AMSF earnings analysis
What we found in AMSF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Amerisafe reported Q1 2026 total revenues of $80.09 million, up from $72.60 million in Q1 2025 (+$7.49M, +10.3%), driven by net premiums earned of $75.07 million (+9.0% YoY). Profitability weakened: GAAP diluted EPS fell to $0.43 from $0.47 and net income declined to $8.145 million from $8.949 million, as underwriting results deteriorated and the net combined ratio widened to 93.2% from 89.1%. Operating cash flow was negative $2.7 million and the investment portfolio declined to $773.6 million at March 31, 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Top-line growth driven by premiums
- Gross premiums written increased to $88.5 million from $83.8 million (a 5.6% increase) and net premiums earned rose to $75.07 million from $68.89 million (a 9.0% increase), supporting total revenues of $80.09 million versus $72.60 million in Q1 2025.
- Investment yield modestly improved
- Pre-tax investment yield rose to 3.4% (Q1 2026) from 3.2% (Q1 2025) and tax-equivalent yield was 3.9% versus 3.8% a year earlier, even though average invested assets fell to $790.6 million from $835.5 million (a 5.4% decrease).
- Favorable prior-year reserve development
- The company recorded $7.6 million of favorable prior accident year loss and LAE development in Q1 2026 (versus $8.7 million in Q1 2025).
- Capital returned to shareholders
- The company paid $7.8 million of dividends and repurchased $4.0 million of common stock in the quarter (119,959 shares at an average $33.60 per share).
- Book value and return metrics
- Book value per share was $13.18 and return on average equity was 13.1% for the quarter (compared to $13.69 book value per share and 13.8% ROAE in Q1 2025).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Underwriting deterioration — combined ratio widened
- The net combined ratio worsened to 93.2% in Q1 2026 from 89.1% in Q1 2025 (a 4.1 point deterioration), reflecting weaker underwriting despite premium growth.
- Higher loss and LAE incurred
- Loss and loss adjustment expenses incurred rose to $46.4 million in Q1 2026 from $40.2 million in Q1 2025 (an increase of $6.3 million, or 15.6%), pushing the net loss ratio to 61.9% from 58.3%.
- Earnings and net income declined
- GAAP diluted EPS decreased to $0.43 in Q1 2026 from $0.47 in Q1 2025 and net income fell to $8.145 million from $8.949 million.
- Operating cash flow turned negative
- Net cash used in operating activities was $2.7 million for the three months ended March 31, 2026 compared to $1.8 million used in Q1 2025, a $0.9 million deterioration.
- Investment portfolio contraction
- Total investments, including cash and cash equivalents, declined to $773.6 million at March 31, 2026 from $796.8 million at December 31, 2025 (a decrease of $23.2 million).
- Claims inventory increased
- Open claims increased to 4,141 at March 31, 2026 from 3,840 at March 31, 2025 (an increase of 301 open claims), reflecting higher in-force policy counts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.43
- Operating margin
- 12.7%
What they said about what is next.
The filing contains no numeric revenue or EPS guidance. Management discusses reserve assumptions (initial estimate for accident year 2026 loss and LAE is 72.0% of net premiums earned) and states 'It is anticipated that any future repurchases will be funded from available capital,' but does not provide quantitative forward guidance; outlook appears deferred to other disclosures (earnings release/call).
The filing reads about the same as the one before it.
What came before.
- 10-K · February 27, 2026
- Amerisafe positions itself as a niche, specialty workers’ compensation insurer focused on hazardous small- and mid-sized employers, emphasizing disciplined underwriting, safety inspections and in-house claims…
- 10-Q · October 30, 2025
- Amerisafe’s Q3 2025 results show modest top-line growth with total revenues of $81,976,000 (up $3,281,000 vs. Q3 2024’s $78,695,000) and higher gross premiums written of $80,321,000 (vs. $74,940,000). Profitability was…
- 10-K · February 28, 2025
- Amerisafe positions itself as a specialty workers’ compensation carrier for small-to-mid sized employers in hazardous industries, emphasizing disciplined underwriting, on-site safety inspections and intensive in-house…
- 10-Q · October 25, 2024
- Amerisafe reported quarterly revenue of $78,695,000 and diluted EPS of $0.75 for the three months ended September 30, 2024. Revenue and profitability improved versus the prior-year quarter (revenue +$6,055,000; net…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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