Form 8-K - Current report
July 27 2023 - 4:05PM
Edgar (US Regulatory)
AMERISAFE INC false 0001018979 0001018979 2023-07-27 2023-07-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 27, 2023
AMERISAFE, INC.
(Exact Name of Registrant as Specified in Charter)
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Texas |
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001-12251 |
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75-2069407 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
2301 Highway 190 West
DeRidder, Louisiana 70634
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (337) 463-9052
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered or to be registered pursuant to Section 12(b) of the Act.
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
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AMSF |
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Nasdaq Stock Market LLC |
Item 2.02. |
Results of Operations and Financial Condition. |
On July 27, 2023, AMERISAFE, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2023. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMERISAFE, INC. |
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By: |
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/s/ Anastasios Omiridis |
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Anastasios Omiridis, Executive Vice President and Chief Financial Officer |
Date: July 27, 2023
Exhibit 99.1
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Andy Omiridis, EVP & CFO |
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AMERISAFE |
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337.463.9052 |
AMERISAFE ANNOUNCES 2023 SECOND QUARTER RESULTS
Reports $15.6 Million of Net Income, Return on Equity of 18.6% and
Net Combined Ratio of 85.4% for the quarter
DeRidder, LA July 27, 2023 AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers compensation insurance focused on high-hazard industries, today announced results for the second quarter ended June 30, 2023.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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(in thousands, except per share data) |
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(in thousands, except per share data) |
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Net premiums earned |
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$ |
65,598 |
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$ |
70,279 |
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-6.7 |
% |
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$ |
134,779 |
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$ |
137,835 |
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-2.2 |
% |
Net investment income |
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7,724 |
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6,485 |
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19.1 |
% |
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15,157 |
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12,598 |
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20.3 |
% |
Net realized gains on investments (pre-tax) |
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75 |
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1,079 |
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-93.0 |
% |
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333 |
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1,817 |
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-81.7 |
% |
Net unrealized gains (losses) on equity securities
(pre-tax) |
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2,048 |
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(9,942 |
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NM |
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3,417 |
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(8,902 |
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NM |
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Net income |
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15,627 |
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6,132 |
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154.8 |
% |
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32,966 |
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23,463 |
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40.5 |
% |
Diluted earnings per share |
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$ |
0.81 |
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$ |
0.32 |
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153.1 |
% |
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$ |
1.72 |
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$ |
1.21 |
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42.1 |
% |
Operating net income (loss) |
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13,950 |
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13,134 |
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6.2 |
% |
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30,004 |
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29,060 |
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3.2 |
% |
Operating earnings per share |
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$ |
0.73 |
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$ |
0.68 |
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7.4 |
% |
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$ |
1.56 |
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$ |
1.50 |
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4.0 |
% |
Book value per share |
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$ |
17.76 |
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$ |
19.95 |
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-11.0 |
% |
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$ |
17.76 |
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$ |
19.95 |
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-11.0 |
% |
Net combined ratio |
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85.4 |
% |
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86.7 |
% |
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83.9 |
% |
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83.4 |
% |
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Return on average equity |
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18.6 |
% |
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6.3 |
% |
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20.0 |
% |
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12.0 |
% |
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G. Janelle Frost, President and Chief Executive Officer commented, AMERISAFEs results in the second quarter
reflect the Companys disciplined approach to the high-hazard workers compensation market. Continued competition and rate decreases impacted top-line growth,
while the combined ratio of 85.4% and annualized ROE of 18.6% remain industry-leading. Our long tenure, coupled with underwriting expertise and strong balance sheet position AMERISAFE for solid performance and long-term shareholder value
creation.
