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Exhibit 99.1
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Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052 |
AMERISAFE ANNOUNCES 2018 THIRD QUARTER RESULTS
Declares An Extraordinary Dividend of $3.50 Per Share
Reports Combined Ratio of 81.1%
DeRidder, LA October 24, 2018 - AMERISAFE, Inc. (
Nasdaq: AMSF), a specialty provider of workers compensation insurance focused on high hazard industries, today announced results for the third quarter ended September 30, 2018.
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||||
(in thousands, except per share data) |
(in thousands, except per share data) |
|||||||||||||||||||||||
Net premiums earned |
$ | 85,184 | $ | 85,118 | 0.1 | % | $ | 261,489 | $ | 258,779 | 1.0 | % | ||||||||||||
Net investment income |
7,884 | 7,788 | 1.2 | % | 22,396 | 21,969 | 1.9 | % | ||||||||||||||||
Net realized losses on investments, pre-tax |
(329 | ) | (192 | ) | 71.4 | % | (1,471 | ) | (761 | ) | 93.3 | % | ||||||||||||
Net income |
19,701 | 16,577 | 18.8 | % | 52,826 | 45,582 | 15.9 | % | ||||||||||||||||
Diluted earnings per share |
$ | 1.02 | $ | 0.86 | 18.6 | % | $ | 2.74 | $ | 2.37 | 15.6 | % | ||||||||||||
Operating net income |
19,508 | 16,702 | 16.8 | % | 53,783 | 46,077 | 16.7 | % | ||||||||||||||||
Operating earnings per share |
$ | 1.01 | $ | 0.87 | 16.1 | % | $ | 2.79 | $ | 2.40 | 16.3 | % | ||||||||||||
Book value per share |
$ | 23.82 | $ | 25.72 | -7.4 | % | $ | 23.82 | $ | 25.72 | -7.4 | % | ||||||||||||
Net combined ratio |
81.1 | % | 81.4 | % | 83.5 | % | 83.5 | % | ||||||||||||||||
Return on average equity |
17.4 | % | 13.6 | % | 15.9 | % | 12.8 | % |
G. Janelle Frost, President and Chief Executive Officer, noted, Industry wide loss costs continued to decline this quarter, making workers compensation the only commercial line with rate decreases passed on to policyholders. Such an environment sets the stage for carriers to compete for premium dollars. AMERISAFEs history and current year results reflect our discipline to evaluate and price our risk for long-term stability and profitability. It is because of that discipline that our board is pleased to declare a special dividend of $3.50 to our shareholders, while maintaining adequate capital to protect our policyholders and efficiently operate our company.
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Amerisafe Inc.
Amerisafe Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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We believe that the higher premiums typically paid by our policyholders, together with our disciplined underwriting and safety, claims and audit services, provide us with the opportunity to earn attractive returns for our shareholders.
The favorable loss development we experienced across accident years was largely due to favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement.
Net premiums earned for the third quarter of 2018 were $85.2 million, compared to $85.1 million for the same period in 2017, an increase of 0.1%.
Net premiums earned for the first nine months of 2018 were $261.5 million, compared to $258.8 million for the same period in 2017, an increase of 1.0%.
This decrease in operating cash flow was attributable to a $35.7 million increase in the change in amounts held by others, a $12.7 million increase in losses paid, a $2.2 million decrease in investment income and a $1.2 million increase in dividends paid to policyholders.
For our securities classified as...Read more
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We recorded favorable prior accident...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Amerisafe Inc provided additional information to their SEC Filing as exhibits
Ticker: AMSF
CIK: 1018979
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025258
Submitted to the SEC: Fri Oct 26 2018 12:01:53 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Fire Marine And Casualty Insurance