AMERISAFE Earnings Call Transcripts
Fiscal Year 2026
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Premiums and policy count grew steadily across all industries, with a combined ratio of 93.2% and strong underwriting results despite industry headwinds. Medical inflation and soft pricing persist, but disciplined execution and a robust capital position support continued growth.
Fiscal Year 2025
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ROE reached 18.5% and combined ratio was 91.3% in 2025, with strong premium growth and retention. Loss ratio rose to 72% due to higher claim severity, but growth is broad-based and sustainable. Capital position remains robust.
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Q3 2025 saw strong top-line growth, with net income of $13.8M, a 20.5% ROE, and a 90.6% combined ratio. Premium growth was broad-based, supported by wage and policy count increases, while capital was allocated toward organic growth and shareholder returns.
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Voluntary premiums grew 12.8% and net income rose to $14 million, driven by strong policy retention and disciplined underwriting. Expense and loss ratios remain stable, with continued capital returns via share repurchases and dividends.
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Q1 2025 saw premium growth and strong retention, but net income declined due to lower equity valuations and higher expenses from business investments. Rate decreases and rising medical costs present ongoing challenges, while capital and reserves remain robust.
Fiscal Year 2024
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Gross premiums and policy count grew in 2024, driven by strong retention and new business, despite lower net income due to investment results. The combined ratio remained strong, reserve development was favorable, and the company increased its dividend while maintaining a robust capital position.
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Q3 2024 saw strong net income growth, premium increases, and a special $3 dividend, driven by agent engagement and underwriting discipline. Expense and loss ratios remained stable, with a robust capital position and continued focus on profitable growth.
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Net income and operating income declined year-over-year, but gross written premiums grew 6.6% with strong policy retention and audit premium gains. Expense ratio improved, and the company maintained a robust capital position amid ongoing market competition and medical inflation pressures.