INSURANCE RESULTS
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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(in thousands) |
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(in thousands) |
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Gross premiums written |
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$ |
71,704 |
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$ |
74,460 |
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-3.7 |
% |
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$ |
154,191 |
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$ |
152,251 |
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1.3 |
% |
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Net premiums earned |
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65,598 |
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70,279 |
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-6.7 |
% |
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134,779 |
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137,835 |
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-2.2 |
% |
Loss and loss adjustment expenses incurred |
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35,645 |
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40,326 |
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-11.6 |
% |
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74,654 |
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78,067 |
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-4.4 |
% |
Underwriting and certain other operating costs, commissions, salaries and benefits |
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19,972 |
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19,913 |
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0.3 |
% |
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36,954 |
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35,026 |
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5.5 |
% |
Policyholder dividends |
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490 |
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688 |
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-28.8 |
% |
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1,421 |
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1,877 |
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-24.3 |
% |
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Underwriting profit (pre-tax) |
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$ |
9,491 |
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$ |
9,352 |
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1.5 |
% |
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$ |
21,750 |
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$ |
22,865 |
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-4.9 |
% |
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Insurance Ratios: |
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Current accident year loss ratio |
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71.0 |
% |
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71.0 |
% |
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71.0 |
% |
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71.0 |
% |
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Prior accident year loss ratio |
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-16.7 |
% |
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-13.6 |
% |
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-15.6 |
% |
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-14.4 |
% |
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Net loss ratio |
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54.3 |
% |
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57.4 |
% |
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55.4 |
% |
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56.6 |
% |
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Net underwriting expense ratio |
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30.4 |
% |
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28.3 |
% |
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27.4 |
% |
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25.4 |
% |
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Net dividend ratio |
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0.7 |
% |
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1.0 |
% |
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1.1 |
% |
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1.4 |
% |
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Net combined ratio |
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85.4 |
% |
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86.7 |
% |
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83.9 |
% |
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83.4 |
% |
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Voluntary premiums on policies written in the quarter were 2.3% lower than the second quarter of 2022, primarily
due to continued declines in approved loss costs in the states in which we write business. The average decline in approved loss costs for the second quarter of 2023 versus the second quarter of 2022 was approximately 7.5%. |
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Payroll audits increased $0.2 million for the second quarter of 2023 as compared to the second quarter of
2022, offset by $1.0 million in related premium adjustments, which includes endorsements, cancellations, earned-but-unbilled and certain regulatory accruals.
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Ceded premiums increased $1.2 million in the second quarter of 2023 as compared to the second quarter of
2022 as we purchased higher levels of reinsurance coverage at generally higher prices in 2023. |
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The loss ratio for the second quarter was 54.3%, compared to 57.4% in the second quarter of 2022. During the
quarter, the Company experienced favorable net loss reserve development for prior accident years, which reduced loss and loss adjustment expenses by $10.9 million, primarily from accident years 2018 through 2021. |
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2 |
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For the quarter ended June 30, 2023, the underwriting expense ratio was 30.4% compared with 28.3% in the
same quarter in 2022. However, expense dollars were flat for the second quarter of 2023 as compared to the second quarter of 2022, with the increased expense ratio this quarter driven by the decline in earned premiums. |
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The effective tax rate for the quarter ended June 30, 2023, was 20.1% compared with 13.9% for 2022. The rate
was higher than last year due to a decrease in the proportion of tax-exempt interest income relative to underwriting profit. |
INVESTMENT RESULTS
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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(in thousands) |
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(in thousands) |
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Net investment income |
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$ |
7,724 |
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$ |
6,485 |
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19.1 |
% |
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$ |
15,157 |
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$ |
12,598 |
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20.3 |
% |
Net realized gains on investments (pre-tax) |
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75 |
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1,079 |
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-93.0 |
% |
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|
333 |
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1,817 |
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-81.7 |
% |
Net unrealized gains (losses) on equity securities
(pre-tax) |
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2,048 |
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(9,942 |
) |
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NM |
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3,417 |
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(8,902 |
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NM |
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Pre-tax investment yield |
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3.2 |
% |
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2.5 |
% |
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3.2 |
% |
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2.4 |
% |
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Tax-equivalent yield (1) |
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3.6 |
% |
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2.9 |
% |
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3.6 |
% |
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2.9 |
% |
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(1) |
The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.
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Net investment income for the quarter ended June 30, 2023, increased 19.1% to $7.7 million from
$6.5 million in the second quarter of 2022, due to higher yields on cash and fixed-income securities. |
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Net unrealized gains on equity securities were $2.0 million in the second quarter as a result of generally
favorable equity market returns during the quarter. |
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As of June 30, 2023, the carrying value of AMERISAFEs investment portfolio, including cash and cash
equivalents, was $962.7 million. |
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3 |
CAPITAL MANAGEMENT
During the second quarter of 2023, the Company paid a regular quarterly cash dividend of $0.34 per share on June 23, 2023 which represented a 9.7%
increase in the quarterly dividend compared with 2022. On July 25, 2023 the Companys Board of Directors declared a quarterly cash dividend of $0.34 per share, payable on September 22, 2023 to shareholders of record as of
September 8, 2023.
