AMERISAFE INC

Listed Company

AMSFCIK 0001018979NasdaqLarge AcceleratedFire, Marine & Casualty InsuranceTexasFY ends Dec 31

Period

FY 2025

Revenue

$317.25M

Net Income

$47.15M

Total Assets

$1.13B

Equity

$251.60M

Shares Out

18.70M

Op. Cash Flow

$11.07M

Business

AMERISAFE INC is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers in hazardous industries such as construction, trucking, logging and lumber, agriculture, manufacturing, maritime and telecommunications. It offers workers’ compensation policies providing statutory wage replacement, medical and hospital benefits, together with safety services, intensive in‑house claims management, premium audits and underwriting support. The company operates through its insurance subsidiaries (American Interstate Insurance Company, Silver Oak Casualty, Inc. and American Interstate Insurance Company of Texas) and a wholly owned agency, with field safety professionals and claims teams. AMERISAFE is licensed in 47 states, the District of Columbia and the U.S. Virgin Islands and distributes its products primarily through independent agencies and its Amerisafe General Agency.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	283	271	267	272	276
Net investment income	27	29	31	27	25
Net realized gains (losses) on investments	3	−576,000	7	3	—
Net unrealized gains on equity securities	4	10	1	−8	12
Fee and other income	449,000	260,000	582,000	468,000	496,000
Total revenues	317	309	307	295	316
Loss and loss adjustment expenses incurred	170	157	148	152	161
Underwriting and certain other operating costs	28	25	28	24	25
Commissions	25	24	23	21	21
Salaries and benefits	33	32	27	27	26
Policyholder dividends	3	3	3	3	4
Provision for investment related credit loss benefit	−43,000	−66,000	−57,000	44,000	−79,000
Total expenses	258	240	229	227	236
Income before income taxes	59	69	77	68	79
Income tax expense	12	14	15	12	14
Net income	47	55	62	56	66
Basic (per share)	2.48	2.91	3.24	2.89	3.4
Diluted (per share)	2.47	2.89	3.23	2.88	3.39
Basic (shares)	19	19	19	19	19
Diluted (shares)	19	19	19	19	19
Special cash dividends declared per common share	1	3	3.5	4	4
Cash dividends declared per common share	1.56	1.48	1.36	1.24	1.16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities-held-to-maturity, at amortized cost net of allowance for credit losses of $73 and $116 in 2025 and 2024, respectively, (fair value $344,576 and $399,721 in 2025 and 2024, respectively)	350	413	484	492	549
Fixed maturity securities-available-for-sale, at fair value	313	308	317	321	342
Equity securities, at fair value (cost $31,165 and $36,020 in 2025 and 2024, respectively)	57	59	57	62	64
Short-term investments	14	9	—	14	57
Total investments	735	789	858	889	1,013
Cash and cash equivalents	62	44	39	61	71
Amounts recoverable from reinsurers (net of allowance for credit losses of $264 and $300 in 2025 and 2024, respectively)	108	117	130	126	121
Premiums receivable (net of allowance for credit losses of $4,172 and $4,238 in 2025 and 2024, respectively)	161	143	133	122	135
Deferred income taxes	18	19	20	23	14
Accrued interest receivable	7	7	8	8	8
Property and equipment, net	7	6	6	7	6
Deferred policy acquisition costs	21	19	18	17	17
Federal income tax recoverable	3	2	2	1	6
Other assets	9	11	15	14	11
Total assets	1,131	1,158	1,229	1,269	1,403
Reserves for loss and loss adjustment expenses	614	651	674	696	745
Unearned premiums	136	122	117	115	121
Amounts held for others	39	39	54	49	43
Policyholder deposits	34	34	35	36	39
Insurance-related assessments	16	15	17	18	17
Accounts payable and other liabilities	39	38	41	38	—
Payable for investments purchased	2	1	—	—	—
Total liabilities	879	900	937	952	1,003
Common stock: voting- $0.01 par value authorized shares-50,000,000 in 2025 and 2024; 20,769,021 and 20,733,166 shares issued; and 18,794,881 and 19,050,315 shares outstanding in 2025 and 2024, respectively	208,000	207,000	207,000	207,000	206,000
Additional paid-in capital	226	224	222	220	217
Treasury stock, at cost (1,974,140 and 1,682,851 shares in 2025 and 2024, respectively)	−54	−42	−37	−35	−22
Accumulated earnings	83	84	114	146	190
Accumulated other comprehensive loss, net	−3	−9	−7	−14	14
Total shareholders equity	252	257	292	317	399
Total liabilities and shareholders equity	1,131	1,158	1,229	1,269	1,403

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	47	55	62	56	66
Depreciation	742,000	1	1	1	1
Net amortization of investments	563,000	1	3	7	9
Change in investment related allowance for credit losses	−43,000	−66,000	−57,000	44,000	−79,000
Deferred income taxes	372,000	1	628,000	−1	1
Net realized losses on disposal of assets	0	209,000	2,000	9,000	−21,000
Share-based compensation	3	3	2	2	2
Premiums receivable, net	−18	−12	−8	13	22
Accrued interest receivable	364,000	947,000	154,000	−348,000	1
Deferred policy acquisition costs	−2	−1	−574,000	−342,000	751,000
Amounts held by others	−2,000	—	—	—	71,000
Other assets	−135,000	7	−1	−3	−1
Reserves for loss and loss adjustment expenses	−38	−23	−22	−49	−15
Unearned premiums	14	5	2	−6	−8
Reinsurance balances	9	12	−4	−5	−15
Amounts held for others and policyholder deposits	147,000	−16	3	3	−3
Federal income taxes recoverable	−908,000	−399,000	−328,000	5	−7
Accounts payable and other liabilities	2	−2	306,000	969,000	−2
Net cash provided by operating activities	11	24	30	28	38
Purchases of investments held-to-maturity	—	−5	−42	−32	−43
Purchases of investments available-for-sale	−43	−49	−45	−106	−52
Purchases of equity securities	−254,000	—	—	−11	−8
Purchases of short-term investments	−24	−56	−46	−66	−168
Proceeds from maturities of investments held-to-maturity	65	71	47	85	74
Proceeds from sales and maturities of investments available-for-sale	45	57	57	91	115
Proceeds from sales of equity securities	8	8	13	8	—
Proceeds from sales and maturities of short-term investments	19	48	61	109	154
Purchases of property and equipment	−2	−840,000	−553,000	−2	−1
Net cash provided by investing activities	68	72	44	75	71
Finance lease purchases	−85,000	−85,000	−91,000	−58,000	−44,000
Share-based compensation related tax withholding	−817,000	−554,000	−944,000	—	—
Purchase of treasury stock	−12	−5	−2	−12	—
Dividends to shareholders	−49	−85	−93	−100	−100
Net cash used in financing activities	−62	−91	−97	−113	−100
Change in cash and cash equivalents	18	5	−23	−9	9
Income taxes paid, net of refunds received	12	13	15	8	18

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