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Ategrity (ASIC) investor relations material
Ategrity Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Gross written premiums rose 32% year-over-year to $167.5M in Q2 2025, driven by network expansion, new initiatives, and increased wallet share in both casualty and property lines.
Adjusted net income was $17.9M, up 365% year-over-year, with net income attributable to stockholders at $17.6M ($0.39 per diluted share).
Achieved a record combined ratio of 88.9% and a 14.5% adjusted ROE, reflecting disciplined underwriting and operational efficiency.
Completed IPO in June 2025, raising between $114.7M and $130.3M in net proceeds, strengthening the balance sheet.
Book value per share increased to $11.64, up 12.2% from year-end, supported by IPO proceeds and retained earnings.
Financial highlights
Net premiums earned grew 19.7% year-over-year to $86.9M for Q2 2025.
Underwriting income rose 119% year-over-year to $9.6M.
Net investment income was $11.9M, more than doubling year-over-year, boosted by IPO proceeds and higher yields.
Fee income grew to $1.5M from $191K, reflecting new policy fees.
Total stockholders' equity increased to $560.2M as of June 30, 2025.
Outlook and guidance
Management expects mid- to high-20s year-over-year growth in gross written premiums and a combined ratio in the low 90s for the remainder of 2025.
Ongoing investment in automation, analytics, and pre-priced solutions to enhance underwriting efficiency and accelerate growth.
Sufficient liquidity and capital resources are projected to meet operating needs for the next twelve months.
The company is evaluating the impact of new federal tax legislation enacted in July 2025.
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