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Amerisafe Inc (AMSF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Amerisafe Inc

CIK: 1018979 Ticker: AMSF

Exhibit 99.1

 

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Neal A Fuller, EVP & CFO

AMERISAFE, Inc.

337-463-9052

 

AMERISAFE ANNOUNCES 2016 FOURTH QUARTER AND

YEAR-END RESULTS

2016 Net Income Grows 10.5%

Increases Regular Dividend 11.1%

DeRidder, LA – February 22, 2017 - AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of hazardous workers’ compensation insurance, today announced results for the fourth quarter and year ended December 31, 2016.

 

     Three Months Ended           Twelve Months Ended        
     December 31,           December 31,        
     2016     2015     % Change     2016     2015     % Change  
     (in thousands, except
per share data)
          (in thousands, except
per share data)
       

Net premiums earned

   $ 92,097     $ 95,034       -3.1   $ 368,704     $ 375,894       -1.9

Net investment income

     7,855       7,256       8.3     28,106       27,902       0.7

Net realized gains (losses) on investments (pre-tax)

     (1,468     24       NM       (494     (2,494     NM  

Net income

     19,073       23,073       -17.3     77,865       70,462       10.5

Diluted earnings per share

   $ 0.99     $ 1.21       -18.2   $ 4.05     $ 3.69       9.8

Operating net income

     20,027       23,057       -13.1     78,186       72,083       8.5

Operating earnings per share

   $ 1.04     $ 1.20       -13.3   $ 4.07     $ 3.77       8.0

Book value per share

   $ 23.72     $ 23.73       0.0   $ 23.72     $ 23.73       0.0

Net combined ratio

     76.8     71.5       77.0     79.8  

Return on average equity

     15.8     19.5       17.1     15.6  

G. Janelle Frost, President and Chief Executive Officer commented, “Underwriting margins across the industry continued to be pressured this quarter as competition increased and rates decreased. We are at a point in the underwriting cycle where the choice to remain focused on underwriting margins and sustainability is essential to providing long-term returns to shareholders. AMERISAFE’s financial results this quarter are reflective of our focus over an extended period of time. Risk selection, appropriate product pricing and claims handling ultimately led to combined ratios of 76.8% this quarter and 77.0% for the year. Based on these results and our capital strength, AMERISAFE is well-positioned for the softening market cycle.”


The following information was filed by Amerisafe Inc (AMSF) on Wednesday, February 22, 2017 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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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 - Fair Value Of Annuities (detail)
Commitments And Contingencies - Future Minimum Lease Payments (detail)
Comprehensive Income And Accumulated Other Comprehensive Income
Comprehensive Income And Accumulated Other Comprehensive Income (tables)
Comprehensive Income And Accumulated Other Comprehensive Income - Additional Information (detail)
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 Different Lines Of Business (detail)
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 - Calculation Of Percentage Of Net Income Allocable To Common Shareholders (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (tables)
Fair Values Of Financial Instruments - Additional Information (detail)
Fair Values Of Financial Instruments - Schedule Of Assets And Liabilities Measured At Amortized Cost (detail)
Fair Values Of Financial Instruments - Schedule Of Assets And Liabilities 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 35% 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 - 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 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 Amortized Cost 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 Claims And Allocated Claim 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 Claims 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 - Summarizes The Activity In The Allowance For Doubtful Accounts (detail)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Property And Equipment - Schedule Of Future Minimum Lease Payments For Capital Lease Obligations (detail)
Property And Equipment - Schedule Of Property And Equipment (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Unaudited Quarterly Financial Data (detail)
Reinsurance
Reinsurance (tables)
Reinsurance - Additional Information (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)
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)
Stock Options And Restricted Stock
Stock Options And Restricted Stock (tables)
Stock Options And Restricted Stock - Additional Information (detail)
Stock Options And Restricted Stock - Restricted Stock Outstanding (detail)
Stock Options And Restricted Stock - Stock Options Outstanding (detail)
Stock Options And Restricted Stock - Weighted Average Grant Date Fair Values Of Options Granted (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: 0001564590-17-002393
Submitted to the SEC: Fri Feb 24 2017 4:03:08 PM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Saturday, December 31, 2016
Industry: Fire Marine And Casualty Insurance

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