequacy masked by volatile loss ratios, where favorable development in some quarters may be obscuring deteriorating loss trends in long-tail lines.
The extreme swings in loss ratios suggest the company may be experiencing significant reserve volatility that isn't fully captured in the reported metrics. If the low loss ratios in certain quarters reflect reserve releases rather than actual loss experience, the company could face adverse development in future periods, particularly if inflation or litigation trends worsen in its property and casualty lines.