American Integrity Insurance : Year-End 2025 Investor Presentation

About this update from American Integrity Insurance Group, Inc.

1 Year-End 2025 Investor Presentation Experienced, Founder-Led Management Team Founded American Integrity in 2006 Previously served in leadership roles at American Modern, AIG, CNA and GE Insurance Solutions More than 40 years of insurance industry experience BS, University of Evansville Bob Ritchie Founder & Chief Executive Officer Joined American Integrity in 2009 Previously served as COO and in operational and managerial roles Prior experience: leading an entrepreneurial venture BS, DePaul University; MBA, Indiana University Jon Ritchie President Joined the American Integrity Board in 2017 and became CFO in 2024 Previously served as CFO of Sowell & Co. Prior experience: Morgan Stanley and Colliers International BS, Tulane University; MBA, Southern Methodist University Ben Lurie Chief Financial Officer Co-founded American Integrity in 2006 Currently serves as a Managing Director at Sowell & Co. Prior experience: McKinsey & Co. BA & BBA, University of Texas at Austin; Masters of Management, Northwestern University David Clark Chairman American Integrity Financial Highlights Three Months & Year Ended 12/31/25 Year Ended 12/31/25 vs Year Ended 12/31/24 422K Policies In-Force (1) vs. 356K 2024 (+19%) $945M Gross Premiums Written vs. $768M 2024 (+23%) $243M Net Premiums Earned vs. $182M 2024 (+33%) $337M Total Shareholders' Equity (1) vs. $162M 2024 (+108%) 39% Loss Ratio vs. 48% 2024 (-9 ppts.) 64% Combined Ratio vs. 81% 2024 (-17 ppts.) $105M Adjusted Net Income (2) 42% Adjusted ROE (3) vs. $40M 2024 (+165%) vs. 27% 2024 (+15 ppts.) Three Months Ended 12/31/25 vs Three Months Ended 12/31/24 422K Policies In-Force (1) vs. 356K 2024 (+19%) $206M Gross Premiums Written vs. $238M Q4 '24 (-13%) $59M Net Premiums Earned vs. $62M Q4 '24 (-4%) $337M Total Shareholders' Equity (1) vs. $162M 2024 (+108%) 43% Loss Ratio vs. 52% Q4 '24 (-9 ppts.) 63% Combined Ratio vs. 89% Q4 '24 (-26 ppts.) $22M Adjusted Net Income (2) vs. $8M Q4 '24 (+160%) 27% Adjusted RO E (3) vs. 21% Q4 '24 (+6 ppts.) 4 As of December 31, 2025. Adjusted Net Income represents net income excluding net realized gains or losses on investments, stock compensation expense and certain non-recurring expenses, including those incurred in connection with our IPO, net of tax. See the non-GAAP reconciliation in the Appendix. Adjusted Return on Equity represents Adjusted Net Income divided by Average Shareholders' Equity. See the non-GAAP reconciliation in the Appendix. Strong Voluntary Business Driving Organic Growth Favorable policy retention trends and strong voluntary policy writings have resulted in 17% new voluntary policy growth during the year ended 12/31/25 compared to the prior year Total policy growth is even higher due to the Citizens takeouts in late 2024 and 2025 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 75.1% 78.1% 81.5% 82.7% 82.8% Quarterly Policy Retention Ratio Trends +7.6 % PTS Voluntary Policy Writings (000s) 104 89 +17% FY 2024 FY 2025 Voluntary PIF (000s) 327 280 FY 2024 FY 2025 +16% Total PIF (000s) 422 356 +19% FY 2024 FY 2025 Leading Florida Residential Market Share Position Twenty years of cultivating our distribution network has resulted in a strong market share position in the Florida residential insurance marketplace, both in terms of voluntary writings and in-force policies/premium New FL Voluntary Policies Written Year Ended 12/31/2025 FL Residential Policies In-Force As of 12/31/2025 FL Residential Premium In-Force, $M As of 12/31/2025 6. American Integrity 390,751 7. American Integrity 94,988 10. American Integrity $884 $406 $688 $544 $516 $472 $469 Safepoint Monarch Assurant Kin Security First Other Public Peers 22. Heritage $1,779 $1,630 $1,576 $1,271 $1,207 $1,199 $962 $961 $936 Slide Florida Peninsula Universal P&C State Farm HCI Tower Hill USAA Frontline Citizens Citizens 389,157 Assurant 385,229 USAA 337,916 Frontline 295,747 HCI 257,454 Allstate 217,252 Progressive 216,252 Safepoint 213,110 Kin 162,306 Other Public Peers 22. Heritage 110,213 638,209 567,074 483,880 408,269 397,336 State Farm Universal P&C Slide Florida Peninsula Tower Hill Other Public Peers 26. Slide 19,430 34. Heritage 7,703 36. HCI 6,313 88,016 84,052 81,907 65,633 63,370 59,075 50,970 47,803 Universal P&C Frontline American Modern Progressive