AMERISAFE Announces 2024 Second Quarter Results
AMERISAFE (Nasdaq: AMSF) reported its Q2 2024 results, showing mixed performance. Net premiums earned increased by 4.6% to $68.6 million, while net income decreased by 29.7% to $11 million. The company's gross premiums written grew by 6.6% to $76.4 million, driven by new business generation, strong retention, and increased audit premiums. However, the net combined ratio rose to 90.5% from 85.4% in Q2 2023. AMERISAFE maintained a strong underwriting profit of $6.5 million, despite a 31.2% decrease from the previous year. The company's book value per share declined by 11.1% to $15.78. AMERISAFE continued its capital management initiatives, repurchasing shares and increasing its quarterly dividend by 8.8% to $0.37 per share.
AMERISAFE (Nasdaq: AMSF) ha riportato i risultati del secondo trimestre 2024, evidenziando una performance mista. I premi netti guadagnati sono aumentati del 4,6% a 68,6 milioni di dollari, mentre il reddito netto è diminuito del 29,7% a 11 milioni di dollari. I premi lordi scritti dell'azienda sono cresciuti del 6,6% a 76,4 milioni di dollari, sostenuti dalla generazione di nuovi affari, da una forte ritenzione e da un aumento dei premi di audit. Tuttavia, il rapporto combinato netto è salito al 90,5% rispetto all'85,4% del secondo trimestre 2023. AMERISAFE ha mantenuto un forte profitto da sottoscrizione di 6,5 milioni di dollari, nonostante una diminuzione del 31,2% rispetto all'anno precedente. Il valore contabile per azione dell'azienda è diminuito dell'11,1% a 15,78 dollari. AMERISAFE ha continuato le sue iniziative di gestione del capitale, riacquistando azioni e aumentando il suo dividendo trimestrale dell'8,8% a 0,37 dollari per azione.
AMERISAFE (Nasdaq: AMSF) informó sus resultados del segundo trimestre de 2024, mostrando un rendimiento mixto. Las primas netas ganadas aumentaron un 4,6% a 68,6 millones de dólares, mientras que el ingreso neto disminuyó un 29,7% a 11 millones de dólares. Las primas brutas escritas de la empresa crecieron un 6,6% a 76,4 millones de dólares, impulsadas por la generación de nuevos negocios, una fuerte retención y un aumento en las primas de auditoría. Sin embargo, el ratio combinado neto aumentó al 90,5% desde el 85,4% en el segundo trimestre de 2023. AMERISAFE mantuvo un sólido beneficio por subscripción de 6,5 millones de dólares, a pesar de una disminución del 31,2% con respecto al año anterior. El valor contable por acción de la empresa disminuyó un 11,1% a 15,78 dólares. AMERISAFE continuó sus iniciativas de gestión de capital, recomprando acciones y aumentando su dividendo trimestral en un 8,8% a 0,37 dólares por acción.
AMERISAFE (Nasdaq: AMSF)는 2024년 2분기 결과를 보고하며 혼합된 실적을 보여주었습니다. 순수익은 46% 증가하여 6860만 달러에 달했으나, 순이익은 29.7% 감소하여 1100만 달러로 줄었습니다. 회사의 총 보험료는 6.6% 증가하여 7640만 달러에 이르렀으며, 이는 신규 비즈니스 창출, 높은 고객 유지율 및 감사 프리미엄 증가에 기인합니다. 그러나 순 결합 비율은 2023년 2분기 85.4%에서 90.5%로 증가했습니다. AMERISAFE는 전년 대비 31.2% 감소한 650만 달러의 강력한 언더라이팅 이익을 유지했습니다. 회사의 주당 장부 가치는 11.1% 감소하여 15.78 달러가 되었습니다. AMERISAFE는 자본 관리 이니셔티브를 지속적으로 진행하며 주식을 매입하고 분기 배당금을 8.8% 증가시켜 주당 0.37 달러로 올렸습니다.
