AMERISAFE第二季度淨保費收入增11.4% 惟營運盈利跌17.9%

EX-99.1
2
d122285dex991.htm
EX-99.1

EX-99.1

 

 Exhibit 99.1 
  

  
  
 

  
 Guillermo A.
Ramos
 EVP & CFO

AMERISAFE
 337.463.9052

 AMERISAFE ANNOUNCES 2026 SECOND QUARTER RESULTS 

Reports 11.4% Growth in Net Premiums Earned 

DeRidder, LA – July 21, 2026 – AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused
on high-hazard industries, today announced results for the second quarter ended June 30, 2026. 
  

 
  
Three Months Ended
 
 
 
 
 
Six Months Ended
 
 
 
 

 
  
June 30,
 
 
 
 
 
June 30,
 
 
 
 

 
  
2026
 
 
2025
 
 
% Change
 
 
2026
 
 
2025
 
 
% Change
 

 
  
(in thousands, except pershare data)
 
 
 
 
 
(in thousands, except pershare data)
 
 
 
 

 Gross premiums written

  
$
85,968
 
 
$
79,704
 
 
 
7.9
% 
 
$
174,468
 
 
$
163,488
 
 
 
6.7
% 

 Net premiums earned

  
 
77,273
 
 
 
69,381
 
 
 
11.4
% 
 
 
152,345
 
 
 
138,266
 
 
 
10.2
% 

 Net investment income

  
 
6,528
 
 
 
6,691
 
 
 
-2.4
% 
 
 
13,125
 
 
 
13,343
 
 
 
-1.6
% 

 Net realized (losses) gains on investments
(pre-tax)

  
 
(87
) 
 
 
3,116
 
 
 
NM
 
 
 
(90
) 
 
 
3,118
 
 
 
NM
 

 Net unrealized gains (losses) on equity securities
(pre-tax)

  
 
8,113
 
 
 
1,829
 
 
 
NM
 
 
 
6,460
 
 
 
(1,323
) 
 
 
NM
 

 Net income

  
 
14,595
 
 
 
13,955
 
 
 
4.6
% 
 
 
22,740
 
 
 
22,904
 
 
 
-0.7
% 

 Diluted earnings per share

  
$
0.78
 
 
$
0.73
 
 
 
6.8
% 
 
$
1.21
 
 
$
1.20
 
 
 
0.8
% 

 Operating net income

  
 
8,254
 
 
 
10,048
 
 
 
-17.9
% 
 
 
17,708
 
 
 
21,486
 
 
 
-17.6
% 

 Operating earnings per share

  
$
0.44
 
 
$
0.53
 
 
 
-17.0
% 
 
$
0.94
 
 
$
1.12
 
 
 
-16.1
% 

 Book value per share

  
$
13.49
 
 
$
13.96
 
 
 
-3.4
% 
 
$
13.49
 
 
$
13.96
 
 
 
-3.4
% 

 Net combined ratio

  
 
95.4
% 
 
 
91.7
% 
 

 
 
94.3
% 
 
 
90.5
% 
 

 Return on average equity

  
 
23.5
% 
 
 
21.2
% 
 

 
 
18.1
% 
 
 
17.5
% 
 

 G. Janelle Frost, President and Chief Executive Officer, commented, “Our second quarter results reflect the strength of
AMERISAFE’s disciplined approach to profitable growth. We achieved our ninth consecutive quarter of top-line growth while continuing to generate attractive returns for shareholders, with return on
average equity of 23.5% for the quarter and 18.1% through the first six months of 2026. In a highly competitive market, we remain focused on underwriting discipline, appropriate pricing, and disciplined capital management—principles that have
consistently supported profitability, balance sheet strength, and long-term value creation.” 

