Revenue growth accelerated sharply to 54.6% year-over-year in 2026Q2, while the combined ratio improved to a highly profitable 59.7%, though the loss ratio's extreme volatility from 15.7% to 57.9% over recent quarters suggests inconsistent underwriting performance.
American Integrity Insurance Group, Inc. (AII) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Revenue | 336.2M | 276.49M | 204.35M | 200.87M |
| Revenue Growth % | 30.41% | 35.3% | 1.73% | - |
| Medical Costs & Claims | 111.47M | 98.03M | 122.36M | 122M |
| Medical Cost Ratio % | 33.16% | 35.46% | 59.88% | 60.74% |
| Gross Profit | 224.73M | 178.45M | 81.99M | 78.87M |
| Gross Margin % | 66.84% | 64.54% | 40.12% | 39.26% |
| Gross Profit Growth % | - | 117.65% | 3.96% | - |
| Operating Expenses | 103M | 63.39M | 30.95M | 34.11M |
| OpEx / Revenue % | 30.64% | 22.93% | 15.15% | 16.98% |
| Depreciation & Amortization | 2.22M | 2.28M | 2.84M | 1.22M |
| Combined Ratio % | 63.79% | 58.39% | 75.02% | 77.72% |
| Operating Income | 121.73M | 115.06M | 51.04M | 44.76M |
| Operating Margin % | 36.21% | 41.61% | 24.98% | 22.28% |
| Operating Income Growth % | - | 125.43% | 14.04% | - |
| EBITDA | 123.95M | 117.34M | 53.88M | 45.98M |
| EBITDA Margin % | 36.87% | 42.44% | 26.37% | 22.89% |
| Interest Expense | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 |
| Pretax Income | 121.73M | 115.06M | 51.04M | 44.76M |
| Pretax Margin % | 36.21% | 41.61% | 24.98% | 22.28% |
| Income Tax | 33.64M | 15.44M | 11.3M | 6.96M |
| Effective Tax Rate % | 27.64% | 13.42% | 22.13% | 15.55% |
| Net Income | 88.09M | 99.62M | 39.74M | 37.8M |
| Net Margin % | 26.2% | 36.03% | 19.45% | 18.82% |
| Net Income Growth % | 2.32% | 150.67% | 5.15% | - |
| EPS (Diluted) | 4.50 | 5.65 | 1.94 | 1.84 |
| EPS Growth % | -2.17% | 191.24% | 5.43% | - |
| EPS (Basic) | - | 5.78 | 1.94 | 1.84 |
| Diluted Shares Outstanding | 19.58M | 17.24M | 19.58M | 19.58M |
Quick answers to the most common questions about buying AII stock.
For fiscal year 2025, American Integrity Insurance Group, Inc. (AII) reported total revenue of $276.5M. This represents a 37.6% increase compared to $200.9M in 2023.
American Integrity Insurance Group, Inc. (AII) is profitable, generating $99.6M in net income for the fiscal year ending 2025 with a net profit margin of 36.0%.
American Integrity Insurance Group, Inc. (AII) reported an operating income of $115.1M, resulting in an operating profit margin of 41.6%. This margin reflects the operational efficiency of the business before interest and taxes.
American Integrity Insurance Group, Inc. (AII) generated $178.5M in gross profit for the year, representing a gross profit margin of 64.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile loss ratio and earnings
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Sharply
American Integrity's total revenue surged 54.6% year-over-year in 2026Q2, reaching $115.2 million, indicating a significant acceleration in premium growth that suggests the company is successfully capturing market share or benefiting from a favorable pricing environment.
The 54.6% revenue growth in 2026Q2 represents a substantial acceleration from the 26.5% growth in 2026Q1, suggesting the company is experiencing strong momentum in its top line. This growth trajectory appears to be driven by either increased policy volume, higher premium rates, or a combination of both, which is particularly notable given the competitive P&C insurance landscape. The acceleration from 1.4% growth in 2025Q4 to over 50% growth in recent quarters indicates a potential inflection point in the company's market positioning.
Underwriting Profitability Strengthens
The combined ratio improved to 59.7% in 2026Q2 from 70.0% in 2026Q1, indicating strong underwriting profitability with the company earning approximately 40 cents of underwriting profit for every dollar of premium written.
The 59.7% combined ratio in 2026Q2 represents excellent underwriting performance, well below the 100% threshold needed for underwriting profitability. This improvement from 70.0% in the prior quarter suggests effective risk selection and pricing discipline. The loss ratio of 28.8% in 2026Q2 is particularly strong compared to the 57.9% seen in 2025Q3, indicating either favorable claims experience or improved reserving practices. However, the volatility in loss ratios across quarters (ranging from 15.7% to 66.5%) suggests the company may be exposed to seasonal or event-driven volatility in its book of business.
Reserve Volatility Raises Questions
The dramatic swing in loss ratios from 66.5% in 2024Q4 to 15.7% in 2025Q4 suggests potential reserve releases or favorable development that may be inflating current period earnings.
The extreme volatility in loss ratios across quarters warrants careful examination of reserve adequacy. The 15.7% loss ratio in 2025Q4 appears unusually low for a P&C insurer and may indicate prior-year reserve releases rather than current underwriting performance. This pattern suggests investors should monitor whether the company is experiencing genuine underwriting improvement or if favorable reserve development is masking underlying issues. The subsequent increase to 34.9% in 2026Q1 and then decrease to 28.8% in 2026Q2 indicates continued volatility that makes trend analysis challenging.
2025Q4 Marks Potential Turning Point
The 2025Q4 quarter showed a dramatic improvement with a 57.0% combined ratio and 161.0% EPS growth, suggesting a potential inflection point in the company's operational performance.
The 2025Q4 results represent a significant improvement from the 84.0% combined ratio in 2024Q4, with operating income nearly tripling from $10.7M to $29.3M. This improvement appears to be driven by both revenue growth (1.4% to $68.1M) and dramatically lower claims ($10.7M vs $44.6M). The 161.0% EPS growth suggests the company may have successfully implemented strategic changes or benefited from favorable market conditions. However, the sustainability of this improvement remains uncertain given the historical volatility in the company's results.
Earnings Quality Concerns Persist
Despite strong recent performance, the extreme volatility in loss ratios and the absence of investment income data suggest the reported earnings may not be fully representative of sustainable underwriting profitability.
The most significant analytical challenge to AII's reported earnings is the extreme volatility in loss ratios, which have ranged from 15.7% to 66.5% over the past eight quarters. This volatility makes it difficult to assess the sustainability of current profitability levels. Additionally, the absence of investment income data in the provided information prevents a complete assessment of total return on capital. The company's reliance on underwriting profitability alone, without visibility into investment returns, creates uncertainty about the durability of earnings, particularly if the current favorable loss experience reverses.