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Exhibit 99.1
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Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052 |
AMERISAFE ANNOUNCES 2021 SECOND QUARTER RESULTS
Reports Combined Ratio of 74.4%
DeRidder, LA July 28, 2021 - 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, 2021.
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||
(in thousands, except per share data) |
(in thousands, except per share data) |
|||||||||||||||||||||||
Net premiums earned |
$ | 69,888 | $ | 75,964 | -8.0 | % | $ | 140,634 | $ | 154,954 | -9.2 | % | ||||||||||||
Net investment income |
6,730 | 7,324 | -8.1 | % | 13,313 | 15,073 | -11.7 | % | ||||||||||||||||
Net realized gains on investments (pretax) |
1,179 | 163 | NM | 1,498 | 1,155 | 29.7 | % | |||||||||||||||||
Net unrealized gains (losses) on equity securities (pre-tax) |
3,286 | 5,570 | NM | 8,797 | (3,193 | ) | NM | |||||||||||||||||
Net income |
23,767 | 23,948 | -0.8 | % | 43,079 | 34,748 | 24.0 | % | ||||||||||||||||
Diluted earnings per share |
$ | 1.23 | $ | 1.24 | -0.8 | % | $ | 2.22 | $ | 1.80 | 23.3 | % | ||||||||||||
Operating net income |
20,240 | 19,419 | 4.2 | % | 34,946 | 36,358 | -3.9 | % | ||||||||||||||||
Operating earnings per share |
$ | 1.04 | $ | 1.00 | 4.0 | % | $ | 1.80 | $ | 1.88 | -4.3 | % | ||||||||||||
Book value per share |
$ | 24.19 | $ | 23.94 | 1.0 | % | $ | 24.19 | $ | 23.94 | 1.0 | % | ||||||||||||
Net combined ratio |
74.4 | % | 78.5 | % | 79.6 | % | 81.1 | % | ||||||||||||||||
Return on average equity |
20.8 | % | 21.3 | % | 19.0 | % | 15.6 | % |
G. Janelle Frost, President and Chief Executive Officer, said, Approved loss costs declined, and competition remained strong this quarter, even as industry-wide results reported an increasing combined ratio for 2020. AMERISAFEs combined ratio, however, declined this quarter. Favorable prior year case development and operating expense management countered premium pressures as pricing declined and the economy continued to recover.
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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 2021 10-K Annual Report includes:
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Our loss and LAE ratio for accident year 2021 is set at 72.0% of net premiums earned, down from 72.5% for accident year 2020, and is based on long-term claim frequency and severity trends, as well as medical inflation.
Our loss and LAE ratio for accident year 2021 is set at 72.0% of net premiums earned, down from 72.5% for accident year 2020, and is based on long-term claim frequency and severity trends, as well as medical inflation.
This decrease in operating cash flow was due to a $7.8 million increase in amounts held by others, a $7.4 million increase in federal taxes paid, a $2.6 million decrease in premium collections and a $1.8 million decrease in investment income.
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.
Management believes that the most...Read more
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We recorded favorable prior accident...Read more
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Premium resulting from payroll audits...Read more
Underwriting and certain other operating...Read more
Underwriting and certain other operating...Read more
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We actively market our insurance...Read more
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Net premiums earned for the...Read more
Net premiums earned for the...Read more
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The tax-equivalent yield is calculated...Read more
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The Company recorded favorable prior...Read more
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(1) The net combined ratio...Read more
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Financial Statements, Disclosures and Schedules
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Amerisafe Inc provided additional information to their SEC Filing as exhibits
Ticker: AMSF
CIK: 1018979
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-039481
Submitted to the SEC: Fri Jul 30 2021 4:02:04 PM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Fire Marine And Casualty Insurance