 

 INSURANCE RESULTS 
  

 
  
Three Months Ended
 
 
 
 
 
Six Months Ended
 
 
 
 

 
  
June 30,
 
 
 
 
 
June 30,
 
 
 
 

 
  
2026
 
 
2025
 
 
% Change
 
 
2026
 
 
2025
 
 
% Change
 

 
  
(in thousands)
 
 
 
 
 
(in thousands)
 
 
 
 

 Gross premiums written

  
$
85,968
 
 
$
79,704
 
 
 
7.9
% 
 
$
174,468
 
 
$
163,488
 
 
 
6.7
% 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 Net premiums earned

  
 
77,273
 
 
 
69,381
 
 
 
11.4
% 
 
 
152,345
 
 
 
138,266
 
 
 
10.2
% 

 Loss and loss adjustment expenses incurred

  
 
48,341
 
 
 
40,660
 
 
 
18.9
% 
 
 
94,781
 
 
 
80,819
 
 
 
17.3
% 

 Underwriting and certain other operating costs, commissions, salaries and benefits

  
 
24,603
 
 
 
21,746
 
 
 
13.1
% 
 
 
46,872
 
 
 
42,345
 
 
 
10.7
% 

 Policyholder dividends

  
 
767
 
 
 
1,239
 
 
 
-38.1
% 
 
 
1,996
 
 
 
1,873
 
 
 
6.6
% 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 Underwriting profit (pre-tax)

  
$
3,562
 
 
$
5,736
 
 
 
-37.9
% 
 
$
8,696
 
 
$
13,229
 
 
 
-34.3
% 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 Insurance Ratios:

  

 

 

 

 

 

 Current accident year loss ratio

  
 
72.0
% 
 
 
71.0
% 
 

 
 
72.0
% 
 
 
71.0
% 
 

 Prior accident year loss ratio

  
 
-9.4
% 
 
 
-12.4
% 
 

 
 
-9.8
% 
 
 
-12.5
% 
 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 Net loss ratio

  
 
62.6
% 
 
 
58.6
% 
 

 
 
62.2
% 
 
 
58.5
% 
 

 Net underwriting expense ratio

  
 
31.8
% 
 
 
31.3
% 
 

 
 
30.8
% 
 
 
30.6
% 
 

 Net dividend ratio

  
 
1.0
% 
 
 
1.8
% 
 

 
 
1.3
% 
 
 
1.4
% 
 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 Net combined ratio

  
 
95.4
% 
 
 
91.7
% 
 

 
 
94.3
% 
 
 
90.5
% 
 

  
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

  

 
•
 
 Voluntary premiums on policies written in the quarter increased 5.7%, compared to the second quarter of 2025,
driven by strong policy and premium retention within our renewal book. 

  

 
•
 
 Payroll audits and related premium adjustments contributed $4.1 million to premiums written in the quarter,
compared to $1.5 million in the second quarter of 2025. 

  

 
•
 
 Loss and loss adjustment expenses benefited from $7.3 million of favorable case reserve development on
accident years 2023 and prior, resulting in a net loss ratio of 62.6%, compared to favorable prior accident year development of $8.6 million and a net loss ratio of 58.6% in the second quarter of 2025. 

 

 
•
 
 Underwriting expense ratio was 31.8% for the quarter, compared with 31.3% in the second quarter of 2025. The
increase was primarily attributable to higher prior-period write-offs, which we do not expect to recur. 

  

 
•
 
 Our effective tax rate for the quarter was 20.1%, unchanged from the second quarter of 2025.

  

  
2

 

 INVESTMENT RESULTS 
  

 
  
Three Months Ended
 
 
 
 
 
Six Months Ended
 
 
 
 

 
  
June 30,
 
 
 
 
 
June 30,
 
 
 
 

 
  
2026
 
 
2025
 
 
% Change
 
 
2026
 
 
2025
 
 
% Change
 

 
  
(in thousands)
 
 
 
 
 
(in thousands)
 
 
 
 

 Net investment income

  
$
6,528
 
 
$
6,691
 
 
 
-2.4
% 
 
$
13,125
 
 
$
13,343
 
 
 