AMERISAFE (Nasdaq: AMSF) a publié ses résultats du deuxième trimestre 2024, montrant une performance mixte. Les primes nettes gagnées ont augmenté de 4,6% à 68,6 millions de dollars, tandis que le revenu net a diminué de 29,7% à 11 millions de dollars. Les primes brutes souscrites par l'entreprise ont augmenté de 6,6% à 76,4 millions de dollars, soutenues par la génération de nouveaux affaires, une forte rétention et l'augmentation des primes d'audit. Cependant, le ratio combiné net a augmenté à 90,5% contre 85,4% au deuxième trimestre 2023. AMERISAFE a maintenu un solide bénéfice souscrit de 6,5 millions de dollars, malgré une baisse de 31,2% par rapport à l'année précédente. La valeur comptable par action de l'entreprise a diminué de 11,1% à 15,78 dollars. AMERISAFE a poursuivi ses initiatives de gestion du capital, en rachetant des actions et en augmentant son dividende trimestriel de 8,8% pour atteindre 0,37 dollars par action.
AMERISAFE (Nasdaq: AMSF) hat seine Ergebnisse für das 2. Quartal 2024 veröffentlicht und zeigt eine gemischte Leistung. Die verdienten Nettoprämien stiegen um 4,6% auf 68,6 Millionen Dollar, während der Nettogewinn um 29,7% auf 11 Millionen Dollar sank. Die brutto unterzeichneten Prämien des Unternehmens wuchsen um 6,6% auf 76,4 Millionen Dollar, getrieben durch die Generierung neuer Geschäfte, starke Kundenbindung und erhöhten Prüfungsprämien. Der kombinierte Nettowert stieg jedoch auf 90,5% im Vergleich zu 85,4% im 2. Quartal 2023. AMERISAFE erzielte trotz eines Rückgangs von 31,2% gegenüber dem Vorjahr einen starken Underwriting-Gewinn von 6,5 Millionen Dollar. Der Buchwert pro Aktie des Unternehmens sank um 11,1% auf 15,78 Dollar. AMERISAFE setzte seine Kapitalmanagement-Initiativen fort und kaufte Aktien zurück, während die vierteljährliche Dividende um 8,8% auf 0,37 Dollar pro Aktie erhöht wurde.
- Gross premiums written increased by 6.6% to $76.4 million
- Net premiums earned grew by 4.6% to $68.6 million
- Maintained underwriting profit of $6.5 million
- Increased quarterly dividend by 8.8% to $0.37 per share
- Favorable net loss reserve development reduced loss and loss adjustment expenses by $8.1 million
- Net income decreased by 29.7% to $11 million
- Net combined ratio increased to 90.5% from 85.4% in Q2 2023
- Book value per share declined by 11.1% to $15.78
- Net investment income decreased by 3.6% to $7.4 million
- Underwriting profit decreased by 31.2% compared to Q2 2023
Insights
AMERISAFE's Q2 2024 results present a mixed picture. While the company showed growth in some areas, there are concerning trends in profitability metrics. Here are the key takeaways:
- Revenue Growth: Net premiums earned increased by
4.6% year-over-year, driven by a6.6% growth in gross premiums written. This indicates positive momentum in the company's core business. - Profitability Decline: Net income decreased by
29.7% and diluted earnings per share fell by29.6% compared to Q2 2023. This significant drop in profitability is a red flag for investors. - Underwriting Performance: The net combined ratio increased to
90.5% from85.4% in Q2 2023, indicating deteriorating underwriting profitability. This is primarily due to a higher net loss ratio of59.2% compared to54.3% in the previous year. - Investment Income: Net investment income decreased by
3.6% , partly due to a reduced portfolio size. However, the pre-tax investment yield improved slightly to3.3% from3.2% . - Capital Management: The company continued its share repurchase program and increased its quarterly dividend by
8.8% , demonstrating confidence in its financial position despite the profitability challenges.
While AMERISAFE maintains a strong market position in high-hazard workers' compensation insurance, the declining profitability and increasing combined ratio suggest potential headwinds in pricing or claims management. Investors should closely monitor these trends in future quarters to assess the company's ability to maintain its competitive edge and return to profit growth.
AMERISAFE's Q2 2024 results reveal some interesting dynamics in the workers' compensation insurance market, particularly for high-hazard industries:
- Premium Growth: The
6.6% increase in gross premiums written, driven by new business generation and strong retention, suggests that AMERISAFE is maintaining its competitive position in its niche market. This is particularly noteworthy given the continued declines in approved loss costs across the industry. - Audit Premiums: The significant increase in payroll audits and related premium adjustments (
$7.3 million vs$4.8 million in Q2 2023) indicates robust payroll growth among policyholders. This trend reflects positively on the economic health of the high-hazard industries AMERISAFE serves. - Loss Development: The company experienced favorable net loss reserve development of
$8.1 million from prior accident years, primarily from 2020 through 2022. This suggests that AMERISAFE's initial loss estimates were conservative, which is generally viewed positively in the insurance industry. - Combined Ratio: The increase in the net combined ratio to
90.5% from85.4% is concerning. While still below 100% (indicating underwriting profitability), this trend bears watching as it could impact the company's competitive pricing ability if it continues.
