{"id":484862,"date":"2021-04-29T16:33:22","date_gmt":"2021-04-29T20:33:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/amerisafe-announces-2021-first-quarter-results\/"},"modified":"2021-04-29T16:33:22","modified_gmt":"2021-04-29T20:33:22","slug":"amerisafe-announces-2021-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/amerisafe-announces-2021-first-quarter-results\/","title":{"rendered":"AMERISAFE Announces 2021 First Quarter Results"},"content":{"rendered":"

<\/p>\n

AMERISAFE Announces 2021 First Quarter Results<\/b><\/p>\n

Reports Net Combined Ratio of 84.6%<\/i><\/p>\n

DERIDDER, La.–(BUSINESS WIRE<\/a>)–
\nAMERISAFE, Inc. (Nasdaq: AMSF<\/b>), a specialty provider of workers\u2019 compensation insurance focused on high hazard industries, today announced results for the first quarter ended March 31, 2021.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n

March 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% Change<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n(in thousands, except per
share data)<\/b><\/td>\n		\n<\/tr>\n
Net premiums earned<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n70,746\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n78,990\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-10.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Net investment income<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,583\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,749\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-15.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Net realized gains on investments (pretax)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n319\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n992\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-67.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Net unrealized gains (losses) on equity securities (pre-tax)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,511\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(8,763\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\nNM\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net income<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,312\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,800\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n78.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Diluted earnings per share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.99\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.56\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n76.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Operating net income<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n14,706\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n16,939\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-13.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Operating earnings per share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.76\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.88\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-13.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Book value per share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n23.16\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n22.64\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n2.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Net combined ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n84.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n83.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Return on average equity<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

\nG. Janelle Frost, President and Chief Executive Officer, stated, \u201cWe are optimistic that vaccination rollout will strengthen the economy and add some normalcy back to daily living. However, optimism alone will not change the trajectory of the workers\u2019 compensation market. The soft market continued in the quarter. Competition remained robust, while loss costs continued to decline. We are pleased to report an 84.6% combined ratio in the quarter through disciplined underwriting, competitive pricing, slight policy growth, and favorable case loss development from prior accident years.\u201d\n<\/p>\n

INSURANCE RESULTS<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n

March 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% Change<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n

(in thousands)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Gross premiums written<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n81,514\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n87,071\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-6.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Net premiums earned<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70,746\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n78,990\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-10.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Loss and loss adjustment expenses incurred<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n39,517\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n43,647\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-9.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Underwriting and certain other operating costs, commissions, salaries and benefits<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,967\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n21,284\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-10.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Policyholder dividends<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,350\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,023\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n32.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

Underwriting profit (pre-tax)<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n10,912\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n13,036\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n-16.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Insurance Ratios:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Current accident year loss ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n72.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n72.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Prior accident year loss ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n-16.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n-17.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Net loss ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Net underwriting expense ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Net dividend ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
Net combined ratio<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n84.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n83.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n