AMERISAFE (AMSF) Q2 2025 earnings summary

Executive summary

• Voluntary premiums on policies written in Q2 2025 increased 12.8% year-over-year, with in-force policy count up 3.4% and renewal retention at 93.8%.

• Gross premiums written rose 4.3% to $79.7 million for Q2 2025, driven by higher voluntary and residual market premiums, partially offset by payroll audit adjustments.

• Net income for Q2 2025 was $13.96 million, up 26.9% year-over-year; diluted EPS was $0.73, up 28.1%.

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

• Book value per share at June 30, 2025, was $13.96, up 3.3% from December 31, 2024.

Financial highlights

• Net premiums earned increased 1.1% year-over-year to $69.4 million in Q2 2025.

• Net investment income decreased 10.2% year-over-year to $6.7 million due to lower investable assets.

• Net realized gains on investments were $3.1 million, and net unrealized gains on equity securities were $1.8 million for the quarter.

• Expense ratio increased to 31.3% in Q2 2025 from 29.8% in Q2 2024.

• Statutory surplus grew to $257 million from $235 million at year-end 2024.

Outlook and guidance

• Full-year expense ratio expected to remain in line with historical range, with Q2 at 31.3% and year-to-date at 30.6%.

• The Board declared a regular quarterly dividend of $0.39 per share, payable in September 2025.

• Share repurchase program reauthorized for up to $25 million with no expiration date.

• Management remains focused on underwriting profitability and long-term shareholder value, emphasizing continued investment in people and technology.