Overall, AMERISAFE's results reflect a challenging balance between growth and profitability in a competitive workers' compensation market. The company's focus on high-hazard industries appears to be providing some insulation from broader market pressures, but the increasing combined ratio suggests that maintaining underwriting discipline will be important in the coming quarters.
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|||||||||||||||
June 30, |
|
|
|
June 30, |
|
|
|||||||||||||||
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|||||||||||
| (in thousands, except per share data) | (in thousands, except per share data) | ||||||||||||||||||||
| Net premiums earned | $ |
68,633 |
|
$ |
65,598 |
|
4.6 |
% |
$ |
137,079 |
|
$ |
134,779 |
|
1.7 |
% |
|||||
| Net investment income |
|
7,447 |
|
|
7,724 |
|
-3.6 |
% |
|
14,813 |
|
|
15,157 |
|
-2.3 |
% |
|||||
| Net realized gains (losses) on investments (pre-tax) |
|
(117 |
) |
|
75 |
|
NM |
|
|
(339 |
) |
|
333 |
|
NM |
|
|||||
| Net unrealized gains (losses) on equity securities (pre-tax) |
|
(58 |
) |
|
2,048 |
|
NM |
|
|
4,718 |
|
|
3,417 |
|
NM |
|
|||||
| Net income |
|
10,993 |
|
|
15,627 |
|
-29.7 |
% |
|
27,918 |
|
|
32,966 |
|
-15.3 |
% |
|||||
| Diluted earnings per share | $ |
0.57 |
|
$ |
0.81 |
|
-29.6 |
% |
$ |
1.46 |
|
$ |
1.72 |
|
-15.1 |
% |
|||||
| Operating net income |
|
11,131 |
|
|
13,950 |
|
-20.2 |
% |
|
24,459 |
|
|
30,004 |
|
-18.5 |
% |
|||||
| Operating earnings per share | $ |
0.58 |
|
$ |
0.73 |
|
-20.5 |
% |
$ |
1.28 |
|
$ |
1.56 |
|
-17.9 |
% |
|||||
| Book value per share | $ |
15.78 |
|
$ |
17.76 |
|
-11.1 |
% |
$ |
15.78 |
|
$ |
17.76 |
|
-11.1 |
% |
|||||
| Net combined ratio |
|
90.5 |
% |
|
85.4 |
% |
|
88.8 |
% |
|
83.9 |
% |
|||||||||
| Return on average equity |
|
14.6 |
% |
|
18.6 |
% |
|
18.8 |
% |
|
20.0 |
% |
|||||||||
G. Janelle Frost, President and Chief Executive Officer, noted, “We are pleased with our second-quarter results. New business generation, along with strong retention and increased audit premiums generated gross premiums written growth of
INSURANCE RESULTS
Three Months Ended |
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Six Months Ended |
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|
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June 30, |
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|
|
June 30, |
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|||||||||||||||
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||
| Gross premiums written | $ |
76,428 |
|
$ |
71,704 |
|
6.6 |
% |
$ |
156,502 |
|
$ |
154,191 |
|
1.5 |
% |
|||||
| Net premiums earned |
|
68,633 |
|
|
65,598 |
|
4.6 |
% |
|
137,079 |
|
|
134,779 |
|
1.7 |
% |
|||||
| Loss and loss adjustment expenses incurred |
|
40,624 |
|
|
35,645 |
|
14.0 |
% |
|
80,615 |
|
|
74,654 |
|
8.0 |
% |
|||||
| Underwriting and certain other operating costs, commissions, salaries and benefits |
|
20,429 |
|
|
19,972 |
|
2.3 |
% |
|
39,127 |
|
|
36,954 |
|
5.9 |
% |
|||||
| Policyholder dividends |
|
1,049 |
|
|
490 |
|
114.1 |
% |
|
2,121 |
|
|
1,421 |
|
49.3 |
% |
|||||
| Underwriting profit (pre-tax) | $ |
6,531 |
|
$ |
9,491 |
|
-31.2 |
% |
$ |
15,216 |
|
$ |
21,750 |
|
-30.0 |
% |
|||||
| Insurance Ratios: | |||||||||||||||||||||
| Current accident year loss ratio |
|
71.0 |
% |
|
71.0 |
% |
|
71.0 |
% |
|
71.0 |
% |
|||||||||
| Prior accident year loss ratio |
|
-11.8 |
% |
|
-16.7 |
% |
|
-12.2 |
% |
|
-15.6 |
