AMERISAFE Announces 2026 First 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 first quarter ended March 31, 2026.
2026
2025
% Change
$
88,500
$
83,784
5.6
%
75,072
68,885
9.0
%
6,597
6,652
-0.8
%
(3
)
2
NM
(1,653
)
(3,152
)
NM
8,145
8,949
-9.0
%
$
0.43
$
0.47
-8.5
%
9,453
11,438
-17.4
%
$
0.50
$
0.60
-16.7
%
$
13.18
$
13.69
-3.7
%
93.2
%
89.1
%
13.1
%
13.8
%
G. Janelle Frost, President and Chief Executive Officer, commented, “AMERISAFE delivered a strong start to 2026, marking our eighth consecutive quarter of growth in both gross premiums written and net premiums earned, with net premiums earned increasing 9.0% during the first quarter. We continued to demonstrate expense discipline, achieving a third consecutive quarter of year over year improvement in the expense ratio. Despite a competitive market environment, we believe our targeted focus on high hazard industries continues to create meaningful opportunities for profitable growth and attractive returns on equity. Our disciplined underwriting approach, strong balance sheet, and consistent capital management—supported by the dedication of our employees—remain central to our strategy. We are confident in our ability to execute our long-term objectives and to deliver reliable value for shareholders while providing exceptional service to small and mid-sized businesses and their workers.”
INSURANCE RESULTS
2026
2025
% Change
$
88,500
$
83,784
5.6
%
75,072
68,885
9.0
%
46,440
40,159
15.6
%
22,269
20,599
8.1
%
1,229
634
93.8
%
$
5,134
$
7,493
-31.5
%
72.0
%
71.0
%
-10.1
%
-12.7
%
61.9
%
58.3
%
29.7
%
29.9
%
1.6
%
0.9
%
93.2
%
89.1
%
INVESTMENT RESULTS
2026
2025
% Change
$
6,597
$
6,652
-0.8
%
(3
)
2
NM
(1,653
)
(3,152
)
NM
3.4
%
3.2
%
3.9
%
3.8
%
(1)
The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.
CAPITAL MANAGEMENT
During the first quarter of 2026, the Company paid a regular quarterly cash dividend of $0.41 per share on March 20, 2026, representing a 5.1% increase compared to the first quarter of 2025. On April 21, 2026, the Board of Directors of AMERISAFE declared a quarterly cash dividend of $0.41 per share, payable on June 19, 2026, to shareholders of record as of June 12, 2026.
Also during the quarter, the Company repurchased 119,959 shares of its common stock under the Company’s share repurchase program at an average cost of $33.60 per share, including commissions and excise tax, for a total of $4.0 million. Since the inception of its share repurchase program in 2010, the Company has repurchased 2,094,099 shares at an average cost of $27.79 per share, including commissions and excise tax, for a total of $58.2 million. The remaining outstanding share repurchase authorization under the program as of March 31, 2026, was $12.9 million.
Book value per share at March 31, 2026, was $13.18, a decrease of 1.6% from $13.39 at December 31, 2025.
SUPPLEMENTAL INFORMATION
2026
2025
8,145
$
8,949
(3
)
2
(1,653
)
(3,152
)
348
661
9,453
$
11,438
$
249,098
$
259,077
(4,441
)
(8,072
)
$
253,539
$
267,149
18,863,395
19,154,426
13.1
%
13.8
%
14.9
%
17.1
%
$
0.43
$
0.47
$
0.50
$
0.60
(1)
The tax effect of net realized gains (losses) on investments and net unrealized 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 April 22, 2026, at 4:30 p.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744 (Conference Code: 5803016) 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, services, manufacturing, and maritime. AMERISAFE actively markets workers’ compensation insurance in 27 states.
CAUTIONARY STATEMENT REGARDING 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)
2026
2025
$
88,500
$
83,784
(4,069
)
(4,179
)
$
84,431
$
79,605
$
75,072
$
68,885
6,597
6,652
(3
)
2
(1,653
)
(3,152
)
77
210
80,090
72,597
46,440
40,159
22,269
20,599
1,229
634
(8
)
(16
)
69,930
61,376
10,160
11,221
2,015
2,272
$
8,145
$
8,949
$
8,145
$
8,949
18,759,526
19,036,309
$
0.43
$
0.47
$
8,145
$
8,949
18,759,526
19,036,309
103,869
118,117
18,863,395
19,154,426
$
0.43
$
0.47
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
2026
2025
$
739,350
$
734,855
34,226
61,926
104,802
108,098
175,210
160,944
18,322
17,572
22,126
21,085
28,923
26,064
$
1,122,959
$
1,130,544
$
601,861
$
613,583
144,862
135,503
16,774
15,979
112,865
113,881
246,597
251,598
$
1,122,959
$
1,130,544