USAA Lemonade Allstate Kin 187,165 179,318 125,942 106,378 100,542 96,874 Assurant Citizens State Farm Florida Peninsula Tower Hill QBE #7 Among All Carriers #3 Excl. Citizens/National Carriers #6 Among All Carriers #5 Excl. Citizens/National Carriers #10 Among All Carriers #7 Excl. Citizens/National Carriers (1) Market data provided by the Florida Office of Insurance Regulation ( https://floir.com/tools-and-data/residential-market-share-reports ). Our Core Competencies Support and Fuel our Profitable Growth Insurance Now Guidewire system Seamless API integrations Block-level granularity with in-house programming Robust, Granular Technology Platform Deep, Diversified Distribution Our success is made possible by our core competencies built over two decades Longstanding independent agent relationships National carriers and agencies New construction home builder-affiliated agents Selective Citizens depopulations Tested, Aligned Management Integrated, Detailed Underwriting & Claims Founder-led since inception in 2007 Battle-tested senior leadership team Deep Florida insurance expertise Differentiated capacity at the agency/zip/census block level Dedicated underwriters for top agencies Strong integration between underwriting and claims, product and sales Voluntary PIF Growth Now More Important Than Citizens Takeouts We have successfully and opportunistically pursued take-outs from Citizens but believe that opportunity is greatly diminished going forward • Since October 2024, we capitalized on favorable market conditions to assume policies from Citizens that fit our underwriting (both CAT and non-CAT) and profitability criteria • We assumed ~103k policies from Citizens between October 2024 and December 2025, representing ~$186M in assumed unearned premium, and we are pleased with how these policies are performing to date. 4Q '25 takeouts were modest, as we assumed ~8k policies, representing ~$21M in assumed unearned premium. • Given the decline in Citizens policy count from 1.4M (1) in September 2023 to 395K at year end 2025, we believe the takeout opportunity has already been substantially realized for the industry 759 661 504 543 456 440 427 442 395 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 936 1,022 1,029 1,084 1,146 1,229 1,315 1,284 1,305 Citizens Policies In-Force, 000s (1) 1,472 (1) Citizens Property Insurance Corporation. Includes all policies in-force (residential, wind only, and commercial). Voluntary, Organic Growth Opportunities Abound Our strong balance sheet and leading position in the stabilized Florida insurance market give us confidence in our ability to capitalize on attractive, near-term organic growth opportunities Strategic Expansion in GA, SC, NC with Builder Agents Reduction of Non-Cat Quota Share Strong Florida Voluntary Policy Writing And Renewal Trends Strong Balance Sheet Stable Market Market Leadership Florida Introduction of Commercial Residential Florida Expansion into Tri-County Opening Capacity for Middle-Aged Homes Tri-County Growth Opportunity The newly stabilized litigation environment has made it desirable to write business in the Tri-County (1) , which we have limited since 2013 until the takeouts of 4Q 2024 and 2025 Tri-County Currently 7% of American Integrity's Policies- In-Force vs 28% of Florida population (2) Immediate market penetration through robust national partners relationships and homebuilder aligned agencies Provides PML benefits short term and allows for additional growth in other areas of the state over time Middle-Aged Roof Opportunity The newly stabilized litigation environment has made it desirable to insure middle-aged roofs, whereas during the roof crisis we emphasized new homes with new roofs Middle-Aged Roofs In response to the litigation crisis, AII reduced middle-aged roof exposure from 76% to 26% (1) The 2022 reforms have made middle-aged roofs attractive again Our longstanding relationship with our independent agents and our robust technology platform allow us to execute this plan quickly Commercial Residential Growth Opportunity AII has been preparing to enter the commercial residential insurance market for over a year. Florida Commercial Residential Admitted market for commercial residential in Florida is estimated to be $1.7B of premium (1) Assumed $5.9MM of unearned premium in our 4Q Citizens takeout First voluntary writings began in 4Q 2025 Reducing Non-Cat