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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AMERISAFE Inc | NASDAQ:AMSF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.28 | -0.59% | 47.12 | 46.37 | 48.69 | 47.60 | 46.80 | 47.54 | 106,638 | 22:30:00 |
Reports Combined Ratio of 71.5%
Declares an Extraordinary Dividend of $4.00 Per Share
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, 2021.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
% Change
2021
2020
% Change
(in thousands, except per share data)
(in thousands, except per share data)
Net premiums earned
$
67,626
$
74,771
-9.6
%
$
208,260
$
229,725
-9.3
%
Net investment income
6,049
7,063
-14.4
%
19,362
22,136
-12.5
%
Net realized gains (losses) on investments (pretax)(8
)
309
NM
1,490
1,464
1.8
%
Net unrealized gains (losses) on equity securities (pre-tax)
(771
)
844
NM
8,026
(2,349
)
NM
Net income
19,136
23,353
-18.1
%
62,215
58,101
7.1
%
Diluted earnings per share$
0.99
$
1.21
-18.2
%
$
3.21
$
3.00
7.0
%
Operating net income
19,751
22,442
-12.0
%
54,697
58,800
-7.0
%
Operating earnings per share$
1.02
$
1.16
-12.1
%
$
2.82
$
3.04
-7.2
%
Book value per share$
24.80
$
24.93
-0.5
%
$
24.80
$
24.93
-0.5
%
Net combined ratio
71.5
%
72.8
%
76.9
%
78.4
%
Return on average equity
16.1
%
19.8
%
18.1
%
17.0
%
G. Janelle Frost, President and Chief Executive Officer, noted, “We were pleased with this quarter’s results as we were able to maintain strong renewal retention and find new business opportunities in a declining rate environment. In addition, claim severity trends for prior accident years continued to show improvement as our claims handling practices reach favorable outcomes.”
INSURANCE RESULTS
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
% Change
2021
2020
% Change
(in thousands)
(in thousands)
Gross premiums written
$
67,185
$
72,648
-7.5
%
$
222,423
$
240,008
-7.3
%
Net premiums earned
67,626
74,771
-9.6
%
208,260
229,725
-9.3
%
Loss and loss adjustment expenses incurred
29,661
39,789
-25.5
%
101,601
120,966
-16.0
%
Underwriting and certain other operating costs, commissions, salaries and benefits
17,915
13,902
28.9
%
55,337
56,317
-1.7
%
Policyholder dividends
733
714
2.7
%
3,200
2,685
19.2
%
Underwriting profit (pre-tax)$
19,317
$
20,366
-5.2
%
$
48,122
$
49,757
-3.3
%
Insurance Ratios: Current accident year loss ratio
72.0
%
72.5
%
72.0
%
72.5
%
Prior accident year loss ratio
-28.1
%
-19.3
%
-23.2
%
-19.8
%
Net loss ratio
43.9
%
53.2
%
48.8
%
52.7
%
Net underwriting expense ratio
26.5
%
18.6
%
26.6
%
24.5
%
Net dividend ratio
1.1
%
1.0
%
1.5
%
1.2
%
Net combined ratio
71.5
%
72.8
%
76.9
%
78.4
%
INVESTMENT RESULTS
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
% Change
2021
2020
% Change
(in thousands)
(in thousands)
Net investment income
$
6,049
$
7,063
-14.4
%
$
19,362
$
22,136
-12.5
%
Net realized gains (losses) on investments (pre-tax)
(8
)
309
NM
1,490
1,464
1.8
%
Net unrealized gains (losses) on equity securities (pre-tax)
(771
)
844
NM
8,026
(2,349
)
NM
Pre-tax investment yield
2.1
%
2.3
%
2.2
%
2.5
%
Tax-equivalent yield (1)
2.5
%
2.8
%
2.5
%
2.8
%
(1)
The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.
CAPITAL MANAGEMENT
In an accompanying news release, the Company announced a special cash dividend of $4.00 per share, payable on November 17, 2021, to shareholders of record as of November 10, 2021.
In addition, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.29 per share, payable on December 17, 2021 to shareholders of record as of December 3, 2021.
Book value per share at September 30, 2021 was $24.80, an increase of 9.3% from $22.70 at December 31, 2020.
SUSTAINABILITY DISCLOSURES
The Company recently published additional sustainability disclosures for investors. These disclosures, which follow the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) format, can be found on our website at www.amerisafe.com under Sustainability.
