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Amerisafe Inc (AMSF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Amerisafe Inc

HISTORY TOOLS
CIK: 1018979 Ticker: AMSF

Exhibit 99.1

 

LOGO   

LOGO

 

Neal A. Fuller, EVP & CFO

AMERISAFE

337.463.9052

AMERISAFE ANNOUNCES 2021 FOURTH QUARTER AND YEAR-END RESULTS

Increases loss ratio as result of catastrophic claim

Reports $65.8 Million of Net Income and Return on Equity of 15.7% in 2021

Increases quarterly dividend by 6.9%

DeRidder, LA – February 22, 2022—AMERISAFE, Inc. (

Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the fourth quarter and year ended December 31, 2021.

 

     Three Months Ended
December 31, 		          Twelve Months Ended
December 31,		        
     2021     2020     % Change     2021     2020     % Change  
     (in thousands, except per
share data)		           (in thousands, except per
share data)		        

Net premiums earned

    $ 67,733     $ 74,702       -9.3 %    $ 275,993     $ 304,427       -9.3 % 

Net investment income

      6,073       7,228       -16.0 %      25,435       29,364       -13.4 % 

Net realized gains (losses) on investments (pretax)

      205       (332 )      NM       1,695       1,132       NM  

Net unrealized gains on equity securities (pre-tax)

      4,289       6,553       NM       12,315       4,204       NM  

Net income

      3,541       28,501       -87.6 %      65,756       86,602       -24.1 % 

Diluted earnings per share

    $ 0.18     $ 1.47       -87.8 %    $ 3.39     $ 4.47       -24.2 % 

Operating net income

      (9 )      23,586       -100.0 %      54,688       82,387       -33.6 % 

Operating earnings per share

    $ —       $ 1.22       -100.0 %    $ 2.82     $ 4.25       -33.6 % 

Book value per share

    $ 20.62     $ 22.70       -9.2 %    $ 20.62     $ 22.70       -9.2 % 

Net combined ratio

      112.9 %      70.4 %        85.7 %      76.3 %   

Return on average equity

      3.2 %      24.8 %        15.7 %      19.9 %   

G. Janelle Frost, President and Chief Executive Officer, stated, “Our specialty is underwriting and servicing high-hazard workers’ compensation and in 2021, our strength in those specialties counterbalanced slow economic growth, strong competition, declining rates, and a variety of pandemic-related uncertainties. We were responsive to the competitive environment, while applying disciplined pricing, and continued our long-held commitment to personalized claims management. Despite experiencing our first catastrophic claim, we are pleased to report a combined ratio of 85.7% and a return on average equity of 15.7% for 2021.”