Quota Share AII has the opportunity to further drive revenue and net earned premium by reducing its reliance on non-cat quota share to 25% beginning 2026, below the 40% level previously Reducing Non-Cat Quota Share Ceded 40% of non-cat premiums to quota share partners in fiscal year 2025 Reduce that ceding rate to 25% for fiscal year 2026 Reducing non-cat quota share expected to increase our revenues and drive earnings Strategic Regional Expansion Our deep relationship with our builder affiliated agencies has provided us with disciplined growth opportunities outside of our core Florida market. Strategic Regional Expansion Supports and deepens our builder affiliated agency relationships Recently surpassed 20K in-force policies in SC as of 12/31/2025 Writings in NC commenced in January 2026 Robust Reinsurance Program Our strategic reinsurance program is key to our risk management philosophy Reinsurance Philosophy 1 Reduce earnings volatility 2 Enhance capital management 3 Limit exposure to CAT events 4 Protect capital Excess of Loss ("XOL") Our Risk Management Strategy Includes Multiple Types of Reinsurance: Reinsurer assumes all or portion of losses for an individual claim or event in excess of specified amount Utilized for catastrophe protection with multiple prepaid reinstatements CAT Bonds • Collateralized catastrophe bonds placed in the private markets to protect against named storms in Florida Non-CAT Quota Share Reinsurer assumes a specified percentage of losses for defined class of business Utilized for non-catastrophe and flood-related losses Captive Reinsurance Per Risk & Facultative Utilize captive to optimize profitability given uneconomic cost of XOL reinsurance at low limits Improves financial flexibility and capital management Cover individual risks as opposed to group or class of business Provides coverage for non-catastrophe losses from individual policies in excess of $1M We regularly assess and realign our reinsurance structure to optimize the effectiveness of our program Catastrophe Reinsurance Program with Broad Market Support J Sophisticated and conservative all-peril catastrophe XOL coverage to mitigate retained property losses First event $1,968M $1,401M H Integrity Re 2025 CL B-1 Integrity Re 2025 CL A-1 Integrity Re 2025 CL A-2 $1,937M I Integrity Re 2025 CL B-2 $1,668M Integrity Re 2025-1 CL C G $1,378M $1,531M A Total First and Second event retention of $35M, with $10M of exposure for the $1,500M B insurance entity and $25M of exposure for our captive (3 rd event retention of $16M and 4 th event retention of $10M) $1,231M C Coverage by state of Florida, participation in FHCF is mandatory for all FL residential property insurers D Class D CAT bond placed in 2025, $941M $646M $546M expiring end of May 2027 Multi-tranche CAT bond (class B and D) placed in 2024 expiring end of May 2026 Class C CAT bond placed in 2024 expiring end of May 2026 Class C CAT bond placed in 2025, expiring end of May 2027 Multi-tranche CAT bond placed in 2025 expiring end of May 2027 Multi-tranche CAT bond placed in 2025 expiring end of May 2028 First event tower, including retentions, equal to 1 in 130 yr. return period Second Event assumes a First Event loss of $790M net of Florida Hurricane Catastrophe Fund and Named Storm Inuring layers K Integrity Re 2025 CL A-1 Integrity Re 2025 CL A-2 Integrity Re 2025 CL B-1 Integrity Re 2025 CL B-2 Integrity Re 2025-1 CL C Integrity Re 2024-1 CL C Integrity Re 2024-1 CL B Integrity Re 2024-1 CL D Integrity Re 2025-1 CL D American Integrity Retention Second event $1,093M Integrity Re 2024-1 CL B $1,093M $954M $790M Florida Hurricane Catastrophe Fund $758M $272M $210M $90M B $35M A American Integrity Retention $10M E Integrity Re 2025-1 CL D D F Integrity Re 2024-1 CL C Integrity Re 2024-1 CL D C $982M $963M $656M $517M $353M $210M $90M $35M $10M Our multi-layered CAT XOL program provides comprehensive coverage up to $1.97B, including Company retentions, for a single event and $1.5B for second event (assuming first event of $790m) A Compelling Investment Opportunity American Integrity combines deep Florida expertise, management continuity and an impressive track record of operating in the stater with a large organic growth opportunity in the stabilized Florida market Long-Term Growth and Profitability Track Record 2008 - 2025 GWP growth CAGR 14.0% 2008 - 2025 PIF growth CAGR of 10.4% vs 1.4% (1) annual