% |
|||||||||
| Net loss ratio |
|
59.2 |
% |
|
54.3 |
% |
|
58.8 |
% |
|
55.4 |
% |
|||||||||
| Net underwriting expense ratio |
|
29.8 |
% |
|
30.4 |
% |
|
28.5 |
% |
|
27.4 |
% |
|||||||||
| Net dividend ratio |
|
1.5 |
% |
|
0.7 |
% |
|
1.5 |
% |
|
1.1 |
% |
|||||||||
| Net combined ratio |
|
90.5 |
% |
|
85.4 |
% |
|
88.8 |
% |
|
83.9 |
% |
|||||||||
-
Voluntary premiums on policies written in the quarter were
2.7% higher than in the second quarter of 2023, primarily due to an increase in policy count and strong retention, partially offset by continued declines in approved loss costs.
-
Payroll audits and related premium adjustments increased premiums written by
$7.3 million $4.8 million -
The loss ratio for the second quarter was
59.2% , compared to54.3% in the second quarter of 2023. During the quarter, the Company experienced favorable net loss reserve development for prior accident years, which reduced loss and loss adjustment expenses by$8.1 million -
The effective tax rate for the quarter ended June 30, 2024, was
20.0% , which is slightly lower than the20.1% for the quarter ended June 30, 2023.
INVESTMENT RESULTS
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|||||||||||||||
June 30, |
|
|
|
June 30, |
|
|
|||||||||||||||
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||
| Net investment income | $ |
7,447 |
|
$ |
7,724 |
|
-3.6 |
% |
$ |
14,813 |
|
$ |
15,157 |
|
-2.3 |
% |
|||||
| Net realized gains (losses) on investments (pre-tax) |
|
(117 |
) |
|
75 |
|
NM |
|
|
(339 |
) |
|
333 |
|
NM |
|
|||||
| Net unrealized gains (losses) on equity securities (pre-tax) |
|
(58 |
) |
|
2,048 |
|
NM |
|
|
4,718 |
|
|
3,417 |
|
NM |
|
|||||
| Pre-tax investment yield |
|
3.3 |
% |
|
3.2 |
% |
|
3.3 |
% |
|
3.2 |
% |
|||||||||
| Tax-equivalent yield (1) |
|
3.8 |
% |
|
3.6 |
% |
|
3.8 |
% |
|
3.6 |
% |
|||||||||
| ___________ | |
(1) |
The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate. |
-
Net investment income for the quarter ended June 30, 2024, decreased
3.6% to$7.4 million -
Net unrealized gains on equity securities were relatively unchanged during the quarter compared to a
$2.0 million -
As of June 30, 2024, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was
$884.2 million
CAPITAL MANAGEMENT
During the second quarter of 2024, the Company repurchased 91,825 shares at an average cost (including commissions and excise tax) of
The Company also paid a regular quarterly cash dividend of
Book value per share on June 30, 2024, was
SUPPLEMENTAL INFORMATION
Three Months Ended |
|
Six Months Ended |
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June 30, |
|
June 30, |
|||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Net income | $ |
10,993 |
|
$ |
15,627 |
|
$ |
27,918 |
|
$ |
32,966 |
|
|||
| Less: | |||||||||||||||
| Net realized gains (losses) on investments |
|
(117 |
) |
|
75 |
|
|
(339 |
) |
|
333 |
|
|||
| Net unrealized gains (losses) on equity securities (pre-tax) |
|
(58 |
) |
|
2,048 |
|
|
4,718 |
|
|
3,417 |
|
|||
| Tax effect (1) |
|
37 |
|
|
(446 |
) |
|
(920 |
) |
|
(788 |
) |
|||
| Operating net income (2) | $ |
11,131 |
|
$ |
13,950 |
|
$ |
24,459 |
|
$ |
30,004 |
|
|||
| Average shareholders’ equity (3) | $ |
301,043 |
|
$ |
336,711 |
|
$ |
296,722 |
|
$ |
329,000 |
|
|||
| Less: | |||||||||||||||
| Average accumulated other comprehensive loss |
|
(9,150 |
) |
|
(10,792 |
) |
|
(8,377 |
) |
|
(12,964 |
) |
|||
| Average adjusted shareholders’ equity (2) | $ |
310,193 |
