AMERISAFE (AMSF) investor relations material

Executive summary

• Q3 net premiums earned rose 3.0% to $73.3 million; net income fell 47.9% to $7.2 million, and the net combined ratio increased to 96.5% from 90.6%.

• Disciplined pricing, favorable prior-year reserve development and late-quarter improvement in new-business activity supported results amid intensified competition.

Financial highlights

• Q3 gross written premiums fell 4.5% to $76.7 million; nine-month gross written premiums rose 3.0% to $251.1 million.

• Nine-month net premiums earned increased 7.7% to $225.7 million; net income was $29.9 million versus $36.7 million, and diluted EPS was $1.60 versus $1.92.

• Q3 diluted EPS was $0.39 versus $0.72; operating net income was $7.4 million versus $10.6 million, or $0.40 versus $0.55 per share.

• Q3 total revenue was $79.8 million versus $82.0 million; nine-month revenue was $251.9 million versus $235.7 million.

• Q3 net investment income rose 0.6% to $6.6 million; nine-month income was $19.7 million, down 0.9% as average invested assets declined.

Outlook and guidance

• Full-year premium growth expectation remained in the mid-single digits despite competition and slower new-premium growth.

• Loss-cost declines were expected to remain 5%-6% into the 2027 premium year; management said rate declines had stabilized.

• Management aimed to sustain improving new-business momentum while maintaining disciplined underwriting, proactive claims management and specialized safety expertise.