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October 2020
Last10K.com | 10-Q Quarterly Report Fri Oct 30 2020
Exhibit 99.1
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| Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052 |
AMERISAFE ANNOUNCES 2020 THIRD QUARTER RESULTS
Declares an Extraordinary Dividend of $3.50 Per Share
Reports Combined Ratio of 72.8%
DeRidder, LA – October 28, 2020 - 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, 2020.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||
| (in thousands, except per share data) |
(in thousands, except per share data) |
|||||||||||||||||||||||
| Net premiums earned |
$ | 74,771 | $ | 82,712 | -9.6 | % | $ | 229,725 | $ | 250,611 | -8.3 | % | ||||||||||||
| Net investment income |
7,063 | 8,264 | -14.5 | % | 22,136 | 24,448 | -9.5 | % | ||||||||||||||||
| Net realized gains (losses) on investments (pretax) |
309 | (4 | ) | NM | 1,464 | (27 | ) | NM | ||||||||||||||||
| Net unrealized gains (losses) on equity securities (pre-tax) |
844 | 365 | 131.2 | % | (2,349 | ) | 3,165 | NM | ||||||||||||||||
| Net income |
23,353 | 21,386 | 9.2 | % | 58,101 | 58,676 | -1.0 | % | ||||||||||||||||
| Diluted earnings per share |
$ | 1.21 | $ | 1.11 | 9.0 | % | $ | 3.00 | $ | 3.04 | -1.3 | % | ||||||||||||
| Operating net income |
22,442 | 21,101 | 6.4 | % | 58,800 | 56,197 | 4.6 | % | ||||||||||||||||
| Operating earnings per share |
$ | 1.16 | $ | 1.09 | 6.4 | % | $ | 3.04 | $ | 2.91 | 4.5 | % | ||||||||||||
| Book value per share |
$ | 24.93 | $ | 24.29 | 2.6 | % | $ | 24.93 | $ | 24.29 | 2.6 | % | ||||||||||||
| Net combined ratio |
72.8 | % | 78.4 | % | 78.4 | % | 82.1 | % | ||||||||||||||||
| Return on average equity |
19.8 | % | 18.6 | % | 17.0 | % | 17.8 | % | ||||||||||||||||
G. Janelle Frost, President and Chief Executive Officer, noted, “AMERISAFE continued to see loss cost declines and robust competition in the states we actively market and hazard classes we underwrite. These conditions suppressed premium, with policy count written in the quarter only down slightly. However, AMERISAFE’s profitability remained strong. Our focus on managing expenses benefitted this quarter from a loss assessment change. We also continued to reach favorable outcomes on prior year claims. Our underwriting profit, along with investment returns, produced a 19.8% return on average equity for the quarter, and a strong capital position supported an extraordinary dividend for shareholders.”
The following information was filed by Amerisafe Inc (AMSF) on Wednesday, October 28, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Amerisafe Inc's financial trajectory
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Financial - Cash Flow Highlight
This decrease in operating cash flow was due to a $29.1 million decrease in premium collections as a result of lower written premium in prior periods, and a $2.2 million decrease in investment income.
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Revenue - Product Highlight
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.
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Legal - Other Highlight
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.
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Revenue - Product Highlight
The increase in ceded premiums as a percentage of gross premiums earned is due to increased pricing for our 2020 reinsurance program.
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Revenue - Product Highlight
The increase in ceded premiums as a percentage of gross premiums earned is due to increased pricing for our 2020 reinsurance program.
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Revenue - Product
The decrease was attributable to...Read more
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Revenue - Product
We have identified ongoing risks...Read more
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Financial - Expense
Offsetting these decreases was an...Read more
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Revenue - Product
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Revenue - Product
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Other - Other
We recorded favorable prior accident...Read more
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Other - Other
We recorded favorable prior accident...Read more
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Financial - Income
The decrease was due to...Read more
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Financial - Income
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Other - Other
The table below sets forth...Read more
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Revenue - Product
The decrease was primarily attributable...Read more
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Revenue - Product
The decrease was primarily attributable...Read more
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Financial - Expense
The effective loss cost multiplier,...Read more
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Financial - Expense
This decrease was primarily due...Read more
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Revenue - Product
Additional risks include legislative, judicial...Read more
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Financial - Expense
Underwriting and certain other operating...Read more
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Financial - Expense
Underwriting and certain other operating...Read more
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Financial - Expense
Partially offsetting these decreases were...Read more
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Financial - Expense
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Financial - Earnings
Effective upon the adoption of...Read more
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Financial - Income
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Net premiums earned for the...Read more
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Other - Other
The effective tax rate for...Read more
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Financial - Earnings
The tax-equivalent yield is calculated...Read more
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Financial - Earnings
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Other - Other
The Company recorded favorable prior...Read more
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Other - Other
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Financial - Expense
Management believes that the most...Read more
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Revenue - Product
Premiums resulting from payroll audits...Read more
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Other - Other
We actively market our insurance...Read more
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Financial - Expense
(1) The net combined ratio...Read more
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Financial - Shares
Net unrealized gains on equity...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (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 - 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)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Earnings Per Share (Detail)
Fair Value Measurements
Fair Value Measurements (Policies)
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets Measured At Amortized Cost Net Of Allowance For Credit Losses (Detail)
Fair Value Measurements - Schedule Of Assets Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Summary Of Carrying Amounts And Corresponding Fair Values For Financial Instruments (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Investments
Investments (Tables)
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 Cost Of Equity (Detail)
Investments - Gross Unrealized Gains And Losses And Cost Or Amortized Cost, Allowance For Credit Losses And Fair Value Of Investments Classified As Available-For-Sale (Detail)
Investments - Gross Unrecognized Gains And Losses And Cost Or Amortized Cost, Allowance For Credit Losses, Carrying Amount And Fair Value Of Investments Classified As Held-To-Maturity (Detail)
Investments - Investment Securities Continuous Unrealized Loss Position (Detail)
Investments - Schedule Of Amortized Cost Held-To-Maturity Securities Aggregated By Credit Quality Indicator (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)
Loss Reserves
Loss Reserves (Tables)
Loss Reserves - Additional Information (Detail)
Loss Reserves - Change In Allowance For Credit Losses On Amounts Recoverable From Reinsurers (Detail)
Loss Reserves - Liability For Unpaid Loss And Loss Adjustment Expenses, Net Of Related Amounts Recoverable From Reinsurers (Detail)
Stock Options And Restricted Stock
Stock Options And Restricted Stock - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Treasury Stock
Treasury Stock - Additional Information (Detail)
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: 0001564590-20-049298
Submitted to the SEC: Fri Oct 30 2020 4:00:56 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Fire Marine And Casualty Insurance
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