Book value per share at June 30, 2023 was $17.76, an increase of 7.2% from $16.57 at December 31, 2022.
SUPPLEMENTAL INFORMATION
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(in thousands, except share and per share data) |
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Net income |
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$ |
15,627 |
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$ |
6,132 |
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$ |
32,966 |
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$ |
23,463 |
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Less: |
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Net realized gains on investments |
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75 |
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1,079 |
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|
333 |
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1,817 |
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Net unrealized gains (losses) on equity securities |
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2,048 |
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(9,942 |
) |
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3,417 |
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(8,902 |
) |
Tax effect (1) |
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(446 |
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1,861 |
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(788 |
) |
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1,488 |
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Operating net income (2) |
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$ |
13,950 |
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$ |
13,134 |
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$ |
30,004 |
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$ |
29,060 |
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Average shareholders equity (3) |
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$ |
336,711 |
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$ |
390,131 |
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$ |
329,000 |
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$ |
392,156 |
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Less: |
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Average accumulated other comprehensive income (loss) |
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(10,792 |
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(4,409 |
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(12,964 |
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2,332 |
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Average adjusted shareholders equity (2) |
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$ |
347,503 |
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$ |
394,540 |
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$ |
341,964 |
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$ |
389,824 |
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Diluted weighted average common shares |
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19,196,755 |
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19,332,168 |
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19,200,377 |
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19,367,085 |
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Return on average equity (4) |
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18.6 |
% |
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6.3 |
% |
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20.0 |
% |
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12.0 |
% |
Operating return on average adjusted equity (2) |
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16.1 |
% |
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13.3 |
% |
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|
17.5 |
% |
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14.9 |
% |
Diluted earnings per share |
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$ |
0.81 |
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$ |
0.32 |
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$ |
1.72 |
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$ |
1.21 |
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Operating earnings per share (2) |
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$ |
0.73 |
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|
$ |
0.68 |
|
|
$ |
1.56 |
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|
$ |
1.50 |
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(1) |
The tax effect of net realized losses on investments and net unrealized gains (losses) on equity securities is
calculated with an effective tax rate of 21%. |
(2) |
Operating net income, 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 AMERISAFEs disclosure of these financial measures. |
(3) |
Average shareholders equity is calculated by taking the average of the beginning and ending
shareholders equity. |
(4) |
Return on average equity is calculated by dividing the annualized net income by the average shareholders
equity. |
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4 |
CONFERENCE CALL INFORMATION
AMERISAFE has scheduled a conference call for July 28, 2023 at 10:30 AM Eastern Time to discuss the results for the quarter and comment on future periods.
To participate in the conference call, dial 323-794-2551 (Conference Code 2247599) 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 Companys 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, and manufacturing.
AMERISAFE actively markets workers compensation insurance in 27 states.
