AMERISAFE Announces 2025 Third Quarter Results

DERIDDER, La.--( BUSINESS WIRE)--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, 2025.

Three Months Ended

Nine Months Ended

September 30,

2025

2024

% Change

2025

2024

% Change

(in thousands, except per share data)

80,321

74,940

7.2

243,809

231,442

5.3

71,196

67,050

6.2

209,462

204,129

2.6

6,566

7,485

-12.3

19,909

22,298

-10.7

158

3,118

(181

)

4,117

3,873

2,794

8,591

13,818

14,324

-3.5

36,722

42,242

-13.1

0.72

0.75

-4.0

1.92

2.21

-13.1

10,566

11,140

-5.2

32,052

35,598

-10.0

0.55

0.58

-5.2

1.68

1.86

-9.7

14.47

16.50

-12.3

14.47

16.50

-12.3

90.6

90.9

90.5

89.6

20.5

18.6

18.4

18.6

G. Janelle Frost, President and Chief Executive Officer, commented, “We are pleased to report our sixth consecutive quarter of growth in both gross premiums written and net premiums earned. Voluntary premiums on policies written also demonstrated continued momentum, increasing by 10.6%. Our continued success in the market reflects the strength of the AMERISAFE value proposition: delivering exceptional service to employers and their workers in high-hazard industries, from the initial application through the final claims payment. We remain focused on strengthening our team, advancing our technology, and maintaining underwriting discipline—all in support of sustained performance and long-term shareholder value.”

INSURANCE RESULTS

Three Months Ended

Nine Months Ended

September 30,

2025

2024

% Change

2025

2024

% Change

(in thousands)

80,321

74,940

7.2

243,809

231,442

5.3

71,196

67,050

6.2

209,462

204,129

2.6

41,679

39,150

6.5

122,498

119,765

2.3

22,112

21,252

4.0

64,457

60,379

6.8

712

513

38.8

2,585

2,634

-1.9

6,693

6,135

9.1

19,922

21,351

-6.7

71.0

-12.5

-12.6

-12.5

-12.3

58.5

58.4

58.5

58.7

31.1

31.7

30.8

29.6

1.0

0.8

1.2

1.3

90.6

90.9

90.5

89.6

INVESTMENT RESULTS

Three Months Ended

Nine Months Ended

September 30,

2025

2024

% Change

2025

2024

% Change

(in thousands)

6,566

7,485

-12.3

19,909

22,298

-10.7

158

3,118

(181

)

4,117

3,873

2,794

8,591

3.2

3.4

3.2

3.3

3.9

3.8

3.9

3.8

The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.

CAPITAL MANAGEMENT

On October 28, 2025, the Board of Directors of AMERISAFE declared a special cash dividend of $1.00 per share and a regular cash dividend of $0.39 per share, payable on December 12, 2025, to shareholders of record as of December 5, 2025.

During the third quarter of 2025, the Company repurchased 30,860 shares at an average cost (including commissions and excise tax) of $43.72 per share, a total of $1.3 million. Since the inception of our initial share repurchase program in February 2010, we have repurchased 1,776,468 shares at an average cost of $26.00, for a total of $46.2 million. The remaining outstanding share repurchase authorization under the program as of September 30, 2025 was $24.9 million.

Book value per share on September 30, 2025, was $14.47, an increase of 7.1% from $13.51 on December 31, 2024.

SUPPLEMENTAL INFORMATION

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(in thousands, except share and per share data)

13,818

14,324

36,722

42,242

158

3,118

(181

)

4,117

3,873

2,794

8,591

(865

)

(847

)

(1,242

)

(1,766

)

10,566

11,140

32,052

35,598

270,172

307,682

266,057

303,411

(5,619

)

(6,118

)

(6,276

)

(4,935

)

275,791

313,800

272,333

308,346

19,072,061

19,113,103

19,106,556

19,156,976

20.5

18.6

18.4

18.6

15.3

14.2

15.7

15.4

0.72

0.75

1.92

2.21

0.55

0.58

1.68

1.86

(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, average adjusted shareholders’ equity, 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 for the applicable period.

(4)

Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity.

NON-GAAP FINANCIAL MEASURES

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the SEC) and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Supplemental Information in this release.

Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these standard industry financial measures, which include operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity, and operating earnings per share.

CONFERENCE CALL INFORMATION

AMERISAFE has scheduled a conference call for October 30, 2025, at 10:30 a.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744 (Conference Code 1713082) 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, expectations 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 current views and expectations of the workers’ compensation insurance market, AMERISAFE’s growth opportunities, underwriting margins and actions by competitors. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based might change after the date the forward-looking statements are made. Actual results may differ materially from the results expressed or implied in the forward-looking statements if the underlying assumptions prove to be incorrect or changes otherwise occur, or as the results of the materialization of risks, uncertainties and other factors impacting the business and operations of the Company, our policyholders or the market value of our investment portfolio. Factors that may affect our results are set forth in the Company’s filings with the SEC, including AMERISAFE’s Annual Report on Form 10-K and as may be further amended by subsequent filings with the SEC. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes that arise after the date of this release.

Share repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company’s common stock and may be modified, increased, suspended or terminated at the discretion of the Board. The Board’s determination will depend on a variety of factors, including but not limited to, market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

- Tables to Follow -

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

80,321

74,940

243,809

231,442

(4,334

)

(3,951

)

(12,698

)

(11,904

)

75,987

70,989

231,111

219,538

71,196

67,050

209,462

204,129

6,566

7,485

19,909

22,298

158

3,118

(181

)

4,117

3,873

2,794

8,591

129

378

177

81,976

78,695

235,661

235,014

41,679

39,150

122,498

119,765

22,112

21,252

64,457

60,379

712

513

2,585

2,634

)

(13

)

(36

)

(46

)

64,495

60,902

189,504

182,732

17,481

17,793

46,157

52,282

3,663

3,469

9,435

10,040

13,818

14,324

36,722

42,242

13,818

14,324

36,722

42,242

18,980,807

19,042,152

19,018,293

19,082,374

0.73

0.75

1.93

2.21

13,818

14,324

36,722

42,242

18,980,807

19,042,152

19,018,293

19,082,374

91,254

70,951

88,263

74,602

19,072,061

19,113,103

19,106,556

19,156,976

0.72

0.75

1.92

2.21

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

September 30,

December 31,

2025

2024

(unaudited)

762,280

788,778

54,747

44,045

113,918

117,019

167,882

142,659

18,854

19,448

21,758

19,151

25,505

26,691

1,164,944

1,157,791

617,860

651,309

143,575

121,926

17,436

14,852

111,300

112,363

274,773

257,341

1,164,944

1,157,791