In section Market Quotes
American Integrity Insurance Group shares climbed 8.7% to $30.60 in after-hours trading after the insurer reported third-quarter earnings and revenue above analyst expectations. The stock had closed up 1.4% at $28.14 and was 35% higher for the year through that close.
The company earned $28.4 million, or $1.44 a share, compared with $13.2 million, or 67 cents a share, in the same quarter a year earlier. Adjusted earnings were also $1.44 a share, beating the 68 cents expected by analysts polled by FactSet.
Revenue rose 83% to $113.5 million, above the $105.7 million analyst forecast. Gross premiums written increased 23% to $293.3 million, while net premiums earned surged 95% to $101.2 million.
Chief Executive Robert Ritchie said the company wrote approximately 41,000 voluntary new business policies in the quarter, up 57% year over year. He said that pace accelerated from the second quarter’s year-over-year growth rate, following record voluntary new business production in that quarter. Ritchie added that growth was broad-based across the company’s key strategic initiatives and said he believed substantial runway remained.
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