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5 |
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 AMERISAFEs plans and performance. These
statements are based on managements estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding managements views and expectations of the
workers compensation market, the Companys growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions
prove to be incorrect or as the results of risks, uncertainties and other factors on the business and operations of the Company and our policyholders and the market value of our investment portfolio. Additional factors that may affect our results
are set forth in the Companys filings with the Securities and Exchange Commission, including AMERISAFEs Annual Report on Form 10-K. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this
release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
- Tables to Follow -
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6 |
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands)
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|
|
|
|
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|
|
|
|
|
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|
Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
71,704 |
|
|
$ |
74,460 |
|
|
$ |
154,191 |
|
|
$ |
152,251 |
|
Ceded premiums written |
|
|
(3,965 |
) |
|
|
(2,725 |
) |
|
|
(8,144 |
) |
|
|
(5,284 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums written |
|
$ |
67,739 |
|
|
$ |
71,735 |
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|
$ |
146,047 |
|
|
$ |
146,967 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
$ |
65,598 |
|
|
$ |
70,279 |
|
|
$ |
134,779 |
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|
$ |
137,835 |
|
Net investment income |
|
|
7,724 |
|
|
|
6,485 |
|
|
|
15,157 |
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|
|
12,598 |
|
Net realized gains on investments |
|
|
75 |
|
|
|
1,079 |
|
|
|
333 |
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|
|
1,817 |
|
Net unrealized gains (losses) on equity securities |
|
|
2,048 |
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|
|
(9,942 |
) |
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|
3,417 |
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|
|
(8,902 |
) |
Fee and other income |
|
|
214 |
|
|
|
135 |
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|
|
411 |
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|
|
248 |
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|
|
|
|
|
|
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Total revenues |
|
|
75,659 |
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|
|
68,036 |
|
|
|
154,097 |
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|
|
143,596 |
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|
|
|
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|
|
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|
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|
|
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|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses incurred |
|
|
35,645 |
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|
|
40,326 |
|
|
|
74,654 |
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|
|
78,067 |
|
Underwriting and other operating costs |
|
|
19,972 |
|
|
|
19,913 |
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|
|
36,954 |
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|
|
35,026 |
|
Policyholder dividends |
|
|
490 |
|
|
|
688 |
|
|
|
1,421 |
|
|
|
1,877 |
|
Provision for investment related credit loss expense (benefit) |
|
|
(16 |
) |
|
|
(14 |
) |
|
|
(35 |
) |
|
|
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
56,091 |
|
|
|
60,913 |
|
|
|
112,994 |
|
|
|
115,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
19,568 |
|
|
|
7,123 |
|
|
|
41,103 |
|
|
|
28,545 |
|
Income tax expense |
|
|
3,941 |
|
|
|
991 |
|
|
|
8,137 |
|
|
|
5,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
|
$ |
6,132 |
|
|
$ |
32,966 |
|
|
$ |
23,463 |
|
|
|
|
|
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7 |
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income (cont.)
(in thousands, except per share amounts)
|
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|
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|
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|
|
|
|
|
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|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
|
$ |
6,132 |
|
|
$ |
32,966 |
|
|
$ |
23,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares |
|
|
19,139,735 |
|
|
|
19,273,934 |
|
|
|
19,135,564 |
|
|
|
19,302,805 |
|
Basic earnings per share |
|
$ |
0.82 |
|
|
$ |
0.32 |
|
|
$ |
1.72 |
|
|
$ |
1.22 |
|
Diluted EPS: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
|
$ |
6,132 |
|
|
$ |
32,966 |
|
|
$ |
23,463 |
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|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
19,139,735 |
|
|
|
19,273,934 |
|
|
|
19,135,564 |
|
|
|
19,302,805 |
|
Restricted stock and RSUs |
|
|
57,020 |
|
|
|
58,234 |
|
|
|
64,813 |
|
|
|
64,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares |
|
|
19,196,755 |
|
|
|
19,332,168 |
|
|
|
19,200,377 |
|
|
|
19,367,085 |
|
Diluted earnings per share |
|
$ |
0.81 |
|
|
$ |
0.32 |
|
|
$ |
1.72 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
|
|
|
8 |
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Investments |
|
$ |
928,730 |
|
|
$ |
888,987 |
|
Cash and cash equivalents |
|
|
33,922 |
|
|
|
61,469 |
|
Amounts recoverable from reinsurers |
|
|
122,721 |
|
|
|
125,677 |
|
Premiums receivable, net |
|
|
141,943 |
|
|
|
121,713 |
|
Deferred income taxes |
|
|
23,437 |
|
|
|
22,794 |
|
Deferred policy acquisition costs |
|
|
18,927 |
|
|
|
17,401 |
|
Other assets |
|
|
29,235 |
|
|
|
31,238 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,298,915 |
|
|
$ |
1,269,279 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders Equity |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Reserves for loss and loss adjustment expenses |
|
$ |
684,613 |
|
|
$ |
696,037 |
|
Unearned premiums |
|
|
126,244 |
|
|
|
114,976 |
|
Insurance-related assessments |
|
|
18,015 |
|
|
|
17,653 |
|
Other liabilities |
|
|
129,476 |
|
|
|
123,181 |
|
Shareholders equity |
|
|
340,567 |
|
|
|
317,432 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
1,298,915 |
|
|
$ |
1,269,279 |
|
|
|
|
|
|
|
|
|
|
# # #
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9 |
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