-1.6
% 

 Net realized (losses) gains on investments
(pre-tax)

  
 
(87
) 
 
 
3,116
 
 
 
NM
 
 
 
(90
) 
 
 
3,118
 
 
 
NM
 

 Net unrealized gains (losses) on equity securities
(pre-tax)

  
 
8,113
 
 
 
1,829
 
 
 
NM
 
 
 
6,460
 
 
 
(1,323
) 
 
 
NM
 

 Pre-tax investment yield

  
 
3.4
% 
 
 
3.3
% 
 

 
 
3.3
% 
 
 
3.3
% 
 

 Tax-equivalent yield (1)

  
 
3.9
% 
 
 
3.9
% 
 

 
 
3.9
% 
 
 
3.9
% 
 

  

(1) 
 The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.

  

 
•
 
 Net investment income decreased 2.4% to $6.5 million for the quarter, driven by lower average investable
assets compared to the prior-year period, primarily due to capital returned to shareholders through dividends and share repurchases, which reduced cash and invested asset balances during the period, partially offset by a higher book yield and
disciplined expense management. 

  

 
•
 
 Net unrealized gains on equity securities were $8.1 million for the quarter, driven by stronger U.S. equity
markets, compared to lower valuations experienced during the prior-year quarter. 

  

 
•
 
 As of June 30, 2026, the carrying value of AMERISAFE’s investment portfolio, including cash and cash
equivalents, was $770.7 million. 

 CAPITAL MANAGEMENT 

During the second quarter of 2026, the Company paid a regular quarterly cash dividend of $0.41 per share on June 19, 2026, representing a 5.1% increase
compared to the second quarter of 2025. On July 21, 2026, the Board of Directors of AMERISAFE declared a quarterly cash dividend of $0.41 per share, payable on September 25, 2026, to shareholders of record as of September 11, 2026.

 Also during the quarter, the Company repurchased 184,093 shares of its common stock under the Company’s share repurchase program at an average cost
of $30.58 per share, including commissions and excise tax, for a total of $5.6 million. Since the inception of its share repurchase program in 2010, the Company has repurchased 2,278,192 shares at an average cost of $28.01 per share, including
commissions and excise tax, for a total of $63.8 million. The remaining outstanding share repurchase authorization under the program as of June 30, 2026, was $7.3 million. 

Book value per share at June 30, 2026, was $13.49, an increase of 0.7% from $13.39 at December 31, 2025. 

  

  
3

 

 SUPPLEMENTAL INFORMATION 
  

 
  
Three Months Ended
 
 
Six Months Ended
 

 
  
June 30,
 
 
June 30,
 

 
  
2026
 
 
2025
 
 
2026
 
 
2025
 

 
  
(in thousands, except share and per share data)
 

 Net income

  
$
14,595
 
 
$
13,955
 
 
 
22,740
 
 
$
22,904
 

 Less:

  

 

 

 

 Net realized (losses) gains on investments

  
 
(87
) 
 
 
3,116
 
 
 
(90
) 
 
 
3,118
 

 Net unrealized gains (losses) on equity securities
(pre-tax)

  
 
8,113
 
 
 
1,829
 
 
 
6,460
 
 
 
(1,323
) 

 Tax effect (1)

  
 
(1,685
) 
 
 
(1,038
) 
 
 
(1,338
) 
 
 
(377
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Operating net income (2)

  
$
8,254
 
 
$
10,048
 
 
 
17,708
 
 
$
21,486
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Average shareholders’ equity (3)

  
$
248,294
 
 
$
263,192
 
 
$
250,795
 
 
$
261,456
 

 Less:

  

 

 

 

 Average accumulated other comprehensive loss

  
 
(4,823
) 
 
 
(7,415
) 
 
 
(3,599
) 
 
 
(8,218
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Average adjusted shareholders’ equity (2)

  
$
253,117
 
 
$
270,607
 
 
$
254,394
 
 
$
269,674
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Diluted weighted average common shares

