AII Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	87.15	39.74	37.8
Depreciation & Amortization	2.27	2.84	1.22
Gain (Loss) on Sale of Investments	-0.56	-0.12	0.02
Change in Accounts Receivable	-17.24	-14.83	-7.94
Reinsurance Recoverable	-37.36	-136.81	394.23
Change in Unearned Revenue	124.98	88.08	50.1
Change in Income Taxes	-7.45	12.64	-3.1
Change in Insurance Reserves / Liabilities	45.7	196.32	-283.32
Change in Other Net Operating Assets	-83.66	-64.07	-126.05
Other Operating Activities	-8.7	-2.11	1.11
Operating Cash Flow	240.7	148.91	64.44
Operating Cash Flow Growth	273.54%	131.09%	-
Capital Expenditures	-5.13	-1.31	-0.76
Investment in Securities	-182.54	-18.06	-1.09
Investing Cash Flow	-187.67	-19.37	-1.84
Total Debt Repaid	-0.41	-0.41	-0.52
Net Debt Issued (Repaid)	-0.41	-0.41	-0.52
Common Dividends Paid	-22.88	-12.02	-1.84
Financing Cash Flow	61.73	-12.44	-2.35
Net Cash Flow	114.77	117.1	60.25
Free Cash Flow	235.58	147.6	63.68
Free Cash Flow Growth	269.92%	131.78%	-
Free Cash Flow Margin	85.50%	72.23%	31.70%
Free Cash Flow Per Share	84.77	1200.99	518.16
Cash Interest Paid	0.03	0.07	0.11
Cash Income Tax Paid	26.28	1	8.94
Levered Free Cash Flow	-	-71.82	-
Unlevered Free Cash Flow	-	-71.82	-
Change in Working Capital	150.01	108.56	24.28

Updated Nov 11, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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