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Exhibit 99.1
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Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052 |
AMERISAFE ANNOUNCES 2019 SECOND QUARTER RESULTS
Reports Combined Ratio of 83.9%
DeRidder, LA July 31, 2019 - 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, 2019.
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
(in thousands, except per share data) |
(in thousands, except per share data) |
|||||||||||||||||||||||
Net premiums earned |
$ | 82,951 | $ | 88,995 | -6.8 | % | $ | 167,899 | $ | 176,305 | -4.8 | % | ||||||||||||
Net investment income |
8,169 | 7,303 | 11.9 | % | 16,184 | 14,512 | 11.5 | % | ||||||||||||||||
Net realized losses on investments, pretax |
(82 | ) | (1,111 | ) | NM | (23 | ) | (1,142 | ) | NM | ||||||||||||||
Net income |
17,890 | 16,956 | 5.5 | % | 37,290 | 33,125 | 12.6 | % | ||||||||||||||||
Diluted earnings per share |
$ | 0.93 | $ | 0.88 | 5.7 | % | $ | 1.93 | $ | 1.72 | 12.2 | % | ||||||||||||
Operating net income |
17,448 | 17,774 | -1.8 | % | 35,096 | 34,275 | 2.4 | % | ||||||||||||||||
Operating earnings per share |
$ | 0.90 | $ | 0.92 | -2.2 | % | $ | 1.82 | $ | 1.78 | 2.2 | % | ||||||||||||
Book value per share |
$ | 23.29 | $ | 23.11 | 0.8 | % | $ | 23.29 | $ | 23.11 | 0.8 | % | ||||||||||||
Net combined ratio |
83.9 | % | 83.6 | % | 84.0 | % | 84.7 | % | ||||||||||||||||
Return on average equity |
16.3 | % | 15.5 | % | 17.4 | % | 15.2 | % |
G. Janelle Frost, President and Chief Executive Officer, noted, The workers compensation industry remained profitable through 2018, and competition remained strong through the second quarter. AMERISAFEs response was to execute on our commitment to deliver an exceptional product to our policyholders through our quality insurance services and risk assessment. Remaining committed to our core disciplines has allowed us to provide stable returns for our shareholders, a consistent market for our agent partners, and aided business owners with mitigating risks.
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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 2019 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.
For our securities classified as held-to-maturity, unrealized gains and losses are not recorded in the financial statements until realized or until a decline in fair value, below amortized cost, is deemed to be other-than-temporary.
The decrease was attributable to a $4.6 million decrease in annual premiums on voluntary policies written during the period and a $2.0 million decrease in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters.
The decrease was primarily attributable to a $9.8 million decrease in annual premiums on voluntary policies written during the period and a $0.8 million decrease in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters.
Net cash provided by operating...Read more
The decrease was primarily attributable...Read more
The decrease was primarily attributable...Read more
We recorded favorable prior accident...Read more
We recorded favorable prior accident...Read more
The table below sets forth...Read more
The decrease was primarily attributable...Read more
The decrease was primarily attributable...Read more
The effective loss cost multiplier,...Read more
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This increase in operating cash...Read more
Underwriting and certain other operating...Read more
Underwriting and certain other operating...Read more
Net premiums earned for the...Read more
Net premiums earned for the...Read more
The tax-equivalent yield is calculated...Read more
The tax-equivalent yield is calculated...Read more
The Company recorded favorable prior...Read more
Management believes that the most...Read more
Offsetting these amounts were a...Read more
Net investment income for the...Read more
Net investment income for the...Read more
We actively market our insurance...Read more
This decrease was primarily due...Read more
(1) The net combined ratio...Read more
Net unrealized gains on equity...Read more
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: 0001564590-19-028358
Submitted to the SEC: Fri Aug 02 2019 12:01:50 PM EST
Accepted by the SEC: Fri Aug 02 2019
Period: Sunday, June 30, 2019
Industry: Fire Marine And Casualty Insurance