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American Integrity Insurance Group Q3 revenue up 83%, EPS beats estimates

By Reuters News


Overview

  • US residential property insurer's Q3 revenue grew 83% yr/yr

  • Adjusted EPS for Q3 beat analyst expectations

  • Net premiums earned nearly doubled from a year earlier


Outlook

  • Company did not provide specific financial guidance for future quarters or the full year in its press release


Result Drivers

  • VOLUNTARY NEW BUSINESS - Co said growth was driven by a 57% yr/yr increase in voluntary new business policies sold in Q3

  • VOLUNTARY MARKET WRITINGS - Gross premiums written rose 23% yr/yr, mainly due to growth in voluntary market writings

  • REINSURANCE ARRANGEMENT - Lower ceded premiums earned due to reduced non-catastrophe quota share reinsurance


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EPS

Beat

$1.44

$0.71 (4 Analysts)

Q3 EPS

$1.44

Q3 Net Income

$28.35 mln

Q3 Combined Ratio

70.60%

Q3 Pretax Profit

$39.62 mln

Q3 Return On Equity

29.80%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the property & casualty insurance peer group is "hold."

  • Wall Street's median 12-month price target for American Integrity Insurance Group Inc is $28.00, about 0.9% above its November 9 closing price of $27.76


Reuters Recommended Reads

  • Nov 9 - Oxbridge Re Q3 net loss widens as premiums fall

  • Nov 9 - Baldwin Insurance Q3 revenue rises on acquisitions

  • Nov 9 - Goosehead Insurance preliminary Q3 revenue rises on client retention, new business


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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