  
 
18,702,282
 
 
 
19,119,600
 
 
 
18,795,904
 
 
 
19,120,530
 

 Return on average equity (4)

  
 
23.5
% 
 
 
21.2
% 
 
 
18.1
% 
 
 
17.5
% 

 Operating return on average adjusted equity (2)

  
 
13.0
% 
 
 
14.9
% 
 
 
13.9
% 
 
 
15.9
% 

 Diluted earnings per share

  
$
0.78
 
 
$
0.73
 
 
$
1.21
 
 
$
1.20
 

 Operating earnings per share (2)

  
$
0.44
 
 
$
0.53
 
 
$
0.94
 
 
$
1.12
 

  

(1) 
 The tax effect of net realized gains (losses) on investments and net unrealized gains (losses) on equity
securities is calculated with an effective tax rate of 21%. 

(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. 

  

  
4

 

 NON-GAAP FINANCIAL MEASURES 

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities
and Exchange Commission (the SEC) and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Supplemental
Information in this release. 
 Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s
disclosure of these standard industry 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 22, 2026, at 10:30 a.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744
(Conference Code: 9523038) 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, services, manufacturing, and maritime. AMERISAFE actively markets workers’ compensation insurance in 27 states. 

  

  
5

 

 CAUTIONARY STATEMENT REGARDING 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, expectations 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 current views and expectations of the workers’ compensation insurance market, AMERISAFE’s growth opportunities, underwriting margins and actions by competitors. Investors are cautioned that many of the assumptions upon
which these forward-looking statements are based might change after the date the forward-looking statements are made. Actual results may differ materially from the results expressed or implied in the forward-looking statements if the underlying
assumptions prove to be incorrect or changes otherwise occur, or as the results of the materialization of risks, uncertainties and other factors impacting the business and operations of the Company, our policyholders or the market value of our
investment portfolio. Factors that may affect our results are set forth in the Company’s filings with the SEC, including AMERISAFE’s Annual Report on Form 10-K and as may be further amended by
subsequent filings with the SEC. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to update or revise any forward-looking statements, which
speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes that arise after the date of this release. 

Share repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule
10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company’s common stock and may be modified, increased, suspended or terminated at
the discretion of the Board. The Board’s determination will depend on a variety of factors, including but not limited to, market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded
from available capital. 
 - Tables to Follow - 

  

  
6

 

 AMERISAFE, INC. AND SUBSIDIARIES 

Consolidated Statements of Income 

(in thousands, except per share amounts) 
  

 
  
Three Months Ended
 
 
Six Months Ended
 

 
  
June 30,
 
 
June 30,
 

 
  
2026
 
 
2025
 
 
2026
 
 
2025
 

 
  
(unaudited)
 
 
(unaudited)
 

 Revenues:

  

 

 

 

 Gross premiums written

  
$
85,968
 
 
$
79,704
 
 
$
174,468
 
 
$
163,488
 

 Ceded premiums written

  
 
(4,216
) 
 
 
(4,185
) 
 
 
(8,285
) 
 
 
(8,364
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net premiums written

  
$
81,752
 
 
$
75,519
 
 
$
166,183
 
 
$
155,124
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net premiums earned

  
$
77,273
 
 
$
69,381
 
 
$
152,345
 
 
$
138,266
 

 Net investment income

  
 
6,528
 
 
 
6,691
 
 
 
13,125
 
 
 
13,343
 

 Net realized (losses) gains on investments

  
 
(87
) 
 
 
3,116
 
 
 
(90
) 
 
 
3,118
 

 Net unrealized gains (losses) on equity securities

  
 
8,113
 
 
 
1,829
 
 
 
6,460
 
 
 
(1,323
) 

 Fee and other income

  
 
144
 
 
 
71
 
 
 
221
 
 
 
281
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total revenues

  
 
91,971
 
 
 
81,088
 
 
 
172,061
 
 
 
