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…
Earnings analysis · 10-Q
AMSF earnings analysis
Filed April 23, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.43
- Operating margin
- 12.7%
What stood out
-
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).
What to watch
-
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.
Management's outlook
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).
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.