AMERISAFE (AMSF) investor relations material

Executive summary

• Voluntary premiums on policies written rose 12.8% year-over-year, with in-force policy count up 3.4% and renewal retention at 93.8%.

• Net income for Q2 2025 increased 26.9% to $13.96M, with diluted EPS up 28.1% to $0.73.

• Gross premiums written increased 4.3% year-over-year to $79.7M, marking the fifth consecutive quarter of growth.

• Underwriting profitability remained strong, with a net combined ratio of 91.7% for Q2 2025.

• Board reauthorized a $25M share repurchase program and declared a $0.39 per share quarterly dividend.

Financial highlights

• Net income for Q2 2025 was $13.96M ($0.73 per diluted share), up from $10.99M ($0.57) in Q2 2024.

• Operating net income was $10M ($0.53 per share), compared to $11.1M ($0.58) last year.

• Net investment income decreased 10.2% to $6.7M due to lower investable assets.

• Book value per share was $13.96 at quarter-end, down 11.5% year-over-year but up 3.3% from year-end 2024.

• Net realized gains on investments were $3.1M in Q2 2025, compared to net realized losses of $0.1M in Q2 2024.

Outlook and guidance

• Full-year expense ratio expected to align with historical range, currently at 31.3% for the quarter and 30.6% year-to-date.

• Management remains focused on underwriting profitability and long-term shareholder value amid competitive market conditions.

• No material impact expected from recent tax reforms; capital sufficiency supports continued dividends and buybacks.

• Ongoing pressure on the 71% loss ratio assumption due to declining loss costs, but reserving practices remain conservative.

• Forward-looking statements caution that actual results may differ due to market, regulatory, and operational risks.