The following information was filed by Amerisafe Inc (AMSF) on Tuesday, February 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amerisafe Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Capital Management
Capital Management - Additional Information (Detail)
Capital Stock
Capital Stock - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Components Of Lease Expense (Detail)
Commitments And Contingencies - Fair Value Of Annuities (Detail)
Commitments And Contingencies - Schedule Of Maturity Analysis Of Annual Undiscounted Cash Flows Of Operating And Finance Lease Liabilities (Detail)
Commitments And Contingencies - Schedule Of Right-Of-Use Assets Obtained In Exchange For Lease Obligations (Detail)
Commitments And Contingencies - Schedule Of Supplemental Balance Sheet Information Related To Leases (Detail)
Commitments And Contingencies - Schedule Of Supplemental Cash Flow Information Related To Leases (Detail)
Commitments And Contingencies - Schedule Of Weighted Average Remaining Lease Term And Discount Rate (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income
Comprehensive Income And Accumulated Other Comprehensive Income (Tables)
Comprehensive Income And Accumulated Other Comprehensive Income - Other Comprehensive Income (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income - Reclassification Out Of Accumulated Other Comprehensive Income (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income - Schedule Of Changes In Accumulated Other Comprehensive Income (Aoci) (Detail)
Concentration Of Operations
Concentration Of Operations (Tables)
Concentration Of Operations - Net Premiums Earned For The Top Ten States (Detail)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (Tables)
Deferred Policy Acquisition Costs - Schedule Of Activity In The Deferred Policy Acquisition Costs (Detail)
Deferred Policy Acquisition Costs - Schedule Of Major Categories Of The Deferred Policy Acquisition Costs (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Earnings Per Share (Detail)
Earnings Per Share - Reconciliation Of Weighted Average Shares Used For Basic And Diluted Earnings Per Share Calculation (Detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Detail)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Policies)
Fair Values Of Financial Instruments (Tables)
Fair Values Of Financial Instruments - Schedule Of Assets Measured At Amortized Cost (Detail)
Fair Values Of Financial Instruments - Schedule Of Assets Measured At Fair Value On Recurring Basis (Detail)
Fair Values Of Financial Instruments - Summary Of Carrying Or Reported Values And Corresponding Fair Values For Financial Instruments (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Consolidated Income Tax Expense (Benefit) (Detail)
Income Taxes - Income Tax Expense From Operations From The Amount Computed By Applying The U.S. Federal Income Tax Statutory Rate Of 21% To Income Before Income Taxes (Detail)
Income Taxes - Schedule Of Company's Deferred Income Tax Assets And Liabilities (Detail)
Investments
Investments (Tables)
Investments - A Summary Of The Company's Realized Gains And Losses On Sales, Calls Or Redemptions Of Investments (Detail)
Investments - Additional Information (Detail)
Investments - Changes In Allowance For Credit Losses By Major Security Type Of Investments Classified As Held-To-Maturity (Detail)
Investments - Gross Unrealized Gains And Losses And Amortized Cost And Fair Value Of Investments Classified As Held-To-Maturity (Detail)
Investments - Gross Unrealized Gains And Losses And Cost Of Equity (Detail)
Investments - Gross Unrealized Gains And Losses And Cost Or Amortized Cost And Fair Value Of Investments Classified As Available-For-Sale (Detail)
Investments - Investment Securities Continuous Unrealized Loss Position (Detail)
Investments - Major Categories Of The Company's Net Investment Income (Detail)
Investments - Summary Of Amortized Cost And Fair Value Of Investments In Fixed Maturity Securities, Classified As Available-For-Sale (Detail)
Investments - Summary Of Carrying Amounts And Fair Value Of Investments In Fixed Maturity Securities, Classified As Held-To-Maturity (Detail)
Line Of Credit
Line Of Credit - Additional Information (Detail)
Loss And Loss Adjustment Expenses
Loss And Loss Adjustment Expenses (Tables)
Loss And Loss Adjustment Expenses - Additional Information (Detail)
Loss And Loss Adjustment Expenses - Development Tables Of Incurred And Paid Losses And Allocated Loss Adjustment Expenses Net Of Reinsurance (Detail)
Loss And Loss Adjustment Expenses - Reconciliation Of Beginning And Ending Reserve Balances, Net Of Related Amounts Recoverable From Reinsurers (Detail)
Loss And Loss Adjustment Expenses - Summary Exposures To Various Asbestos Related Claims (Detail)
Loss And Loss Adjustment Expenses - Summary Of Average Annual Percentage Payout Of Incurred Losses By Age Net Of Reinsurance For Worker's Compensation And General Liability (Unaudited) (Detail)
Premiums Receivable
Premiums Receivable (Tables)
Premiums Receivable - Additional Information (Detail)
Premiums Receivable - Components Of Premiums Receivable (Detail)
Premiums Receivable - Summary Of Activity In Allowance For Credit Losses (Detail)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Schedule Of Property And Equipment (Detail)
Reinsurance
Reinsurance (Tables)
Reinsurance - Additional Information (Detail)
Reinsurance - Change In Allowance For Credit Losses On Amounts Recoverable From Reinsurers (Detail)
Reinsurance - Schedule Of The Amounts Recoverable From Reinsurers (Detail)
Reinsurance - Schedule Of The Effect Of Reinsurance On Premiums Written And Earned (Detail)
Reinsurance - Schedule Of Unsecured Reinsurance Recoverables From Reinsurers (Detail)
Restricted Stock And Stock Options
Restricted Stock And Stock Options (Tables)
Restricted Stock And Stock Options - Additional Information (Detail)
Restricted Stock And Stock Options - Restricted Stock Activity (Detail)
Restricted Stock And Stock Options - Stock Option Activity (Detail)
Restricted Stock And Stock Options - Weighted Average Grant Date Fair Values Of Options Granted (Detail)
Schedule Ii. Condensed Financial Information Of Registrant
Schedule Ii. Condensed Financial Information Of Registrant - Condensed Balance Sheets (Detail)
Schedule Ii. Condensed Financial Information Of Registrant - Condensed Balance Sheets (Parenthetical) (Detail)
Schedule Ii. Condensed Financial Information Of Registrant - Condensed Statements Of Cash Flows (Detail)
Schedule Ii. Condensed Financial Information Of Registrant - Condensed Statements Of Income (Detail)
Schedule Vi. Supplemental Information Concerning Property-Casualty Insurance Operations
Schedule Vi. Supplemental Information Concerning Property-Casualty Insurance Operations (Detail)
Statutory Accounting And Regulatory Requirements
Statutory Accounting And Regulatory Requirements (Tables)
Statutory Accounting And Regulatory Requirements - Additional Information (Detail)
Statutory Accounting And Regulatory Requirements - Insurance Subsidiaries (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: AMSF
CIK: 1018979
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-007154
Submitted to the SEC: Fri Feb 25 2022 4:07:56 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Fire Marine And Casualty Insurance

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