AMERISAFE (AMSF) Q1 2026 earnings summary

Executive summary

• Net premiums earned grew 9.0% year-over-year, marking the eighth consecutive quarter of premium growth, with gross premiums written up 5.6% to $88.5 million, driven by higher voluntary premiums and strong retention.

• Combined ratio increased to 93.2% from 89.1% year-over-year, reflecting higher underwriting costs but continued strong underwriting discipline.

• Net income was $8.1 million, down from $8.9 million in Q1 2025, with diluted EPS at $0.43 and operating EPS at $0.50.

• Growth initiatives and disciplined execution have driven consistent results across all industries and states, with a focus on hazardous industries.

• Maintained expense discipline, with a third consecutive quarter of year-over-year improvement in the expense ratio.

Financial highlights

• Net earned premiums reached $75.1 million, up 9.0% year-over-year; gross premiums written were $88.5 million, up 5.6%.

• Net investment income decreased 0.8% to $6.6 million due to lower average investable assets.

• Book value per share at quarter end was $13.18, down from $13.69 a year ago and a 1.6% decrease sequentially.

• Return on average equity was 13.1%, down from 13.8% year-over-year; operating return on average adjusted equity was 14.9%.

• Net realized investment losses were negligible; net unrealized losses on equity securities were $1.7 million.

Outlook and guidance

• Management expects continued pressure on rates and claims severity but remains confident in the sustainability of mid-single digit premium growth and long-term objectives.

• Strategic focus remains on disciplined growth, underwriting profitability, and proactive claims management in hazardous industries.

• No changes to critical accounting policies or business strategy were announced.