|
$ |
347,503 |
|
$ |
305,099 |
|
$ |
341,964 |
|
|||
| Diluted weighted average common shares |
|
19,146,294 |
|
|
19,196,755 |
|
|
19,171,206 |
|
|
19,200,377 |
|
|||
| Return on average equity (4) |
|
14.6 |
% |
|
18.6 |
% |
|
18.8 |
% |
|
20.0 |
% |
|||
| Operating return on average adjusted equity (2) |
|
14.4 |
% |
|
16.1 |
% |
|
16.0 |
% |
|
17.5 |
% |
|||
| Diluted earnings per share | $ |
0.57 |
|
$ |
0.81 |
|
$ |
1.46 |
|
$ |
1.72 |
|
|||
| Operating earnings per share (2) | $ |
0.58 |
|
$ |
0.73 |
|
$ |
1.28 |
|
$ |
1.56 |
|
|||
(1) |
The tax effect of net realized losses on investments and net unrealized gains (losses) on equity securities is calculated with an effective tax rate of |
(2) |
Operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures. |
(3) |
Average shareholders’ equity is calculated by taking the average of the beginning and ending shareholders’ equity for the applicable period. |
(4) |
Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity. |
NON-GAAP FINANCIAL MEASURES
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the
Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures, which include operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity, and operating earnings per share.
CONFERENCE CALL INFORMATION
AMERISAFE has scheduled a conference call for July 30, 2024, at 10:30 a.m. Eastern Time to discuss the results for the quarter and comment on future periods. To participate in the conference call, dial 786-789-4833 (Conference Code 9064151) at least ten minutes before the call begins.
Investors, analysts, and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the “Investor Relations Home” page of the “Investors” section of the Company’s website (http://www.amerisafe.com). To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at the same website location.
ABOUT AMERISAFE
AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, and manufacturing. AMERISAFE actively markets workers’ compensation insurance in 27 states.
FORWARD LOOKING STATEMENTS
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE’s plans and performance. These statements are based on management’s estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance and include statements regarding management’s views and expectations of the workers’ compensation market, the Company’s growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties, and other factors on the business and operations of the Company and our policyholders and the market value of our investment portfolio. Additional factors that may affect our results are set forth in the Company’s filings with the Securities and Exchange Commission, including AMERISAFE’s Annual Report on Form 10-K. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this release.
AMERISAFE, INC. AND SUBSIDIARIES Consolidated Statements of Income (in thousands, except per share amounts) |
|||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
June 30, |
|
June 30, |
|||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| Revenues: | |||||||||||||||
| Gross premiums written | $ |
76,428 |
|
$ |
71,704 |
|
$ |
156,502 |
|
$ |
154,191 |
|
|||
| Ceded premiums written |
|
(4,027 |
) |
|
(3,965 |
) |
|
(7,953 |
) |
|
(8,144 |
) |
|||
| Net premiums written | $ |
72,401 |
|
$ |
67,739 |
|
$ |
148,549 |
|
$ |
146,047 |
|
|||
| Net premiums earned | $ |
68,633 |
|
$ |
65,598 |
|
$ |
137,079 |
|
$ |
134,779 |
|
|||
| Net investment income |
|
7,447 |
|
|
7,724 |
|
|
14,813 |