population growth in Florida Mar 2007- Mar 2025 pre-IPO capital growth CAGR of 20.2% (2) Improved and Stabilized Florida Market and Positioning Historic litigation reforms of 2022 IPO May 2025 generated $100M of gross proceeds Adj. ROEs for 2023, 2024, 2025 of 33% , 27% , 42% , respectively (3) Built market leading voluntary distribution channel relationships Growth has Accelerated in 2025 Total PIF growth up 19% at 12/31/25 vs 12/31/24 Voluntary writings YTD 4Q 25 vs YTD 4Q 24 up 42% Policy retention rates up from 75% in 4Q 24 to 83% in 4Q 25 Voluntary, core organic growth of PIF up 16% at 12/31/25 vs 12/31/24 Current Organic Growth Opportunities Abound New Tri-County focus and capacity for writing middle age homes Reduce quota share over time to add to net writings 1Q 2026 FL commercial residential writings began in 4Q 2025 NC writings began in 1Q 2026 17 Federal Reserve data https://fred.stlouisfed.org/series/FLPOP ; U.S. Census Bureau data https://www.census.gov/quickfacts/fact/table/FL/PST040224 Capital growth includes increases in book value plus profit distributions to shareholders. Adjusted ROE represents Adjusted Net Income divided by Average Shareholders' Equity. See Appendix for non-GAAP reconciliation. Appendix Summary Financials Income Statement - Year Ended Income Statement - Three Months Ended $ in thousands December 31, December 31, Year Ended 2025 2024 Revenues Gross premiums written $944,634 $767,678 Change in gross unearned premiums (59,676) (85,462) Gross premiums earned 884,958 682,216 Ceded premiums earned ( 642,035) (500,161) Net premiums earned 242,923 182,055 Policy fees 10,397 7,393 Net investment income 21,704 14,180 Net realized gains on investments 569 119 Other income 892 607 Total revenues 276,485 204,354 Expenses Losses and loss adjustment expenses, net 98,034 90,832 Policy acquisition expenses 21,446 31,532 General and administrative expenses 41,498 30,951 Total expenses 161,428 153,315 Income before income taxes 115,057 51,039 Income tax expense 15,436 11,297 Net income $99,621 $39,742 Adjusted net income (1 ) $105,161 $39,648 Key Ratios Loss ratio 38.7% 47.9% Expense ratio 25.0% 33.0% Combined ratio 63.7% 80.9% $ in thousands December 31, December 31, Three Months Ended 2025 2024 Revenues Gross premiums written $206,388 $237,617 Change in gross unearned premiums 22,724 (37,776) Gross premiums earned 229,112 199,841 Ceded premiums earned ( 169,760) (138,052) Net premiums earned 59,352 61,789 Policy fees 2,422 1,736 Net investment income 5,916 3,760 Net realized gains on investments 27 16 Other income (loss) 358 (183) Total revenues 68,075 67,118 Expenses Losses and loss adjustment expenses, net 26,332 32,808 Policy acquisition expenses 5,804 11,837 General and administrative expenses 6,661 11,727 Total expenses 38,797 56,372 Income before income taxes 29,278 10,746 Income tax expense 8,409 2,349 Net income $20,869 $8,397 Adjusted net income (1 ) $21,798 $8,384 Key Ratios Loss ratio 42.6% 51.6% Expense ratio 20.2% 37.1% Combined ratio 62.8% 88.7% Summary Financials Balance Sheet $ in thousands December 31, December 31, 2025 2024 Assets Short term investments $18,121 - Fixed maturities, available-for-sale, at fair value $330,489 $214,045 Total investments $348,610 $214,045 Cash and cash equivalents 203,902 173,220 Restricted cash 40,217 6,052 Premiums receivable, net 45,031 51,594 Accrued investment income 3,458 2,174 Prepaid reinsurance premiums 275,093 268,254 Reinsurance recoverable, net 269,056 462,097 Property and equipment, net 5,718 1,843 Right-of-use assets - operating leases 449 2,498 Deferred income tax asset, net 8,636 - Other assets 24,904 16,368 Total assets $1,225,074 $1,198,145 Liabilities and shareholders' equity Unpaid losses and loss adjustment expenses $266,591 $475,708 Income tax payable 2,680 11,873 Unearned premiums 481,557 421,881 Reinsurance payable 78,526 56,348 Advance premiums 11,752 6,561 Deferred income tax liability, net - 1,122 Long-term debt 618 1,029 Lease liabilities - operating leases 458 2,612 Deferred policy acq. costs, net unearned ceding commissions 12,902 31,931 Other liabilities and accrued expenses 32,986 26,688 Total liabilities $888,052 $1,035,753 Total shareholders' equity 337,022 162,392 Total liabilities and shareholders' equity $1,225,074 $1,198,145 Attention : This is an excerpt of the original content. 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