AMERISAFE (AMSF) Q2 2025 earnings summary

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 $13.96 million, with diluted EPS up 28.1% to $0.73.

• Gross premiums written increased 4.3% year-over-year to $79.7 million, driven by higher voluntary and residual market premiums.

• Maintained strong underwriting profitability and operational discipline in a competitive workers' compensation market.

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

Financial highlights

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

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

• Net realized gains on investments were $3.1 million, with net unrealized gains on equity securities at $1.8 million.

• 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 company expects no material impact from the recently enacted One Big Beautiful Bill Act (OBBBA) tax reforms.

• Ongoing capital management strategies, including share repurchases and regular dividends, reflect confidence in long-term value.

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