|
|
15,157 |
|
|||
| Net realized gains (losses) on investments |
|
(117 |
) |
|
75 |
|
|
(339 |
) |
|
333 |
|
|||
| Net unrealized gains (losses) on equity securities |
|
(58 |
) |
|
2,048 |
|
|
4,718 |
|
|
3,417 |
|
|||
| Fee and other income (losses) |
|
(75 |
) |
|
214 |
|
|
48 |
|
|
411 |
|
|||
| Total revenues |
|
75,830 |
|
|
75,659 |
|
|
156,319 |
|
|
154,097 |
|
|||
| Expenses: | |||||||||||||||
| Loss and loss adjustment expenses incurred |
|
40,624 |
|
|
35,645 |
|
|
80,615 |
|
|
74,654 |
|
|||
| Underwriting and other operating costs |
|
20,429 |
|
|
19,972 |
|
|
39,127 |
|
|
36,954 |
|
|||
| Policyholder dividends |
|
1,049 |
|
|
490 |
|
|
2,121 |
|
|
1,421 |
|
|||
| Provision for investment related credit | |||||||||||||||
| loss benefit |
|
(16 |
) |
|
(16 |
) |
|
(33 |
) |
|
(35 |
) |
|||
| Total expenses |
|
62,086 |
|
|
56,091 |
|
|
121,830 |
|
|
112,994 |
|
|||
| Income before taxes |
|
13,744 |
|
|
19,568 |
|
|
34,489 |
|
|
41,103 |
|
|||
| Income tax expense |
|
2,751 |
|
|
3,941 |
|
|
6,571 |
|
|
8,137 |
|
|||
| Net income | $ |
10,993 |
|
$ |
15,627 |
|
$ |
27,918 |
|
$ |
32,966 |
|
|||
| Basic EPS: | |||||||||||||||
| Net income | $ |
10,993 |
|
$ |
15,627 |
|
$ |
27,918 |
|
$ |
32,966 |
|
|||
| Basic weighted average common shares |
|
19,083,232 |
|
|
19,139,735 |
|
|
19,102,700 |
|
|
19,135,564 |
|
|||
| Basic earnings per share | $ |
0.58 |
|
$ |
0.82 |
|
$ |
1.46 |
|
$ |
1.72 |
|
|||
| Diluted EPS: | |||||||||||||||
| Net income | $ |
10,993 |
|
$ |
15,627 |
|
$ |
27,918 |
|
$ |
32,966 |
|
|||
| Diluted weighted average common shares: | |||||||||||||||
| Weighted average common shares |
|
19,083,232 |
|
|
19,139,735 |
|
|
19,102,700 |
|
|
19,135,564 |
|
|||
| Restricted stock and RSUs |
|
63,062 |
|
|
57,020 |
|
|
68,506 |
|
|
64,813 |
|
|||
| Diluted weighted average common shares |
|
19,146,294 |
|
|
19,196,755 |
|
|
19,171,206 |
|
|
19,200,377 |
|
|||
| Diluted earnings per share | $ |
0.57 |
|
$ |
0.81 |
|
$ |
1.46 |
|
$ |
1.72 |
|
|||
AMERISAFE, INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) |
|||||||
June 30, |
|
December 31, |
|||||
2024 |
|
2023 |
|||||
| (unaudited) | |||||||
| Assets | |||||||
| Investments | $ |
853,597 |
$ |
857,786 |
|||
| Cash and cash equivalents |
|
30,611 |
|
|
38,682 |
|
|
| Amounts recoverable from reinsurers |
|
123,335 |
|
|
129,963 |
|
|
| Premiums receivable, net |
|
150,914 |
|
|
132,861 |
|
|
| Deferred income taxes |
|
21,781 |
|
|
20,403 |
|
|
| Deferred policy acquisition costs |
|
19,506 |
|
|
17,975 |
|
|
| Other assets |
|
33,785 |
|
|
31,492 |
|
|
$ |
1,233,529 |
|
$ |
1,229,162 |
|
||
| Liabilities and Shareholders’ Equity | |||||||
| Liabilities: | |||||||
| Reserves for loss and loss adjustment expenses | $ |
663,985 |
|
$ |
673,994 |
|
|
| Unearned premiums |
|
128,055 |
|
|
116,585 |
|
|
| Insurance-related assessments |
|
16,661 |
|
|
16,896 |
|
|
| Other liabilities |
|
123,836 |
|
|
129,236 |
|
|
| Shareholders’ equity |
|
300,992 |
|
|
292,451 |
|
|
| Total liabilities and shareholders’ equity | $ |
1,233,529 |
|
$ |
1,229,162 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729190019/en/
Andy Omiridis, EVP & CFO
AMERISAFE
337.463.9052
Source: AMERISAFE, Inc.
FAQ
What was AMERISAFE's (AMSF) gross premium written growth in Q2 2024?
How did AMERISAFE's (AMSF) net income change in Q2 2024 compared to Q2 2023?
What was AMERISAFE's (AMSF) net combined ratio for Q2 2024?
Did AMERISAFE (AMSF) change its dividend in Q2 2024?
