AMSF · AMERISAFE, Inc.

AMERISAFE reported solid top-line growth in Q1 2026, with gross premiums written up 5.6% to $88.5 million and net premiums earned rising 9.0% to $75.1 million, driven by 8.2% growth in voluntary premiums from strong new business and retention, despite lower payroll audit adjustments of $3.7 million versus $5.0 million prior year. This marked the eighth straight quarter of growth in both metrics. However, profitability softened with net income declining 9.0% to $8.1 million and diluted EPS at $0.43, reflecting a higher net combined ratio of 93.2% versus 89.1%. The net loss ratio widened to 61.9% from 58.3%, as favorable prior accident year development dropped to $7.6 million from $8.7 million, with current accident year loss ratio ticking up to 72.0%. Underwriting expense ratio improved slightly to 29.7% from 29.9%, aided by operating scale as premium volume outpaced costs. Policyholder dividends surged 93.8% to $1.2 million, contributing to a 31.5% drop in underwriting profit to $5.1 million. Investment income dipped 0.8% to $6.6 million amid lower investable assets, though yields improved to 3.4% pre-tax. CEO G. Janelle Frost highlighted expense discipline, focus on high-hazard industries, and confidence in long-term profitable growth. Capital returns remained robust: a $0.41 quarterly dividend (up 5.1% YoY) declared payable June 19, and $4.0 million in share repurchases (120K shares at $33.60 average). Book value per share fell 3.7% YoY to $13.18, with total assets at $1.12 billion.