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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 Return on Equity of 21.3% and Net Combined Ratio of 82.2%
AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the first quarter ended March 31, 2023.
Three Months Ended
March 31,
2023
2022
% Change
(in thousands, except per share data) Net premiums earned$
69,181
$
67,556
2.4%
Net investment income
7,433
6,113
21.6%
Net realized gains on investments (pre-tax)
258
738
-65.0%
Net unrealized gains on equity securities (pre-tax)
1,369
1,040
NM
Net income
17,339
17,331
0.0%
Diluted earnings per share$
0.90
$
0.89
1.1%
Operating net income
16,054
15,926
0.8%
Operating earnings per share$
0.83
$
0.82
1.2%
Book value per share$
17.38
$
20.46
-15.1%
Net combined ratio
82.2%
80.1%
Return on average equity
21.3%
17.4%
G. Janelle Frost, President and Chief Executive Officer commented, “AMERISAFE’s first quarter results reflect the company’s disciplined approach to risk selection and adequate pricing within the high-hazard workers’ compensation market. Continued competition and rate decreases were more than offset by positive audit premiums resulting in top-line growth of 6.0%, combined ratio of 82.2% and annualized ROE of 21.3%. With the support of a strong balance sheet, AMERISAFE is well-positioned for solid performance in the current market, and we remain confident in our ability to create long-term value for shareholders.”
INSURANCE RESULTS
Three Months Ended
March 31,
2023
2022
% Change
(in thousands)
Gross premiums written
$
82,487
$
77,791
6.0%
Net premiums earned
69,181
67,556
2.4%
Loss and loss adjustment expenses incurred
39,009
37,741
3.4%
Underwriting and certain other operating costs,commissions, salaries and benefits
16,982
15,113
12.4%
Policyholder dividends
931
1,189
-21.7%
Underwriting profit (pre-tax)$
12,259
$
13,513
-9.3%
Insurance Ratios: Current accident year loss ratio
71.0%
71.0%
Prior accident year loss ratio
-14.6%
-15.1%
Net loss ratio
56.4%
55.9%
Net underwriting expense ratio
24.5%
22.4%
Net dividend ratio
1.3%
1.8%
Net combined ratio
82.2%
80.1%
INVESTMENT RESULTS
Three Months Ended
March 31,
2023
2022
% Change
(in thousands) Net investment income$
7,433
$
6,113
21.6%
Net realized gains on investments (pre-tax)
258
738
-65.0%
Net unrealized gains on equity securities (pre-tax)
1,369
1,040
NM
Pre-tax investment yield
3.1%
2.3%
Tax-equivalent yield (1)
3.5%
2.7%
________________________________(1) The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.
CAPITAL MANAGEMENT
During the first quarter of 2023, the Company paid a regular quarterly cash dividend of $0.34 per share on March 24, 2023 which represented a 9.7% increase in the quarterly dividend compared with 2022. On April 25, 2023 the Company’s Board of Directors declared a quarterly cash dividend of $0.34 per share, payable on June 23, 2023 to shareholders of record as of June 16, 2023.
Book value per share at March 31, 2023 was $17.38, an increase of 4.9% from $16.57 at December 31, 2022.
SUPPLEMENTAL INFORMATION
Three Months Ended
March 31,
2023
2022
(in thousands, except share andper share data) Net income$
17,339
$
17,331
Less: Net realized gains on investments
258
738
Net unrealized gains on equity securities
1,369
1,040
Tax effect (1)
(342
)
(373
)
Operating net income (2)$
16,054
$
15,926
Average shareholders’ equity (3)
$
325,144
$
397,298
Less: Average accumulated other comprehensive income (loss)
(11,656
)
6,797
Average adjusted shareholders’ equity (2)
$
336,800
$
390,501
Diluted weighted average common shares
19,235,411
19,430,824
Return on average equity (4)
21.3
%
17.4
%
Operating return on average adjusted equity (2)
19.1
%
16.3
%
Diluted earnings per share$
0.90
$
0.89
Operating earnings per share (2)
$
0.83
$
0.82
________________________________
(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 April 27, 2023, at 10:30 AM 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 595703) 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 the “Investor Relations Home” page of the “Investors” section of the Company’s website (http://www.amerisafe.com). To listen to the live call on the web, please visit the website at least fifteen 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 the same website location.
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 on the business and operations of the Company and our policyholders and the market value of our investment portfolio. Additional 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. 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.
- Tables to Follow -
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands)
Three Months Ended
March 31,
2023
2022
(unaudited) Revenues: Gross premiums written$
82,487
$
77,791
Ceded premiums written
(4,179
)
(2,559
)
Net premiums written$
78,308
$
75,232
Net premiums earned
$
69,181
$
67,556
Net investment income
7,433
6,113
Net realized gains on investments
258
738
Net unrealized gains on equity securities
1,369
1,040
Fee and other income
197
113
Total revenues
78,438
75,560
Expenses: Loss and loss adjustment expenses incurred
39,009
37,741
Underwriting and other operating costs
16,982
15,113
Policyholder dividends
931
1,189
Provision for investment related credit loss expense (benefit)
(19
)
95
Total expenses
56,903
54,138
Income before taxes
21,535
21,422
Income tax expense
4,196
4,091
Net income
$
17,339
$
17,331
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income (cont.)
(in thousands, except per share amounts)
Three Months Ended
March 31,
2023
2022
(unaudited) Basic EPS: Net income$
17,339
$
17,331
Basic weighted average common shares
19,131,356
19,332,006
Basic earnings per share$
0.91
$
0.90
Diluted EPS: Net income$
17,339
$
17,331
Diluted weighted average common shares: Weighted average common shares
19,131,356
19,332,006
Restricted stock and RSUs
104,055
98,818
Diluted weighted average common shares
19,235,411
19,430,824
Diluted earnings per share$
0.90
$
0.89
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
March 31,
December 31,
2023
2022
(unaudited)
Assets Investments
$
919,856
$
888,987
Cash and cash equivalents
41,210
61,469
Amounts recoverable from reinsurers
118,142
125,677
Premiums receivable, net
137,051
121,713
Deferred income taxes
21,658
22,794
Deferred policy acquisition costs
18,629
17,401
Other assets
31,708
31,238
$
1,288,254
$
1,269,279
Liabilities and Shareholders’ Equity Liabilities: Reserves for loss and loss adjustment expenses$
686,652
$
696,037
Unearned premiums
124,103
114,976
Insurance-related assessments
17,594
17,653
Other liabilities
127,050
123,181
Shareholders’ equity
332,855
317,432
Total liabilities and shareholders’ equity$
1,288,254
$
1,269,279
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005113/en/
Andy Omiridis, EVP & CFO AMERISAFE 337.463.9052
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