153,685
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Expenses:

  

 

 

 

 Loss and loss adjustment expenses incurred

  
 
48,341
 
 
 
40,660
 
 
 
94,781
 
 
 
80,819
 

 Underwriting and other operating costs

  
 
24,603
 
 
 
21,746
 
 
 
46,872
 
 
 
42,345
 

 Policyholder dividends

  
 
767
 
 
 
1,239
 
 
 
1,996
 
 
 
1,873
 

 Provision for investment related credit loss benefit

  
 
(5
) 
 
 
(12
) 
 
 
(13
) 
 
 
(28
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total expenses

  
 
73,706
 
 
 
63,633
 
 
 
143,636
 
 
 
125,009
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income before taxes

  
 
18,265
 
 
 
17,455
 
 
 
28,425
 
 
 
28,676
 

 Income tax expense

  
 
3,670
 
 
 
3,500
 
 
 
5,685
 
 
 
5,772
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income

  
$
14,595
 
 
$
13,955
 
 
$
22,740
 
 
$
22,904
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Basic EPS:

  

 

 

 

 Net income

  
$
14,595
 
 
$
13,955
 
 
$
22,740
 
 
$
22,904
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Basic weighted average common shares

  
 
18,579,890
 
 
 
19,038,360
 
 
 
18,669,214
 
 
 
19,037,339
 

 Basic earnings per share

  
$
0.79
 
 
$
0.73
 
 
$
1.22
 
 
$
1.20
 

 Diluted EPS:

  

 

 

 

 Net income

  
$
14,595
 
 
$
13,955
 
 
$
22,740
 
 
$
22,904
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Diluted weighted average common shares:

  

 

 

 

 Weighted average common shares

  
 
18,579,890
 
 
 
19,038,360
 
 
 
18,669,214
 
 
 
19,037,339
 

 Restricted stock and RSUs

  
 
122,392
 
 
 
81,240
 
 
 
126,690
 
 
 
83,191
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Diluted weighted average common shares

  
 
18,702,282
 
 
 
19,119,600
 
 
 
18,795,904
 
 
 
19,120,530
 

 Diluted earnings per share

  
$
0.78
 
 
$
0.73
 
 
$
1.21
 
 
$
1.20
 

  

  
7

 

 AMERISAFE, INC. AND SUBSIDIARIES 

Consolidated Balance Sheets 

(in thousands) 
  

 
  
June 30,
 
  
December 31,
 

 
  
2026
 
  
2025
 

 
  
(unaudited)
 
  
 
 

 Assets

  

  

 Investments

  
$
705,187
 
  
$
734,855
 

 Cash and cash equivalents

  
 
65,476
 
  
 
61,926
 

 Amounts recoverable from reinsurers

  
 
105,659
 
  
 
108,098
 

 Premiums receivable, net

  
 
183,135
 
  
 
160,944
 

 Deferred income taxes

  
 
17,264
 
  
 
17,572
 

 Deferred policy acquisition costs

  
 
22,618
 
  
 
21,085
 

 Other assets

  
 
27,952
 
  
 
26,064
 

  
  

  

 
  
  

  

 

  
$
1,127,291
 
  
$
1,130,544
 

  
  

  

 
  
  

  

 

 Liabilities and Shareholders’ Equity

  

  

 Liabilities:

  

  

 Reserves for loss and loss adjustment expenses

  
$
594,090
 
  
$
613,583
 

 Unearned premiums

  
 
149,341
 
  
 
135,503
 

 Insurance-related assessments

  
 
18,293
 
  
 
15,979
 

 Other liabilities

  
 
115,576
 
  
 
113,881
 

 Shareholders’ equity

  
 
249,991
 
  
 
251,598
 

  
  

  

 
  
  

  

 

 Total liabilities and shareholders’ equity

  
$
1,127,291
 
  
$
1,130,544
 

  
  

  

 
  
  

  

 

 # # # 

  

  
8