AI Earnings Predictions for AMERISAFE Inc. (AMSF)

EX-99.1

5 d570678dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

Guillermo A. Ramos

EVP & CFO

AMERISAFE

337.463.9052

AMERISAFE ANNOUNCES 2026 THIRD QUARTER RESULTS

Reports 3.0% Growth in Net Premiums Earned

DeRidder, LA – October 28, 2026 – 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, 2026.

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

(in thousands, except per

share data)

(in thousands, except per

share data)

Gross premiums written

$ 76,673

$ 80,321

-4.5 %

$ 251,141

$ 243,809

3.0 %

Net premiums earned

73,321

71,196

3.0 %

225,666

209,462

7.7 %

Net investment income

6,605

6,566

0.6 %

19,730

19,909

-0.9 %

Net realized (losses) gains on investments (pre-tax)

(54 )

—

NM

(144 )

3,118

NM

Net unrealized (losses) gains on equity securities (pre-tax)

(193 )

4,117

NM

6,267

2,794

NM

Net income

7,196

13,818

-47.9 %

29,936

36,722

-18.5 %

Diluted earnings per share

$ 0.39

$ 0.72

-45.8 %

$ 1.60

$ 1.92

-16.7 %

Operating net income

7,391

10,566

-30.0 %

25,099

32,052

-21.7 %

Operating earnings per share

$ 0.40

$ 0.55

-27.3 %

$ 1.34

$ 1.68

-20.2 %

Book value per share

$ 12.80

$ 14.47

-11.5 %

$ 12.80

$ 14.47

-11.5 %

Net combined ratio

96.5 %

90.6 %

95.0 %

90.5 %

Return on average equity

11.8 %

20.5 %

16.3 %

18.4 %

G. Janelle Frost, President and Chief Executive Officer, commented, “Third-quarter results reflected an increasingly competitive workers’ compensation market, softer audit premium, and higher expenses that weighed on our net combined ratio. At the same time, we maintained disciplined pricing, delivered favorable prior-year loss reserve development and saw encouraging improvement in new business activity late in the quarter. As we move forward, we remain focused on sustaining that momentum, while continuing to apply the underwriting discipline, proactive claims management and specialized safety expertise that underpin AMERISAFE’s long-term value.”

INSURANCE RESULTS

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

(in thousands)

(in thousands)

Gross premiums written

$ 76,673

$ 80,321

-4.5 %

$ 251,141

$ 243,809

3.0 %

Net premiums earned

73,321

71,196

3.0 %

225,666

209,462

7.7 %

Loss and loss adjustment expenses incurred

45,913

41,679

10.2 %

140,694

122,498

14.9 %

Underwriting and certain other operating costs, commissions, salaries and benefits

23,849

22,112

7.9 %

70,721

64,457

9.7 %

Policyholder dividends

1,054

712

48.0 %

3,050

2,585

18.0 %

Underwriting profit (pre-tax)

$ 2,505

$ 6,693

-62.6 %

$ 11,201

$ 19,922

-43.8 %

Insurance Ratios:

Current accident year loss ratio

72.0 %

71.0 %

72.0 %

71.0 %

Prior accident year loss ratio

-9.4 %

-12.5 %

-9.7 %

-12.5 %

Net loss ratio

62.6 %

58.5 %

62.3 %

58.5 %

Net underwriting expense ratio

32.5 %

31.1 %

31.3 %

30.8 %

Net dividend ratio

1.4 %

1.0 %

1.4 %

1.2 %

Net combined ratio

96.5 %

90.6 %

95.0 %

90.5 %

•

Voluntary premiums on policies written in the quarter increased 0.8%, compared to the third quarter of 2025, driven by strong renewal pricing and continued policy count growth.

•

Payroll audits remained additive to premiums written during the quarter; however, policy cancellations and other related premium adjustments more than offset that contribution. As a result, payroll audits and related premium adjustments decreased premiums written by $1.6 million in the third quarter of 2026, compared with an increase of $2.5 million in the same period in 2025.

•

Loss and loss adjustment expenses benefited from $6.9 million of favorable case reserve development, primarily on accident years 2023 and prior, resulting in a net loss ratio of 62.6%, compared to favorable prior accident year development of $8.9 million and a net loss ratio of 58.5% in the third quarter of 2025.

•

Underwriting expense ratio was 32.5% for the quarter, compared with 31.1% in the third quarter of 2025. The increase was primarily attributable to increased insurance-related assessments, higher compensation costs, and higher commission expense.

•

Our effective tax rate for the quarter was 20.0%, compared with 21.0% in the third quarter of 2025. The decrease was primarily due to a higher proportion of income from tax-exempt investments.

2

INVESTMENT RESULTS

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

(in thousands)

(in thousands)

Net investment income

$ 6,605

$ 6,566

0.6 %

$ 19,730

$ 19,909

-0.9 %

Net realized (losses) gains on investments (pre-tax)

(54 )

—

NM

(144 )

3,118

NM

Net unrealized (losses) gains on equity securities (pre-tax)

(193 )

4,117

NM

6,267

2,794

NM

Pre-tax investment yield

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