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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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