SUPPLEMENTAL INFORMATION
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
(in thousands, except share and per share data)
Net income$
19,136
$
23,353
$
62,215
$
58,101
Less: Net realized gains (losses) on investments
(8
)
309
1,490
1,464
Net unrealized gains (losses) on equity securities
(771
)
844
8,026
(2,349
)
Tax effect (1)
164
(242
)
(1,998
)
186
Operating net income (2)
$
19,751
$
22,442
$
54,697
$
58,800
Average shareholders’ equity (3)
$
474,261
$
472,353
$
459,486
$
456,063
Less: Average accumulated other comprehensive income
15,924
19,545
18,003
16,062
Average adjusted shareholders’ equity (2)
$
458,337
$
452,808
$
441,483
$
440,001
Diluted weighted average common shares
19,407,918
19,358,682
19,392,939
19,345,952
Return on average equity (4)
16.1
%
19.8
%
18.1
%
17.0
%
Operating return on average adjusted equity (2)
17.2
%
19.8
%
16.5
%
17.8
%
Diluted earnings per share$
0.99
$
1.21
$
3.21
$
3.00
Operating earnings per share (2)
$
1.02
$
1.16
$
2.82
$
3.04
(1)
The tax effect of net realized losses on investments and net unrealized gains (losses) on equity securities is calculated with an effective tax rate of 21%.
(2)
Operating net income, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures.
(3)
Average shareholders’ equity is calculated by taking the average of the beginning and ending shareholders’ equity.
(4)
Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity.
CONFERENCE CALL INFORMATION
AMERISAFE has scheduled a conference call for Thursday, October 28, 2021, at 10:30 a.m. Eastern Time to discuss the results for the quarter and comment on future periods. To participate in the conference call, dial 323-794-2423 (Conference Code 2096837) at least ten minutes before the call begins.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.amerisafe.com. To listen to the live call on the web, please visit the website at least ten minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at http://www.amerisafe.com.
ABOUT AMERISAFE
AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, and manufacturing. AMERISAFE actively markets workers’ compensation insurance in 27 states.
FORWARD LOOKING STATEMENTS
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE’s plans and performance. These statements are based on management’s estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management’s views and expectations of the workers’ compensation market, the Company’s growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors. Other factors that may affect our results are set forth in the Company’s filings with the Securities and Exchange Commission, including AMERISAFE’s Annual Report on Form 10-K for the year ended December 31, 2020. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
(unaudited)
(unaudited)
Revenues: Gross premiums written$
67,185
$
72,648
$
222,423
$
240,008
Ceded premiums written
(2,407
)
(2,473
)
(7,410
)
(7,928
)
Net premiums written$
64,778
$
70,175
$
215,013
$
232,080
Net premiums earned
$
67,626
$
74,771
$
208,260
$
229,725
Net investment income
6,049
7,063
19,362
22,136
Net realized gains (losses) on investments
(8
)
309
1,490
1,464
Net unrealized gains (losses) on equity securities
(771
)
844
8,026
(2,349
)
Gain (loss) on disposal of assets
-
-
21
(29
)
Fee and other income
149
18
394
309
Total revenues
73,045
83,005
237,553
251,256
Expenses: Loss and loss adjustment expenses incurred
29,661
39,789
101,601
120,966
Underwriting and other operating costs
17,915
13,902
55,337
56,317
Policyholder dividends
733
714
3,200
2,685
Provision for investment related credit loss expense (benefit)
15
(69
)
(102
)
(13
)
Total expenses
48,324
54,336
160,036
179,955
Income before taxes
24,721
28,669
77,517
71,301
Income tax expense
5,585
5,316
15,302
13,200
Net income
$
19,136
$
23,353
$
62,215
$
58,101
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income (cont.)
(in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
(unaudited)
(unaudited)
Basic EPS: Net income$
19,136
$
23,353
$
62,215
$
58,101
Basic weighted average common shares
19,344,636
19,299,921
19,328,041
19,282,263
Basic earnings per share
$
0.99
$
1.21
$
3.22
$
3.01
Diluted EPS: Net income
$
19,136
$
23,353
$
62,215
$
58,101
Diluted weighted average common shares: Weighted average common shares
19,344,636
19,299,921
19,328,041
19,282,263
Restricted stock and stock options
63,282
58,761
64,898
63,689
Diluted weighted average common shares
19,407,918
19,358,682
19,392,939
19,345,952
Diluted earnings per share
$
0.99
$
1.21
$
3.21
$
3.00
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
September 30,
December 31,
2021
2020
(unaudited) Assets Investments
$
1,034,187
$
1,088,744
Cash and cash equivalents
123,128
61,757
Amounts recoverable from reinsurers
108,394
105,803
Premiums receivable, net
154,517
156,760
Deferred income taxes
14,738
13,665
Deferred policy acquisition costs
18,580
17,810
Other assets
26,379
26,316
$
1,479,923
$
1,470,855
Liabilities and Shareholders’ Equity Liabilities: Reserves for loss and loss adjustment expenses
$
720,789
$
760,561
Unearned premiums
136,013
129,260
Insurance-related assessments
18,907
17,995
Other liabilities
124,058
124,223
Shareholders’ equity
480,156
438,816
Total liabilities and shareholders’ equity
$
1,479,923
$
1,470,855
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005862/en/
Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052
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