Market Overview

AMERISAFE Announces 2019 Third Quarter Results

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DERIDDER, La., Oct. 31, 2019 (GLOBE NEWSWIRE) -- 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, 2019.

               
  Three Months Ended       Nine Months Ended    
  September 30,       September 30,    
  2019   2018   % Change   2019   2018   % Change
                               
  (in thousands, except per share data)       (in thousands, except per share data)    
               
Net premiums earned $   82,712   $   85,184   -2.9%   $   250,611   $   261,489   -4.2%
Net investment income   8,264     7,884   4.8%     24,448     22,396   9.2%
Net realized losses on investments, pretax   (4)     (329)   NM     (27)     (1,471)   NM
Net income   21,386     19,701   8.6%     58,676     52,826   11.1%
Diluted earnings per share $   1.11   $   1.02   8.8%   $   3.04   $   2.74   10.9%
Operating net income    21,101     19,508   8.2%     56,197     53,783   4.5%
Operating earnings per share $   1.09   $   1.01   7.9%   $   2.91   $   2.79   4.3%
Book value per share $   24.29   $   23.82   2.0%   $   24.29   $   23.82   2.0%
Net combined ratio  78.4%   81.1%       82.1%   83.5%    
Return on average equity  18.6%   17.4%       17.8%   15.9%    
                       

G. Janelle Frost, President and Chief Executive Officer, observed, "AMERISAFE continued to produce an attractive return on equity this quarter supported by favorable loss ratios and expense management.  Our response to the soft insurance cycle hinged on our providing quality services with disciplined underwriting as competition and declining rates lowered premiums."

INSURANCE RESULTS

               
  Three Months Ended       Nine Months Ended    
  September 30,       September 30,    
  2019   2018   % Change   2019   2018   % Change
                       
  (in thousands)       (in thousands)    
                       
Gross premiums written $   82,629   $   85,324   -3.2%   $   262,754   $   276,368   -4.9%
Net premiums earned    82,712     85,184   -2.9%     250,611     261,489   -4.2%
Loss and loss adjustment expenses incurred    44,325     47,598   -6.9%     142,807     152,836   -6.6%
Underwriting and certain other operating costs,       
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